HP Inc. Reports Fiscal 2017 Full-Year and Fourth Quarter Results


HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)

	As of
	October 31, 2017			October 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	6,997		$	6,288
Accounts receivable	4,414			4,114
Inventory	5,786			4,484
Other current assets	5,121			3,582
Total current assets	22,318			18,468
Property, plant and equipment	1,878			1,736
Goodwill	5,622			5,622
Other non-current assets^(a)	3,095			3,161
Total assets	$	32,913		$	28,987

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable and short-term borrowings	$	1,072		$	78
Accounts payable	13,279			11,103
Employee compensation and benefits	894			759
Taxes on earnings	214			231
Deferred revenue	1,012			919
Other accrued liabilities	5,941			5,718
Total current liabilities	22,412			18,808
Long-term debt^(a)	6,747			6,735
Other non-current liabilities	7,162			7,333
Stockholders' deficit	(3,408		)	(3,889		)
Total liabilities and stockholders' deficit	$	32,913		$	28,987

(a) Pursuant to the adoption of Accounting Standard Update 2015-03 "Simplifying the Presentation of Debt Issuance Costs" in Q1 FY17, debt issuance costs has been reclassified from other non-current assets to long-term debt. The change has been adopted including prior comparative periods.


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

	Three months ended October 31
	2017			2016
Cash flows from operating activities:^(a)
Net earnings	$	660		$	492
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	91			83
Stock-based compensation expense	55			42
Restructuring and other charges	113			49
Deferred taxes on earnings	(174		)	(577		)
Other, net	65			258
Changes in operating assets and liabilities:
Accounts receivable	(238		)	(163		)
Inventory	(615		)	(542		)
Accounts payable	423			690
Taxes on earnings	318			983
Restructuring and other	(78		)	(43		)
Other assets and liabilities	60			(568		)
Net cash provided by operating activities	680			704
Cash flows from investing activities:
Investment in property, plant and equipment	(165		)	(146		)
Proceeds from sale of property, plant and equipment	—			6
Purchases of available-for-sale securities and other investments	(362		)	(4		)
Maturities and sales of available-for-sale securities and other investments	533			—
Payment made in connection with business acquisitions, net of cash acquired	—			(7		)
Proceeds from business divestitures	—			315
Net cash provided by investing activities	6			164
Cash flows from financing activities: ^(a)
Short-term borrowings with original maturities less than 90 days, net	(844		)	25
Proceeds from debt, net of issuance costs	887			—
Payment of debt	(22		)	(30		)
Net proceeds related to stock-based award activities	45			3
Repurchase of common stock	(501		)	(2		)
Cash dividends paid	(221		)	(212		)
Net cash used in financing activities	(656		)	(216		)
Increase in cash and cash equivalents	30			652
Cash and cash equivalents at beginning of period	6,967			5,636
Cash and cash equivalents at end of period	$	6,997		$	6,288

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