HP Inc. Reports Fiscal 2018 Third Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Nine months ended July 31,
  2018  2017
Net revenue$43,106  $38,129 
Costs and expenses:   
Cost of revenue35,134  31,071 
Research and development1,050  899 
Selling, general and administrative3,656  3,204 
Restructuring and other charges92  249 
Acquisition-related charges97  76 
Amortization of intangible assets60  1 
Total costs and expenses40,089  35,500 
    
Earnings from operations3,017  2,629 
Interest and other, net(1,011) (201)
Earnings from operations before taxes2,006  2,428 
Benefit from (provision for) taxes1,870  (562)
Net earnings$3,876  $1,866 
    
Net earnings per share:   
Basic$2.38  $1.10 
  Diluted$2.36  $1.09 
    
Cash dividends declared per share$0.56  $0.53 
    
Weighted-average shares used to compute net earnings per share:   
 Basic1,627  1,694 
 Diluted1,645  1,705 
      


 
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 
July
31, 2018
  Diluted
net
earnings
per share
  Three
months
ended 
April
30, 2018
  Diluted
net
earnings
per share
  Three
months
ended 
July 
31, 2017
  Diluted
net
earnings
per share
GAAP net earnings$880  $0.54  $1,058  $0.64  $696    $ 0.41  
Non-GAAP adjustments:                      
Restructuring and other charges 4         57     0.03     46     0.03  
Acquisition-related charges 10     0.01     45     0.03     40     0.02  
Amortization of intangible assets 20     0.01     20     0.01          
Non-operating retirement-related credits (56 )   (0.03 )   (53 )   (0.03 )   (34 )   (0.02 )
Defined benefit plan settlement charges 1                 1      
Debt extinguishment costs         126     0.08          
Tax adjustments (19 )   (0.01 )   (455 )   (0.28 )   (14 )   (0.01 )
Non-GAAP net earnings $ 840     $ 0.52     $ 798     $ 0.48     $ 735     $ 0.43  
                       
GAAP earnings from operations $ 1,080         $ 964         $ 955      
Non-GAAP adjustments:                      
Restructuring and other charges 4         57         46      
Acquisition-related charges 10         45         40      
Amortization of intangible assets 20         20              
Non-operating retirement-related credits (56 )       (53 )       (34 )    
Defined benefit plan settlement charges 1                 1      
Non-GAAP earnings $ 1,059         $ 1,033         $ 1,008      
                       
GAAP operating margin 7 %       7 %       7 %    
Non-GAAP adjustments 0 %       0 %       1 %    
Non-GAAP operating margin 7 %       7 %       8 %    
                             

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