HP Inc. Reports Fiscal 2020 Second Quarter Results



 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended
  April 30, 2020  April 30, 2019
    
Cash flows from operating activities:   
Net earnings$764  $782 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization198  181 
Stock-based compensation expense63  66 
Restructuring and other charges81  69 
Deferred taxes on earnings(3) 15 
Other, net99  118 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable(311) (314)
Inventory(1,406) 171 
Accounts payable1,401  (779)
Net investment in leases(51)  
Taxes on earnings(122) (11)
Restructuring and other(228) (33)
Other assets and liabilities(995) 596 
Net cash (used in) provided by operating activities(510) 861 
Cash flows from investing activities:   
Investment in property, plant and equipment(149) (114)
Proceeds from the sale of property, plant and equipment 3      
Purchases of available-for-sale securities and other investments (3 )    
Maturities and sales of available-for-sale securities and other investments 292     410  
Collateral posted for derivative instruments     (2 )
Collateral returned for derivative instruments     2  
Payment made in connection with business acquisition, net of cash acquired (25 )    
Net cash provided by investing activities 118     296  
Cash flows from financing activities:      
Proceeds from (Payment of) short-term borrowings with original maturities less than 90 days, net 613     (1 )
Proceed from short-term borrowings with original maturities greater than 90 days 9      
Proceeds from debt, net of issuance costs 49     24  
Payment of debt (59 )   (62 )
Stock-based award activities 4     7  
Repurchase of common stock (123 )   (691 )
Cash dividends paid (252 )   (245 )
Net cash provided by (used in) financing activities 241     (968 )
(Decrease) Increase in cash and cash equivalents (151 )   189  
Cash and cash equivalents at beginning of period 4,205     3,367  
Cash and cash equivalents at end of period $ 4,054     $ 3,556  

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