HP Inc. Reports Fiscal 2020 Full Year and Fourth Quarter Results


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


  Three months ended
  October 31, 2020  October 31, 2019
Cash flows from operating activities:   
Net earnings$668   $388  
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization196   205  
Stock-based compensation expense57   64  
Restructuring and other charges31   134  
Deferred taxes on earnings(76) (192)
Defined benefit plan settlement charges214   —  
Other, net44   78  
Changes in operating assets and liabilities, net of acquisitions:   
Accounts receivable(124) (739)
Inventory(139) (44)
Accounts payable398   85  
Net investment in leases(40) —  
Taxes on earnings91   272  
Restructuring and other(77)  (32 )
Other assets and liabilities 631      369   
Net cash provided by operating activities 1,874      588   
Cash flows from investing activities:      
Investment in property, plant and equipment (116 )   (196 )
Purchases of available-for-sale securities and other investments (160 )   —   
Maturities and sales of available-for-sale securities and other investments 114      —   
Net change in collateral on derivatives 77      —   
Payment made in connection with business acquisition, net of cash acquired —      (31 )
Net cash used in investing activities (85 )   (227 )
Cash flows from financing activities:      
Proceed from short-term borrowings with original maturities greater than 90 days     —   
Proceeds from debt, net of issuance costs 30      33   
Payment of debt (61 )   (76 )
Stock-based award activities and others (3 )   (3 )
Repurchase of common stock (1,340 )   (461 )
Cash dividends paid (238 )   (236 )
Net cash used in financing activities (1,604 )   (743 )
Increase (decrease) in cash and cash equivalents 185      (382 )
Cash and cash equivalents at beginning of period 4,679      4,919   
Cash and cash equivalents at end of period $ 4,864      $ 4,537   

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