HP Reports First Quarter 2012 Results



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
              CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS               
                                (Unaudited)                                 
                               (In millions)                                
                                                                            
                                                                            
                                                   Three months ended       
                                            ------------------------------- 
                                              January 31,      January 31,  
                                                 2012             2011      
                                            --------------   -------------- 
                                                                            
Cash flows from operating activities:                                       
  Net earnings                              $        1,468   $        2,605 
  Adjustments to reconcile net earnings to                                  
   net cash provided by operating                                           
   activities:                                                              
    Depreciation and amortization                    1,303            1,255 
    Stock-based compensation expense                   175              180 
    Provision for bad debt and inventory                52               86 
    Restructuring charges                               40              158 
    Deferred taxes on earnings                        (110)             632 
    Excess tax benefit from stock-based                                     
     compensation                                      (11)             (64)
    Other, net                                          44             (104)
                                                                            
    Changes in  assets  and  liabilities:                                                                            
            Accounts  and  financing  receivables                          2,311                        1,752  
            Inventory                                                                                180                          (333)
            Accounts  payable                                                            (2,376)                        (912)
            Taxes  on  earnings                                                                (12)                        (242)
            Restructuring                                                                      (174)                        (272)
            Other  assets  and  liabilities                                    (1,697)                    (1,671)
                                                                                        --------------      --------------  
            Net  cash  provided  by  operating                                                                                
              activities                                                                        1,193                        3,070  
                                                                                        --------------      --------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
    Investment  in  property,  plant  and                                                                                  
      equipment                                                                                    (883)                        (926)
    Proceeds  from  sale  of  property,  plant  and                                                                  
      equipment                                                                                        96                            543  
    Purchases  of  available-for-sale                                                                                      
      securities  and  other  investments                                            -                            (19)
    Maturities  and  sales  of  available-for-                                                                        
      sale  securities  and  other  investments                                96                              53  
    Payments  made  in  connection  with  business                                                                  
      acquisitions,  net  of  cash  acquired                                  (141)                          (14)
    Proceeds  from  business  divestiture,  net                              81                                -  
                                                                                        --------------      --------------  
        Net  cash  used  in  investing  activities                          (751)                        (363)
                                                                                        --------------      --------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
    Repayment  of  commercial  paper  and  notes                                                                      
      payable,  net                                                                          (2,607)                    (3,710)
    Issuance  of  debt                                                                      3,035                        2,117  
    Payment  of  debt                                                                          (100)                        (138)
    Issuance  of  common  stock  under  employee                                                                      
      stock  plans                                                                                  313                            430  
    Repurchase  of  common  stock                                                    (780)                    (2,290)
    Excess  tax  benefit  from  stock-based                                                                              
      compensation                                                                                  11                              64  
    Cash  dividends  paid                                                                  (244)                        (175)
                                                                                        --------------      --------------  
        Net  cash  used  in  financing  activities                          (372)                    (3,702)
                                                                                        --------------      --------------  
                                                                                                                                                        
Increase  (decrease)  in  cash  and  cash                                                                                
  equivalents                                                                                        70                          (995)
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                            8,043                      10,929  
                                                                                        --------------      --------------  
Cash  and  cash  equivalents  at  end  of  period    $                8,113      $                9,934  
                                                                                        ==============      ==============  
                                                                                                                                                        
 

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