HP INC

Previous wording

We have three reportable segments: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers commercial and consumer desktops and notebooks (including HP’s portfolio of AI PCs), detachables and convertibles, workstations, thin clients, commercial mobility devices, retail POS systems, displays, hybrid systems, software, solutions including endpoint security, and services. The Printing segment provides consumer and commercial printer hardware, supplies, solutions including endpoint security and services. Corporate Investments include certain business incubation and investment projects.

Current wording

HP delivers innovative and sustainable devices, services, and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies. We have three reportable segments: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers commercial and consumer desktops, notebooks and workstations (including HP’s portfolio of AI PCs and workstations), thin clients, retail POS systems, displays, hybrid systems, software, solutions including endpoint security, and services. The Printing segment provides consumer and commercial printer hardware, supplies, solutions and services. Corporate Investments include certain business incubation and investment projects.

Previous wording

◦enhanced innovation in multi-operating systems, multi-architecture, geography, customer segments and other key attributes;

Current wording

◦enhanced innovation in multi-operating systems, multi-architecture, customer segments and other key attributes;

Previous wording

◦investing in endpoint services and solutions. We are focused on services, including Device as a Service, as the market shifts to contractual solutions, and accelerating in attractive adjacencies such as hybrid systems; and

Current wording

◦investing in endpoint services and solutions. We are focused on services, including Device-as-a-Service, as the market shifts to subscription-based solutions, and accelerating in attractive adjacencies such as hybrid systems; and

Previous wording

◦offering innovative printing solutions and contractual solutions to serve consumers, SMBs and large enterprises through our Instant Ink Services, HP+ and Managed Print Services solutions;

Current wording

◦offering innovative, intelligent printing experiences and subscription-based solutions designed to securely serve consumer and SMB customers through our Instant Ink Services and HP All-In Plan, as well as large enterprises through our Managed Print Services solutions;

Previous wording

We believe our ability to innovate will help us gain momentum in growth areas like hybrid systems and gaming, and we see significant opportunities to drive greater recurring revenues across Personal Systems and Printing. Our Workforce Solutions organization drives integration across our commercial services, software and security portfolio. We continue to build on strong portfolios like Instant Ink to grow our Consumer Subscription business. In Industrial Graphics, we are driving the shift from analog to digital in segments like labels and packaging. In 3D and Personalization, we are creating end-to-end solutions that we believe can capture more value with our differentiated technology.

Current wording

We are focused on growing our AI PC, advanced compute solutions, hybrid systems, workforce solutions, consumer subscriptions, industrial graphics and our 3D and personalization businesses collectively at a rate faster than our core business with accretive margins in the longer term. We believe our ability to innovate will help us gain momentum in growth areas like AI PC, advanced compute solutions and hybrid systems, and we see significant opportunities to drive greater recurring revenues across Personal Systems and Printing. Our Workforce Solutions organization drives integration across our commercial services, software and security portfolio. We continue to build on strong portfolios like Instant Ink to grow our Consumer Subscription business. In Industrial Graphics, we are driving the shift from analog to digital in segments like labels and packaging. In 3D and Personalization, we are creating end-to-end solutions that we believe can capture more value with our differentiated technology.

Previous wording

We continue to experience challenges that are representative of the trends and uncertainties that may affect our industry, generally, and our business and financial results, specifically, and we expect these challenges to continue in the short-term. One set of challenges relates to the current macroeconomic environment and the adverse impact on demand for certain of our products. A second set of challenges relates to changes in the competitive landscape. Our primary competitors are exerting competitive pressure in targeted areas and are entering new markets, our emerging competitors are introducing new technologies and business models, and our alliance partners in some businesses are increasingly becoming our competitors in others. A third set of challenges relates to business model changes and our go-to-market execution in an evolving distribution and reseller landscape, with increasing online and omnichannel presence. Additional challenges we face at the segment level are set forth below.

Current wording

We continue to experience challenges that are representative of the trends and uncertainties that may affect our industry, generally, and our business and financial results, specifically, and we expect these challenges to continue in the short-term. One set of challenges relates to the current macroeconomic environment and the adverse impact on demand for certain of our products. A second set of challenges relates to changes in the competitive landscape. Our primary competitors are exerting competitive pressure in targeted areas and are entering new markets, our emerging competitors are introducing new technologies and business models, and our alliance partners in some businesses are increasingly becoming our competitors in others. A third set of challenges relates to business model changes and our go-to-market execution in an evolving distribution and reseller landscape, with increasing online and omnichannel presence. Specific challenges we face at the segment level are set forth below.

Previous wording

• In Personal Systems, we face challenges with a competitive pricing environment and demand softness in certain geographic regions.

Current wording

•In Personal Systems, we face challenges with a competitive pricing environment, variability in commodity costs, and demand softness in certain geographic regions.

Previous wording

Our business and financial performance depend significantly on worldwide economic conditions. We face global macroeconomic challenges such as ongoing geopolitical conflicts (including the Russian invasion of Ukraine, tensions across the Taiwan Strait, the Israel-Hamas conflict and other hostilities in the Middle East), uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment. We also experience seasonality in the sale of our products and services which may be affected by general economic conditions.

Current wording

Our business and financial performance depend significantly on worldwide economic conditions. We face global macroeconomic challenges such as ongoing geopolitical conflicts (including the military conflict in Ukraine, continued instability in the Middle East, and tensions in the Taiwan Strait and South China Sea), uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment. We also experience seasonality in the sale of our products and services which may be affected by general economic conditions.

Previous wording

For a further discussion of trends, uncertainties and other factors that could impact our operating results, see the section entitled “Risk Factors” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

Current wording

We are also exposed to fluctuations in foreign currency exchange rates. We have a large global presence, with approximately 65% of our net revenue from outside the United States. For a further discussion of trends, uncertainties and other factors that could impact our operating results, see the section entitled “Risk Factors” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

Previous wording

In November 2022, we announced our Future Ready Plan (the “Fiscal 2023 Plan” or “Future Ready”) to become a more digitally enabled company, focus investments on key growth opportunities and simplify our operating model. The Fiscal 2023 Plan is expected to run through end of fiscal year 2025. The three key elements of our Fiscal 2023 Plan are digital transformation, portfolio optimization, and operational efficiency. We are accelerating our expected cumulative savings target for fiscal year 2024 and are on track to achieve our overall program savings.

Current wording

In November 2022, we announced our Future Ready Plan (the “Fiscal 2023 Plan” or “Future Ready”) to become a more digitally enabled company, focus investments on key growth opportunities and simplify our operating model. The Fiscal 2023 Plan, as amended on February 27, 2025, is expected to run through end of fiscal year 2025. The three key elements of our Fiscal 2023 Plan are digital transformation, portfolio optimization, and operational efficiency. We are on track to achieve our overall program savings.

Previous wording

See “Risk Factors—We may not achieve some or all of the expected benefits of our restructuring plans and our restructuring may adversely affect our business” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023. For more information on our Fiscal 2023 Plan, see Note 3, “Restructuring and Other Charges,” to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Current wording

See “Risk Factors—Strategic and Operational Risks—We may not achieve some or all of the expected benefits of our restructuring plans and our restructuring may adversely affect our business” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024. For more information on our Fiscal 2023 Plan, see Note 3, “Restructuring and Other Charges,” to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Previous wording

MD&A is based on our Consolidated Condensed Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses, and the disclosure of contingent liabilities. Management believes that there have been no significant changes during the nine months ended July 31, 2024 to the items that we disclosed as our critical accounting estimates in MD&A in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

Current wording

MD&A is based on our Consolidated Condensed Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses, and the disclosure of contingent liabilities. Management believes that there have been no significant changes during the three months ended January 31, 2025 to the items that we disclosed as our critical accounting estimates in MD&A in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

Previous wording

For the three months ended July 31, 2024, net revenue increased 2.4% (increased 3.0% on a constant currency basis) as compared to the prior-year period. U.S. net revenue increased 2.9% to $5.0 billion, and net revenue from international operations increased 2.2% to $8.5 billion. The increase in products net revenue was primarily driven by Commercial PS, partially offset by lower hardware units in Printing and unfavorable currency impacts. Services net revenue remained flat.

Current wording

For the three months ended January 31, 2025, net revenue increased 2.4% (increased 3.3% on a constant currency basis) as compared to the prior-year period. U.S. net revenue increased 1.7% to $4.4 billion, and net revenue from international operations increased 2.8% to $9.1 billion. The increase in net revenue was driven by products net revenue due to Commercial PS and disciplined pricing as well as services net revenue due to support services on hardware devices, partially offset by unfavorable currency impacts.

Previous wording

For the three months ended July 31, 2024, gross margin increased by 0.1 percentage points primarily driven by products gross margin due to disciplined pricing, and cost savings, including Future Ready transformation savings, partially offset by mix shifts towards Personal Systems and higher commodity costs while services gross margin decreased.

Current wording

For the three months ended January 31, 2025, gross margin decreased by 0.9 percentage points primarily driven by products gross margin due to higher commodity costs and unfavorable currency impacts, partially offset by disciplined cost management including Future Ready transformation savings. Services gross margin decreased due to unfavorable mix shifts.

Previous wording

SG&A expense increased 7.8% and 5.4% for the three and nine months ended July 31, 2024, respectively, primarily due higher investment in people and go-to market initiatives, partially offset by disciplined cost management including Future Ready transformation savings.

Current wording

SG&A expense increased 5.5% for the three months ended January 31, 2025 primarily due to increased investment in people, partially offset by disciplined cost management including Future Ready transformation savings.

Previous wording

Restructuring and other charges for the three and nine months ended July 31, 2024 relate primarily to the Fiscal 2023 Plan. For more information, see Note 3, “Restructuring and other charges”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Current wording

Restructuring and other charges for the three months ended January 31, 2025 primarily relate to the Fiscal 2023 Plan. For more information, see Note 3, “Restructuring and other charges”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Previous wording

Acquisition and divestiture charges primarily include direct third-party professional and legal fees, integration and divestiture-related costs, non-cash adjustments to the fair value of certain acquired assets, such as inventory, and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units from acquisitions. Acquisition and divestiture charges for the three and nine months ended July 31, 2024 decreased by $26 million and $134 million, respectively, primarily due to reduced integration activities associated with the fiscal year 2022 Poly acquisition.

Current wording

Acquisition and divestiture charges primarily include direct third-party professional and legal fees, integration and divestiture-related costs and non-cash adjustments to the fair value of certain acquired assets, such as inventory. Acquisition and divestiture charges for the three months ended January 31, 2025 decreased by $21 million primarily due to the fiscal year 2022 Poly acquisition and continuing integration progress during the prior period.

Previous wording

Amortization of intangible assets decreased for the three and nine months ended July 31, 2024 and relates to intangible assets resulting from prior acquisitions.

Current wording

Amortization of intangible assets decreased 22.2% for the three months ended January 31, 2025 primarily due to a portion of intangible assets from prior period acquisitions being fully amortized.

Previous wording

Our effective tax rate was 22.6% for the three months ended July 31, 2024 and 22.7% for the nine months ended July 31, 2024, which did not materially differ from the U.S. federal statutory tax rate of 21%.

Current wording

Our effective tax rate was 19.7% for the three months ended January 31, 2025, which did not materially differ from the U.S. federal statutory tax rate of 21%.

Previous wording

In December 2021, the Organization for Economic Cooperation and Development (“OECD”) enacted model rules for a new global minimum tax framework (“BEPS Pillar Two”), and various governments around the world have enacted, or are in the process of enacting, legislation on this. We are in the process of assessing the tax effects of Pillar Two legislation for when it comes into effect, and we plan to treat the tax as a period cost.

Current wording

In December 2021, the Organisation for Economic Co-operation and Development (the “OECD”) introduced model rules for a global minimum tax framework known as (“BEPS Pillar Two”). Numerous governments worldwide have enacted or are in the process of enacting legislation to implement this framework. Where applicable, we plan to treat the tax as a period cost. As of January 31, 2025, we do not anticipate a material impact on our effective tax rate or cash tax payments in these jurisdictions for fiscal year 2025. Our assessment for future fiscal years may be influenced by additional legislative guidance and the enactment of further provisions within the BEPS Pillar Two framework.

Previous wording

During the first quarter of fiscal year 2024, HP realigned its business unit financial reporting more closely with its customer market segmentation. A description of the products and services for each segment and the business unit realignment can be found in Note 2, “Segment Information” to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference. Future changes to this organizational structure may result in changes to the segments disclosed.

Current wording

A description of the products and services for each segment can be found in Note 2, “Segment Information” to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Previous wording

Personal Systems net revenue increased 4.9% (increased 5.3% on a constant currency basis) for the three months ended July 31, 2024. The net revenue increase was primarily due to a 3.6% increase in average selling price (“ASPs”) and a 1.1% increase in PCs unit volume driven by Commercial PS, partially offset by unfavorable currency impacts. The increase in ASPs is primarily due to disciplined pricing and mix shifts towards Commercial PS, partially offset by unfavorable currency impacts.

Current wording

Personal Systems net revenue increased 4.7% (increased 5.3% on a constant currency basis) for the three months ended January 31, 2025. The net revenue increase was primarily due to a 6.1% increase in average selling price (“ASPs”), partially offset by a 1.4% decrease in PCs unit volume driven by Consumer PS. The increase in ASPs is primarily due to disciplined pricing and mix shifts towards Commercial PS, partially offset by unfavorable currency impacts.

Previous wording

Commercial PS net revenue increased 7.7% primarily due to a 5.5% increase in units driven by market recovery and a 2.2% increase in ASPs. The increase in ASPs is primarily due to favorable mix shifts and disciplined pricing, partially offset by unfavorable currency impacts.

Current wording

Commercial PS net revenue increased 9.9% primarily due to a 5.7% increase in units driven by market recovery and a 4.1% increase in ASPs. The increase in ASPs is primarily due to favorable mix shifts towards premium and disciplined pricing, partially offset by unfavorable currency impacts.

Previous wording

Consumer PS net revenue decreased 1.4% primarily due to a 5.6% decrease in units as a result of demand softness, partially offset by 3.9% increase in ASPs. The increase in ASPs was primarily due to disciplined pricing and favorable mix shifts, partially offset by unfavorable currency impacts.

Current wording

Consumer PS net revenue decreased 6.7% primarily due to a 11.0% decrease in units as a result of our strategy to rebalance our portfolio to a more profitable mix, partially offset by 4.7% increase in ASPs. The increase in ASPs was primarily due to disciplined pricing and favorable mix shifts, partially offset by unfavorable currency impacts.

Previous wording

Personal Systems earnings from operations as a percentage of net revenue decreased by 0.2 percentage points. The decrease was primarily driven by an increase in operating expenses as a percentage of revenue, partially offset by an increase in gross margin. Gross margin increased primarily due to disciplined pricing and cost savings including Future Ready transformation savings, partially offset by higher commodity costs. Operating expenses as a percentage of revenue increased due to continued investments in innovation and people, partially offset by disciplined cost management including Future Ready transformation savings.

Current wording

Personal Systems earnings from operations as a percentage of net revenue decreased by 0.6 percentage points. The decrease was driven by a decrease in gross margin while operating expenses as a percentage of revenue remained flat. Gross margin decreased primarily due to higher commodity costs, partially offset by favorable mix shifts towards Commercial PS and cost savings including Future Ready transformation savings.

Previous wording

Printing net revenue decreased 2.8% (decreased 1.9% on a constant currency basis) for the three months ended July 31, 2024. The decrease in net revenue was driven by Commercial Printing and Supplies as well as net unfavorable foreign currency impacts. Net revenue for Supplies decreased 2.3%, primarily due to decline in the installed base and usage, partially offset by disciplined pricing. Printer unit volume decreased 1.6% primarily due to demand softness, particularly in China. Printer hardware ASPs increased 0.4% due to favorable mix partially offset by competitive pricing, particularly from our Japanese competitors with a favorable foreign currency environment.

Current wording

Printing net revenue decreased 2.4% (decreased 0.9% on a constant currency basis) for the three months ended January 31, 2025. The decrease in net revenue was driven by Commercial Printing as well as net unfavorable currency impacts. Net revenue for Supplies decreased 1.3%, primarily due to decline in the installed base and usage as well as unfavorable currency impacts, partially offset by disciplined pricing. Printer unit volume increased 4.7% primarily driven by Big Tank, partially offset by demand softness, especially in China. Printer hardware ASPs decreased 9.3% due to competitive pricing, unfavorable mix shifts, and unfavorable currency impacts.

Previous wording

Net revenue for Commercial Printing decreased by 9.8%, primarily due to a 13.7% decrease in printer unit volume while ASPs increased 0.2%. The increase in ASPs was primarily driven by favorable mix shifts, partially offset by competitive pricing and currency impacts.

Current wording

Net revenue for Commercial Printing decreased 6.8%, primarily due to a 8.7% decrease in ASPs, while printer unit volumes remained flat. The decrease in ASPs was primarily driven by competitive pricing and unfavorable currency impacts.

Previous wording

Net revenue for Consumer Printing decreased 13.3%, primarily due to a 11.3% decrease in printer unit volume and a 2.3% decrease in ASPs. The decrease in ASPs was primarily driven by competitive pricing, partially offset by favorable mix shifts and currency impacts.

Current wording

Net revenue for Consumer Printing increased 4.9%, primarily due to a 7.3% increase in printer unit volume, specifically Big Tank, partially offset by a 2.4% decrease in ASP’s. The decrease in ASPs was primarily driven by unfavorable currency impacts and mix shifts.

Previous wording

Printing earnings from operations as a percentage of net revenue decreased by 1.3 percentage points, primarily due to an increase in operating expenses as a percentage of revenue, partially offset by an increase in gross margin. The increase in gross margin is primarily due to disciplined pricing in Supplies and cost savings including Future Ready transformation savings. Operating expenses as a percentage of revenue increased primarily due to continued investments in innovation and people, partially offset by disciplined cost management including Future Ready transformation savings.

Current wording

Printing earnings from operations as a percentage of net revenue decreased by 0.9 percentage points, due to a decrease in gross margin while operating expenses as a percentage of revenue remained flat. The decrease in gross margin is primarily due to competitive pricing in Commercial Printing, partially offset by cost savings including Future Ready transformation savings.

Previous wording

The loss from operations in Corporate Investments for the three and nine months ended July 31, 2024 was primarily due to expenses associated with our incubation projects and investments in digital enablement.

Current wording

The loss from operations in Corporate Investments for the three months ended January 31, 2025 was primarily due to expenses associated with our incubation projects and investments in digital enablement.

Previous wording

Compared to the corresponding period in fiscal year 2023, net cash provided by operating activities increased by $0.5 billion for the nine months ended July 31, 2024, primarily due to favorable working capital impacts and changes in receivables from contract manufacturers, partially offset by lower earnings before taxes.

Current wording

Compared to the corresponding period in fiscal year 2024, net cash provided by operating activities increased $0.3 billion for the three months ended January 31, 2025, primarily due to a favorable cash conversion cycle.

Previous wording

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for credit losses, by a 90-day average net revenue. The increase in DSO was primarily due to unfavorable revenue linearity.

Current wording

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for credit losses, by a 90-day average net revenue. The increase in DSO was primarily due to extended payment terms and lower factoring.

Previous wording

DOS measures the average number of days from procurement to sale of our product. DOS is calculated by dividing ending inventory by a 90-day average cost of goods sold. The increase in DOS is primarily due to strategic buys in Personal Systems, partially offset by operational inventory improvement.

Current wording

DOS measures the average number of days from procurement to sale of our product. DOS is calculated by dividing ending inventory by a 90-day average cost of goods sold. The increase in DOS is primarily due to strategic buys in Personal Systems, purchases of finished goods to mitigate potential tariff impacts and higher in-transit shipments.

Previous wording

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average cost of goods sold. The increase in DPO was primarily due to favorable payment terms and higher inventory driven by strategic buys in Personal Systems.

Current wording

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average cost of goods sold. The increase in DPO was primarily due to favorable changes in payment terms and incremental strategic buys in Personal Systems.

Previous wording

Compared to the corresponding period in fiscal year 2023, net cash used in investing activities decreased by $0.1 billion for the nine months ended July 31, 2024, primarily due to lower collateral posted for derivative instruments of $0.1 billion.

Current wording

Compared to the corresponding period in fiscal year 2024, net cash used in investing activities increased by $0.1 billion for the three months ended January 31, 2025, primarily due to higher investment in property, plant, equipment and purchased intangible assets of $0.1 billion.

Previous wording

Compared to the corresponding period in fiscal year 2023, net cash used in financing activities decreased by $0.5 billion for the nine months ended July 31, 2024, primarily due to the lower net payment of debt of $1.4 billion and collateral returned for derivative instruments of $0.2 billion in the prior period, partially offset by a $1.1 billion increase in share repurchases.

Current wording

Compared to the corresponding period in fiscal year 2024, net cash used in financing activities decreased by $0.3 billion for the three months ended January 31, 2025, primarily due to a $0.4 billion decrease in share repurchases, partially offset by a $0.1 billion issuance of commercial paper in the prior period.

Previous wording

During the nine months ended July 31, 2024, HP returned $2.0 billion to the shareholders in the form of cash dividends of $0.8 billion and share repurchases of $1.2 billion. As of July 31, 2024, HP had approximately $0.8 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors. On August 27, 2024, HP’s Board of Directors increased HP’s share repurchase authorization to $10.0 billion in total.

Current wording

During the three months ended January 31, 2025, HP returned $0.4 billion to the shareholders in the form of cash dividends of $0.3 billion and share repurchases of $0.1 billion. As of January 31, 2025, HP had approximately $9.2 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors.

Previous wording

We maintain debt levels that we establish through consideration of a number of factors, including cash flow expectations, cash requirements for operations, investment plans (including acquisitions), share repurchase activities, our cost of capital and targeted capital structure as well as credit rating considerations. Depending on these factors, we may, from time to time, incur additional indebtedness or repay or refinance existing indebtedness. Outstanding borrowings increased to $9.6 billion as of

Current wording

We maintain debt levels that we establish through consideration of a number of factors, including cash flow expectations, cash requirements for operations, investment plans (including acquisitions), share repurchase activities, our cost of capital and targeted capital structure.

Previous wording

As of July 31, 2024, we maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility which was available until May 26, 2026. Funds borrowed under the revolving credit facility were permitted to be used for general corporate purposes. This facility was terminated on August 1, 2024, in connection with HP’s entry into a new credit facility, as described below.

Current wording

As of January 31, 2025, we maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility which will be available until August 1, 2029. Funds borrowed under the revolving credit facility may be used for general corporate purposes.

Previous wording

As of July 31, 2024, we had available borrowing resources of $0.9 billion from uncommitted lines of credit in addition to the full capacity of the revolving credit facility.

Current wording

As of January 31, 2025, we had available borrowing resources of $1.0 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.