• Enter a scope
• nextstate records a line number for error messages (and maybe more).
• Start a list on the stack
• Push constant "Hello World.\n" on the stack.
• Print what's on the stack.
• Start a list on the stack
• Push constant "Hulo" on the stack.
• Print what's on the stack.
• Leave the current scope.

Some variations of that output:

$ perl -MO=Terse -e'print "Hello World.\n"; print "Hulo";'
LISTOP (0x8180e38) leave [1]
    OP (0x8177f00) enter
    COP (0x8180d50) nextstate
    LISTOP (0x817fdf0) print
        OP (0x817fe20) pushmark
        SVOP (0x8180ee8) const  PV (0x817bc10) "Hello World.\n"
    COP (0x8180da8) nextstate
    LISTOP (0x8180d30) print
        OP (0x8244c20) pushmark
        SVOP (0x8180d88) const  PV (0x817bc30) "Hulo"
-e syntax OK

$ perl -MO=Concise -e'print "Hello World.\n"; print "Hulo";'
a  <@> leave[1 ref] vKP/REFC ->(end)
1     <0> enter ->2
2     <;> nextstate(main 1 -e:1) v:{ ->3
5     <@> print vK ->6
3        <0> pushmark s ->4
4        <$> const(PV "Hello World.\n") s ->5
6     <;> nextstate(main 1 -e:1) v:{ ->7
9     <@> print vK ->a
7        <0> pushmark s ->8
8        <$> const(PV "Hulo") s ->9
-e syntax OK

$ perl -MO=Terse,-exec -e'print "Hello World.\n"; print "Hulo";'
OP (0x8177f08) enter
COP (0x8180d60) nextstate
OP (0x817fe50) pushmark
SVOP (0x8180e48) const  PV (0x817bc18) "Hello World.\n"
LISTOP (0x8180ef8) print
COP (0x8180db8) nextstate
OP (0x8244ce0) pushmark
SVOP (0x8180d28) const  PV (0x817bc38) "Hulo"
LISTOP (0x8180d08) print
LISTOP (0x8180d98) leave [1]
-e syntax OK

$ perl -MO=Concise,-exec -e'print "Hello World.\n"; print "Hulo";'
1  <0> enter
2  <;> nextstate(main 1 -e:1) v:{
3  <0> pushmark s
4  <$> const(PV "Hello World.\n") s
5  <@> print vK
6  <;> nextstate(main 1 -e:1) v:{
7  <0> pushmark s
8  <$> const(PV "Hulo") s
9  <@> print vK
a  <@> leave[1 ref] vKP/REFC
-e syntax OK
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