HP Inc. Reports Fiscal 2023 First Quarter Results



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


  Three months ended
  January 31, 2023  January 31, 2022
Cash flows from operating activities:   
Net earnings$487  $1,086 
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:   
Depreciation and amortization 209   197 
Stock-based compensation expense 167   133 
Restructuring and other charges 141   68 
Deferred taxes on earnings (136)  5 
Other, net 4   186 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 244   337 
Inventory 218      (1,277 )
Accounts payable   (1,712 )     2,035  
Net investment in leases   (16 )     (20 )
Taxes on earnings   220       (6 )
Restructuring and other   (92 )     (99 )
Other assets and liabilities   250       (988 )
     Net cash (used in) provided by operating activities   (16 )     1,657  
Cash flows from investing activities:      
Investment in property, plant and equipment, net   (192 )     (273 )
Purchases of available-for-sale securities and other investments   (4 )      
Maturities and sales of available-for-sale securities and other investments   1        
Collateral posted for derivative instruments   (240 )     14  
Payment made in connection with business acquisition, net of cash acquired         (21 )
     Net cash used in investing activities   (435 )     (280 )
Cash flows from financing activities:      
Proceeds from (Payment of) short-term borrowings with original maturities less than 90 days, net   200       (400 )
Proceeds from debt, net of issuance costs   52       39  
Payment of debt   (539 )     (50 )
Stock-based award activities and others   (79 )     (92 )
Repurchase of common stock   (100 )     (1,508 )
Cash dividends paid   (259 )     (271 )
Collateral returned for derivative instruments   (200 )      
     Net cash used in financing activities   (925 )     (2,282 )
Decrease in cash, cash equivalents and restricted cash   (1,376 )     (905 )
Cash, cash equivalents and restricted cash at beginning of period   3,145       4,299  
Cash, cash equivalents and restricted cash at end of period $ 1,769     $ 3,394  

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