HP Inc. Reports Fiscal 2023 Second 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
  April 30, 2023  January 31, 2023  April 30, 2022
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$1,066  $1.07  $487  $0.49  $1,000  $0.94 
Non-GAAP adjustments:           
Restructuring and other charges 200   0.20   141   0.14   82   0.07 
Acquisition and divestiture charges 73    0.07       84       0.08       32       0.03  
Amortization of intangible assets   86       0.09       85       0.09       52       0.05  
Debt extinguishment costs               8       0.01              
Non-operating retirement-related credits   (12 )     (0.01 )     (10 )     (0.01 )     (35 )     (0.03 )
Tax adjustments (a)   (616 )     (0.62 )     (46 )     (0.05 )     21       0.02  
Non-GAAP net earnings $ 797     $ 0.80     $ 749     $ 0.75     $ 1,152     $ 1.08  
                       
GAAP earnings from operations $ 762         $ 765         $ 1,278      
Non-GAAP adjustments:                      
Restructuring and other charges   200           141           82      
Acquisition and divestiture charges   73           84           32      
Amortization of intangible assets   86           85           52      
Non-GAAP earnings from operations $ 1,121         $ 1,075         $ 1,444      
                       
GAAP operating margin   5.9 %         5.5 %         7.8 %    
Non-GAAP adjustments   2.8 %         2.3 %         1.0 %    
Non-GAAP operating margin   8.7 %         7.8 %         8.8 %    



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