Blog: HP INC : Results of Operations and Financial Condition, Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure (form 8-K) – Marketscreener.com

Item 2.02.                          Results of Operations and Financial Condition.

                                    The information contained in this Item 2.02 and in the accompanying
                                    Exhibit 99.1 shall not be deemed

“filed” for purposes of Section 18

                                    of the Securities Exchange Act of 1934, as amended (the "Exchange
                                    Act"), or incorporated by reference in any filing under the
                                    Exchange Act or the Securities Act of 1933, as amended (the
                                    "Securities Act"), except as shall be expressly set forth by
                                    specific reference in such filing.

                                    On November 22, 2022, HP Inc. ("HP")

issued a news release relating

                                    to the results of operations for its 

fiscal quarter and fiscal year

                                    ended October 31, 2022. A copy of the 

news release is attached

                                    hereto as Exhibit 99.1 and is 

incorporated herein by reference.


Item 2.05.                          Costs Associated with Exit or Disposal Activities.

                                    On November 18, 2022, the Board of Directors (the "Board") of HP
                                    approved a plan intended to enable digital transformation,
                                    portfolio optimization and operational efficiency (the "Plan"). HP
                                    expects that the Plan will be

implemented through fiscal 2025.


                                    The Plan is intended to generate 

estimated annualized gross run

                                    rate savings of at least $1.4 billion 

by the end of fiscal 2025.


                                    In connection with the Plan, HP 

anticipates incurring approximately

                                    $1.0 billion in restructuring and other charges due to both labor
                                    and non-labor actions, approximately $0.8 billion of which is
                                    expected to be cash expenditures. Of the $1.0 billion, HP expects
                                    to incur approximately $0.7 billion in labor costs related to
                                    workforce reductions of approximately 4,000 - 6,000 employees by
                                    the end of fiscal 2025.


Item 7.01.                          Regulation FD Disclosure.

                                    The information in this Item 7.01 shall not be deemed "filed" for
                                    purposes of Section 18 of the Exchange Act, or incorporated by
                                    reference in any filing under the

Exchange Act or the Securities

                                    Act, except as shall be expressly set forth by specific reference
                                    in such filing.

                                    On November 22, 2022, HP announced that the Board authorized an
                                    increase of 5% in HP's planned

quarterly cash dividend amount

                                    payable to holders of record of its 

outstanding common stock,

                                    commencing with the dividend for the 

first fiscal quarter of fiscal

                                    year 2023, which would result in a 

quarterly dividend of $0.2625

                                    per share. Each future quarterly 

dividend must be declared by the

                                    Board, or by the Board's Finance, 

Investment and Technology

                                    Committee pursuant to authority 

delegated by the Board, out of

                                    legally available sources prior to payment.


——————————————————————————–


                                     Forward-Looking Statements
                                     This report contains forward-looking 

statements based on current

                                     expectations and assumptions that 

involve risks and uncertainties.

                                     If the risks or uncertainties ever 

materialize or the assumptions

                                     prove incorrect, the results of HP and 

its consolidated

                                     subsidiaries may differ materially 

from those expressed or implied

                                     by such forward-looking statements and 

assumptions. All statements

                                     other than statements of historical 

fact are statements that could

                                     be deemed forward-looking statements, including, but not limited
                                     to, any statements relating to the Plan and any resulting cost
                                     savings, and the estimated costs,

timing and charges associated

                                     with the Plan. Risks, uncertainties 

and assumptions include failure

                                     to achieve anticipated cost savings from the Plan, additional
                                     unexpected costs and charges related to the Plan, disruptions to
                                     execution due to the Plan and the

other risks that are described in

                                     HP's Annual Report on Form 10-K for 

the fiscal year ended October

                                     31, 2021 and HP's other filings with 

the Securities and Exchange

                                     Commission. The forward-looking 

statements in this report are made

                                     as of the date of this report and HP 

assumes no obligation and does

                                     not intend to update these forward-looking statements.

Item 9.01.                           Financial Statements and Exhibits.

(d)                                  Exhibits

Exhibit Number                       Description
99.1                                   HP Inc. News Release dated November 22, 2022  .
104                                  Cover Page Interactive Data File, formatted in Inline XBRL.



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