HP Inc. Reports Fiscal 2024 Third Quarter Results

HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Nine months ended
  July 31, 2024  July 31, 2023
Cash flows from operating activities:   
Net earnings$1,869  $2,289 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 622   638 
Stock-based compensation expense 367   353 
Restructuring and other charges 180   416 
Deferred taxes on earnings 69   (774)
Other, net (24)  (61)
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable (447)  180 
Inventory (953)  364 
Accounts payable 1,442   (1,133)
Net investment in leases from integrated financing   (123 )     (82 )
Taxes on earnings   (89 )     354  
Restructuring and other   (204 )     (244 )
Other assets and liabilities   (583 )     (704 )
Net cash provided by operating activities   2,126       1,596  
Cash flows from investing activities:      
Investment in property, plant and equipment, net   (439 )     (459 )
Purchases of available-for-sale securities and other investments         (6 )
Maturities and sales of available-for-sale securities and other investments         18  
Collateral posted for derivative instruments   (60 )     (118 )
Payment made in connection with business acquisitions, net of cash acquired   (15 )     (5 )
Net cash used in investing activities   (514 )     (570 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net         190  
Proceeds from debt, net of issuance costs   266       177  
Payment of debt and associated costs   (153 )     (1,654 )
Stock-based award activities and others   (67 )     (86 )
Repurchase of common stock   (1,200 )     (100 )
Cash dividends paid   (812 )     (777 )
Collateral returned for derivative instruments         (200 )
Settlement of cash flow hedges         (3 )
Net cash used in financing activities   (1,966 )     (2,453 )
Decrease in cash, cash equivalents and restricted cash   (354 )     (1,427 )
Cash, cash equivalents and restricted cash at beginning of period   3,232       3,145  
Cash, cash equivalents and restricted cash at end of period $ 2,878     $ 1,718  

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