HP Inc. Reports Fiscal 2019 First Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
 
  As of
  January 31, 2019  October 31, 2018
ASSETS   
Current assets:   
Cash and cash equivalents$3,367  $5,166 
Accounts receivable, net5,113  5,113 
Inventory5,649  6,062 
Other current assets4,807  5,046 
Total current assets18,936  21,387 
Property, plant and equipment, net2,312  2,198 
Goodwill6,343  5,968 
Other non-current assets4,899  5,069 
Total assets$32,490  $34,622 
    
LIABILITIES AND STOCKHOLDERS' DEFICIT   
Current liabilities:   
Notes payable and short-term borrowings$297  $1,463 
Accounts payable14,572  14,816 
Employee compensation and benefits665  1,136 
Taxes on earnings268  340 
Other accrued liabilities8,397  7,376 
Total current liabilities24,199  25,131 
Long-term debt4,706  4,524 
Other non-current liabilities5,422  5,606 
Stockholders' deficit(1,837) (639)
Total liabilities and stockholders' deficit$32,490  $34,622 
 


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended January 31,
  2019  2018
Cash flows from operating activities:   
Net earnings$803  $1,938 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization168  129 
Stock-based compensation expense107  85 
Restructuring and other charges55  31 
Deferred taxes on earnings103     (3,713 )
Other, net (5 )   13  
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 211     272  
Inventory 191     364  
Accounts payable (184 )   (478 )
Taxes on earnings 11     2,463  
Restructuring and other (46 )   (133 )
Other assets and liabilities (552 )   25  
Net cash provided by operating activities 862     996  
Cash flows from investing activities:      
Investment in property, plant and equipment (189 )   (129 )
Proceeds from sale of property, plant and equipment     110  
Purchases of available-for-sale securities and other investments (69 )   (268 )
Maturities and sales of available-for-sale securities and other investments 344     139  
Collateral posted for derivative instruments (30 )   (608 )
Collateral returned for derivative instruments 30     53  
Payment made in connection with business acquisitions, net of cash acquired (404 )   (1,020 )
Net cash used in investing activities (318 )   (1,723 )
Cash flows from financing activities:      
Payments of short-term borrowings with original maturities less than 90 days, net (855 )   (106 )
Proceeds from short-term borrowings with original maturities greater than 90 days     200  
Proceeds from debt, net of issuance costs 40      
Payment of short-term borrowings with original maturities greater than 90 days     (118 )
Payment of debt (476 )   (41 )
Net payments related to stock-based award activities (83 )   (38 )
Repurchase of common stock (720 )   (462 )
Cash dividends paid (249 )   (230 )
Net cash used in financing activities (2,343 )   (795 )
Decrease in cash and cash equivalents (1,799 )   (1,522 )
Cash and cash equivalents at beginning of period 5,166     6,997  
Cash and cash equivalents at end of period $ 3,367     $ 5,475  
 

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