HP 2009 Annual Report Download - page 5
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Another important priority is doing our part to
preserve and protect the environment. Our strategic
framework includes reducing the carbon footprint
ofHP-ownedoperationsandofoursupplychain,
reducing the environmental impact of our products
and services, developing solutions and services that
will reduce the footprint of the rest of the economy,
and advocating for effective public policy. We also
announced last year that by the end of 2011, we
will reduce the energy consumption and associated
greenhouse gas emissions of all HP products by
40percentcomparedto2005levels.Theseactions
were recently recognized by Newsweek, which
rankedHP#1amongthe500largestcorporations
in the United States based on environmental impact,
green policies, and social responsibility.
In closing
Even as HP successfully managed through a
challenging fiscal 2009, we have continued to
build for the future and prepare our company for
growth. Today, our market leadership extends
across the industry’s broadest portfolio of hardware,
software, and services. Our scale and reach provide
meaningful and sustainable competitive advantages
that we are ready to capitalize on in fiscal 2010. In
the years ahead, we are well positioned to lead the
evolution of our industry and to create extraordinary
opportunities for our customers, our stockholders, our
people, and the world around us.
Sincerely,
Mark V. Hurd
Chairman, Chief Executive Officer and President
* Fiscal year 2009 non-GAAP financial information excludes
$1.7 billion of adjustments on an after-tax basis, or $0.71 per
diluted share, related primarily to the amortization of purchased
intangible assets, restructuring charges, acquisition-related charges, and
in-process research and development 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.