HP Inc. Reports Fiscal 2023 Third Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended
  July 31, 2023  July 31, 2022
Cash flows from operating activities:   
Net earnings$766  $1,122 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 217   181 
Stock-based compensation expense 91   70 
Restructuring and other charges 75   13 
Deferred taxes on earnings 51   52 
Other, net (97)  57 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable (246)  985 
Inventory  (10 )     700  
Accounts payable   801       (1,472 )
Net investment in leases   (31 )     (53 )
Taxes on earnings   24       (117 )
Restructuring and other   (77 )     (39 )
Other assets and liabilities   (588 )     (1,105 )
Net cash provided by operating activities   976       394  
Cash flows from investing activities:      
Investment in property, plant and equipment   (137 )     (195 )
Proceeds from the sale of property, plant and equipment         25  
Purchases of available-for-sale securities and other investments   (1 )     (42 )
Maturities and sales of available-for-sale securities and other investments         1  
Collateral returned for derivative instruments   9        
Net cash used in investing activities   (129 )     (211 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net   200        
Proceeds from debt, net of issuance costs   60       2,026  
Payment of debt and associated costs   (1,067 )     (45 )
Stock-based award activities and others         9  
Repurchase of common stock         (1,029 )
Cash dividends paid   (259 )     (255 )
Settlement of cash flow hedges   (3 )     20  
Net cash (used in) provided by financing activities   (1,069 )     726  
(Decrease) increase in cash, cash equivalents and restricted cash   (222 )     909  
Cash, cash equivalents and restricted cash at beginning of period   1,940       4,477  
Cash, cash equivalents and restricted cash at end of period $ 1,718     $ 5,386  

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