Q2 2013 Earnings Call Transcript

Transcript Call Date 05/22/2013

Operator: Good day ladies and gentlemen, and welcome to the Second Quarter 2013 Hewlett-Packard Earnings Conference Call. My name is John and I will be your operator for today's call. At this time, all participants are in a listen-only mode. We will be facilitating 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 presentation over to your host for today's call, Mr. Rob Binns, Vice President of Investor Relations. Please proceed.

Rob Binns - VP, IR: Good afternoon. Welcome to our second quarter 2013 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 made available shortly after the call for approximately one year. Some information provided during this call may include forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements.

All statements other than statements of historical facts are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margin, expenses, earnings, earnings per share, tax provisions, cash flows, share repurchases, currency exchange rates or other financial items.

Any statements of the plans, strategies and objectives of management for future operations, and any statements concerning the expected development, performance, market share or competitive performance relating to products or services.

A discussion of some of these risks, uncertainties and assumptions is set forth in more detail in HP's SEC report, including its most recent Form 10-Q. HP assumes no obligation and does not intend to update any such forward-looking statements.

The financial information discussed in connection with this call, including any tax-related items, reflect estimates based on information available at this time and could differ materially from amounts ultimately reported in HP's second quarter Form 10-Q.

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 amongst other things, amortization of purchased intangible assets, 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, Rob, and thanks to all of you for joining us today. With the first half of our fix-and-rebuild year now behind us, I must say that I'm encouraged with where we are. Since sharing our turnaround plan with you in October, we've made significant progress. We've evolved our strategy for the business, we're bringing our cost in line with revenue while investing in key innovations, and we are optimizing our cash flow and lowering our operating company net debt, and most of all, we once again exceeded the financial performance we said we would delivery in the second quarter.

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