HP Inc. Reports Fiscal 2018 First Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
  
  As of
  January 31,
2018
  October 31,
2017
ASSETS   
Current assets:   
Cash and cash equivalents$5,475  $6,997 
Accounts receivable4,396  4,414 
Inventory5,655  5,786 
Other current assets5,691  5,121 
Total current assets21,217  22,318 
Property, plant and equipment2,026  1,878 
Goodwill5,935  5,622 
Other non-current assets6,067  3,095 
Total assets$35,245  $32,913 
    
LIABILITIES AND STOCKHOLDERS' DEFICIT   
Current liabilities:   
Notes payable and short-term borrowings$1,529  $1,072 
Accounts payable12,848  13,279 
Employee compensation and benefits706  894 
Taxes on earnings213  214 
Deferred revenue1,039  1,012 
Other accrued liabilities7,014  5,941 
Total current liabilities23,349  22,412 
Long-term debt6,340  6,747 
Other non-current liabilities8,298  7,162 
Stockholders' deficit(2,742) (3,408)
Total liabilities and stockholders' deficit$35,245  $32,913 
        


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended January 31
  2018  2017
Cash flows from operating activities:   
Net earnings$1,938  $611 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization129  84 
Stock-based compensation expense85  75 
Restructuring and other charges31  63 
Deferred taxes on earnings(3,713)   67  
Other, net 13     19  
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 272     614  
Inventory 364     (69 )
Accounts payable (478 )   (116 )
Taxes on earnings 2,463     (75 )
Restructuring and other (133 )   (51 )
Other assets and liabilities 25     (455 )
Net cash provided by operating activities 996     767  
Cash flows from investing activities:      
Investment in property, plant and equipment (129 )   (101 )
Proceeds from sale of property, plant and equipment 110     69  
Purchases of available-for-sale securities and other investments (268 )   (2 )
Maturities and sales of available-for-sale securities and other investments 139     2  
Collateral posted for derivative instruments (608 )   (54 )
Collateral returned for derivative instruments 53      
Payment made in connection with business acquisitions, net of cash acquired (1,020 )    
Net cash used in investing activities (1,723 )   (86 )
Cash flows from financing activities:      
(Payments) proceeds from short-term borrowings with original maturities less than 90 days, net (106 )   35  
Proceeds from short-term borrowings with original maturities greater than 90 days 200      
Proceeds from debt, net of issuance costs     5  
Payment of short-term borrowings with original maturities greater than 90 days (118 )   (3 )
Payment of debt (41 )   (24 )
Settlement of cash flow hedges     (4 )
Net proceeds related to stock-based award activities (38 )   (34 )
Repurchase of common stock (462 )   (386 )
Cash dividends paid (230 )   (227 )
Net cash used in financing activities (795 )   (638 )
Increase (decrease) in cash and cash equivalents (1,522 )   43  
Cash and cash equivalents at beginning of period 6,997     6,288  
Cash and cash equivalents at end of period $ 5,475     $ 6,331  
               

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