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.