HP Inc. Reports Fiscal 2024 Full Year and Fourth Quarter Results

(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.
   


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
  October 31, 2024  July 31, 2024  October 31, 2023
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
  Amounts  Diluted
net earnings
per share
GAAP net earnings$906  $0.93  $640  $0.65  $974  $0.97 
Non-GAAP adjustments:           
Restructuring and other charges 121   0.13   46   0.05   111      0.11  
Acquisition and divestiture charges   12       0.01       22       0.02       34       0.03  
Amortization of intangible assets   76       0.08       81       0.08       88       0.09  
Debt extinguishment costs   3                                
Non-operating retirement-related credits   (2 )           (2 )           (11 )     (0.01 )
Tax adjustments (a)   (216 )     (0.22 )     32       0.03       (294 )     (0.29 )
Non-GAAP net earnings $ 900     $ 0.93     $ 819     $ 0.83     $ 902     $ 0.90  
                       
GAAP earnings from operations $ 991         $ 940         $ 1,014      
Non-GAAP adjustments:                      
Restructuring and other charges   121           46           111      
Acquisition and divestiture charges   12           22           34      
Amortization of intangible assets   76           81           88      
Non-GAAP earnings from operations $ 1,200         $ 1,089         $ 1,247      
                       
GAAP operating margin   7.1 %         7.0 %         7.3 %    
Non-GAAP adjustments   1.4 %         1.1 %         1.7 %    
Non-GAAP operating margin   8.5 %         8.1 %         9.0 %    



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