HP Inc. Reports Fiscal 2024 First Quarter Results

(a)Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net earnings per share ("EPS"). Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.


 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
  January 31, 2024  October 31, 2023  January 31, 2023
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$622  $0.62 $974  $0.97  $469  $0.47 
Non-GAAP adjustments:           
Restructuring and other charges 63   0.06   111       0.11       141       0.14  
Acquisition and divestiture charges   27       0.03     34       0.03       84       0.08  
Amortization of intangible assets   81       0.08     88       0.09       85       0.09  
Debt extinguishment costs                         8       0.01  
Non-operating retirement-related credits   (2 )         (11 )     (0.01 )     (10 )     (0.01 )
Tax adjustments (a)   17       0.02     (294 )     (0.29 )     (46 )     (0.05 )
Non-GAAP net earnings $ 808     $ 0.81   $ 902     $ 0.90     $ 731     $ 0.73  
                       
GAAP earnings from operations $ 935         $ 1,014         $ 743      
Non-GAAP adjustments:                      
Restructuring and other charges   63           111           141      
Acquisition and divestiture charges   27           34           84      
Amortization of intangible assets   81           88           85      
Non-GAAP earnings from operations $ 1,106         $ 1,247         $ 1,053      
                       
GAAP operating margin   7.1 %         7.3 %         5.4 %    
Non-GAAP adjustments   1.3 %         1.7 %         2.2 %    
Non-GAAP operating margin   8.4 %         9.0 %         7.6 %    

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

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