HP Inc. Reports Fiscal 2021 Second Quarter Results


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

  Three months ended
  April 30, 2021  April 30, 2020
Cash flows from operating activities:   
Net earnings$1,228  $764 
Adjustments to reconcile net earnings to net cash provided by operating activities:     
Depreciation and amortization186  198 
Stock-based compensation expense76  63 
Restructuring and other charges39  81 
Deferred taxes on earnings(17)  (3) 
Other, net39  99 
Changes in operating assets and liabilities, net of acquisitions:     
Accounts receivable258  (311) 
Inventory(830)  (1,406) 
Accounts payable235  1,401 
Net investment in leases(21)  (51) 
Taxes on earnings(169)  (122) 
Restructuring and other(46)  (228) 
Other assets and liabilities468  (995) 
Net cash provided by (used in) operating activities1,446  (510) 
Cash flows from investing activities:     
Investment in property, plant and equipment(121)  (149) 
Proceeds from the sale of property, plant and equipment  3  
Purchases of available-for-sale securities and other investments (12)     (3)  
Maturities and sales of available-for-sale securities and other investments     292  
Collateral posted for derivative instruments (9)      
Payment made in connection with business acquisition, net of cash acquired (170)     (25)  
Net cash (used in) provided by investing activities (312)     118  
Cash flows from financing activities:          
Proceeds from short-term borrowings with original maturities less than 90 days, net     613  
Proceed from short-term borrowings with original maturities greater than 90 days 6     9  
Proceeds from debt, net of issuance costs 28     49  
Payment of debt (58)     (59)  
Stock-based award activities and other 3     4  
Repurchase of common stock (1,610)     (123)  
Cash dividends paid (239)     (252)  
Net cash (used in) provided by financing activities (1,870)     241  
Decrease in cash and cash equivalent (736)     (151)  
Cash and cash equivalents at beginning of period 4,160     4,205  
Cash and cash equivalents at end of period $ 3,424     $ 4,054  

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