HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation



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

   Twelve months ended
  October 31, 2022  October 31, 2021
Cash flows from operating activities:   
Net earnings$3,203  $6,503 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 780   785 
Stock-based compensation expense 343   330 
Restructuring and other charges 233   245 
Deferred taxes on earnings 574   (605)
Defined benefit plan settlement gains    (37)
Other, net 475   440 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 1,260      (80 )
Inventory   233       (2,164 )
Accounts payable   (928 )     1,257  
Net investment in leases   (155 )     (111 )
Taxes on earnings   (83 )     64  
Restructuring and other   (245 )     (205 )
Other assets and liabilities   (1,227 )     (13 )
Net cash provided by operating activities   4,463       6,409  
Cash flows from investing activities:      
Investment in property, plant and equipment   (791 )     (582 )
Proceeds from the sale of property, plant and equipment   26        
Purchases of available-for-sale securities and other investments   (52 )     (28 )
Maturities and sales of available-for-sale securities and other investments   9       304  
Collateral posted for derivative instruments   14       148  
Payment made in connection with business acquisitions, net of cash acquired   (2,755 )     (854 )
Net cash used in investing activities   (3,549 )     (1,012 )
Cash flows from financing activities:      
(Payment of) Proceeds from short-term borrowings with original maturities less than 90 days, net   (400 )     400  
Proceeds from debt, net of issuance costs   4,175       2,121  
Payment of debt   (693 )     (1,245 )
Stock-based award activities and others   (95 )     (51 )
Repurchase of common stock   (4,297 )     (6,249 )
Cash dividends paid   (1,037 )     (938 )
Collateral withdrawn for derivative instruments   200        
Settlement of cash flow hedges   79        
Net cash used in financing activities   (2,068 )     (5,962 )
Decrease in cash and cash equivalents   (1,154 )     (565 )
Cash and cash equivalents at beginning of period   4,299       4,864  
Cash and cash equivalents at end of period $ 3,145     $ 4,299  

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