HP Inc. Reports Fiscal 2021 First Quarter Results


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, 2021  October 31, 2020  January 31, 2020
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$1,068  $0.83  $668  $0.49  $678  $0.46 
Non-GAAP adjustments:           
Restructuring and other charges121  0.10  31  0.02  291  0.20 
Acquisition-related charges6    2       
Amortization of intangible assets29     0.02     29     0.02     26     0.02  
Non-operating retirement-related credits  (38)     (0.03)     (57)     (0.04)     (57)     (0.04)  
Defined benefit plan settlement charges         214     0.16          
Tax adjustments (a) 2         (52)     (0.03)     18     0.01  
Non-GAAP net earnings $ 1,188     $ 0.92     $ 835     $ 0.62     $ 956     $ 0.65  
                       
GAAP earnings from operations $ 1,321         $ 992         $ 865      
Non-GAAP adjustments:                      
Restructuring and other charges 121         31         291      
Acquisition-related charges 6         2              
Amortization of intangible assets 29         29         26      
Non-GAAP earnings from operations  $ 1,477         $ 1,054         $ 1,182      
                       
GAAP operating margin 8.4%       6.5%       5.9%    
Non-GAAP adjustments 1.0%       0.4%       2.2%    
Non-GAAP operating margin 9.4%       6.9%       8.1%    

(a)      Includes tax impact on non-GAAP adjustments.    

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