HP Inc. Reports Fiscal 2018 Second Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
 
  As of
  April 30, 2018  October 31, 2017
ASSETS   
Current assets:   
Cash and cash equivalents$4,247  $6,997 
Accounts receivable4,605  4,414 
Inventory5,557  5,786 
Other current assets5,024  5,121 
  Total current assets19,433  22,318 
Property, plant and equipment2,061  1,878 
Goodwill5,941  5,622 
Other non-current assets4,652  3,095 
Total assets$32,087  $32,913 
    
LIABILITIES AND STOCKHOLDERS' DEFICIT   
Current liabilities:   
Notes payable and short-term borrowings$1,617  $1,072 
Accounts payable13,054  13,279 
Employee compensation and benefits897  894 
Taxes on earnings300  214 
Deferred revenue1,062  1,012 
Other accrued liabilities6,197  5,941 
  Total current liabilities23,127  22,412 
Long-term debt4,494  6,747 
Other non-current liabilities6,329  7,162 
Stockholders' deficit(1,863) (3,408)
Total liabilities and stockholders' deficit$32,087  $32,913 
        


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended April 30
  2018  2017
Cash flows from operating activities:   
Net earnings$1,058  $559 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization127  89 
Stock-based compensation expense63  48 
Restructuring and other charges57  140 
Deferred taxes on earnings397  138 
Other, net 185     2  
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable (234 )   (325 )
Inventory 86     (203 )
Accounts payable 201     142  
Taxes on earnings (1,528 )   (102 )
Restructuring and other (44 )   (46 )
Other assets and liabilities 682     13  
  Net cash provided by operating activities 1,050     455  
Cash flows from investing activities:      
Investment in property, plant and equipment (113 )   (75 )
Purchases of available-for-sale securities and other investments (36 )   (1 )
Maturities and sales of available-for-sale securities and other investments 206      
Collateral posted for derivative instruments (293 )   (204 )
Collateral returned for derivative instruments 857     125  
  Net cash provided by (used in) investing activities 621     (155 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net 943     39  
Proceeds from short-term borrowings with original maturities greater than 90 days 100      
Payment of short-term borrowings with original maturities greater than 90 days (969 )    
Payment of debt (1,985 )   (17 )
Settlement of cash flow hedges     (5 )
Net proceeds related to stock-based award activities 40     22  
Repurchase of common stock (801 )   (223 )
Cash dividends paid (227 )   (224 )
  Net cash used in financing activities (2,899 )   (408 )
Decrease in cash and cash equivalents (1,228 )   (108 )
Cash and cash equivalents at beginning of period 5,475     6,331  
Cash and cash equivalents at end of period $ 4,247     $ 6,223  
               

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