HP 2010 Annual Report Download - page 5

AN EXTRAORDINARY
OPPORTUNITY AHEAD
Since joining HP, I have been impressed
with our financial strength, the breadth
and quality of our portfolio, and the
commitment and talent of our people. These
are significant competitive advantages that
position us to lead the industry and win in
the marketplace. However, for all we have
accomplished, I believe that our greatest
opportunities lie ahead.
In the 21st century, information is the
world’s most valuable resource. At
the heart of this evolution, information
technology has expanded from a tool for
productivity into tools for communication
and collaboration, and today, information
technology is rapidly becoming the fabric
of society. Data flows from people to
people, people to machines, machines to
machines, and back again. Bits and bytes
are the universal currency. As a result,
our needs, our expectations, and our
opportunities are changing.
The coming together of mobility and cloud
computing puts your life and your business
in the palm of your hand. Anywhere in
the world, whether you are an individual,
an employee, or a CEO, you expect your
information on—across devices, screens,
pages, and locations. This expectation is
reshaping businesses and governments.
Instant-On Enterprises are embedding
technology into everything they do so their
most important asset—information—is
available in an instant, helping drive
efficiency and spark innovation.
Collectively, the right information at the
right place at the right time can significantly
increase the positive impact we have
on our most vital issues, like improving
healthcare, increasing access to education,
and preserving the environment.
At HP, our mission is to innovate at every
touchpoint of information—from creation
to capture, from management to delivery,
and all the collaboration that goes on in
between. We create the solutions that
transform data into value, bytes into
experiences, and noise into knowledge.
We drive that innovation at an unmatched
scale to advance human progress.
A woman in Ghana can have a face-
to-face conversation with her daughter
in France or authenticate her mother’s
medication with a simple text message
sent to the cloud. A fast-growing bank in
India can delight customers with anytime,
anywhere services. Or a start-up new
media company in Canada can redefine
journalism with on-demand, professional-
quality publishing. Governments can
anticipate threats while respecting the
privacy of their citizens, build intelligent
infrastructures to manage scarce resources,
and reinvent vital services for growing
urban and aging populations. The
expanding global middle class can fully
participate in the information economy,
and the door of opportunity can open
to the nearly 7 billion people in the
global community.
At HP, we are well-positioned to create
value for our customers and stockholders.
The role of technology is becoming
increasingly fundamental to the workings of
our global society, and we are harnessing
the power of information to improve the
way people live, businesses operate, and
the world works.
Best Regards,
Léo Apotheker
President and Chief Executive Officer
* Fiscal year 2010 non-GAAP financial information excludes $2.1 billion of adjustments on an after-tax basis, or $0.89 per diluted share, related primarily to the
amortization of purchased intangible assets, restructuring charges, and acquisition-related charges. HP’s management uses non-GAAP operating profit and non-
GAAP diluted earnings per share (EPS) to evaluate and forecast HP’s performance before gains, losses, or other charges that are considered by HP’s management
to be outside of HP’s core business segment operating results. HP believes that presenting non-GAAP operating profit and non-GAAP diluted EPS, in addition
to GAAP operating profit and GAAP diluted EPS, provides investors with greater transparency to the information used by HP’s management in its financial and
operational decision making. HP further believes that providing this additional non-GAAP information helps investors understand HP’s operating performance and
evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. This additional non-GAAP information
is not intended to be considered in isolation or as a substitute for GAAP operating profit and GAAP diluted EPS.
A LETTER FROM THE CEO
HP ANNUAL REPORT
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2010