HP Inc. Reports Fiscal 2023 Third 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
  July 31, 2023  April 30, 2023  July 31, 2022
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$766  $0.76  $1,054  $1.06  $1,122  $1.08 
Non-GAAP adjustments:           
Restructuring and other charges 75   0.07   200      0.20       13       0.01  
Acquisition and divestiture charges   48       0.05       74       0.07       32       0.03  
Amortization of intangible assets   91       0.09       86       0.09       50       0.05  
Russia exit charges                           23       0.02  
Debt extinguishment benefit   (115 )     (0.11 )                        
Non-operating retirement-related credits   (12 )     (0.01 )     (13 )     (0.01 )     (34 )     (0.03 )
Tax adjustments (a)   6       0.01       (616 )     (0.62 )     (140 )     (0.13 )
Non-GAAP net earnings $ 859     $ 0.86     $ 785     $ 0.79     $ 1,066     $ 1.03  
                       
GAAP earnings from operations $ 952         $ 747         $ 1,256      
Non-GAAP adjustments:                      
Restructuring and other charges   75           200           13      
Acquisition and divestiture charges   48           74           32      
Amortization of intangible assets   91           86           50      
Russia exit charges                       23      
Non-GAAP earnings from operations $ 1,166         $ 1,107         $ 1,374      
                       
GAAP operating margin   7.2 %         5.8 %         8.6 %    
Non-GAAP adjustments   1.6 %         2.8 %         0.8 %    
Non-GAAP operating margin   8.8 %         8.6 %         9.4 %    
 

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

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