HP Inc. Reports Fiscal 2021 Third 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
  July 31, 2021  April 30, 2021  July 31, 2020
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$1,108  $0.92  $1,228  $0.98  $734  $0.52 
Non-GAAP adjustments:           
Restructuring and other charges56  0.04  39  0.02  59  0.04 
Acquisition-related charges24  0.02  10  0.01  11  0.01 
Amortization of intangible assets42     0.04     32     0.03     29     0.02  
Debt extinguishment costs 16     0.01             40     0.03  
Non-operating retirement-related credits (39 )   (0.03 )   (38 )   (0.03 )   (55 )   (0.04 )
Tax adjustments (a) (9 )       (113 )   (0.08 )   (116 )   (0.09 )
Non-GAAP net earnings $ 1,198     $ 1.00     $ 1,158     $ 0.93     $ 702     $ 0.49  
                       
GAAP earnings from operations $ 1,381         $ 1,362         $ 779      
Non-GAAP adjustments:                      
Restructuring and other charges 56         39         59      
Acquisition-related charges 24         10         11      
Amortization of intangible assets 42         32         29      
Non-GAAP earnings from operations $ 1,503         $ 1,443         $ 878      
                       
GAAP operating margin   9.0 %         8.6 %         5.4 %    
Non-GAAP adjustments   0.8 %         0.5 %         0.7 %    
Non-GAAP operating margin   9.8 %         9.1 %         6.1 %    

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

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