HP Inc. Reports Fiscal 2024 First Quarter Results



 HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 


  Three months ended
  January 31, 2024  January 31, 2023
Cash flows from operating activities:   
Net earnings$622  $469 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 205   209 
Stock-based compensation expense 177   167 
Restructuring and other charges 63   141 
Deferred taxes on earnings (5)  (140)
Other, net (20)  4 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 446   244 
Inventory (47)     230  
Accounts payable   (744 )     (1,731 )
Net investment in leases   (62 )     (16 )
Taxes on earnings   49       220  
Restructuring and other   (87 )     (92 )
Other assets and liabilities   (476 )     279  
    Net cash provided by (used in) operating activities   121       (16 )
Cash flows from investing activities:      
Investment in property, plant and equipment, net   (158 )     (192 )
Purchases of available-for-sale securities and other investments         (4 )
Maturities and sales of available-for-sale securities and other investments         1  
Collateral posted for derivative instruments   (70 )     (240 )
    Net cash used in investing activities   (228 )     (435 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net   100       200  
Proceeds from debt, net of issuance costs   92       52  
Payment of debt   (49 )     (539 )
Stock-based award activities and others   (76 )     (79 )
Repurchase of common stock   (500 )     (100 )
Cash dividends paid   (275 )     (259 )
Collateral returned for derivative instruments         (200 )
    Net cash used in financing activities   (708 )     (925 )
Decrease in cash, cash equivalents and restricted cash   (815 )     (1,376 )
Cash, cash equivalents and restricted cash at beginning of period   3,232       3,145  
Cash, cash equivalents and restricted cash at end of period $ 2,417     $ 1,769  

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