HP Inc. Reports Fiscal 2024 Second Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Six months ended
  April 30, 2024  April 30, 2023
Cash flows from operating activities:   
Net earnings$1,229  $1,523 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 414   421 
Stock-based compensation expense 271   262 
Restructuring and other charges 134   341 
Deferred taxes on earnings    (825)
Other, net (13)  36 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable (106)  426 
Inventory (678)  374 
Accounts payable 360   (1,933)
Net investment in leases   (81 )     (51 )
Taxes on earnings   (128 )     330  
Restructuring and other   (144 )     (167 )
Other assets and liabilities   (556 )     (117 )
Net cash provided by operating activities   702       620  
Cash flows from investing activities:      
Investment in property, plant and equipment, net   (277 )     (322 )
Purchases of available-for-sale securities and other investments         (5 )
Maturities and sales of available-for-sale securities and other investments         18  
Collateral posted for derivative instruments         (127 )
Payment made in connection with business acquisitions, net of cash acquired         (5 )
Net cash used in investing activities   (277 )     (441 )
Cash flows from financing activities:      
Payment of short-term borrowings with original maturities less than 90 days, net         (10 )
Proceeds from debt, net of issuance costs   186       117  
Payment of debt   (102 )     (587 )
Stock-based award activities and others   (80 )     (86 )
Repurchase of common stock   (600 )     (100 )
Cash dividends paid   (544 )     (518 )
Collateral returned for derivative instruments         (200 )
Net cash used in financing activities   (1,140 )     (1,384 )
Decrease in cash, cash equivalents and restricted cash   (715 )     (1,205 )
Cash, cash equivalents and restricted cash at beginning of period   3,232       3,145  
Cash, cash equivalents and restricted cash at end of period $ 2,517     $ 1,940  
 

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