HP Inc. Reports Fiscal 2023 Full Year and Fourth Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Twelve months ended 
  October 31, 2023   October 31, 2022 
Cash flows from operating activities:     
Net earnings$             3,263  $             3,132 
Adjustments to reconcile net earnings to net cash provided by operating activities:     
Depreciation and amortization850  780 
Stock-based compensation expense438  343 
Restructuring and other charges527  218 
Deferred taxes on earnings(923) 577 
Other, net(10) 475 
Changes in operating assets and liabilities, net of acquisitions:     
Accounts receivable278  1,285 
Inventory668  214 
Accounts payable(1,240) (909)
Net investment in leases(110) (155)
Taxes on earnings198  (134)
Restructuring and other(310) (245)
Other assets and liabilities(58)  (1,118 )
Net cash provided by operating activities 3,571     4,463  
Cash flows from investing activities:          
Investment in property, plant and equipment (609 )   (791 )
Proceeds from sale of property, plant and equipment 16     26  
Purchases of available-for-sale securities and other investments (11 )   (52 )
Maturities and sales of available-for-sale securities and other investments 21     9  
Collateral returned for derivative instruments     14  
Payment made in connection with business acquisitions, net of cash acquired (7 )   (2,755 )
Net cash used in investing activities (590 )   (3,549 )
Cash flows from financing activities:          
Payment of short-term borrowings with original maturities less than 90 days, net (10 )   (400 )
Proceeds from debt, net of issuance costs 255     4,175  
Payment of debt and associated costs (1,700 )   (693 )
Stock-based award activities and others (100 )   (95 )
Repurchase of common stock (100 )   (4,297 )
Cash dividends paid (1,036 )   (1,037 )
Collateral (returned) withdrawn for derivative instruments (200 )   200  
Settlement of cash flow hedges (3 )   79  
Net cash used in financing activities (2,894 )   (2,068 )
Increase (decrease) in cash, cash equivalents and restricted cash 87     (1,154 )
Cash, cash equivalents and restricted cash at beginning of period 3,145     4,299  
Cash, cash equivalents and restricted cash at end of period $              3,232     $              3,145  

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