HP Inc. Reports Fiscal 2019 Second Quarter Results


  Six months ended
  April 30, 2019  April 30,2018
Net revenue$28,746  $28,520 
Costs and expenses:   
Cost of revenue23,405  23,236 
Research and development697  703 
Selling, general and administrative(a)2,587  2,547 
Restructuring and other charges124  88 
Acquisition-related charges21  87 
Amortization of intangible assets58  40 
Total costs and expenses26,892  26,701 
    
Earnings from operations1,854  1,819 
Interest and other, net(a)(71) (831)
Earnings before taxes1,783  988 
(Provision for) benefit from taxes
(198) 2,008 
Net earnings$1,585  $2,996 
    
Net earnings per share:   
 Basic$1.03  $1.83 
 Diluted$1.02  $1.81 
    
Cash dividends declared per share$0.32  $0.28 
    
Weighted-average shares used to compute net earnings per share:   
 Basic1,543  1,640 
 Diluted1,551  1,658 
  1. Pursuant to adoption of Accounting Standards Update (“ASU”) 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, in the first quarter of fiscal year 2019, HP now reclassifies all components (excluding service cost component) of net periodic benefit cost from Selling, general and administrative expenses to Interest and other, net. HP reflected this change in prior reporting periods on an as-if basis.


 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, 2019  January 31, 2019  April 30, 2018
  Amounts  Diluted
net
earnings
per share
  Amounts  Diluted
net
earnings
per share
  Amounts  Diluted
net
earnings
per share
GAAP net earnings$782  $0.51  $803  $0.51  $1,058  $ 0.64  
Non-GAAP adjustments:                      
Restructuring and other charges 69     0.03     55     0.04     57     0.03  
Acquisition-related charges 11     0.01     10     0.01     45     0.03  
Amortization of intangible assets 29     0.02     29     0.02     20     0.01  
Non-operating retirement-related credits (10 )   (0.01 )   (12 )   (0.01 )   (53 )   (0.03 )
Debt extinguishment costs                 126     0.08  
Tax adjustments (a) (60 )   (0.03 )   (76 )   (0.05 )   (455 )   (0.28 )
Non-GAAP net earnings $ 821     $ 0.53     $ 809     $ 0.52     $ 798     $ 0.48  
                       
GAAP earnings from operations (b) $ 928         $ 926         $ 906      
Non-GAAP adjustments:                      
Restructuring and other charges 69         55         57      
Acquisition-related charges 11         10         45      
Amortization of intangible assets 29         29         20      
Non-GAAP earnings from operations $ 1,037         $ 1,020         $ 1,028      
                       
GAAP operating margin (b) 7 %       6 %       7 %    
Non-GAAP adjustments 0 %       1 %       0 %    
Non-GAAP operating margin 7 %       7 %       7 %    
  1. Includes tax impact on non-GAAP adjustments.

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