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

(a)  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
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
  October 31, 2019  July 31, 2019  October 31, 2018
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$388  $0.26  $1,179  $0.78  $1,451  $0.91 
Non-GAAP adjustments:           
Restructuring and other charges134  0.09  17  0.02  40  0.02 
Acquisition-related charges (credits) 23     0.02     (9 )   (0.01 )   26     0.02  
Amortization of intangible assets 29     0.02     29     0.02     20     0.01  
Non-operating retirement-related credits (25 )   (0.02 )   (21 )   (0.01 )   (54 )   (0.03 )
Defined benefit plan settlement charges                 5      
Tax adjustments (a) 350     0.23     (315 )   (0.22 )   (623 )   (0.39 )
Non-GAAP net earnings $ 899     $ 0.60     $ 880     $ 0.58     $ 865     $ 0.54  
                       
GAAP earnings from operations (b) $ 944         $ 1,079         $ 994      
Non-GAAP adjustments:                      
Restructuring and other charges 134         17         40      
Acquisition-related charges (credits) 23         (9 )       26      
Amortization of intangible assets 29         29         20      
Non-GAAP earnings from operations $ 1,130         $ 1,116         $ 1,080      
                       
GAAP operating margin (b) 6 %       7 %       6 %    
Non-GAAP adjustments 1 %       1 %       1 %    
Non-GAAP operating margin 7 %       8 %       7 %    

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