HP Inc. Reports Fiscal 2018 Second Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Six months ended April 30,
  2018  2017
Net revenue$28,520  $25,069 
Costs and expenses:   
Cost of revenue23,236  20,438 
Research and development703  610 
Selling, general and administrative2,429  2,107 
Restructuring and other charges88  203 
Acquisition-related charges87  36 
Amortization of intangible assets40  1 
  Total costs and expenses26,583  23,395 
    
Earnings from operations1,937  1,674 
Interest and other, net(949) (145)
Earnings from operations before taxes988  1,529 
Benefit from (provision for) taxes2,008  (359)
Net earnings$2,996  $1,170 
    
Net earnings per share:   
Basic$1.83  $0.69 
Diluted$1.81  $0.68 
    
Cash dividends declared per share$0.28  $0.27 
    
Weighted-average shares used to compute net earnings per share:   
Basic1,640  1,696 
Diluted1,658  1,716 
      


 
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 
April
30, 2018
  Diluted
net
earnings
per share
  Three
months
ended
January
31, 2018
  Diluted
net
earnings
per share
  Three
months
ended 
April 
30, 2017
  Diluted
net
earnings
per share
GAAP net earnings$1,058  $0.64  $1,938  $1.16  $559  $0.33 
Non-GAAP adjustments:                   
Restructuring and other charges 57     0.03     31     0.02     140     0.08  
Acquisition-related charges 45     0.03     42     0.02     20     0.01  
Amortization of intangible assets 20     0.01     20     0.01     1      
Non-operating retirement-related credits (53 )   (0.03 )   (56 )   (0.03 )   (35 )   (0.02 )
Defined benefit plan settlement charges         1         3      
Debt extinguishment costs 126     0.08                  
Tax adjustments (455 )   (0.28 )   (1,173 )   (0.70 )   (3 )    
Non-GAAP net earnings $ 798     $ 0.48     $ 803     $ 0.48     $ 685     $ 0.40  
                       
GAAP earnings from operations $ 964         $ 973         $ 818      
Non-GAAP adjustments:                      
Restructuring and other charges 57         31         140      
Acquisition-related charges 45         42         20      
Amortization of intangible assets 20         20         1      
Non-operating retirement-related credits (53 )       (56 )       (35 )    
 Defined benefit plan settlement charges         1         3      
Non-GAAP earnings $ 1,033         $ 1,011         $ 947      
                       
GAAP operating margin 7 %       7 %       7 %    
Non-GAAP adjustments 0 %       0 %       1 %    
Non-GAAP operating margin 7 %       7 %       8 %    
                             

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