HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation



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, 2022  July 31, 2022  October 31, 2021
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net (loss) earnings$(2) $  $1,119  $1.08  $3,099  $2.71 
Non-GAAP adjustments:           
Restructuring and other charges 70   0.07   13     0.01       29       0.02  
Acquisition and divestiture charges   235       0.23       31       0.03       28       0.02  
Amortization of intangible assets   74       0.07       50       0.05       51       0.04  
Russia exit charges               23       0.02              
Oracle litigation proceeds                           (2,304 )     (2.01 )
Defined benefit plan settlement gains                           (37 )     (0.03 )
Non-operating retirement-related credits   (34 )     (0.03 )     (33 )     (0.03 )     (38 )     (0.03 )
Tax adjustments (a)   512       0.51       (124 )     (0.12 )     248       0.22  
Non-GAAP net earnings $ 855     $ 0.85     $ 1,079     $ 1.04     $ 1,076     $ 0.94  
                       
GAAP earnings from operations $ 767         $ 1,272         $ 1,238      
Non-GAAP adjustments:                      
Restructuring and other charges   70           13           29      
Acquisition and divestiture charges   235           31           28      
Amortization of intangible assets   74           50           51      
Russia exit charges             23                
Non-GAAP earnings from operations $ 1,146         $ 1,389         $ 1,346      
                       
GAAP operating margin   5.2 %         8.7 %         7.4 %    
Non-GAAP adjustments   2.5 %         0.8 %         0.7 %    
Non-GAAP operating margin   7.7 %         9.5 %         8.1 %    

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

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