HP Inc. Reports Fiscal 2022 First Quarter Results


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


  Three months ended
  January 31, 2022  January 31, 2021
Cash flows from operating activities:   
Net earnings$1,086  $1,068 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 197   203 
Stock-based compensation expense 133   115 
Restructuring and other charges 68   121 
Deferred taxes on earnings 5   67 
Other, net 186   62 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 337   77 
Inventory (1,277 )     (725 )
Accounts payable   2,035       280  
Net investment in leases   (20 )     (17 )
Taxes on earnings   (6 )     70  
Restructuring and other   (99 )     (69 )
Other assets and liabilities   (988 )     (230 )
Net cash provided by operating activities   1,657       1,022  
Cash flows from investing activities:      
Investment in property, plant and equipment, net   (273 )     (131 )
Purchases of available-for-sale securities and other investments         (1 )
Maturities and sales of available-for-sale securities and other investments         274  
Collateral posted for derivative instruments   14       (145 )
Payment made in connection with business acquisition, net of cash acquired   (21 )      
Net cash used in investing activities   (280 )     (3 )
Cash flows from financing activities:      
Payment of short-term borrowings with original maturities less than 90 days, net   (400 )      
Proceed from short-term borrowings with original maturities greater than 90 days   9       6  
Proceeds from debt, net of issuance costs   30       20  
Payment of debt   (50 )     (68 )
Stock-based award activities and others   (92 )     (53 )
Repurchase of common stock   (1,508 )     (1,378 )
Cash dividends paid   (271 )     (250 )
Net cash used in financing activities   (2,282 )     (1,723 )
Decrease in cash and cash equivalents   (905 )     (704 )
Cash and cash equivalents at beginning of period   4,299       4,864  
Cash and cash equivalents at end of period $ 3,394     $ 4,160  

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