| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) | |||||||
| Three months ended | |||||||
| April 30, 2023 | April 30, 2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net earnings | $ | 1,066 | $ | 1,000 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 212 | 193 | |||||
| Stock-based compensation expense | 95 | 70 | |||||
| Restructuring and other charges | 200 | 82 | |||||
| Deferred taxes on earnings | (681 | ) | (10 | ) | |||
| Other, net | 32 | 118 | |||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||
| Accounts receivable | 182 | (246 | ) | ||||
| Inventory | 136 | 7 | |||||
| Accounts payable | (202 | ) | (1,054 | ) | |||
| Net investment in leases | (35 | ) | (21 | ) | |||
| Taxes on earnings | 109 | (17 | ) | ||||
| Restructuring and other | (75 | ) | (47 | ) | |||
| Other assets and liabilities | (403 | ) | 433 | ||||
| Net cash provided by operating activities | 636 | 508 | |||||
| Cash flows from investing activities: | |||||||
| Investment in property, plant and equipment, net | (130 | ) | (178 | ) | |||
| Purchases of available-for-sale securities and other investments | (1 | ) | (8 | ) | |||
| Maturities and sales of available-for-sale securities and other investments | 17 | 7 | |||||
| Collateral returned for derivative instruments | 113 | — | |||||
| Payment made in connection with business acquisition, net of cash acquired | (5 | ) | (3 | ) | |||
| Net cash used in investing activities | (6 | ) | (182 | ) | |||
| Cash flows from financing activities: | |||||||
| Payment of short-term borrowings with original maturities less than 90 days, net | (210 | ) | — | ||||
| Proceeds from debt, net of issuance costs | 65 | 2,021 | |||||
| Payment of debt | (48 | ) | (46 | ) | |||
| Stock-based award activities and others | (7 | ) | (5 | ) | |||
| Repurchase of common stock | — | (1,010 | ) | ||||
| Cash dividends paid | (259 | ) | (262 | ) | |||
| Settlement of cash flow hedges | — | 59 | |||||
| Net cash (used in) provided by financing activities | (459 | ) | 757 | ||||
| Increase in cash, cash equivalents and restricted cash | 171 | 1,083 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 1,769 | 3,394 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 1,940 | $ | 4,477 | |||
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HP Inc. Reports Fiscal 2023 Second Quarter Results
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