HP Inc. Reports Fiscal 2020 Second Quarter Results


 


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Six months ended
  April 30, 2020  April 30, 2019
    
Cash flows from operating activities:   
Net earnings$1,442  $1,585 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization396  349 
Stock-based compensation expense172  173 
Restructuring and other charges372  124 
Deferred taxes on earnings114  118 
Other, net153  113 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable856  (103)
Inventory(645) 362 
Accounts payable(518) (963)
Net investment in leases(85)  
Taxes on earnings(149)  
Restructuring and other(337) (79)
Other assets and liabilities(996) 44 
Net cash provided by operating activities775  1,723 
Cash flows from investing activities:   
Investment in property, plant and equipment(347) (303)
Proceeds from the sale of property, plant and equipment 3      
Purchases of available-for-sale securities and other investments (303 )   (69 )
Maturities and sales of available-for-sale securities and other investments 303     754  
Collateral posted for derivative instruments     (32 )
Collateral returned for derivative instruments     32  
Payment made in connection with business acquisitions, net of cash acquired (36 )   (404 )
Net cash used in investing activities (380 )   (22 )
Cash flows from financing activities:      
Proceeds from (Payment of) short-term borrowings with original maturities less than 90 days, net 613     (856 )
Proceed from short-term borrowings with original maturities greater than 90 days 11      
Proceeds from debt, net of issuance costs 58     64  
Payment of debt (126 )   (538 )
Stock-based award activities (112 )   (76 )
Repurchase of common stock (814 )   (1,411 )
Cash dividends paid (508 )   (494 )
Net cash used in financing activities (878 )   (3,311 )
Decrease in cash and cash equivalents (483 )   (1,610 )
Cash and cash equivalents at beginning of period 4,537     5,166  
Cash and cash equivalents at end of period $ 4,054     $ 3,556  

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