HP Inc. Reports Fiscal 2021 First Quarter Results



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

  Three months ended
  January 31, 2021  January 31, 2020
Cash flows from operating activities:   
Net earnings$1,068  $678 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization203  198 
Stock-based compensation expense115  109 
Restructuring and other charges121  291 
Deferred taxes on earnings67  117 
Other, net62  54 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable77  1,167 
Inventory(725)  761 
Accounts payable280  (1,919) 
Net investment in leases(17)  (34) 
Taxes on earnings70  (27) 
Restructuring and other(69)  (109) 
Other assets and liabilities(230)     (1)  
Net cash provided by operating activities 1,022     1,285  
Cash flows from investing activities:      
Investment in property, plant and equipment (131)     (198)  
Purchases of available-for-sale securities and other investments (1)     (311)  
Maturities and sales of available-for-sale securities and other investments 274     11  
Collateral posted for derivative instruments (145)      
Net cash used in investing activities (3)     (498)  
Cash flows from financing activities:      
Proceed from short-term borrowings with original maturities greater than 90 days 6     2  
Proceeds from debt, net of issuance costs 20     9  
Payment of debt (68)     (67)  
Stock-based award activities and others (53)     (116)  
Repurchase of common stock (1,378)     (691)  
Cash dividends paid (250)     (256)  
Net cash used in financing activities (1,723)     (1,119)  
Decrease in cash and cash equivalent (704)     (332)  
Cash and cash equivalents at beginning of period 4,864     4,537  
Cash and cash equivalents at end of period $ 4,160     $ 4,205  

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