HP Inc. Reports Fiscal 2023 First Quarter Results



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, 2023  October 31, 2022  January 31, 2022
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings (loss)$487  $0.49  $(2) $  $1,086  $0.99 
Non-GAAP adjustments:           
Restructuring and other charges 141   0.14   70   0.07    68       0.06  
Acquisition and divestiture charges   84       0.08       235       0.23       20       0.02  
Amortization of intangible assets   85       0.09       74       0.07       52       0.05  
Debt extinguishment costs   8       0.01                          
Non-operating retirement-related credits   (10 )     (0.01 )     (34 )     (0.03 )     (34 )     (0.03 )
Tax adjustments (a)   (46 )     (0.05 )     512       0.51       11       0.01  
Non-GAAP net earnings $ 749     $ 0.75     $ 855     $ 0.85     $ 1,203     $ 1.10  
                       
GAAP earnings from operations $ 765         $ 767         $ 1,359      
Non-GAAP adjustments:                      
Restructuring and other charges   141           70           68      
Acquisition and divestiture charges   84           235           20      
Amortization of intangible assets   85           74           52      
Non-GAAP earnings from operations $ 1,075         $ 1,146         $ 1,499      
                       
GAAP operating margin   5.5 %         5.2 %         8.0 %    
Non-GAAP adjustments   2.3 %         2.5 %         0.8 %    
Non-GAAP operating margin   7.8 %         7.7 %         8.8 %    

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