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Message from Our President and CEO

Delivering on our reinvention

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Dion J. Weisler
President and CEO
“I am truly energized about the future of HP.”

Dear Stockholders:

Looking back at the past few years, I’m enormously proud of how far we’ve come. We set out on a journey to reinvent everything about our company – from our brand and our products, to our culture and the role we play in the communities we serve.

Our 2018 results demonstrate the incredible progress we’ve made. It was an exceptional year for HP and a clear indication that our strategy is paying off. We are innovating across our core businesses, capitalizing on new growth opportunities, and making strategic investments to position our company for success well into the future.

We drove 12% revenue growth in FY18, adding more than $6.4 billion to our top line. We delivered 22% non-GAAP diluted net earnings per share (“EPS”) growth, reflecting the strength of our operational performance, disciplined investment strategy, and prudent cost-management. We generated $4.2 billion free cash flow and returned $3.5 billion to stockholders in the form of share repurchases and dividends. And we did all of this while advancing key strategic initiatives that are enhancing our long-term competitiveness.

We are consistently executing and winning with customers and partners, while simultaneously fulfilling the commitments we made to our shareholders. With our strong financials and industry-leading innovations, we enter 2019 well positioned to compete across Personal Systems and Printing including 3D Printing.

In Personal Systems, we are reinventing the personal computer (“PC”) experience with amazing innovations that are setting new standards for the category and driving profitable growth for our business. Our design and engineering prowess is fueling our momentum in high-value segments such as premium and gaming. At the same time, we continue to make security a key differentiator by offering the most secure and manageable PCs. And we are accelerating the shift to more contractual relationships with customers through the expansion of our award-winning Device as a Service offerings.

In Printing we are driving a renaissance. By leveraging insights, design and innovation we are reinventing home printing and connecting with new customers. In office print, we are driving innovation across both product and go-to-market, and similarly to Personal Systems, we are accelerating the shift towards more contractual business models and Managed Print Services. While in Graphics, we continue to drive the analog to digital transformation, and demand for more personalized products and experiences is propelling us toward new sources of growth.

In 3D Printing we have made great strides towards disrupting the $12T manufacturing industry by expanding our product portfolio and partner ecosystem. In less than 2 years, we’ve become the #1 player in commercial plastics printing and we continue to pursue new markets and new materials. In 2018 we again broke new ground by announcing our Metal Jet platform, bringing 3D mass production to the metal manufacturing industry.

Across each of our businesses, HP is winning in the marketplace. More importantly, we are winning the right way – operating with a deep sense of purpose and integrity, and having a sustainable impact on our planet, people and communities around the world. It is not just the right thing to do, it fuels our innovation, our growth, and creates a stronger and healthier company for the long term.

I am truly energized about the future of HP. By staying true to our strategy, innovating with purpose, and delivering long term value for our shareholders, I believe there is a world of opportunity ahead.

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

Sincerely,

Dion Weisler