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Text: For financial information that has been expressed on a non-GAAP basis.
We've included reconciliations to the comparable GAAP information.
At our Securities Analyst Meeting last month, we shared our plans to continue building a stronger HP, one that deliver sustained revenue, operating profit, earnings per share and free cash flow growth.
This quarter's results reflect our continued momentum against this plan and they give us great confidence in our future.
Let me talk through the details.
In Q4, revenue grew 9% to $16.7 billion.
Non-GAAP earnings per share grew 52% to $0.94 and we generated more than $900 million of free cash flow, while returning $2 billion to shareholders through share repurchases and dividends.
Our Q4 results are a great finish to an exceptional year.
For the full year, we grew revenue 12% to $63.5 billion and generated $1.7 billion of incremental non-GAAP operating profit.
Non-GAAP earnings per share grew 66%.
This means that we exceeded our value creation plan target for non-GAAP operating profit and EPS, a full year ahead of plan.
And we returned a record $7.2 billion to shareholders, while continuing to invest in strategic growth opportunities across the business.
Our Q4 and full year performance shows our company on its front foot and hitting its stride.
Long-term, secular trends such as hybrid play to our competitive strength.
Our leadership across our market and the innovation agenda we are driving are enabling us to turn these trends into tailwinds.
We are making organic and inorganic investments to drive profitable growth.
We are accelerating our transformation, building new digital capabilities while also reducing structural cost and driving efficiencies.
The progress we are making against our priorities is creating a more growth-oriented portfolio.
At our Analyst Day, I shared that we expect our five key growth areas to grow double-digit and generate over $10 billion in revenue in fiscal '22.
These businesses collectively grew 12% this quarter.
This includes more than 30% growth for our Instant Ink business, as well as more than 20% growth for our industrial graphics portfolio.
We see our key growth areas becoming a bigger part of overall revenue and profit mix moving forward.
We are driving this growth, even as we continue to navigate a complex and dynamic operational environment that include robust demand and persistent supply constraints.
The actions we have been taking to mitigate industrywide headwinds are paying off.
There is no quick fix, but we are strengthening our operational execution and making continued progress quarter by quarter.
And I just want to say how proud I am of the way our teams are stepping up.
It has not been easy, but the challenges we have faced have not deterred us from driving our business forward.
And the fact that we delivered double-digit revenue and profit growth for the year gives us confidence as we enter 2022.
Let me now talk about the strength we see across each of our business units.
In Personal Systems, there continues to be very strong demand.
Year revenue and operating profit each grew double-digit in Q4.
And our discipline execution and pricing strategy allowed us to effectively manage cost and component headwinds.
A big part of our success is the improved mix we are driving given our leadership in the commercial PC market.
As more offices reopen, we led our shift toward Windows based commercial products where we saw the strongest demand and highest profitability.
We continue to see a significantly elevated order backlog.
As I shared last month, we expect component shortages, particularly in IC to persist into at least the first half of '22.
The operational actions we outline in our Q3 call are generating positive results.
We continue to increase our direct engagement with Tier 2 and Tier 3 suppliers.
We have expanded long-term agreements to secure capacity and our digital transformation initiatives are enabling greater real-time visibility to optimize our speed, agility and mix.
This work remains a daily priority and we expect our trajectory to continue to improve.
We're also creating important innovation that we design for all team's hybrid.
This includes a new lineup of Windows 11 devices that enable premium computing experiences for work and home.
We are also expanding into valuable adjacencies.
Last quarter, we introduced HP Presence, the world's most advanced video conferencing system.
This is a large opportunity that will continue to grow as our digital and physical worlds converge.
Seven out of 10 companies are already investing in technologies that improve hybrid work experience for their employees.
HP presence combined our hardware, software, imaging and peripheral capabilities to create a more immersive experience, so that distributed teams can truly feel they are in the same room even if they are not.
You will see us continuing to innovate and expand our presence in the growing highly collaboration space.
We also delivered another quarter of double-digit device as a service revenue growth.
This included the launch of new digital services to help commercial customer simplify the complexity of hybrid IT environment.
And following the close of our Teradici acquisition, we launched our lineup of new Z by HP, Teradici, and NVIDIA Omniverse subscription offers to enable high performance remote collaboration.
Turning to Print, we grew revenue 1% in the quarter.
This was primarily driven by our disciplined pricing strategy, as well as our continued growth in services and subscriptions, which offset expected volume declines, driven by limited supply.
Like others in the industry, we continue to operate in a supply constrained environment, driven by COVID-related disruption and other logistics issues.
Against this backdrop, demand for our print hardware and supplies remained strong.
The fact is we had more hardware orders that we could fulfill in the quarter.
And as we said last month, we expect this to impact Print growth in fiscal year '22.
This is not stopping us from advancing our strategic priorities.
We continue to grow our HP+ Plus portfolio globally, including a rollout to our Envy in 5000 -- 7000 series that is designed for families working, learning and creating new memories from home.
Importantly, it is built with sustainability in mind and made from over 45% recycled plastic content.
We are also growing our digital services to enable hybrid office printing.
Our great example is this quarter's launch of HP Managed Print Flex, our new cloud first MPS subscription plan for hybrid work environment.
In Q4, we drove double-digit growth of MPS revenue and total contract value and this supports our Workforce Solutions momentum.
We're increasingly integrating our offerings across Print and Personal Systems to meet new customer needs and unlock new growth opportunities.
Our recently launched HP work from home service is a great example of how we are leveraging our diverse portfolio to win in the hybrid office.
As I mentioned earlier, we are also driving industrial graphics and 3D printing growth.
In industrial graphics, we drove double-digit revenue growth in the quarter and have built a healthy backlog of industrial presence.
This continues a positive recovery trend from prior-year quarter.
We also continue to see a mix shift toward more productive industrial process with significant growth in labels and packaging.
And in 3D, our focus on high-value end-to-end applications is paving the way for entirely new growth businesses.
Our molded fiber, footwear and orthotics initiatives are on track.
Our progress against our strategic priorities is also driving strong cash flow and we continue to be disciplined toward of capital.
We have our robust returns based approach that we are applying to every aspect of our capital allocation.
We will continue to invest in areas where we see growth opportunities, while continuing to return capital to our shareholders.
We believe our share remains undervalued and we are committed to aggressive reported levels of at least $4 billion in fiscal year '22.
We also expect M&A will continue to play an important role.
Specifically, we plan to pursue deals that accelerate our strategies and drive profitable growth.
And we are making ongoing progress against our sustainable impact agenda.
ESG is a driver of long-term value creation for all stakeholders.
And we continue to pursue an ambitious agenda.
The latest example is our expanded partnership with World Wildlife Fund.
We are working to restore, protect and improve the management of nearly 1 million acres of forest landscape.
This supports our focus on making every page printed forest positive [Phonetic].
To sum up, our portfolio is innovative and resilient.
Our strategy is driving sustained revenue, operating profit, earnings per share and free cash flow growth.
We are returning highly attractive levels of capital to shareholders and we are confident in the fiscal year '22 guidance that we shared at our Analyst Day.
We are entering the new year from a position of great strength and I look forward to continuing to share our progress.
Marie, over to you.
It's good to be back together and it was great to connect with so many of you following our Analyst Day.
I want to start by building on something Enrique said a moment ago.
Q4 was a strong finish to a very strong year.
It builds on our proven track record of meeting or exceeding the goals we set and it underscores our confidence in our FY '22 and long-term financial outlook.
Let me begin by providing some additional color on our results, starting with the full year.
Revenue was $63.5 billion, up 12%.
Non-GAAP operating profit was $5.8 billion, up 42%.
We grew non-GAAP earnings per share even faster, up 66% to $3.79.
This continues our trend of growing non-GAAP earnings per share every year since separation.
Our $4.2 billion of free cash flow was consistent with our full year guidance and adjusting for the net Oracle litigation proceeds and we returned a record $7.2 billion to shareholders.
That's a 172% of free cash flow.
What's especially important to note is how well balanced our performance is.
We are growing our top and bottom line.
We are returning capital to shareholders and investing in the business.
We are accelerating new growth businesses and driving efficiencies.
This reflects the company geared toward both short and long-term value creation as we enter a new period of growth for HP.
This is supported by our Q4 numbers.
Net revenue was $16.7 billion in the quarter, up 9% nominally and 7% in constant currency.
Regionally, in constant currency: Americas declined 4%, EMEA increased 15% and APJ increased 18%.
As Enrique mentioned, supply chain constraints continue to impact both Print and Personal Systems revenue and this was particularly impactful to our print hardware results this quarter.
That said, demand remain strong as hybrid work creates sustained tailwinds.
Gross margin was 19.6% in the quarter, up 2 points year-on-year.
The increase was primarily driven by continued favorable pricing including currency, partially offset by higher costs.
Non-GAAP operating expenses were $1.9 billion or 11.5% of revenue.
The increase in operating expenses was primarily driven by increased investments in go-to-market and innovation.
Non-GAAP operating profit was $1.3 billion, up 28% and non-GAAP net OI&E expense was $64 million for the quarter.
Non-GAAP diluted net earnings per share increased $0.32, up 52% to $0.94 with a diluted share count of approximately 1.1 billion shares.
Non-GAAP diluted net earnings per share excludes Oracle litigation gains, defined benefit plan settlement gains, non-operating retirement related credits, partially offset by restructuring and other charges, amortization of intangibles, acquisition-related charges, other tax adjustments.
As a result, Q4 GAAP diluted net earnings per share was $2.71.
Now, let's turn to segment performance.
In Q4, Personal Systems revenue was $11.8 billion, up 13% year-on-year.
Total units were down 9% given the expected supply chain challenges and lower chrome mix.
The fact we still grew revenue double digits in this environment reflected the strength of demand and positive impact of our big shift toward mainstream and premium commercial.
Drilling into the details, Consumer revenue was down 3% and commercial was up 25%.
By product category, revenue was up 13% for notebooks, 11% for desktops and 39% for workstations.
We also continue to drive double-digit growth across peripherals and services.
Personal Systems delivered $764 billion in operating profit with operating margins of 6.5%.
Our margin improved 1.4 points, primarily due to continued favorable pricing, product mix and currency, partially offset by higher cost including commodity costs and investments in innovation and go-to-market.
In Print, our results reflected continued focus on execution and the strength of our portfolio as we navigated the supply chain environment.
Q4 total print revenue with $4.9 billion, up 1%, driven by favorable pricing in hardware and growth in services, partially offset by a decline in supplies.
Total hardware units declined 26% due to consumer replenishment last year in Q4 and increased manufacturing and component constraints.
We expect these Print hardware constraints to extend at least into the first half of 2022.
By customer segment, consumer revenue was down 6%, with units down 28%.
Commercial revenue grew 19%, with units down 12%.
Consumer demand remain solid.
However, revenue across both home and office was constrained by the current supply and factory environment.
The commercial recovery should further progress with a double-digit hardware revenue growth with triple-digit increases in Industrial printing hardware.
We expect to see a continued gradual and uneven recovery in commercial extending into FY '22.
Supplies revenue was $3.1 billion, declining 2% year-on-year, driven primarily by prior year channel inventory replenishment.
We also saw steady normalization of ink and toner mix, partially offset by favorable pricing.
We saw continued momentum in our contractual business.
As we discussed at our Analyst Day, this is a key part of our broader services strategy.
Instant ink delivered double-digit increases in both cumulative subscriber growth in revenue.
We also drove growth in managed print services revenue and total contract value with strength in both renewals and new TCV bookings.
Print operating profit increased $117 million to $830 million and operating margins were 17%.
Operating margin grew 2.2 points, driven primarily by favorable pricing and improved performance in industrial including graphics 3D, partially offset by unfavorable mix at higher cost including commodity costs and investments in innovation and go-to-market.
Now let me turn to our transformation efforts.
As we completed the second year of our cost savings program, we have now delivered more than 80% of our $1.2 billion gross run rate structural cost reduction plan and we continue to look at new cost savings opportunities.
Transformation is not only about cost savings, but about also creating new capabilities and long-term value creation.
I'd like to highlight is our ongoing digital transformation.
By leveraging our new digital platforms, we are enhancing our capabilities and transforming the way we operate to deliver new solutions to our customers.
With this capability, we recently launched Wolf Pro Security, a new subscription service that enables customers to digitally manage their software on an annual subscription basis.
The structural cost savings with our transformation efforts are enabling us to invest in these types of strategic growth drivers and we see many more opportunities like this to drive business enablement through additional software services and solutions offerings.
Let me now move to cash flow and capital allocation.
Q4 cash flow from operations was $2.8 billion and free cash flow was $0.9 billion after the additional adjustment for the net Oracle litigation proceeds of $1.8 billion.
The cash conversion cycle was minus 25 days in the quarter.
This deteriorated 4 days sequentially as lower days payable outstanding and higher days sales outstanding was only partially offset by the decrease in days of inventory.
For the quarter, we returned a total of $2 billion to shareholders, which represented 210% of free cash flow.
This included $1.75 billion in share repurchases and $219 million in cash dividends.
For FY '21, we returned a record $7.2 billion to shareholders or a 170% of free cash flow.
Looking ahead to FY '22, we expect to continue aggressively buying back shares at elevated levels of at least $4 billion.
Our share repurchase program, combined with our recently increased annual dividend of a $1 per share, has us on track to exceed our $16 billion return of capital target set in our value creation plan.
Looking forward to Q1 and FY '22, we continue to navigate supply availability, logistics constraints, pricing dynamics and the pace of the economic recovery.
In particular, keep the following in mind related to our Q1 and overall fiscal 2022 financial outlook.
For Personal Systems, we continue to see strong demand for our PCs, particularly in commercial, as well as favorable pricing.
We expect solid PS revenue growth to continue into fiscal '22 with the shift to higher growth categories, including commercial, premium and peripherals.
We expect PS margins to be toward the high-end of our 5% to 7% long-term range.
In Print, we expect solid demand in consumer, a continued normalization in mix as commercial gradually improves through 2022 and disciplined cost management.
We expect Print margins to be toward the high end, about 16% to 18% long-term range.
For Personal Systems, we expect the component shortages, as well as manufacturing port and transit disruptions will continue to constrain revenue due to the ongoing pandemic in many parts of the world.
In Print, we expect similar, but more acute challenges, particularly with regard to factory disruptions and component shortages.
We expect these challenges across PS and Print to persist at least through the first half of 2022.
Furthermore, normal sequential seasonality doesn't apply for FY '22 and we expect our revenue performance to be more linear by quarter, particularly driven by PS.
In addition, we expect a slight headwind year-on-year, approximately $20 million per quarter from corporate Investments and other.
Taking these considerations into account, we are providing the following outlook: we expect growth quarter non-GAAP diluted net earnings per share to be in the range of $0.99 to $1.05 and first quarter GAAP diluted net earnings per share to be in the range of $0.92 to $0.98.
We expect full year non-GAAP diluted net earnings per share to be in the range of $4.07 to $4.27 and FY '22 GAAP diluted net earnings per share to be in the range of $3.86 to $4.06.
For FY '22, we expect free cash flow to be at least $4.5 billion.
Overall, I feel very good about our performance and our outlook.
So let me hand it back to the operator.

user
q4 non-gaap earnings per share $0.94.
q4 gaap earnings per share $2.71.
q4 revenue rose 9.3 percent to $16.7 billion.
sees q1 gaap earnings per share $0.92 to $0.98.
sees q1 non-gaap earnings per share $0.99 to $1.05.
sees fy 2022 non-gaap earnings per share $4.07 to $4.27.
sees fy 2022 gaap earnings per share $3.86 to $4.06.

assistant