HP 2009 Annual Report Download - page 75
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (Continued)
institutions. Our liquidity is subject to various risks including the market risks identified in the section
entitled ‘‘Qualitative and Quantitative Disclosures about Market Risk’’ in Item 7A.
For the fiscal years ended October 31
2009 2008 2007
In billions
Cash and cash equivalents ................................. $13.3 $10.2 $11.3
Total debt ............................................. $15.8 $17.9 $ 8.2
Available borrowing resources(1) ............................. $18.1 $11.7 $10.3
(1) In addition to these available borrowing resources, we are able to offer for sale, from time to time,
in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock,
depositary shares and warrants under the 2009 Shelf Registration Statement.
Our cash position remains strong, and we believe our cash balances are sufficient to cover cash
outlays expected in fiscal 2010.
Cash Flows
The following table summarizes the key cash flow metrics from our consolidated statements of
cash flow:
For the fiscal years ended October 31
2009 2008 2007
In millions
Net cash provided by operating activities ................... $13,379 $ 14,591 $ 9,615
Net cash used in investing activities ....................... (3,580) (13,711) (9,123)
Net cash used in financing activities ....................... (6,673) (2,020) (5,599)
Net increase (decrease) in cash and cash equivalents ........... $ 3,126 $ (1,140) $(5,107)
Operating Activities
Net cash provided by operating activities decreased by approximately $1.2 billion for fiscal 2009, as
compared to fiscal 2008. The decrease was due primarily to increased utilization of cash resources for
payment of operating liabilities such as accounts payable, other current liabilities and restructuring
along with a decrease in net earnings, the impact of which was partially offset by the increased
generation of cash resources through the utilization of operating assets such as inventory and other
current assets along with increased amortization expense. Net cash provided by operating activities
increased by approximately $5.0 billion for fiscal 2008, as compared to fiscal 2007. The increase was
due primarily to higher net earnings in fiscal 2008, a decrease in accounts and financing receivables,
and increased accounts payable.
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