Hewlett packard

FINAL TRANSCRIPT
HPQ - Q1 2011 Hewlett-Packard Earnings Conference Call
Event Date/Time: Feb. 22. 2011 / 10:00PM GMT

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Feb. 22. 2011 / 10:00PM, HPQ - Q1 2011 Hewlett-Packard Earnings Conference Call

CORPORATE PARTICIPANTS
Steve Fieler Hewlett-Packard - VP of IR Cathie Lesjak Hewlett-Packard Development Company, L.P. - CFO Leo Apotheker Hewlett-Packard - CEOCONFERENCE CALL PARTICIPANTS
Ben Reitzes Barclays Capital - Analyst Mark Moskowitz JPMorgan Chase & Co. - Analyst Richard Gardner Citigroup - Analyst Kathryn (Katy) Huberty Morgan Stanley - Analyst Toni Sacconaghi Sanford C. Bernstein & Company, Inc. - Analyst Shannon Cross Cross Research - Analyst Keith Bachman BMO Capital Markets - Analyst Brian Alexander Raymond James & Associates - Analyst MaynardUm UBS - Analyst Kaushik Roy Wedbush Securities - Analyst Aaron Rakers Stifel Nicolaus - Analyst

PRESENTATION
Operator Good day, ladies and gentlemen and welcome to the first quarter 2011 Hewlett-Packard earnings conference call. My name is Michael and I will be your conference moderator for today's call. At this time, all participants are in a listen-only mode. We will be facilitating aquestion-and-answer session towards the end of the conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mr. Steve Fieler, Vice President of Investor Relations. Please proceed.

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FINAL TRANSCRIPT

Feb. 22. 2011 / 10:00PM, HPQ - Q1 2011 Hewlett-Packard EarningsConference Call
Steve Fieler - Hewlett-Packard - VP of IR Good afternoon. Welcome to our first quarter earnings conference call with Leo Apotheker, HP's CEO, and Cathie Lesjak, HP's CFO. This call is being webcast. A replay of the webcast will be available shortly after the call for approximately one year. Some information provided during this call may include forward-looking statements that are basedon certain assumptions and are subject to a number of risks and uncertainties, and actual future results may vary materially. Please refer to the risks described in HP's SEC reports including our most recent Form 10-K. The financial information discussed in connection with this call including tax-related items, reflects estimates based on information available at this time and could differmaterially from the amounts ultimately reported in HP's Q1 Form 10-Q. Earnings, operating margins, and similar items at the Company level are sometimes expressed on a non-GAAP basis, and have been adjusted to exclude certain items including amortization of purchase intangibles, restructuring charges and acquisition-related charges. Comparable GAAP financial information and a reconciliation of non-GAAPamounts to GAAP are included in the tables and in the slide presentation accompanying today's earnings release, both of which are available on HP Investor Relations web page at www.hp.com. I'll now turn the call over to Leo.

Leo Apotheker - Hewlett-Packard - CEO Thank you, Steve. Since becoming CEO, one of the most commonly asked questions has been what does HP do well and where does HP need to...