HP Inc. Reports Fiscal 2019 Third Quarter Results

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

  Three months ended
  July 31, 2019  July 31, 2018
Cash flows from operating activities:   
Net earnings$1,179  $880 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization190  132 
Stock-based compensation expense60  55 
Restructuring and other charges17  4 
Deferred taxes on earnings207  149 
Other, net63  36 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable81  (15)
Inventory(386) (571)
Accounts payable825  1,187 
Taxes on earnings(1,123) (134)
Restructuring and other(43) (30)
Other assets and liabilities1,273  (179)
Net cash provided by operating activities2,343  1,514 
Cash flows from investing activities:   
Investment in property, plant and equipment(172) (117)
Purchases of available-for-sale securities and other investments(11)  (16 )
Maturities and sales of available-for-sale securities and other investments 17     243  
Collateral posted for derivative instruments     (240 )
Collateral returned for derivative instruments     445  
Payment made in connection with business acquisitions, net of cash acquired (23 )   (16 )
Net cash (used in) provided by investing activities (189 )   299  
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net     740  
Proceeds from short-term borrowings with original maturities greater than 90 days     412  
Proceeds from debt, net of issuance costs 30      
Payment of short-term borrowings with original maturities greater than 90 days     (97 )
Payment of debt (66 )   (33 )
Stock-based award activities 18     32  
Repurchase of common stock (533 )   (696 )
Cash dividends paid (240 )   (223 )
Net cash (used in) provided by financing activities (791 )   135  
Increase in cash and cash equivalents 1,363     1,948  
Cash and cash equivalents at beginning of period 3,556     4,247  
Cash and cash equivalents at end of period $ 4,919     $ 6,195  

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