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 charges	56				0.04			39				0.02			59				0.04
Acquisition-related charges	24				0.02			10				0.01			11				0.01
Amortization of intangible assets	42				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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