HP Inc. Reports Fiscal 2023 Second Quarter Results


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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