HP Inc. Reports Fiscal 2019 Full Year and Fourth Quarter Results

(a)  Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS.

(b)  "NM" represents not meaningful.

(c)  Pursuant to adoption of 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. AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY
(Unaudited)
 
  Three months ended  Change in Operating Margin (pts)
  October 31, 2019  July 31, 2019  October 31, 2018  Q/Q  Y/Y
Segment operating margin:(a)         
Personal Systems5.3% 5.6% 3.7% (0.3)pts 1.6pts
Printing15.6% 15.6% 16.0%  (0.4)pts
Corporate Investments(b)NM NM NM NM NM
Total segments8.5% 8.8% 7.8% (0.3)pts 0.7pts

(a)  Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS.

(b)  "NM" represents not meaningful. 



 
HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
  Three months ended
  October 31, 2019  July 31, 2019  October 31, 2018
Numerator:     
GAAP net earnings $ 388     $ 1,179     $ 1,451  
Non-GAAP net earnings $ 899     $ 880     $ 865  
           
Denominator:          
Weighted-average shares used to compute basic net earnings per share 1,476     1,499     1,578  
Dilutive effect of employee stock plans (a) 10     9     20  
Weighted-average shares used to compute diluted net earnings per share 1,486     1,508     1,598  
           
GAAP diluted net earnings per share $ 0.26     $ 0.78     $ 0.91  
Non-GAAP diluted net earnings per share $ 0.60     $ 0.58     $ 0.54  

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