PALO ALTO, Calif., Feb. 25, 2021
- First quarter GAAP diluted net earnings per share (“EPS”) of $0.83, above the previously provided outlook of $0.58 to $0.64 per share
- First quarter non-GAAP diluted net EPS of $0.92, above the previously provided outlook of $0.64 to $0.70 per share
- First quarter net revenue of $15.6 billion, up 7.0% from the prior-year period
- First quarter net cash provided by operating activities of $1.0 billion, free cash flow of $0.9 billion
- First quarter returned $1.6 billion to shareholders in the form of share repurchases and dividends
| HP Inc.’s fiscal 2021 first quarter financial performance | |||||||
| Q1 FY21 | Q1 FY20 | Y/Y | |||||
| GAAP net revenue ($B) | $ | 15.6 | $ | 14.6 | 7.0% | ||
| GAAP operating margin | 8.4% | 5.9% | 2.5 pts | ||||
| GAAP net earnings ($B) | $ | 1.1 | $ | 0.7 | 58% | ||
| GAAP diluted net EPS | $ | 0.83 | $ | 0.46 | 80% | ||
| Non-GAAP operating margin | 9.4% | 8.1% | 1.3 pts | ||||
| Non-GAAP net earnings ($B) | $ | 1.2 | $ | 1.0 | 24% | ||
| Non-GAAP diluted net EPS | $ | 0.92 | $ | 0.65 | 42% | ||
| Net cash provided by operating activities ($B) | $ | 1.0 | $ | 1.3 | (20)% | ||
| Free cash flow ($B) | $ | 0.9 | $ | 1.1 | (19)% |
Notes to table
Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.
Net revenue and EPS results
HP Inc. and its subsidiaries (“HP”) announced fiscal 2021 first quarter net revenue of $15.6 billion, up 7.0% (up 6.6% in constant currency) from the prior-year period.
First quarter GAAP diluted net EPS was $0.83, up from $0.46 in the prior-year period and above the previously provided outlook of $0.58 to $0.64. First quarter non-GAAP diluted net EPS was $0.92, up from $0.65 in the prior-year period and above the previously provided outlook of $0.64 to $0.70. First quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $120 million, or $0.09 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, and tax adjustments.
