HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation



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, 2022  October 31, 2021
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$3,203  $3.05  $6,503  $5.33 
Non-GAAP adjustments:       
Restructuring and other charges 233   0.22   245   0.20 
Acquisition and divestiture charges 318   0.30   68   0.06 
Amortization of intangible assets 228       0.22       154       0.13  
Russia exit charges   23       0.02              
Debt extinguishment costs               16       0.01  
Oracle litigation proceeds               (2,304 )     (1.89 )
Defined benefit plan settlement gains               (37 )     (0.03 )
Non-operating retirement-related credits   (138 )     (0.13 )     (153 )     (0.13 )
Tax adjustments (a)   422       0.40       128       0.11  
Non-GAAP net earnings $ 4,289     $ 4.08     $ 4,620     $ 3.79  
               
GAAP earnings from operations $ 4,676         $ 5,302      
Non-GAAP adjustments:              
Restructuring and other charges   233           245      
Acquisition and divestiture charges   318           68      
Amortization of intangible assets   228           154      
Russia exit charges   23                
Non-GAAP earnings from operations $ 5,478         $ 5,769      
               
GAAP operating margin   7.4 %         8.4 %    
Non-GAAP adjustments   1.3 %         0.7 %    
Non-GAAP operating margin   8.7 %         9.1 %    

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

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