HP Inc. Reports Fiscal 2021 Second Quarter Results



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

  Six months ended
  April 30, 2021  April 30, 2020
Cash flows from operating activities:   
Net earnings$2,296  $1,442 
Adjustments to reconcile net earnings to net cash provided by operating activities:     
Depreciation and amortization389  396 
Stock-based compensation expense191  172 
Restructuring and other charges160  372 
Deferred taxes on earnings50  114 
Other, net101  153 
Changes in operating assets and liabilities, net of acquisitions:     
Accounts receivable335  856 
Inventory(1,555)  (645) 
Accounts payable515  (518) 
Net investment in leases(38)  (85) 
Taxes on earnings(99)  (149) 
Restructuring and other(115)  (337) 
Other assets and liabilities238  (996) 
Net cash provided by operating activities2,468  775 
Cash flows from investing activities:     
Investment in property, plant and equipment(252)  (347)  
Proceeds from the sale of property, plant and equipment     3  
Purchases of available-for-sale securities and other investments (13)     (303)  
Maturities and sales of available-for-sale securities and other investments 274     303  
Collateral posted for derivative instruments (154)      
Payment made in connection with business acquisitions, net of cash acquired (170)     (36)  
Net cash used in investing activities (315)     (380)  
Cash flows from financing activities:          
Proceed 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 12     11  
Proceeds from debt, net of issuance costs 48     58  
Payment of debt (126)     (126)  
Stock-based award activities and other (50)     (112)  
Repurchase of common stock (2,988)     (814)  
Cash dividends paid (489)     (508)  
Net cash used in financing activities (3,593)     (878)  
Decrease in cash and cash equivalent (1,440)     (483)  
Cash and cash equivalents at beginning of period 4,864     4,537  
Cash and cash equivalents at end of period $ 3,424     $ 4,054  

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