HP Inc. Reports Fiscal 2020 First Quarter Results

 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended
  January 31, 2020  January 31, 2019
Cash flows from operating activities:   
Net earnings$678  $803 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization198  168 
Stock-based compensation expense109  107 
Restructuring and other charges291  55 
Deferred taxes on earnings117  103 
Other, net54  (5)
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable1,167  211 
Inventory761  191 
Accounts payable(1,919) (184)
Net investment in leases(34)  
Taxes on earnings(27) 11 
Restructuring and other(109) (46)
Other assets and liabilities(1) (552)
  Net cash provided by operating activities1,285  862 
Cash flows from investing activities:    
Investment in property, plant and equipment (198 )   (189 )
Purchases of available-for-sale securities and other investments (311 )   (69 )
Maturities and sales of available-for-sale securities and other investments 11     344  
Collateral posted for derivative instruments     (30 )
Collateral returned for derivative instruments     30  
Payment made in connection with business acquisitions, net of cash acquired     (404 )
  Net cash used in investing activities (498 )   (318 )
Cash flows from financing activities:      
Payment of short-term borrowings with original maturities less than 90 days, net     (855 )
Proceed from short-term borrowings with original maturities greater than 90 days 2      
Proceeds from debt, net of issuance costs 9     40  
Payment of debt (67 )   (476 )
Stock-based award activities (116 )   (83 )
Repurchase of common stock (691 )   (720 )
Cash dividends paid (256 )   (249 )
  Net cash used in financing activities (1,119 )   (2,343 )
Decrease in cash and cash equivalents (332 )   (1,799 )
Cash and cash equivalents at beginning of period 4,537     5,166  
Cash and cash equivalents at end of period $ 4,205     $ 3,367  



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