HP Inc. Reports Fiscal 2020 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)

	Three months ended
	October 31, 2020							July 31, 2020							October 31, 2019
	Amounts				Diluted net earnings per share			Amounts				Diluted net earnings per share			Amounts				Diluted net earnings per share
GAAP net earnings	$	668			$	0.49		$	734			$	0.52		$	388			$	0.26
Non-GAAP adjustments:
Restructuring and other charges	31				0.02			59				0.04			134				0.09
Acquisition-related charges	2				—			11				0.01			23				0.02
Amortization of intangible assets	29				0.02			29				0.02			29				0.02
Non-operating retirement-related credits	(57			)	(0.04		)	(55			)	(0.04		)	(25			)	(0.02		)
Debt extinguishment costs	—				—			40				0.03			—				—
Defined benefit plan settlement charges	214				0.16			—				—			—				—
Tax adjustments ^(a)	(52			)	(0.03		)	(116			)	(0.09		)	350				0.23
Non-GAAP net earnings	$	835			$	0.62		$	702			$	0.49		$	899			$	0.60

GAAP earnings from operations	$	992						$	779						$	944
Non-GAAP adjustments:
Restructuring and other charges	31							59							134
Acquisition-related charges	2							11							23
Amortization of intangible assets	29							29							29
Non-GAAP earnings from operations	$	1,054						$	878						$	1,130

GAAP operating margin			6.5	%						5.4	%						6.1	%
Non-GAAP adjustments			0.4	%						0.7	%						1.2	%
Non-GAAP operating margin			6.9	%						6.1	%						7.3	%

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

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