Dear Stockholders:

Our vision at HP is to create technology that makes life better for everyone, everywhere; and our mission is to create experiences that amaze. Two years ago, we set out as a new HP, embarking on a journey to reinvent.

This has been a tremendous year and I’m proud of what we have accomplished. We are delivering on our financial commitments, outperforming the markets where we operate, accelerating growth, and returning capital to our stockholders – all with a goal to deliver sustainable, long-term growth and reliable returns.

We remain focused on executing on our core, expanding into growth opportunities and capturing the future. With a clear strategy and a strong innovation pipeline, we’re striking the right balance between how we plan, innovate and execute. We’ve proven that we can turn ideas into real businesses today, and are poised to disrupt entire industries into the future.

I am pleased with our performance and consistent execution. In FY17, we generated $52.1 billion in net revenue and $3.3 billion free cash flow, $2.3 billion of which was returned to stockholders in the form of share repurchases and dividends. We have the strongest and most innovative portfolio in our history.

Personal Systems had a stellar year, driving broad-based growth across all regions, gaining profitable market share, and delivering impressive innovations for our partners and customers. Our premium and commercial products and solutions continue to receive industry awards and recognition for amazing performance, design, style and security. Overall, we have outperformed the PC market for 15 consecutive quarters.

Similarly, our Print business delivered revenue growth in both hardware and supplies. Notably, we stabilized our supplies business earlier than expected. We also completed the acquisition of Samsung’s printer business in November, strengthening our position as we disrupt the $55 billion A3 copier space. Our graphics business continues to grow, and the success of our consumer products like Sprocket are making print relevant for an entirely new generation. We are delivering amazing innovation and differentiating ourselves with unrivaled security.

This year was a milestone for 3D Printing. In only four quarters, we turned our 3D initiative into a full business with global scale, repeat customer orders, an expanding partner and materials ecosystem, and revenue. This is one of the most exciting parts of our strategy and we believe it will serve as a growth engine for decades to come as we digitally transform and democratize the $12 trillion manufacturing market.

It’s results like these that give me confidence in the trajectory of our business moving forward.

Our strong results are built on a solid foundation of corporate values and operating principles. We have made enormous strides in being a beacon for diversity and inclusion as well as continuing our leadership on environmental issues and working towards a better and more sustainable world. We will continue to drive progress on societal, environmental, and business-critical initiatives; we’re not just making a difference in our company, but also challenging our suppliers and the entire industry to do the right thing.

As we accelerate our reinvention journey in FY18 and beyond, we remain focused and disciplined on delivering amazing experiences and reinventing the iconic company that has been entrusted to us. We have never been as well positioned as we are today, and I’m confident that our best days are ahead.

On behalf of the entire management team, our partners and our employees, thank you for your continued support.



Dion J. Weisler