HP Inc. Reports Fiscal 2022 Second Quarter Results

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
	Three months ended
	April 30, 2022			April 30, 2021
Cash flows from operating activities:
Net earnings	$	1,000		$	1,228
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		193			186
Stock-based compensation expense		70			76
Restructuring and other charges		82			39
Deferred taxes on earnings		(10	)		(17	)
Other, net		118			39
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(246	)		258
Inventory		7			(830	)
Accounts payable		(1,054	)		235
Net investment in leases		(21	)		(21	)
Taxes on earnings		(17	)		(169	)
Restructuring and other		(47	)		(46	)
Other assets and liabilities		433			468
Net cash provided by operating activities		508			1,446
Cash flows from investing activities:
Investment in property, plant and equipment		(178	)		(121	)
Purchases of available-for-sale securities and other investments		(8	)		(12	)
Maturities and sales of available-for-sale securities and other investments		7			—
Collateral posted for derivative instruments		—			(9	)
Payment made in connection with business acquisition, net of cash acquired		(3	)		(170	)
Net cash used in investing activities		(182	)		(312	)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs		2,021			34
Payment of debt		(46	)		(58	)
Stock-based award activities and others		(5	)		3
Repurchase of common stock		(1,010	)		(1,610	)
Cash dividends paid		(262	)		(239	)
Settlement of cash flow hedges		59			—
Net cash provided by (used in) financing activities		757			(1,870	)
Increase (decrease) in cash and cash equivalents		1,083			(736	)
Cash and cash equivalents at beginning of period		3,394			4,160
Cash and cash equivalents at end of period	$	4,477		$	3,424

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