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Table of Content

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)  
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:January 31, 2023
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number001-37483
HEWLETT PACKARD ENTERPRISE COMPANY
(Exact name of registrant as specified in its charter)
Delaware 47-3298624
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. employer
identification no.)
1701 East Mossy Oaks Road,Spring,Texas77389
(Address of principal executive offices)(Zip code)
(678)259-9860
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareHPENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of March 2, 2023 was 1,295,869,008 shares, par value $0.01.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended January 31, 2023

Table of Contents
   Page
 
 

2
Table of Content

Forward-Looking Statements
This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of Part I, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties, and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Hewlett Packard Enterprise Company and its consolidated subsidiaries ("Hewlett Packard Enterprise") may differ materially from those expressed or implied by such forward-looking statements and assumptions. The words "believe", "expect", "anticipate", "intend", "will", "estimates", "may", "likely", "could", "should" and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the scope and duration of the novel coronavirus pandemic ("COVID-19"), other outbreaks, epidemics, pandemics, or public health crises, and the ongoing conflict between Russia and Ukraine, our actions in response thereto, and their impacts on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results, and the world economy; any projections or expectations of revenue, margins, expenses, investments, effective tax rates, interest rates, the impact of tax law changes (including those in the Inflation Reduction Act of 2022) and related guidance and regulations, net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; recent amendments to accounting guidance and any potential impacts on our financial reporting therefrom; any projections of the amount, execution, timing, and results of any transformation or impact of cost savings, restructuring plans, including estimates and assumptions related to the anticipated benefits, cost savings, or charges of implementing such transformation and restructuring plans; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution of corporate transactions or contemplated acquisitions, research and development expenditures, and any resulting benefit, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share, or competitive performance relating to products or services; any statements concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including products and services offered by Hewlett Packard Enterprise; any statements regarding current or future macroeconomic trends or events and the impacts of those trends and events on Hewlett Packard Enterprise and our financial performance, including but not limited to supply chain, inflation, and demand for our products and services, and our actions to mitigate such impacts on our business; any statements regarding future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, and governance issues; any statements regarding pending investigations, claims, or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties, and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and events, including but not limited to supply chain constraints, the inflationary environment, the ongoing conflict between Russia and Ukraine, and the relationship between China and the U.S.; the need to effectively manage third-party suppliers and distribute Hewlett Packard Enterprise's products and services; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including from pandemics and public health problems, such as the outbreak of COVID-19, and geopolitical events, such as those mentioned above); the development of and transition to new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients, and partners, including any impact thereon resulting from macroeconomic or geopolitical events; the hiring and retention of key employees; the execution, integration, and other risks associated with business combination and investment transactions; the impact of changes to privacy, cybersecurity, environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual property, or real estate portfolio; the payment or non-payment of a dividend for any period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining revenue recognition; impact of company policies and related compliance; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending investigations, claims, and disputes; the impacts of the Inflation Reduction Act of 2022 and related guidance or regulations; and other risks that are described herein, including but not limited to the items discussed in "Risk Factors" in Item 1A of Part I of the Annual Report on Form 10-K for the fiscal year ended October 31, 2022 and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and in other filings made with the Securities and Exchange Commission. Hewlett Packard Enterprise assumes no obligation and does not intend to update these forward-looking statements, except as required by applicable law.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Index
 Page

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
 For the three months ended January 31,
 20232022
 In millions, except per share amounts
Net revenue:  
Products$5,114 $4,243 
Services2,572 2,596 
Financing income123 122 
Total net revenue7,809 6,961 
Costs and expenses:  
Cost of products3,460 3,016 
Cost of services1,613 1,555 
Financing cost78 46 
Research and development623 504 
Selling, general and administrative1,257 1,201 
Amortization of intangible assets73 73 
Transformation costs102 111 
Disaster charges (recovery)1 (1)
Acquisition, disposition and other related charges11 8 
Total costs and expenses7,218 6,513 
Earnings from operations591 448 
Interest and other, net(25)(5)
Tax indemnification and related adjustments(1)(17)
Non-service net periodic benefit credit— 36 
Earnings from equity interests58 31 
Earnings before (provision) benefit for taxes623 493 
(Provision) benefit for taxes(122)20 
Net earnings $501 $513 
Net earnings per share:  
Basic$0.39 $0.39 
Diluted$0.38 $0.39 
Weighted-average shares used to compute net earnings per share:  
Basic1,298 1,304 
Diluted1,315 1,325 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 For the three months ended January 31,
 20232022
 In millions
Net earnings$501 $513 
Other comprehensive (loss) income before taxes:  
Change in net unrealized gains (losses) on available-for-sale securities:  
Net unrealized gains (losses) arising during the period5 (1)
5 (1)
Change in net unrealized (losses) gains on cash flow hedges:  
Net unrealized (losses) gains arising during the period(518)215 
Net losses (gains) reclassified into earnings247 (201)
(271)14 
Change in unrealized components of defined benefit plans:  
Net unrealized gains arising during the period— 6 
Amortization of net actuarial loss and prior service benefit35 41 
Curtailments, settlements and other— 1 
35 48 
Change in cumulative translation adjustment20 (11)
Other comprehensive (loss) income before taxes(211)50 
Benefit (provision) for taxes53 (13)
Other comprehensive (loss) income, net of taxes(158)37 
Comprehensive income$343 $550 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
 As of
 January 31, 2023October 31, 2022
(Unaudited)(Audited)
 In millions, except par value
ASSETS  
Current assets:  
Cash and cash equivalents$2,530 $4,163 
Accounts receivable, net of allowances4,201 4,101 
Financing receivables, net of allowances3,726 3,522 
Inventory4,644 5,161 
Other current assets3,133 3,559 
Total current assets18,234 20,506 
Property, plant and equipment5,990 5,784 
Long-term financing receivables and other assets11,046 10,537 
Investments in equity interests2,225 2,160 
Goodwill17,421 17,403 
Intangible assets675 733 
Total assets$55,591 $57,123 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Notes payable and short-term borrowings$5,349 $4,612 
Accounts payable6,535 8,717 
Employee compensation and benefits1,284 1,401 
Taxes on earnings210 176 
Deferred revenue3,533 3,451 
Accrued restructuring185 192 
Other accrued liabilities4,380 4,625 
Total current liabilities21,476 23,174 
Long-term debt7,577 7,853 
Other non-current liabilities6,475 6,187 
Commitments and contingencies
Stockholders' equity  
HPE stockholders' equity:  
Common stock, $0.01 par value (9,600 shares authorized; 1,297 and 1,281 shares issued and outstanding at January 31, 2023 and October 31, 2022, respectively)
13 13 
Additional paid-in capital28,259 28,299 
Accumulated deficit(5,005)(5,350)
Accumulated other comprehensive loss(3,256)(3,098)
Total HPE stockholders' equity20,011 19,864 
Non-controlling interests 52 45 
Total stockholders' equity20,063 19,909 
Total liabilities and stockholders' equity$55,591 $57,123 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 For the three months ended January 31,
 20232022
 In millions
Cash flows from operating activities:  
Net earnings $501 $513 
Adjustments to reconcile net earnings to net cash used in operating activities:  
Depreciation and amortization656 621 
Stock-based compensation expense140 128 
Provision for inventory and doubtful accounts45 46 
Restructuring charges72 37 
Deferred taxes on earnings 20 37 
Earnings from equity interests(58)(31)
Other, net(60)(27)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(112)543 
Financing receivables(523)181 
Inventory495 (834)
Accounts payable(2,195)(438)
Taxes on earnings46 (111)
Restructuring(96)(114)
Other assets and liabilities240 (627)
Net cash used in operating activities(829)(76)
Cash flows from investing activities:  
Investment in property, plant and equipment(794)(624)
Proceeds from sale of property, plant and equipment159 123 
Purchases of investments— (21)
Proceeds from maturities and sales of investments4 44 
Financial collateral posted(682)(10)
Financial collateral received108 153 
Payments made in connection with business acquisitions, net of cash acquired(32)— 
Net cash used in investing activities(1,237)(335)
Cash flows from financing activities:  
Short-term borrowings with original maturities less than 90 days, net745 53 
Proceeds from debt, net of issuance costs261 1,276 
Payment of debt(661)(633)
Net payments related to stock-based award activities(107)(57)
Repurchase of common stock(73)(129)
Cash dividends paid to shareholders(156)(155)
Net cash provided by financing activities9 355 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash138 — 
Decrease in cash, cash equivalents and restricted cash(1,919)(56)
Cash, cash equivalents and restricted cash at beginning of period4,763 4,332 
Cash, cash equivalents and restricted cash at end of period$2,844 $4,276 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Common Stock
For the three months ended January 31, 2023Number of SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated
Other
Comprehensive
Loss		Equity
Attributable
to the
Company		Non-
controlling
Interests		Total
Equity
 In millions, except number of shares in thousands
Balance at October 31, 20221,281,037 $13 $28,299 $(5,350)$(3,098)$19,864 $45 $19,909 
Net earnings501 501 7 508 
Other comprehensive loss(158)(158)(158)
Comprehensive income343 7 350 
Stock-based compensation expense140 140 140 
Tax withholding related to vesting of employee stock plans(134)(134)(134)
Issuance of common stock in connection with employee stock plans and other20,352 24 24 24 
Repurchases of common stock(4,505)(70)(70)(70)
Cash dividends declared ($0.12 per share)
(156)(156)(156)
Balance at January 31, 20231,296,884 $13 $28,259 $(5,005)$(3,256)$20,011 $52 $20,063 

) Represents the impact of the adoption of the accounting standard on the s on financial instruments.
Common Stock
For the three months ended January 31, 2022Number of SharesPar ValueAdditional Paid-in Capital Accumulated Deficit Accumulated
Other
Comprehensive
Loss		Equity
Attributable
to the
Company		Non-
controlling
Interests		Total
Equity
 In millions, except number of shares in thousands
Balance at October 31, 20211,294,634 $13 $28,470 $(5,597)$(2,915)$19,971 $46 $20,017 
Net earnings513 513 1 514 
Other comprehensive income37 37 37 
Comprehensive income550 1 551 
Stock-based compensation expense128 128 128 
Tax withholding related to vesting of employee stock plans(82)(82)(82)
Issuance of common stock in connection with employee stock plans and other13,449 26 26 26 
Repurchases of common stock(7,824)(120)(120)(120)
Cash dividends declared ($0.12 per share)
(155)(155)(155)
Balance at January 31, 20221,300,259 $13 $28,422 $(5,239)$(2,878)$20,318 $47 $20,365 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1: Overview and Summary of Significant Accounting Policies
Background
Hewlett Packard Enterprise Company ("Hewlett Packard Enterprise," "HPE," or the "Company") is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud. Hewlett Packard Enterprise enables customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Hewlett Packard Enterprise's customers range from small- and medium-sized businesses to large global enterprises and governmental entities.
Basis of Presentation and Consolidation
The Condensed Consolidated Financial Statements of the Company were prepared in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). The Company’s unaudited Condensed Consolidated Financial Statements include the accounts of the Company and all subsidiaries and affiliates in which the Company has a controlling financial interest or is the primary beneficiary. All intercompany transactions and accounts within the consolidated businesses of the Company have been eliminated. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements of Hewlett Packard Enterprise contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company's financial position as of January 31, 2023 and October 31, 2022, its results of operations for the three months ended January 31, 2023 and 2022, its cash flows for the three months ended January 31, 2023 and 2022, and its statements of stockholders' equity for the three months ended January 31, 2023 and 2022.
The results of operations and the cash flows for the three months ended January 31, 2023 are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2022, as filed with the U.S. Securities and Exchange Commission ("SEC") on December 8, 2022.
Segment Realignment
Effective at the beginning of the first quarter of fiscal 2023, in order to align its segment financial reporting more closely with its current business structure, the Company implemented an organizational change with the transfer of certain storage networking products, previously reported within the Storage reportable segment, to the Compute reportable segment.
The Company reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in the realignment of net revenue and operating profit for each of the segments as described above. These changes had no impact on Hewlett Packard Enterprise’s previously reported consolidated net revenue, net earnings, net earnings per share ("EPS") or total assets.
Significant Accounting Policies
There have been no changes to the Company's significant accounting policies described in Part II, Item 8, Note 1, "Overview and Summary of Significant Accounting Policies," of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2022.
Recently Enacted Accounting Pronouncements
Although there are new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") that the Company will adopt, as applicable, the Company does not believe any of these accounting pronouncements will have a material impact on its Condensed Consolidated Financial Statements.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 2: Segment Information
Hewlett Packard Enterprise's operations are organized into six segments for financial reporting purposes: Compute, High Performance Computing & Artificial Intelligence ("HPC & AI"), Storage, Intelligent Edge, Financial Services ("FS"), and Corporate Investments and Other. Hewlett Packard Enterprise's organizational structure is based on a number of factors that the Chief Operating Decision Maker, who is the Chief Executive Officer, uses to evaluate, view, and run the Company's business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The six segments are based on this organizational structure and information reviewed by Hewlett Packard Enterprise's management to evaluate segment results. A summary description of each segment follows.
Compute includes both general purpose servers for multi-workload computing and workload optimized servers to deliver the best performance and value for demanding applications. This portfolio of products includes the HPE ProLiant Compute rack and tower servers and HPE Synergy servers. Compute offerings also include operational and support services and HPE GreenLake for Compute that provides flexible Compute as-a-service ("aaS") IT infrastructure on a consumption basis through the HPE GreenLake edge-to-cloud platform.
HPC & AI offers integrated systems comprised of software and hardware designed to address HPC, AI, Data Analytics, and Transaction Processing workloads for government and commercial customers globally. The solutions are segmented into HPC and Data Solutions. The HPC portfolio of products includes HPE Cray Supercomputing, HPE Apollo and Converged Edge Systems (formerly known as Edge Compute) hardware, software, and data management appliances that are often sold as supercomputing systems, including exascale supercomputers. The Data Solutions portfolio includes the mission critical compute portfolio and HPE NonStop. The mission critical compute portfolio includes the HPE Superdome Flex and HPE Integrity product lines for critical applications including large enterprise software applications and data analytics platforms. The HPE Nonstop portfolio includes high-availability, fault-tolerant, software and appliances that power applications such as credit-card transaction processing that require large scale and high availability. HPC & AI offerings also include operational and support services sold with its systems and as standalone services, and also offers most of its solutions aaS on a consumption basis through the HPE GreenLake edge-to-cloud platform.
Storage provides primary storage product and service offerings, which include software-powered hyperconverged infrastructure ("HCI") with HPE Nimble Storage Disaggregated HCI and HPE SimpliVity, cloud-native primary storage with HPE Primera and HPE Alletra Storage, storage aaS with HPE GreenLake for Block Storage, disaster recovery and ransomware recovery with Zerto, backup aaS with HPE Backup and Recovery Service, and big data solutions running on HPE Alletra 4000 Data Storage Servers. Storage also provides solutions for unstructured data and analytics workloads and traditional tape, storage networking, and disk products, such as HPE MSA and HPE XP. Storage also provides data-driven intelligence with HPE InfoSight and HPE CloudPhysics along with operational and support services, software subscription services, and data infrastructure portfolio and solutions delivered aaS on a consumption basis through the HPE GreenLake edge-to-cloud platform.
Intelligent Edge offers wired and wireless local area network ("LAN"), campus and data center switching, software-defined wide-area-network, network security, and associated services to enable secure connectivity for businesses of any size. The HPE Aruba Networking product portfolio includes hardware products such as Wi-Fi access points, switches and gateways. The HPE Aruba Networking software and services portfolio includes cloud-based management, network management, network access control, analytics and assurance, location services software, and professional and support services, as well as aaS and consumption models through the HPE GreenLake edge-to-cloud platform for the Intelligent Edge portfolio of products. Intelligence Edge offerings are consolidated in the Edge Service Platform which takes a cloud-native approach that provides customers a unified framework to meet their connectivity, security, and financial needs across campus, branch, data center, and remote worker environments.
Financial Services provides flexible investment solutions, such as leasing, financing, IT consumption, utility programs, and asset management services, for customers that facilitate unique technology deployment models and the acquisition of complete IT solutions, including hardware, software, and services from Hewlett Packard Enterprise and others. FS also supports financial solutions for on-premise flexible consumption models, such as the HPE GreenLake edge-to-cloud platform.
Corporate Investments and Other includes the Advisory and Professional Services ("A & PS") business which primarily offers consultative-led services, HPE and partner technology expertise and advice, implementation services as well as complex solution engagement capabilities; the Communications and Media Solutions business ("CMS"), which primarily offers software and related services to the telecommunications industry; the HPE Software business which offers the HPE Ezmeral Software
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Container Platform and HPE Ezmeral Software Data Fabric; and Hewlett Packard Labs which is responsible for research and development.
Segment Policy
Hewlett Packard Enterprise does not allocate to its segments certain operating expenses, which it manages at the corporate level. These unallocated operating costs include certain corporate costs and eliminations, stock-based compensation expense, amortization of initial direct costs, amortization of intangible assets, transformation costs, disaster charges (recovery), and acquisition, disposition and other related charges.
Segment Operating Results
Segment net revenue and operating results were as follows:
 ComputeHPC & AIStorageIntelligent EdgeFinancial
Services		Corporate
Investments and Other		Total
In millions
Three months ended January 31, 2023     
Net revenue$3,367 $993 $1,168 $1,121 $867 $293 $7,809 
Intersegment net revenue89 63 19 6 6 — 183 
Total segment net revenue$3,456 $1,056 $1,187 $1,127 $873 $293 $7,992 
Segment earnings (loss) from operations$609 $1 $142 $247 $82 $(55)$1,026 
Three months ended January 31, 2022     
Net revenue$3,004 $776 $1,116 $900 $840 $325 $6,961 
Intersegment net revenue40 14 12 1 2 — 69 
Total segment net revenue$3,044 $790 $1,128 $901 $842 $325 $7,030 
Segment earnings (loss) from operations$427 $(7)$157 $157 $104 $(11)$827 
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
    The reconciliation of segment operating results to Condensed Consolidated Statements of Earnings was as follows:
 For the three months ended January 31,
 20232022
 In millions
Net revenue: 
Total segments$7,992 $7,030 
Eliminations of intersegment net revenue(183)(69)
Total consolidated net revenue$7,809 $6,961 
Earnings before taxes:  
Total segment earnings from operations$1,026 $827 
Unallocated corporate costs and eliminations(108)(59)
Stock-based compensation expense(140)(128)
Amortization of initial direct costs— (1)
Amortization of intangible assets(73)(73)
Transformation costs(102)(111)
Disaster (charges) recovery(1)1 
Acquisition, disposition and other related charges(11)(8)
Interest and other, net(25)(5)
Tax indemnification and related adjustments(1)(17)
Non-service net periodic benefit credit— 36 
Earnings from equity interests58 31 
Total earnings before provision for taxes$623 $493 
Segment Assets
Hewlett Packard Enterprise allocates assets to its business segments based on the segments primarily benefiting from the assets. Total assets by segment and the reconciliation of segment assets to total assets as per Condensed Consolidated Balance Sheets were as follows:
As of
January 31, 2023October 31, 2022
In millions
Compute$15,616 $16,881 
HPC & AI5,718 5,997 
Storage7,093 7,484 
Intelligent Edge4,403 4,594 
Financial Services14,937 14,837 
Corporate Investments and Other 874 1,110 
Corporate and unallocated assets6,950 6,220 
Total assets$55,591 $57,123 
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Geographic Information
Net revenue by geographic region was as follows:
For the three months ended January 31,
20232022
In millions
Americas:
United States$2,885 $2,318 
Americas excluding U.S.569 461 
Total Americas3,454 2,779 
Europe, Middle East and Africa2,680 2,556 
Asia Pacific and Japan1,675 1,626 
Total consolidated net revenue$7,809 $6,961 
Note 3: Transformation Programs
Transformation programs are comprised of the cost optimization and prioritization plan and the HPE Next initiative. During the third quarter of fiscal 2020, the Company launched the cost optimization and prioritization plan, which focuses on realigning the workforce to areas of growth, a new hybrid workforce model called Edge-to-Office, real estate strategies, and simplifying and evolving our product portfolio strategy. The implementation period of the primary elements of the cost optimization and prioritization plan is anticipated to be through fiscal 2023. During the remaining implementation period, the Company expects to incur transformation costs predominantly related to labor restructuring, non-labor restructuring, IT investments, design and execution charges and real estate initiatives.
During the third quarter of fiscal 2017, the Company launched an initiative called HPE Next to put in place a purpose-built company designed to compete and win in the markets where it participates. Through this program, the Company is simplifying the operating model, and streamlining its offerings, business processes and business systems to improve its strategy execution. The implementation period of primary elements of the HPE Next initiative is anticipated to be through fiscal 2023. During the remaining implementation period, the Company expects to incur predominantly IT infrastructure costs for streamlining, upgrading, and simplifying back-end operations, and real estate initiatives. These costs are expected to be offset by gains from real estate sales and sublease income from inactive office space.
Cost Optimization and Prioritization Plan
The components of transformation costs relating to the cost optimization and prioritization plan were as follows:
 For the three months ended January 31,
20232022
 In millions
Program management$1 $8 
IT costs8 8 
Restructuring charges71 37 
Total $80 $53 
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
HPE Next
The components of transformation costs relating to HPE Next were as follows:
 For the three months ended January 31,
20232022
 In millions
Program management$— $3 
IT costs21 47 
Restructuring charges1 — 
Gain on real estate sales— (8)
Impairment of real estate assets— 11 
Other— 5 
Total $22 $58 
Restructuring Plan
Restructuring activities related to the Company's employees and infrastructure under the cost optimization and prioritization plan and HPE Next plan are presented in the table below:
Cost Optimization and Prioritization PlanHPE Next Plan
 Employee
Severance		Infrastructure
and other		Employee
Severance		Infrastructure
and other
In millions
Liability as of October 31, 2022
$185 $122 $11 $25 
Charges53 18 — 1 
Cash payments(71)(18)(4)(2)
Non-cash items12 1 1 — 
Liability as of January 31, 2023