HP Inc. Reports Fiscal 2019 Third Quarter Results

(b) 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)

  Nine months ended
  July 31, 2019  July 31, 2018
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$2,764  $1.80  $3,876  $2.36 
Non-GAAP adjustments:       
Restructuring and other charges141  0.09  92  0.06 
Acquisition-related charges12  0.01  97  0.06 
Amortization of intangible assets87  0.06  60  0.04 
Non-operating retirement-related credits(43) (0.03) (165) (0.10)
Defined benefit plan settlement charges    2   
Debt extinguishment costs    126  0.08 
Tax adjustments(a)
(451)  (0.30 )   (1,647 )   (1.02 )
Non-GAAP net earnings $ 2,510     $ 1.63     $ 2,441     $ 1.48  
               
GAAP earnings from operations (b) $ 2,933         $ 2,837      
Non-GAAP adjustments:              
Restructuring and other charges 141         92      
Acquisition-related charges 12         97      
Amortization of intangible assets 87         60      
Non-GAAP earnings $ 3,173         $ 3,086      
               
GAAP operating margin (b) 7 %       7 %    
Non-GAAP adjustments 0 %       0 %    
Non-GAAP operating margin 7 %       7 %    

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

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