| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) | |||||||
| Six months ended | |||||||
| April 30, 2023 | April 30, 2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net earnings | $ | 1,553 | $ | 2,086 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 421 | 390 | |||||
| Stock-based compensation expense | 262 | 203 | |||||
| Restructuring and other charges | 341 | 150 | |||||
| Deferred taxes on earnings | (817 | ) | (5 | ) | |||
| Other, net | 36 | 304 | |||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||
| Accounts receivable | 426 | 91 | |||||
| Inventory | 354 | (1,270 | ) | ||||
| Accounts payable | (1,914 | ) | 981 | ||||
| Net investment in leases | (51 | ) | (41 | ) | |||
| Taxes on earnings | 329 | (23 | ) | ||||
| Restructuring and other | (167 | ) | (146 | ) | |||
| Other assets and liabilities | (153 | ) | (555 | ) | |||
| Net cash provided by operating activities | 620 | 2,165 | |||||
| Cash flows from investing activities: | |||||||
| Investment in property, plant and equipment, net | (322 | ) | (451 | ) | |||
| Purchases of available-for-sale securities and other investments | (5 | ) | (8 | ) | |||
| Maturities and sales of available-for-sale securities and other investments | 18 | 7 | |||||
| Collateral (posted) returned for derivative instruments | (127 | ) | 14 | ||||
| Payment made in connection with business acquisitions, net of cash acquired | (5 | ) | (24 | ) | |||
| Net cash used in investing activities | (441 | ) | (462 | ) | |||
| Cash flows from financing activities: | |||||||
| Payment of short-term borrowings with original maturities less than 90 days, net | (10 | ) | (400 | ) | |||
| Proceeds from debt, net of issuance costs | 117 | 2,060 | |||||
| Payment of debt | (587 | ) | (96 | ) | |||
| Stock-based award activities and others | (86 | ) | (97 | ) | |||
| Repurchase of common stock | (100 | ) | (2,518 | ) | |||
| Cash dividends paid | (518 | ) | (533 | ) | |||
| Collateral returned for derivative instruments | (200 | ) | — | ||||
| Settlement of cash flow hedges | — | 59 | |||||
| Net cash used in financing activities | (1,384 | ) | (1,525 | ) | |||
| (Decrease) increase in cash, cash equivalents and restricted cash | (1,205 | ) | 178 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 3,145 | 4,299 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 1,940 | $ | 4,477 | |||
HP Inc. Reports Fiscal 2023 Second Quarter Results
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