HP Inc. Reports Fiscal 2020 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, 2020  April 30, 2020  July 31, 2019
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$734   $0.52   $764   $0.53   $1,179   $0.78  
Non-GAAP adjustments:           
Restructuring and other charges59   0.04   81   0.06   17    0.02    
Acquisition-related charges (credits) 11       0.01       3             (9 )     (0.01 )  
Amortization of intangible assets 29       0.02       29       0.02       29       0.02    
Non-operating retirement-related credits  (55 )     (0.04 )     (56 )     (0.04 )     (21 )     (0.01 )  
Debt extinguishment costs 40       0.03                            
Tax adjustments (a) (116 )     (0.09 )     (80 )     (0.06 )     (315 )     (0.22 )  
Non-GAAP net earnings $ 702       $ 0.49       $ 741       $ 0.51       $ 880       $ 0.58    
                       
GAAP earnings from operations $ 779           $ 826           $ 1,079        
Non-GAAP adjustments:                      
Restructuring and other charges 59           81           17        
Acquisition-related charges (credits) 11           3           (9 )      
Amortization of intangible assets 29           29           29        
Non-GAAP earnings from operations  $ 878           $ 939           $ 1,116        
                       
GAAP operating margin 5   %       7   %       7   %    
Non-GAAP adjustments 1   %       1   %       1   %    
Non-GAAP operating margin 6   %       8   %       8   %    

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

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