HP 2013 Annual Report Download - page 5

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We are also innoYatinJ across our PrintinJ and Personal 6ystems business. %usiness model innoYations
like ,nk $dYantaJe and new products like our entirely new line of multifunction printers and the +P
OưceMet Pro ; series continue to take hold, with stronJ customer adoption. Our multioperatinJ system
and multiform factor strateJies are driYinJ new products like the +P E19< /eap 0otion 1otebook PC
and the +P Elite%ook )olio.
We continue to enhance and strenJthen our serYices oƫerinJs to help customers adapt to a chanJinJ
technoloJy landscape and achieYe better results. ,n Enterprise 6erYices, we introduced seYeral new
enterprise cloud and security serYices, includinJ +P $sa6erYice solutions for 6$P +$1$, +P Cloud
6ecurity 5isk and Control $dYisory 6erYices. $lso, in our 7echnoloJy 6erYices business, our 'atacenter Care
and )le[ible Capacity serYices enable aJility and JiYe customers conƭdence in their Mourney to the cloud.
, continue to belieYe that +Pos turnaround will be driYen by Jreat products and serYices, and e[pect
innoYation across our businesses to increase in ƭscal .
HP’s Opportunity
<ou haYe heard me talk a lot about what we call p7he 1ew 6tyle of ,7q— the shift in how technoloJy is
deliYered, paid for and consumed by our customers and partners. 7his 1ew 6tyle of ,7, driYen by forces
like cloud, biJ data, mobility and security, is creatinJ opportunities for customers to increase their
aJility, speed innoYation and lower costs. %ut it is also applyinJ intense pressure on their orJani]ations
as many haYe outdated ,7 architectures.
What customers need is a stcentury ,7 architecture capable of handlinJ todayos demands and
the speciƭc reTuirements of their uniTue businesses. ,n other words, solutions that brinJ toJether
the infrastructure, software, serYices and innoYation that will enable them to reali]e the full promise
of technoloJy.
7his is where our opportunity lies. With the depth and breadth of our portfolio, +P can proYide the
endtoend solutions from the deYice to the data center—from infrastructure to software to serYices—
to help our customers satisfy their uniTue ,7 needs.
While we haYe more work to do on our turnaround Mourney, ,om e[cited about the road ahead and see
a future where +P leads the way in proYidinJ solutions for the 1ew 6tyle of ,7. %y successfully
e[ecutinJ on our strateJy and maintaininJ our focus on innoYation, we e[pect to reaưrm +Pos position
as a market leader and create endurinJ Yalue for our customers, as well as stockholders, alonJ the way.
7hank you for your onJoinJ conƭdence in +P. , am inspired on a daily basis by our customers, partners,
employees and stockholders and look forward to updatinJ you on our performance as the year continues.
6incerely,
0eJ Whitman
 OperatinJ company net debt is a non*$$P measure that is deƭned as total company net debt less +P )inancial 6erYices p+P)6q net debt. 7otal company net debt consists of total
company Jross debt includinJ the eƫects of hedJinJ less total company Jross cash, which includes cash and cash eTuiYalents, shortterm inYestments, and certain liTuid lonJterm
inYestments. +P)6 net debt consists of +P)6 debt, which includes primarily intercompany eTuity that is treated as debt for seJment reportinJ purposes, intercompany debt and
borrowinJ and fundinJ related actiYity associated with +P)6 and its subsidiaries, less +P)6 cash. $s of October , , total company Jross debt was . billion, total company
Jross cash was . billion, total company net debt was . billion, +P)6 debt was . billion, +P)6 cash was . billion, +P)6 net debt was . billion, and operatinJ
company net debtcash was . billion. 7his additional non*$$P information, as well as the other non*$$P information proYided herein, is not intended to be considered
in isolation or as a substitute for the related *$$P ƭnancial information.
 1et debt is a non*$$P ƭnancial measure that consists of total debt includinJ the eƫects of hedJinJ less Jross cash, which includes cash and cash eTuiYalents, shortterm inYestments,
and certain liTuid lonJterm inYestments. $s of October , , total debt includinJ the eƫects of hedJinJ was . billion, Jross cash was . billion, and net debt was . billion.