HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation



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

  Three months ended
  October 31, 2022  October 31, 2021
Cash flows from operating activities:   
Net (loss) earnings$(2) $3,099 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 209   200 
Stock-based compensation expense 70   70 
Restructuring and other charges 70   29 
Deferred taxes on earnings 527   (512)
Defined benefit plan settlement gains    (37)
Other, net 114   186 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 184      (583 )
Inventory   803       61  
Accounts payable   (437 )     117  
Net investment in leases   (61 )     (33 )
Taxes on earnings   37       45  
Restructuring and other   (60 )     (39 )
Other assets and liabilities   450       245  
Net cash provided by operating activities   1,904       2,848  
Cash flows from investing activities:      
Investment in property, plant and equipment   (144 )     (172 )
Purchases of available-for-sale securities and other investments   (2 )     (4 )
Maturities and sales of available-for-sale securities and other investments   1       21  
Collateral posted for derivative instruments         27  
Payment made in connection with business acquisition, net of cash acquired   (2,731 )     (272 )
Net cash used in investing activities   (2,876 )     (400 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net         400  
Proceeds from debt, net of issuance costs   89       47  
Payment of debt   (552 )     (53 )
Stock-based award activities and others   (7 )     (9 )
Repurchase of common stock   (750 )     (1,754 )
Cash dividends paid   (249 )     (219 )
Collateral withdrawn for derivative instruments   200        
Net cash used in financing activities   (1,269 )     (1,588 )
(Decrease) increase in cash and cash equivalents   (2,241 )     860  
Cash and cash equivalents at beginning of period   5,386       3,439  
Cash and cash equivalents at end of period $ 3,145     $ 4,299  

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