HP Inc. Reports Fiscal 2019 Second Quarter Results

 
  • 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)

     
     


      Six months ended
      April 30, 2019  April 30, 2018
      Amounts  Diluted
    net earnings
    per share
      Amounts  Diluted
    net earnings
    per share
    GAAP net earnings$1,585  $1.02  $2,996  $1.81 
    Non-GAAP adjustments:       
    Restructuring and other charges124  0.07  88  0.05 
    Acquisition-related charges21  0.01  87  0.05 
    Amortization of intangible assets58  0.04  40  0.02 
    Non-operating retirement-related credits(22) (0.01) (109) (0.07)
    Defined benefit plan settlement charges    1   
    Debt extinguishment costs    126  0.08 
    Tax adjustments(a)

    (136) (0.08) (1,628) (0.97)
    Non-GAAP net earnings$1,630  $1.05  $1,601  $0.97 
            
    GAAP earnings from operations(b)$1,854    $1,819   
    Non-GAAP adjustments:       
    Restructuring and other charges124    88   
    Acquisition-related charges21    87   
    Amortization of intangible assets58    40   
    Non-GAAP earnings$2,057    $2,034      
                   
    GAAP operating margin (b) 6 %       6 %    
    Non-GAAP adjustments 1 %       1 %    
    Non-GAAP operating margin 7 %       7 %    
    1. Includes tax impact on non-GAAP adjustments.

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