HP Inc. Reports Fiscal 2018 First Quarter Results


HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)

	As of
	January 31, 2018			October 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	5,475		$	6,997
Accounts receivable	4,396			4,414
Inventory	5,655			5,786
Other current assets	5,691			5,121
Total current assets	21,217			22,318
Property, plant and equipment	2,026			1,878
Goodwill	5,935			5,622
Other non-current assets	6,067			3,095
Total assets	$	35,245		$	32,913

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable and short-term borrowings	$	1,529		$	1,072
Accounts payable	12,848			13,279
Employee compensation and benefits	706			894
Taxes on earnings	213			214
Deferred revenue	1,039			1,012
Other accrued liabilities	7,014			5,941
Total current liabilities	23,349			22,412
Long-term debt	6,340			6,747
Other non-current liabilities	8,298			7,162
Stockholders' deficit	(2,742		)	(3,408		)
Total liabilities and stockholders' deficit	$	35,245		$	32,913


HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three months ended January 31
	2018			2017
Cash flows from operating activities:
Net earnings	$	1,938		$	611
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	129			84
Stock-based compensation expense	85			75
Restructuring and other charges	31			63
Deferred taxes on earnings	(3,713		)	67
Other, net	13			19
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	272			614
Inventory	364			(69		)
Accounts payable	(478		)	(116		)
Taxes on earnings	2,463			(75		)
Restructuring and other	(133		)	(51		)
Other assets and liabilities	25			(455		)
Net cash provided by operating activities	996			767
Cash flows from investing activities:
Investment in property, plant and equipment	(129		)	(101		)
Proceeds from sale of property, plant and equipment	110			69
Purchases of available-for-sale securities and other investments	(268		)	(2		)
Maturities and sales of available-for-sale securities and other investments	139			2
Collateral posted for derivative instruments	(608		)	(54		)
Collateral returned for derivative instruments	53			—
Payment made in connection with business acquisitions, net of cash acquired	(1,020		)	—
Net cash used in investing activities	(1,723		)	(86		)
Cash flows from financing activities:
(Payments) proceeds from short-term borrowings with original maturities less than 90 days, net	(106		)	35
Proceeds from short-term borrowings with original maturities greater than 90 days	200			—
Proceeds from debt, net of issuance costs	—			5
Payment of short-term borrowings with original maturities greater than 90 days	(118		)	(3		)
Payment of debt	(41		)	(24		)
Settlement of cash flow hedges	—			(4		)
Net proceeds related to stock-based award activities	(38		)	(34		)
Repurchase of common stock	(462		)	(386		)
Cash dividends paid	(230		)	(227		)
Net cash used in financing activities	(795		)	(638		)
Increase (decrease) in cash and cash equivalents	(1,522		)	43
Cash and cash equivalents at beginning of period	6,997			6,288
Cash and cash equivalents at end of period	$	5,475		$	6,331

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