HP Inc. Reports Fiscal 2023 Third Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Nine months ended
  July 31, 2023  July 31, 2022
Cash flows from operating activities:   
Net earnings$2,289  $3,155 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 638   571 
Stock-based compensation expense 353   273 
Restructuring and other charges 416   149 
Deferred taxes on earnings (774)  51 
Other, net (61)  361 
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable 180   1,101 
Inventory  364       (570 )
Accounts payable   (1,133 )     (491 )
Net investment in leases   (82 )     (94 )
Taxes on earnings   354       (165 )
Restructuring and other   (244 )     (185 )
Other assets and liabilities   (704 )     (1,597 )
Net cash provided by operating activities   1,596       2,559  
Cash flows from investing activities:      
Investment in property, plant and equipment   (459 )     (647 )
Proceeds from the sale of property, plant and equipment         26  
Purchases of available-for-sale securities and other investments   (6 )     (50 )
Maturities and sales of available-for-sale securities and other investments   18       8  
Collateral (posted) returned for derivative instruments   (118 )     14  
Payment made in connection with business acquisitions, net of cash acquired   (5 )     (24 )
Net cash used in investing activities   (570 )     (673 )
Cash flows from financing activities:      
Proceeds from (payment of) short-term borrowings with original maturities less than 90 days, net   190       (400 )
Proceeds from debt, net of issuance costs   177       4,086  
Payment of debt and associated costs   (1,654 )     (141 )
Stock-based award activities and others   (86 )     (88 )
Repurchase of common stock   (100 )     (3,547 )
Cash dividends paid   (777 )     (788 )
Collateral returned for derivative instruments   (200 )      
Settlement of cash flow hedges   (3 )     79  
Net cash used in financing activities   (2,453 )     (799 )
(Decrease) increase in cash, cash equivalents and restricted cash   (1,427 )     1,087  
Cash, cash equivalents and restricted cash at beginning of period   3,145       4,299  
Cash, cash equivalents and restricted cash at end of period $ 1,718     $ 5,386  

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