Q2 2014 Earnings Call Transcript

Transcript Call Date 05/22/2014

Operator: Good day, ladies and gentlemen, and welcome to the Second Quarter 2014 Hewlett-Packard Earnings Conference Call. My name is Ellen and I will be your conference moderator 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 2014 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, margins, expenses, earnings, earnings per share, HP's effective tax rate, cash flows, share repurchase, 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 reports, 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 margin, 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 www.hp.com.

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 fiscal 2014 close, I'm pleased to report that HP's turnaround remains on track. As you would expect in the turnaround of this scale, there are some businesses performing better than we expected and others with more work to do. We've made significant progress in putting the systems and structures in place to more effectively manage the business and we are focused on putting the right talent in place to lead the next leg of the turnaround.

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