HP 2015 Annual Report Download - page 59

Table of Contents
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
Results of operations in dollars and as a percentage of net revenue were as follows:
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In fiscal 2015, total HP net revenue declined 7.3% (decreased 2.1% on a constant currency basis) as compared to fiscal 2014. U.S. net revenue decreased
2.9% to $37.7 billion, and net revenue from outside of the U.S. decreased 9.6% to $65.7 billion. In fiscal 2014, total HP net revenue declined 0.8% (decreased
0.4% on a constant currency basis) as compared to fiscal 2013. U.S. net revenue decreased 3.7% to $38.8 billion, while net revenue from outside of the U.S.
increased 0.9% to $72.6 billion.
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 
     
   
Net revenue $ 103,355 100.0% $ 111,454 100.0% $ 112,298 100.0%
Cost of sales(1) 78,596 76.0% 84,839 76.1% 86,380 76.9%
Gross profit 24,759 24.0% 26,615 23.9% 25,918 23.1%
Research and development 3,502 3.4% 3,447 3.1% 3,135 2.8%
Selling, general and administrative 12,185 11.8% 13,353 12.0% 13,267 11.8%
Amortization of intangible assets 931 0.9% 1,000 0.9% 1,373 1.2%
Restructuring charges 1,017 1.0% 1,619 1.5% 990 0.9%
Acquisition and other related charges 90 0.1% 11 0.0% 22 0.0%
Separation costs 1,259 1.2% — — — —
Defined benefit plan settlement charges 168 0.2% — — — —
Impairment of data center assets 136 0.1% — — — —
Earnings from operations 5,471 5.3% 7,185 6.4% 7,131 6.4%
Interest and other, net (739) (0.7)% (628) (0.6)% (621) (0.6)%
Earnings before taxes 4,732 4.6% 6,557 5.8% 6,510 5.8%
Provision for taxes (178) (0.2)% (1,544) (1.3)% (1,397) (1.2)%
Net earnings $ 4,554 4.4% $ 5,013 4.5% $ 5,113 4.6%
(1) Cost of products, cost of services and financing interest.
Source: HP INC, 10-K, December 16, 2015 Powered by Morningstar® Document Research℠
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