HP Inc. Reports Fiscal 2020 Full Year and Fourth 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
  October 31, 2020  July 31, 2020  October 31, 2019
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$668  $0.49   $734  $0.52   $388  $0.26  
Non-GAAP adjustments:           
Restructuring and other charges31  0.02   59  0.04   134  0.09  
Acquisition-related charges2  —   11  0.01   23  0.02  
Amortization of intangible assets 29     0.02      29     0.02      29     0.02   
Non-operating retirement-related credits  (57 )   (0.04 )   (55 )   (0.04 )   (25 )   (0.02 )
Debt extinguishment costs     —      40     0.03          —   
Defined benefit plan settlement charges 214     0.16          —          —   
Tax adjustments (a) (52 )   (0.03 )   (116 )   (0.09 )   350     0.23   
Non-GAAP net earnings $ 835     $ 0.62      $ 702     $ 0.49      $ 899     $ 0.60   
                       
GAAP earnings from operations $ 992         $ 779         $ 944      
Non-GAAP adjustments:                      
Restructuring and other charges 31         59         134      
Acquisition-related charges 2         11         23      
Amortization of intangible assets 29         29         29      
Non-GAAP earnings from operations  $ 1,054         $ 878         $ 1,130      
                       
GAAP operating margin   6.5 %         5.4 %         6.1 %    
Non-GAAP adjustments   0.4 %         0.7 %         1.2 %    
Non-GAAP operating margin   6.9 %         6.1 %         7.3 %    

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

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