HP Inc. Reports Fiscal 2018 Full Year and Fourth Quarter Results


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

	Three months ended October 31,
	2018		2017
Cash flows from operating activities:
Net earnings	$	1,451	$	660
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	140		91
Stock-based compensation expense	65		55
Restructuring and other charges	40		113
Deferred taxes on earnings	(486)		(174)
Other, net	85		65
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(514)		(238)
Inventory	(15)		(615)
Accounts payable	519		423
Taxes on earnings	(412)		318
Restructuring and other	(30)		(78)
Other assets and liabilities	125		60
Net cash provided by operating activities	968		680
Cash flows from investing activities:
Investment in property, plant and equipment	(187)		(165)
Proceeds from sale of property, plant and equipment	62		—
Purchases of available-for-sale securities and other investments	(47)		(362)
Maturities and sales of available-for-sale securities and other investments	259		229
Collateral posted for derivative instruments	(24)		(372)
Collateral returned for derivative instruments	24		676
Net cash provided by investing activities	87		6
Cash flows from financing activities:
Payment of short-term borrowings with original maturities less than 90 days, net	(834)		(844)
Payment of short-term borrowings with original maturities greater than 90 days	(412)		—
Proceed from short-term borrowings with original maturities greater than 90 days	—		887
Payment of debt	(39)		(22)
Net proceeds related to stock-based award activities	18		45
Repurchase of common stock	(598)		(501)
Cash dividends paid	(219)		(221)
Net cash used in financing activities	(2,084)		(656)
(Decrease) Increase in cash and cash equivalents	(1,029)		30
Cash and cash equivalents at beginning of period	6,195		6,967
Cash and cash equivalents at end of period	$	5,166	$	6,997


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

	Twelve months ended October 31,
	2018		2017
Cash flows from operating activities:
Net earnings	$	5,327	$	2,526
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	528		354
Stock-based compensation expense	268		224
Restructuring and other charges	132		362
Deferred taxes on earnings	(3,653)		238
Other, net	319		134
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(491)		(453)
Inventory	(136)		(1,346)
Accounts payable	1,429		2,161
Taxes on earnings	389		73
Restructuring and other	(237)		(233)
Other assets and liabilities	653		(363)
Net cash provided by operating activities	4,528		3,677
Cash flows from investing activities:
Investment in property, plant and equipment	(546)		(402)
Proceeds from sale of property, plant and equipment	172		69
Purchases of available-for-sale securities and other investments	(367)		(1,400)
Maturities and sales of available-for-sale securities and other investments	847		231
Collateral posted for derivative instruments	(1,165)		(1,170)
Collateral returned for derivative instruments	1,379		955
Payments made in connection with business acquisitions, net of cash acquired	(1,036)		—
Net cash used in investing activities	(716)		(1,717)
Cash flows from financing activities:
Proceeds from short-term borrowings with original maturities less than 90 days, net	743		202
Proceeds from short-term borrowings with original maturities greater than 90 days	712		887
Proceeds from debt, net of issuance cost	—		5
Payment of short-term borrowings with original maturities greater than 90 days	(1,596)		(3)
Payment of debt	(2,098)		(84)
Settlement of cash flow hedge	—		(9)
Net proceeds related to stock-based award activities	52		57
Repurchase of common stock	(2,557)		(1,412)
Cash dividends paid	(899)		(894)
Net cash used in financing activities	(5,643)		(1,251)
(Decrease) Increase in cash and cash equivalents	(1,831)		709
Cash and cash equivalents at beginning of period	6,997		6,288
Cash and cash equivalents at end of period	$	5,166	$	6,997

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