HP 2013 Annual Report Download - page 3

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Year in Review
,n ƭscal , we focused on improYinJ our operations, driYinJ better cash Ưow and rebuildinJ our
balance sheet. 7hese foundational improYements were essential to moYinJ +P forward, and ,om pleased
with the results we deliYered.
)or the full year, we Jenerated . billion in cash Ưow from operations, well aboYe our outlook as we
entered the year. We deliYered non*$$P diluted net earninJs per share in ƭscal  within our initial
outlook ranJe.
We also achieYed a maMor milestone—reducinJ operatinJ company net debt to appro[imately ]ero—
ahead of schedule. 6ince the beJinninJ of ƭscal , we haYe reduced +Pos total net debt by
. billion.
,n ƭscal , we adYanced innoYation, with research and deYelopment spendinJ of . billion.
We also returned a combined . billion to stockholders in the form of share repurchases and
diYidends. /ookinJ ahead, we e[pect our strenJthened financial position to afford us eYen more
Ưe[ibility to return capital to stockholders and make the inYestments needed to support our business.
$11.6B
in cash Ưow
from operations
for ƭscal 
1
Dear Stockholders,
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