Washington, D.C. 20549
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01.
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Regulation FD Disclosure.
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On February 24, 2020, HP Inc. (“HP”) issued a press release entitled “HP Announces Strategic and Financial Value Creation Plan.” The text of the press
release is furnished herewith as Exhibit 99.1 to this report. The investor presentation furnished herewith as Exhibit 99.2 to this report may be presented at meetings with investors, analysts, and others.
The information in this Item 7.01, including the press release attached as Exhibit 99.1 and the investor presentation attached as Exhibit 99.2, shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any filing under the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On February 22, 2020, HP’s Board of Directors authorized a capital return program that will target the return of approximately $16 billion of capital
to HP shareholders during fiscal 2020 to fiscal 2022, and has increased HP’s share repurchase authorization to $15 billion in total. HP expects implementation of this capital return program to include the repurchase of approximately $8 billion of
HP common stock over a one-year period, commencing following HP’s 2020 annual shareholder meeting.
Repurchases by HP under the repurchase program may be effected from time to time through open market purchases, trading plans established in accordance
with the U.S. Securities and Exchange Commission’s rules or other means, depending on satisfactory market conditions, applicable legal requirements and other factors. The repurchase program does not obligate HP to repurchase any particular amount
of common stock, and it may be suspended at any time at HP’s discretion.
Forward-Looking Statements
This report contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions
prove incorrect, actual results may differ materially from those expressed or implied by such forward-looking statements and assumptions.
All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any statements of
expectation or belief; any statements regarding HP’s long term plan, future strategy, potential future share repurchases, other potential returns of capital or any potential strategic transactions; any statements relating to the plans, strategies
and objectives of management for future operations; and any statements of assumptions underlying any of the foregoing.
Risks, uncertainties and assumptions include factors relating to HP’s ability to execute on its strategic plan, including the recently announced initiatives, business
model changes and transformation; execution of planned structural cost reductions and productivity initiatives; potential developments involving Xerox Holdings Corporation; HP’s ability to complete any contemplated share repurchases, other capital
return programs or other strategic transactions; the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy, business model changes and
transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution and reseller landscape; successfully competing and maintaining the value
proposition of HP’s products, including supplies; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers, manage HP’s global, multi-tier distribution network, limit potential misuse of pricing
programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales
of HP’s products to unauthorized resellers or unauthorized resale of HP’s products; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international
operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and
its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and
assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme
weather conditions, medical epidemics or pandemics such as the novel coronavirus, and other natural or manmade disasters or catastrophic events; the impact of changes in tax laws, including uncertainties related to the interpretation and
application of the Tax Cuts and Jobs Act of 2017 on HP’s tax obligations and effective tax rate; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2019, and HP’s other filings with the SEC.
Certain financial information set forth in this report reflects estimates based on information available at this time. While HP believes these estimates to be
reasonable, these amounts could differ materially from amounts reported in HP’s Quarterly Reports on Form 10-Q for the fiscal quarters ended January 31, 2020, April 30, 2020 and July 31, 2020, Annual Report on Form 10-K for the fiscal year ended
October 31, 2020, and HP’s other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements. HP’s Investor Relations website at http://investor.hp.com contains a
significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s
website is not incorporated by reference into this report or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.
Item 9.01.
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Financial Statements, Pro Forma Financial Information and Exhibits.
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(d)
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Exhibits.
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The following exhibits are filed as part of this report:
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Press Release, dated February 24, 2020
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Investor Presentation, dated February 24, 2020
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104
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Cover Page Interactive Data File, formatted in Inline XBRL
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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: February 24, 2020
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Name:
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Ruairidh Ross
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Title:
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Deputy General Counsel and Assistant Secretary
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