HP Inc. Reports Fiscal 2021 First Quarter Results

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

	Three months ended
	January 31, 2021		January 31, 2020
Cash flows from operating activities:
Net earnings	$	1,068	$	678
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	203		198
Stock-based compensation expense	115		109
Restructuring and other charges	121		291
Deferred taxes on earnings	67		117
Other, net	62		54
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	77		1,167
Inventory	(725)		761
Accounts payable	280		(1,919)
Net investment in leases	(17)		(34)
Taxes on earnings	70		(27)
Restructuring and other	(69)		(109)
Other assets and liabilities	(230)		(1)
Net cash provided by operating activities	1,022		1,285
Cash flows from investing activities:
Investment in property, plant and equipment	(131)		(198)
Purchases of available-for-sale securities and other investments	(1)		(311)
Maturities and sales of available-for-sale securities and other investments	274		11
Collateral posted for derivative instruments	(145)		—
Net cash used in investing activities	(3)		(498)
Cash flows from financing activities:
Proceed from short-term borrowings with original maturities greater than 90 days	6		2
Proceeds from debt, net of issuance costs	20		9
Payment of debt	(68)		(67)
Stock-based award activities and others	(53)		(116)
Repurchase of common stock	(1,378)		(691)
Cash dividends paid	(250)		(256)
Net cash used in financing activities	(1,723)		(1,119)
Decrease in cash and cash equivalent	(704)		(332)
Cash and cash equivalents at beginning of period	4,864		4,537
Cash and cash equivalents at end of period	$	4,160	$	4,205

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