HP Inc. Reports Fiscal 2020 First 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
  January 31, 2020  October 31, 2019  January 31, 2019
  Amounts  Diluted
net
earnings
per share
  Amounts  Diluted
net
earnings
per share
  Amounts  Diluted
net
earnings
per share
GAAP net earnings$678  $0.46  $388  $0.26  $803  $0.51 
Non-GAAP adjustments:           
Restructuring and other charges291  0.20  134  0.09  55  0.04 
Acquisition-related charges    23  0.02  10  0.01 
Amortization of intangible assets26  0.02  29  0.02  29  0.02 
Non-operating retirement-related credits(57) (0.04) (25) (0.02 )   (12 )   (0.01 )
Tax adjustments (a) 18     0.01     350     0.23     (76 )   (0.05 )
Non-GAAP net earnings $ 956     $ 0.65     $ 899     $ 0.60     $ 809     $ 0.52  
                       
GAAP earnings from operations $ 865         $ 944         $ 926      
Non-GAAP adjustments:                      
Restructuring and other charges 291         134         55      
Acquisition-related charges         23         10      
Amortization of intangible assets 26         29         29      
Non-GAAP earnings from operations $ 1,182         $ 1,130         $ 1,020      
                       
GAAP operating margin 6 %       6 %       6 %    
Non-GAAP adjustments 2 %       1 %       1 %    
Non-GAAP operating margin 8 %       7 %       7 %    

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

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