HP Inc. (HPQ) Sustainable Impact Webcast Conference (Transcript)

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HP Inc. (NYSE:HPQ) Sustainable Impact Webcast Conference June 25, 2020 11:00 AM ET

Company Participants

Tesh Dahya – Director of IR

Judy Glazer – Head of Sustainability and Product Compliance

Conference Call Participants

Tesh Dahya

Good morning. I’m Tesh Dahya, Director of Investor Relations at HP and I’d like to welcome you to HP’s Sustainable Impact Investor Webcast. With me today is Judy Glazer, HP’s Head of Sustainability and Product Compliance.

Before handing the call over to Judy, let me remind you that this call is being webcast. A replay of the webcast will be made available on the website shortly after the call for approximately one year. As always, elements of this presentation are forward-looking and are based on the best view of the world of our businesses as we see them today.

For more detailed information, please see disclaimers in the sustainable impact materials related to forward-looking statements that involve risks, uncertainties, and assumptions, including the potential impacts of the COVID-19 pandemic. For discussion of some of these risks, uncertainties and assumptions please refer to HP’s SEC reports, including our most recent Form 10-K and Form 10-Q. HP assumes no obligation and does not intend to update any such forward-looking statements.

Now turning to today’s events, Judy Glazer’s team is accountable for HP’s sustainable impact strategy, driving policies, goals and groundbreaking initiatives and programs to ensure HP’s products are safe, legal compliant, responsibly manufactured and sustainable. Today, Judy will be providing an overview of HP’s sustainable impact strategy, including some of the results published in HP’s Annual Sustainable Impact report which was released yesterday as more of HP’s Inaugural Human Rights Progress Report. Following Judy’s presentation, there will be time for a brief Q&A.

With that, let me hand it over to Judy.

Judy Glazer

Thank you, Tesh.

I’m pleased to be with you today to review our strategy and progress across the three interrelated pillars of people, planet, and community. I hope that you walk away from this presentation with a better understanding of how and why HP is a leader in sustainability, and how we manage critical risks and opportunities through our sustainable impact strategy.

As Tesh mentioned, yesterday we launched our 18th Sustainable Impact Report, covering key environmental and social topics. It’s available on hp.com on our Sustainable Impact page and on the Investor Relations page. This report is launched during a time of great focus on social and environmental topics. When we started the process of developing this report, the climate strikes were in full swing around the world. There were calls not only from activists, but also from financial institutions demanding that the private sector step-up and lead with purpose and action.

Early this year, as COVID-19 led to nationwide shutdowns, we reacted quickly to protect the health of our employees and to ensure the continuity for our customers. You will hear a little later about how we are also deploying our technology and resources to address the needs of our global communities. And today, there are global protests and much needed discussion in the wake of the senseless deaths of George Floyd and Briana Taylor. This moment is demanding that all of us, individuals, policymakers, organizations of every size, not only have conversation on the impact of racial discrimination and social justice, but we take action.

In short, environmental and social issues have been some of the biggest news stories of the last year and not only stories we’ve seen radical change to our economies, to our institutions and to our lives. As these challenges presented themselves, you have seen the companies who have built up this muscle be able to offer solutions and lead with authenticity. We are seeing even more clearly that our sustainable impact strategy is not only a reputation driver, but it plays a critical role in our ability to swiftly and adequately meet the changing expectations of our stakeholders head on.

Indeed there has never been a more important time to be clear on our values. Our sustainable impact strategy guides us to create positive lasting change across three key pillars, people, planet and community. And while these pillars are presented as distinct, it’s really important to understand how they’re interrelated.

For example, environmental challenges tend to hit poor and otherwise marginalized communities hardest and HP’s leadership is not only talking, but they are taking action. In the report this year we made it clear that all members of the executive leadership team oversees sustainable impact targets relevant to their organization and are evaluated annually against objectives related to sustainable impact including diversity and inclusion.

Performance against these and other business objectives is tied to total compensation. This kind of buying and accountability at the very top of the organization demonstrates how central sustainable impact is to every aspect of our business. And it’s not just the right thing to do from a values perspective. It creates real value.

In FY 2019, we tracked $1.6 billion in new sales wins that were, in some way, influenced by sustainable impact. In one case, we were able to support a $250 million personal systems-driven deal with a global oil and gas company. We were able to show the company how partnering with HP on their IT means could help them to meet their corporate level sustainability goals.

In another example, we supported a $300 million multi-year deal with a government agency because of our leadership in EPEAT and Energy Star product registrations and our focus on accessibility. Both important aspects that helped us to qualify to take part in the bid process, which HP eventually won.

As a result of our commitment and programs, we have also been recognized by many third-party ratings and rankings and industry bodies, as you see on the slide. We came to number one spot on Newsweek’s 2020 list of America’s Most Responsible Companies. We have been included in the Dow Jones Sustainability World Index for the eighth year in a row.

We were one of only eight companies to receive a AAA rating from CDP for our work across climate change, forest and water security. And we were one of only 132 companies around the world to be named one of the World’s Most Ethical Companies.

We publish our Sustainable Impact Report each year in June offering comprehensive transparent validated data across our far reaching strategy. We align our report with key reporting standards including GRi and for the first time this year SASB and take into consideration the needs and priorities of key raters and rankers including MSCI and Sustainalytics.

The report also contains details on the actions we’ve taken toward aligning with the recommendations of the taskforce on climate related financial disclosures. The report also contains our updated ESG materiality analysis which helps us to identify those ESG topics that have been – had both the greatest impact on our business and on sustainable development. This analysis while still fairly qualitative gives us important perspective and helps us prioritize where we invest resources to drive the impact.

This year we focused on further incorporating the perspectives of investors, customers and our own business leaders. These insights in turn inform our reporting and our strategy. We won’t be able to cover the wealth of the information that’s included in the report during today’s presentation, so I encourage you to take a look in more depth.

I also want to point out that we have a standalone document that brings together our goals and data. We have goals across our value chain to help us drive impact in areas that are most material to our business. We’ll start our review with the people pillar. At the core of our commitment to people our values of diversity and inclusion protecting core human rights and working to ensure that the people who helped to make and bring our products to market are protected and empowers.

As part of our efforts to be more transparent this year we published our first ever inaugural Human Rights Progress Report, a standalone document covering our approach and commitment to protecting critical human rights. We know that human rights are an area of increased investor interest and we can expect that interest to grow even more given the current conversations we are having around racism and discrimination.

The scope of our human rights program is broad, including our supply chain, diversity and inclusion, access to education, privacy and product safety. Our program is managed at the highest levels, including through the board’s nominating Governance and Social Responsibility Committee as well as several executives.

Our human rights council coordinates the due diligence and mitigation of human rights risks and onlines initiatives across organizations and functions. HP has been recognized as a leader in the electronics industry, as demonstrated in independent rankings including the Corporate Human Rights Benchmark which ranks corporate human rights performance. We ranked 3rd among the 40 information and communications technology companies assessed, KnowTheChain which ranks company due diligence in addressing forced labor in the supply chain and the World’s Most Ethical Companies.

Our approach to human rights has strong roots in our approach to supply chain responsibility. We protect the rights of workers through auditing, assessment and enforcement of our supplier code of conduct, human rights policy and our foreign migrant worker standard among others. And we do capability building with our suppliers and their staff. Suppliers representing 95% of HP’s total production spent had gone through a social and environmental assessment.

Today with our supplier partners, we aim to empower supply chain workers. 266,400 supplier factory workers have participated in skills and well-being programs since the beginning of 2015. So we are halfway to our goal of developing skills and improving well-being of 500,000 factory workers by 2025 since the beginning of 2015.

We also collaborate across the industry to drive change essential since much of our supply chain is shared. HP was a Co-Founder of the Responsible Business Alliance the world’s largest industry coalition dedicated to corporate social responsibility and global supply chain. We were members of the pioneering Business Leaders Initiative on Human Rights and are on the steering committee of the Leadership Group for Responsible Recruitment.

Core to our sustainable impact strategy is imbedding diversity and inclusion in everything we do from how we recruit and retain employees to how we engage with suppliers and partners, to how we invest in programs in our communities. This commitment starts at the top with the US technology industry’s most diverse board of directors and it is carried through our employee base including how we hire. 31% of director level and above employees are women, 22% of our staff in IT and engineering are women and women make up 55% of key functions including legal, finance and marketing.

In FY 2019 40% of global new hires for women, 40% of US new hires were from minority groups and 63.3% of US new hires were from under-represented groups including women, US ethnicities, veterans and persons with disability compared to 57.2% in 2018. But the truth is throughout our employee base racial representation is not where we wanted to be which is one reason we have made a commitment to double the number of black and African-American HP Executives in the US by 2025. Our CEO has made clear that this commitment alone is not enough, but it is an important step that we intend to build on.

Moving onto the planet pillar, at HP we are on a journey to transform our business for a circular and low carbon future and we are working to deliver the most sustainable portfolio of technology hardware products and services. A circular economy model can yield not only enormous environmental and social benefits, but also economic value and these benefits include a reduction of 250 million to 350 million metric tons of carbon dioxide in the air, $2 trillion in annual US revenues generated by circular manufacturing, $7 billion in new revenue opportunities from recycling, precedes and recycles.

Our approach is comprehensive and I’m going to walk through four areas where we drive progress toward a circular and low carbon economy and provide examples of how this shows up in our products and services.

Strategy one is designing out waste and using materials responsibly which means using only the materials that is really needed and considering the environmental and human health impact of materials that we use. It means using less material. Only about 14% of plastic packaging is collected for recycling and just 2% of that is recycled to a similar quality. So we have announced a new goal to eliminate 75% of single use plastic packaging by 2025 compared to 2018. Through 2019 we’ve achieved a 5% reduction.

Our strategy also means using recycled materials where it possible. Last year we set a goal to increase our use of post-consumer recycled content plastic across HP’s personal systems and print product portfolio to 30% by 2025. During 2019 we used 25,560 tons of post-consumer recycled content plastic in HP personal systems and print products, 9% of the total plastic used.

And our strategy means using materials to deliver added social and environmental benefits. Many of you may be familiar with the HP Dragonfly the world’s first notebook made with ocean bound plastic. In the last year we have also launched the world’s first Chromebook with ocean bound plastic that also contained 75% recycled aluminum in its top lid. The world’s first mobile workstation with ocean bound plastics and the world’s first display manufactured using ocean bound plastics. Yesterday we announced that we have sourced 1.7 million pounds of ocean bound plastic for use in HP products.

We have also created over a 1,100 income opportunities and help to provide educational and health services to over 150 kids in 00:17:52. Strategy two is about keeping materials and products in use either by giving products longer lives and multiple uses or by cycling materials back into the manufacturing process at end of service. In one example of how we can extend the life of materials in the partnership with the teledentistry and aligner therapy companies SmileDirectClub, HP’s recycling excess 3D printing material and already processed plastic mouth molds to convert into pellets for a traditional inkjet molding.

Another key piece is the shift to contractual services based business models across our Print, Personal Systems and even 3D businesses. The results from a new independently conducted lifecycle assessment analysis which will be posted to our website were clear and unmistakable.

Not only do due to HP services based solutions have better environmental profiles they also do so across all the environmental impact areas studied global warming, water, human health, ecosystems and resources. This study showed that product-as-a-service solutions significantly advanced the circular and low carbon economy through extended product life, usage optimization, avoided manufacturing and materials and transportation and reductions.

Our third circular economy strategy focuses on taking steps to create a low carbon economy. We have long prioritized the energy efficiency of our products and in 2020 have been recognized as an ENERGY STAR partner of the year for sustained excellence.

Because energy uses a major contributor with carbon footprint of our product making our products more energy efficient needs to lower resulting emissions from our products during use. From 2015 through 2019 the GHG emissions intensity of our products during use has gone down by 18% toward our goal of 30%, meaning that we’re driving less emissions on average per $1 of revenue.

Looking ahead, we’re piloting carbon neutral products and services. The HP Tango Terra was our first certified carbon neutral product and the world’s most sustainable home printing season. This was a very small pilot project but a great example of learning by doing. By 2025 we aim for our Instant Ink and Managed Print Service offerings to be carbon neutral providing an added layer of value to our customers.

Lastly, if we really want to create a climate stable future, we believe in a need to invest in nature-based solution and protect the ecosystem services on which we all rely. Through the sustainable forest collaborative, we are protecting and restoring 200,000 acres of forest, an area equivalent to the size of New York City by the end of calendar year 2024. The area forest that will be under these projects will produce enough paper to run through all HP consumer printers over four years.

The last piece I wanted to touch on is the community pillar of our sustainable impact strategy. Within the communities where we live, work and do business, HP our employees and the HP foundation contribute time and resources to supporting vibrant, healthy and resilient communities. But perhaps even more critically are the ways in which we deploy our products, services and expertise to support better economic and educational outcome.

We have a goal to enable better learning outcomes for 100 million people. And along with our partnerships, technology is a critical part of reaching this scale. As of 2019, we have reached more than 28 million learners worldwide. We’ve seen the power of this approach come to life in new ways during the COVID-19 pandemic.

Over 60% of the world’s student population has been impacted by temporary school closures, that’s 1.1 billion students affected as of June 7. And as education has moved online and to digital platforms, many were left without access because they do not have the right technology or connectivity in their homes.

We quickly worked together with non-profit partners to launch and promote several initiatives aimed at supporting teachers, students and school districts through a range of digital and printed educational resources, including an initiative with time for kids to provide free access to its digital library and print, play, learn through which we are providing hundreds of free printable activities to families learning from home. We also launched the HP Refresh program to assist students to gain access to use notebook or desktop personal computers for e-learning.

We have also been able to deploy our technology to address critical health needs during the pandemic. HP and its global community of partners and customers have produced more than 2.3 million 3D printed parts using HP 3D printing technology. HP and its partners are providing the validated design files for many of the parts that do not require complex assembly and they are freely available for download.

We are also deploying the HP bio-printers and associated supply cassettes free of charge to NGOs, government agencies and pharmaceutical companies to accelerate drug and vaccine research to combat COVID-19.

And we are also helping medical professionals by supporting an initiative to print photos stickers that can be attached to personal protective equipment, so that patients can see and connect to the individual providing them with care. In this difficult moment, we are reminded once again of the critical power of technology and of creating shared solutions.

And with that, I will conclude my planned remarks and open it up to questions.

Question-and-Answer Session

A – Tesh Dahya

Thanks Judy. We’d like to do some Q&A now. So if you haven’t had a chance to yet – we do encourage you to submit a question via our webcast. Please do that, if you have another chance to do that. Why don’t we start Judy with, with a question about diversity inclusion, can you talk more about HP’s diversity hiring goals and how we’re looking to improve diversity at HP?

Judy Glazer

Sure. Tesh, I’ve been delighted to talk about that. The killing of George Floyd and many other African-Americans, that’s an all too familiar tragedy within our black communities. It’s a shocking and sad reminder of how much progress but still we need to put an end to systemic racism and inequality that still exists in our society. With that in mind, we announced a new goal to double the number of black and African-American executives inside the company by 2025.

Overall, nearly 4% of HP’s U.S. employees are black and African-American as of the end of FY 2019, we’ve simply not made enough progress on African-American hiring, and we don’t find that that number is acceptable. So we’re also taking action to improve that. We strive to be a destination of choice for women and under representing groups, seeking careers in tech. We’ve partnered with the historically black colleges and universities, the HBCU to recruit and train black graduates.

For example, we’ve partnered with HBCU business Deans roundtable to launch programs like the HP HBCU business challenge to encourage students to solve real time business problems. Since it was launched three years ago, nearly 300 students from more than 44 HBCUs accepted the challenge. More importantly, some of these were parlayed by students into internship and later into jobs. This summer, we launched a new program called HP Summer Scholars in response to the decline in internships for college students due to COVID-19.

Once again, we partnered with HBCU teams to encourage students to apply and enroll in the six-week virtual course that’s going to teach them how a global business operates and explore technology in core business areas like 3D printing, print personal systems, data analytics and more. My own daughter is part of this program and really finding it a great compliment to her education with topics that make a person more work ready and that aren’t usually included in a university education.

We know we still have a long way to go, but we’re committed to improving education and economic opportunities for black and African Americans and other represented communities and I hope these programs can give you a sense of how we’re attacking that.

Tesh Dahya

Thanks, Judy. Just switching gears slightly a question about some packaging comments we’ve made in the stated earlier report, so can you talk about why – why the target is 75% why not a 100% and can’t we use the 100% of recycled plastic in each of these products?

Judy Glazer

Yes. So packaging has many different functions and most importantly to protect the product as it’s – is on its way to the customer. So our environmental – plastic strategy aims to eliminate all unnecessary plastics or materials of concern, whenever we can. And so while we’d like to get to zero, we recognize that we also have to ensure that the product is well protected. A damaged product arriving at a customer is not only a very really bad customer experience but also bad from a sustainability perspective.

What we’re finding as we pursue our research moving to, to more recyclable and paper based alternatives wherever we can is that, we can do a lot more than we’ve done in the past. For example, that transition to multi-fibre personal systems packaging cushions eliminated 933 tonnes of hard to recycle expanded plastic from just last year.

What we are finding is that for some of our heaviest projects products with both large printers and large displays with a big piece of glass, we don’t yet have the technology solutions to completely eliminate plastic, although we continue to look for ways to do even more beyond that 75% goal.

Tesh Dahya

Thank you, Judy. Next question, how does HP layer new sales that are employee spices and that, and how does the sort of impact you know while we’ve arrived at our business value. Can you impact a bit more?

Judy Glazer

Sure. So more than ever we know that sustainable impact differentiates us to help when new business retain customers and engage talent. And our market research really demonstrates that 51% of consumers believe that brands can do more to south social health than the government. 64% of consumers accept and reject brands based on their societal stands. On the issues and 60% of millennium’s want to be employed by companies that contribute to social and ethical causes.

At the same time, it’s really difficult to measure the full impact of sustainability on our business. We’re confident it’s much bigger than the number we’re citing. The $1.6 billion in the new sales represents the total value of the sales wins by – that’s measured by total contract value confirmed in 2019 for deals in which sustainability criteria were a known consideration and that were supported actively by our sustainability and product compliance organization. It’s worth noting that this only captures the deals we know about on an enterprise level based on the information that salespeople share with us. And it certainly doesn’t include consumer purchase drivers or capture all the enterprise deals.

So as a result we’re really concerned – really certain that this is a very conservative estimate of the top line impact of our sustainable impact strategy. And we continue to work on improving our systems, so that we can better track the financial impact on our business of sustainable impact and target our work.

I also want to mention that that the impacts on our business are certainly far broader. We get some other benefits risk management hoping to spot critical risks that have the potential to up end our business continuity or the direction of our product lines. Reputation helping us to make sure we remain a trusted brand among customers, employees and others.

Resilience helping us to address big challenges coming everyday some we see coming and are actively planning for like climate change and some that emerge more unexpectedly like the coronavirus pandemic. And sustainable impact helps to manage all of those against more resilient, protected to be at most risk and able to whether challenging time.

Tesh Dahya

Thank you for that, Judy. I’ve got a question on the supply chain and labor specifically. So I see a question here about some of the potential forced labor allegations potentially in China. For example, how does HP deal with maybe some challenges of that potential risk in the supply chain? And how about how do we audit to prevent those types of types of risks from occurring in HPs supply chain?

Judy Glazer

HP has strict policy against the use of involuntary labor any kind in our supply chain and we’ve been a leader in our industry in establishing policies like that, and in engaging suppliers to ensure they understand those policies, and work to meet them. So any instance of forced labor or suppression of an individual’s human rights is unacceptable to us. As part of our contracts with suppliers, they’re required to comply with all applicable laws as well as the international standards we site for social and environmental responsibility.

We take all claims seriously and when issues come to us we castigate investigate them ourselves and in collaboration with the responsible business of wires. More proactively we have a very active audit and assessment program as well as the capability building programs that I mentioned to help suppliers their management team – and their management teams understanding and build the capability to meet our requirements as well as programs in that workers specifically so that they’ll use their voice and are empowered to improve their situation.

Specific to forced labor, one of the things we’ve focused on are the risks that come with recruitment of foreign migrant workers and other vulnerable workers. We publish a modern slavery transparency statement describing our program in detail that complements within the sustainable impact report and our inaugural human rights progress report.

And in it, we detailed the types of findings we find and our focus on remedies for workers ensuring that not only do we halt those rare cases of that pose a risk of forced labor on our supply chain, but also drive for remedies for supplier workers. So that, that we directly address the risk for those workers that the way in which they got their job could make it very difficult for them to leave.

Tesh Dahya

Thanks, Judy. How about a question on reporting, perhaps a question regarding, as we hear – how the HP continue to deepen the reporting particularly with respect to investor information needs. Can you address that?

Judy Glazer

Certainly, so this is our 18th report and we have a very long history of being transparent and quite thorough in our reporting. And we continue to work on improving our disclosures in line with stakeholder needs every year. So once again, we’ve produced a GRI core report. And for the first time this year, we are including a FASB index. We know this is a standard that many investors have expressed is important to them.

We’re also starting to integrate the TCFD recommendations in our strategy and reporting. So, for several years now, we’ve included metrics and goals related to climate including our Scope 1, 2 and 3 emissions and we feel we’ve been a leader there. In 2007, we were the first IT company to publish greenhouse gas emissions associated with product manufacturing. And in 2013, the first in our industry the data [ph] supply chain greenhouse gas emissions, intensity reduction goal.

And the first company globally to publish its complete carbon footprint across the entire value chain. So in this report, we’ve included some additional detail related to climate disclosure specifically the governance structure related to climate change and how we address that in HP, our climate strategy. And an expanded discussion on HP’s key risks and opportunities presented by climate change.

Tesh Dahya

Okay, thank you, Judy. I had a question of carbon footprints. It appears that each piece of carbon footprint in 2019 was 5% more than in 2018. Can you help explain what drove that change, actually increase for the year?

Judy Glazer

Certainly so, we published our carbon footprint that includes both direct and indirect emissions from operations, from our supply chain and our products and solutions. So, that reaches all the way back to the raw materials used in manufacturing of products and all the way forward to the use of energy and paper by our customers when they use our products. So this year, the increase in our carbon footprint of – about 5% was a result of a 12% increase in the product manufacturing emission.

And this doesn’t come primarily from our final assembly. It’s largely due to business growth and changes in the mix of key Personal Systems component and the impact that has on the full manufacturing footprint. That increase more than offset a 3% reduction in product use case emissions driven by improved product energy efficiency. As I mentioned earlier, we also have a goal to – reduce product use greenhouse gas emissions intensity by 30% by 2025 versus 2015.

And we’re more than halfway there at an 18% decrease through the end of this year that metric measures emissions per unit shipped during the anticipated product lifetime of use. And then, we wait that out with the – between the contributions of Personal Systems and printing products to our overall revenue.

Tesh Dahya

Thank you. Judy, can you also talk then – we talked a lot about ocean-bound plastics in the reports. Perhaps talk a little bit about the amount of ocean-bound plastics that HP can use? And if you can quantify what we can use in the year or a timeframe, but maybe a little bit about on ocean-bound plastics and where that’s going?

Judy Glazer

Well, what I can say is that we continue to increase our use of ocean-bound plastics every year. We’re really proud of the goal we’ve announced as an industry-leading goal to use – increase our use of recycled content plastic across Personal Systems to 30% last year. So far, we sourced 1.7 million pounds more than 16 million bottles of ocean-bound plastic that might have otherwise washed into the ocean and launched the world’s first notebooks, displays, mobile workstations and enterprise chromebooks with ocean-bound plastic.

We intend to keep driving that upwards to significantly increase our use of ocean-bound plastic in those and other new applications. So, you can look for more than increased use in the future in a wide variety of applications. As I mentioned, this is part of a larger strategy to have – the world’s most sustainable PC portfolio and to – achieve the same aim for our printing product portfolio as well.

Tesh Dahya

Thanks, Judy. Maybe time for one last question, can you talk about HP’s Zero in deforestation targets can you talk a little bit more about that?

Judy Glazer

Certainly so, it’s our goal to regenerate the natural systems that sustains life with a focus on protecting and restoring global forests, certainly very important to us as a printing company. After eliminating deforestation and the supply chain for HP branded paper in 2016, we’re now on track to do the same for paper-based product packaging by the end of this year 2020. But beyond that, in 2019, we announced our partnership with the World Wildlife Fund.

Together HP and World Wildlife Fund aim to restore and protect – and responsibly manage 200,000 acres of forest. Over five years, we’re contributing $11 million to WWF to restore part of Brazil’s critically-threatened Atlantic Forest. And in China are working with WWF on a project focused on increasing the area of sustainably-managed forest plantations to improve their resiliency and their biodiversity.

In both countries with the help of WWF, we’re advancing forest science to quantify the nature benefits of forest restoration with the intent of inspiring others to take similar action. This year, we also launched the HP Sustainable Forests Collaborative and those efforts have already inspired the Arbor Day Foundation, Chenming Paper, Domtar, and New Leaf Paper to join the collaborative and accelerate efforts on forest restoration.

This kind of cross-industry collaboration demonstrates – will allow us to demonstrate scientific and viable approaches to keeping forest ecosystems healthy. And we seek others to join the movement to grow forests and biodiversity for future generations.

Tesh Dahya

Thanks, Judy. I think that’s all the time we have for questions. So Judy, maybe a few closing remarks?

Judy Glazer

Sure. I just would like to wrap up by highlighting HP’s purpose to create technology that makes life better for everyone, everywhere. So, creating value that impacts people, planet, and community is a pillar of our strategy and of our business dating all the way back to our founders. We see sustainable impact not only as a moral imperative and one that is, we longtime employees like me and our newest hires hold very dear to us.

It’s also a critical business imperative as well that more than ever positions HP for the future, for our customers, for our investors, and as a trusted brand. So, I hope this has been a valuable session for you to highlight some of our key focus areas and look forward to our next innovations and encourage you to keep an eye up for what we can do in the future to continue to deepen sustainable impact and its value for HP and its customers for the industry as a whole. Thank you very much.

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