Q4 2011 Earnings Call Transcript

Transcript Call Date 11/21/2011

Operator: Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2011 Hewlett-Packard Earnings Conference Call. My name is Ameesia, and I'll be your operating for today. At this time, all participants are in a listen-only mode. We will be conduct a question-and-answer session towards the end of the conference. As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the call over to, Mr. Steve Fieler, Vice President of Investor Relations. Please proceed.

Steve Fieler - VP, IR: Good afternoon. Welcome to our fourth quarter and full year fiscal 2011 earnings conference call with Meg Whitman, HP's Chief Executive Officer and Cathie Lesjak, HP's Chief Financial Officer.

Before handing the call over to Meg, let me remind you that this call is being webcast. A replay of the webcast will be amiable shortly after the call for approximately one year. In addition some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties and actual future results may vary materially.

Please refer to the risks described in HP's SEC reports, including our most recent Form 10-Q. The financial information discussed in connection with this call, including tax-related items, reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HP's fiscal 2011 Form 10-K.

Revenue, earnings, operating margins, and similar items at the Company level are sometimes expressed on a non-GAAP basis and have been adjusted to exclude certain items, including adjustments relating to wind down of HP's webOS device business, impairment of goodwill, impairment and amortization of purchased intangibles, restructuring charges, and acquisition-related charges.

The comparable GAAP financial information and a reconciliation of non-GAAP amounts to GAAP are included in the tables and in the slide presentation accompanying today's earnings release, both of which are available on the HP Investor Relations webpage at

I'll now turn the call over to Meg.

Meg Whitman - President and CEO: Thank you, Steve and thank you joining today's call. In the couple of months since becoming HP's CEO, I spent time with our people, our leadership team, our customers and our investors. I have seen and heard a lot of great things. We have unmatched strengths to build on; number one or number two positions in nearly all of our businesses; customers who want us to win; key intellectual property; global scale and reach that are unmatched and employees who are smart, committed and resilient.

But I also know we didn't live up to our expectations in 2011. We need to get back to doing what we do really well – being the reliable, trusted partner with whom our customers want to work and delivering the reliable consistent results that all of you can count on.

When I took this role, the team established three short-term priorities; deliver on the Q4 outlook, accelerate the decision on PSG and get Autonomy off to a good start within HP. So, let me give you a quick update.

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