HP Inc. Reports Fiscal 2018 Full Year and Fourth 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)
 
  Twelve months
ended
October 31, 2018
  Diluted
net earnings
per share
  Twelve months
ended
October 31, 2017
  Diluted
net earnings
per share
GAAP net earnings$5,327 $3.26 $2,526 $1.48
Non-GAAP adjustments:       
Restructuring and other charges132 0.08 362 0.21
Acquisition-related charges123 0.07 125 0.07
Amortization of intangible assets80 0.05 1 
Non-operating retirement-related credits(219) (0.13) (135) (0.07)
Defined benefit plan settlement charges7  5 
Debt extinguishment costs126 0.08  
Tax adjustments(2,270) (1.39) (69) (0.04)
Non-GAAP net earnings$3,306 $2.02 $2,815 $1.65
        
GAAP earnings from operations$4,064   $3,519  
Non-GAAP adjustments:       
Restructuring and other charges132   362  
Acquisition-related charges123   125  
Amortization of intangible assets80   1  
Non-operating retirement-related credits(219)   (135)  
Defined benefit plan settlement charges7   5  
Non-GAAP earnings from operations$4,187   $3,877  
        
GAAP operating margin7%   7%  
Non-GAAP adjustments0%   0%  
Non-GAAP operating margin7%   7%  
 


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
 
  As of
  October 31, 2018   October 31, 2017
ASSETS      
Current assets:      
Cash and cash equivalents $ 5,166   $ 6,997
Accounts receivable, net 5,113   4,414
Inventory 6,062   5,786
Other current assets 5,046   5,121
Total current assets 21,387   22,318
Property, plant and equipment, net 2,198   1,878
Goodwill 5,968   5,622
Other non-current assets 5,069   3,095
Total assets $ 34,622   $ 32,913
       
LIABILITIES AND STOCKHOLDERS' DEFICIT      
Current liabilities:      
Notes payable and short-term borrowings $ 1,463   $ 1,072
Accounts payable 14,816   13,279
Employee compensation and benefits 1,136   894
Taxes on earnings 340   214
Deferred revenue 1,095   1,012
Other accrued liabilities 6,281   5,941
Total current liabilities 25,131   22,412
Long-term debt 4,524   6,747
Other non-current liabilities 5,606   7,162
Stockholders' deficit (639)   (3,408)
Total liabilities and stockholders' deficit $ 34,622   $ 32,913
 

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