HP Inc. Reports Fiscal 2022 Third Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
  Nine months ended
  July 31, 2022  July 31, 2021
Cash flows from operating activities:   
Net earnings$3,205  $3,404 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 571   585 
Stock-based compensation expense 273   260 
Restructuring and other charges 163   216 
Deferred taxes on earnings 47   (93)
Other, net 361   254 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 1,076   503 
Inventory (570)  (2,225)
Accounts payable (491)  1,140  
Net investment in leases   (94 )     (78 )
Taxes on earnings   (120 )     19  
Restructuring and other   (185 )     (166 )
Other assets and liabilities   (1,677 )     (258 )
Net cash provided by operating activities   2,559       3,561  
Cash flows from investing activities:      
Investment in property, plant and equipment   (647 )     (410 )
Proceeds from the sale of property, plant and equipment   26        
Purchases of available-for-sale securities and other investments   (50 )     (24 )
Maturities and sales of available-for-sale securities and other investments   8       283  
Collateral posted for derivative instruments   14       121  
Payment made in connection with business acquisitions, net of cash acquired   (24 )     (582 )
Net cash used in investing activities   (673 )     (612 )
Cash flows from financing activities:      
Payment of short-term borrowings with original maturities less than 90 days, net   (400 )      
Proceeds from debt, net of issuance costs   4,086       2,074  
Payment of debt   (141 )     (1,192 )
Stock-based award activities and others   (88 )     (42 )
Repurchase of common stock   (3,547 )     (4,495 )
Cash dividends paid   (788 )     (719 )
Settlement of cash flow hedges   79        
Net cash used in financing activities   (799 )     (4,374 )
Increase (decrease) in cash and cash equivalent   1,087       (1,425 )
Cash and cash equivalents at beginning of period   4,299       4,864  
Cash and cash equivalents at end of period $ 5,386     $ 3,439  

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