HP Inc. Reports Fiscal 2018 Second Quarter Results


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

	Six months ended April 30,
	2018			2017
Cash flows from operating activities:
Net earnings	$	2,996		$	1,170
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	256			173
Stock-based compensation expense	148			123
Restructuring and other charges	88			203
Deferred taxes on earnings	(3,316		)	205
Other, net	198			21
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	38			289
Inventory	450			(272		)
Accounts payable	(277		)	26
Taxes on earnings	935			(177		)
Restructuring and other	(177		)	(97		)
Other assets and liabilities	707			(442		)
Net cash provided by operating activities	2,046			1,222
Cash flows from investing activities:
Investment in property, plant and equipment	(242		)	(176		)
Proceeds from sale of property, plant and equipment	110			69
Purchases of available-for-sale securities and other investments	(304		)	(3		)
Maturities and sales of available-for-sale securities and other investments	345			2
Collateral posted for derivative instruments	(901		)	(258		)
Collateral returned for derivative instruments	910			125
Payment made in connection with business acquisition, net of cash acquired	(1,020		)	—
Net cash used in investing activities	(1,102		)	(241		)
Cash flows from financing activities:
Proceeds from short-term borrowings with original maturities less than 90 days, net	837			74
Proceeds from short-term borrowings with original maturities greater than 90 days	300			—
Proceeds from debt, net of issuance costs	—			5
Payment of short-term borrowings with original maturities greater than 90 days	(1,087		)	(3		)
Payment of debt	(2,026		)	(41		)
Settlement of cash flow hedges	—			(9		)
Net proceeds (payments) related to stock-based award activities	2			(12		)
Repurchase of common stock	(1,263		)	(609		)
Cash dividends paid	(457		)	(451		)
Net cash used in financing activities	(3,694		)	(1,046		)
Decrease in cash and cash equivalents	(2,750		)	(65		)
Cash and cash equivalents at beginning of period	6,997			6,288
Cash and cash equivalents at end of period	$	4,247		$	6,223

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