| HP INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS, | |||||||||||||||||||||||
| OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||
| January 31, 2019 | October 31, 2018 | January 31, 2018 | |||||||||||||||||||||
| Amounts |
Diluted
net earnings per share | Amounts |
Diluted
net earnings per share | Amounts |
Diluted
net earnings per share | ||||||||||||||||||
| GAAP net earnings | $ | 803 | $ | 0.51 | $ | 1,451 | $ | 0.91 | $ | 1,938 | $ | 1.16 | |||||||||||
| Non-GAAP adjustments: | |||||||||||||||||||||||
| Restructuring and other charges | 55 | 0.04 | 40 | 0.02 | 31 | 0.02 | |||||||||||||||||
| Acquisition-related charges | 10 | 0.01 | 26 | 0.02 | 42 | 0.02 | |||||||||||||||||
| Amortization of intangible assets | 29 | 0.02 | 20 | 0.01 | 20 | 0.01 | |||||||||||||||||
| Non-operating retirement-related credits | (12 | ) | (0.01 | ) | (54 | ) | (0.03 | ) | (56 | ) | (0.03 | ) | |||||||||||
| Defined benefit plan settlement charges | — | — | 5 | — | 1 | — | |||||||||||||||||
| Tax adjustments(a) | (76 | ) | (0.05 | ) | (623 | ) | (0.39 | ) | (1,173 | ) | (0.70 | ) | |||||||||||
| Non-GAAP net earnings | $ | 809 | $ | 0.52 | $ | 865 | $ | 0.54 | $ | 803 | $ | 0.48 | |||||||||||
| GAAP earnings from operations (b) | $ | 926 | $ | 994 | $ | 913 | |||||||||||||||||
| Non-GAAP adjustments: | |||||||||||||||||||||||
| Restructuring and other charges | 55 | 40 | 31 | ||||||||||||||||||||
| Acquisition-related charges | 10 | 26 | 42 | ||||||||||||||||||||
| Amortization of intangible assets | 29 | 20 | 20 | ||||||||||||||||||||
| Non-GAAP earnings from operations | $ | 1,020 | $ | 1,080 | $ | 1,006 | |||||||||||||||||
| GAAP operating margin (b) | 6 | % | 6 | % | 6 | % | |||||||||||||||||
| Non-GAAP adjustments | 1 | % | 1 | % | 1 | % | |||||||||||||||||
| Non-GAAP operating margin | 7 | % | 7 | % | 7 | % | |||||||||||||||||
| (a) Includes tax impact on non-GAAP adjustments. | |||||||||||||||||||||||
| (b) Pursuant to adoption of Accounting Standards Update (“ASU”) 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, in the first quarter of fiscal year 2019, HP now reclassifies all components (excluding service cost component) of net periodic benefit cost from Selling, general and administrative expenses to Interest and other, net. HP reflected this change in prior reporting periods on an as-if basis. | |||||||||||||||||||||||
HP Inc. Reports Fiscal 2019 First Quarter Results
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