HPE Reports Fiscal 2018 First Quarter Results

(a) In connection with the HPE Next initiative, the Company determined that certain properties within its real estate portfolio met the criteria to be classified as Assets held for sale. The Company expects these properties to be sold within the next twelve months.

 
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
    
  Three Months Ended January 31,
  2018  2017
Cash flows from operating activities:   
Net earnings$1,436  $267 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization635  840 
Stock-based compensation expense103  145 
Provision for doubtful accounts and inventory41  7 
Restructuring charges174  177 
Deferred taxes on earnings(1,335) (125)
(Earnings) loss from equity interests(22) 22 
Other, net102  125 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable(34) 466 
Financing receivables(287) 126 
Inventory(146) (132)
Accounts payable(107) (231)
Taxes on earnings(1,009) (22)
Restructuring(226) (326)
Other assets and liabilities(a)817  (2,529)
Net cash provided by (used in) operating activities142  (1,190)
Cash flows from investing activities:   
Investment in property, plant and equipment(669) (923)
Proceeds from sale of property, plant and equipment115  84 
Purchases of available-for-sale securities and other investments(3) (7)
Maturities and sales of available-for-sale securities and other investments  1 
Financial collateral posted(706)  
Financial collateral returned144   
Payments made in connection with business acquisitions, net of cash acquired  (292)
Proceeds from business divestitures, net(b)  (20)
Net cash used in investing activities(1,119) (1,157)
Cash flows from financing activities:   
Short-term borrowings with original maturities less than 90 days, net(3) 24 
Proceeds from debt, net of issuance costs270  248 
Payment of debt(253) (262)
Net proceeds (payments) related to stock-based award activities (c) 17     (42 )
Repurchase of common stock (742 )   (641 )
Net transfer of cash and cash equivalents to Everett (28 )    
Net transfer of cash and cash equivalents to Seattle (70 )    
Cash dividends paid (120 )   (109 )
Net cash used in financing activities (929 )   (782 )
Decrease in cash and cash equivalents (1,906 )   (3,129 )
Cash and cash equivalents at beginning of period 9,579     12,987  
Cash and cash equivalents at end of period $ 7,673     $ 9,858  

(a) For the three months ended January 31, 2017, the amount includes $1.9 billion of pension funding payments associated with the separation and merger of Everett SpinCo, Inc. with Computer Sciences Corporation.

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