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) | |||||||||||
Twelve months
ended October 31, 2018 |
Diluted
net earnings per share |
Twelve months
ended October 31, 2017 |
Diluted
net earnings per share | ||||||||
GAAP net earnings | $ | 5,327 | $ | 3.26 | $ | 2,526 | $ | 1.48 | |||
Non-GAAP adjustments: | |||||||||||
Restructuring and other charges | 132 | 0.08 | 362 | 0.21 | |||||||
Acquisition-related charges | 123 | 0.07 | 125 | 0.07 | |||||||
Amortization of intangible assets | 80 | 0.05 | 1 | — | |||||||
Non-operating retirement-related credits | (219) | (0.13) | (135) | (0.07) | |||||||
Defined benefit plan settlement charges | 7 | — | 5 | — | |||||||
Debt extinguishment costs | 126 | 0.08 | — | — | |||||||
Tax adjustments | (2,270) | (1.39) | (69) | (0.04) | |||||||
Non-GAAP net earnings | $ | 3,306 | $ | 2.02 | $ | 2,815 | $ | 1.65 | |||
GAAP earnings from operations | $ | 4,064 | $ | 3,519 | |||||||
Non-GAAP adjustments: | |||||||||||
Restructuring and other charges | 132 | 362 | |||||||||
Acquisition-related charges | 123 | 125 | |||||||||
Amortization of intangible assets | 80 | 1 | |||||||||
Non-operating retirement-related credits | (219) | (135) | |||||||||
Defined benefit plan settlement charges | 7 | 5 | |||||||||
Non-GAAP earnings from operations | $ | 4,187 | $ | 3,877 | |||||||
GAAP operating margin | 7% | 7% | |||||||||
Non-GAAP adjustments | 0% | 0% | |||||||||
Non-GAAP operating margin | 7% | 7% | |||||||||
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) | |||||
As of | |||||
October 31, 2018 | October 31, 2017 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 5,166 | $ | 6,997 | |
Accounts receivable, net | 5,113 | 4,414 | |||
Inventory | 6,062 | 5,786 | |||
Other current assets | 5,046 | 5,121 | |||
Total current assets | 21,387 | 22,318 | |||
Property, plant and equipment, net | 2,198 | 1,878 | |||
Goodwill | 5,968 | 5,622 | |||
Other non-current assets | 5,069 | 3,095 | |||
Total assets | $ | 34,622 | $ | 32,913 | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||
Current liabilities: | |||||
Notes payable and short-term borrowings | $ | 1,463 | $ | 1,072 | |
Accounts payable | 14,816 | 13,279 | |||
Employee compensation and benefits | 1,136 | 894 | |||
Taxes on earnings | 340 | 214 | |||
Deferred revenue | 1,095 | 1,012 | |||
Other accrued liabilities | 6,281 | 5,941 | |||
Total current liabilities | 25,131 | 22,412 | |||
Long-term debt | 4,524 | 6,747 | |||
Other non-current liabilities | 5,606 | 7,162 | |||
Stockholders' deficit | (639) | (3,408) | |||
Total liabilities and stockholders' deficit | $ | 34,622 | $ | 32,913 | |