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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:July 31, 2024
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 August 29, 2024 was 1,298,668,639 shares, par value $0.01.

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended July 31, 2024




2
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", “guide”, “optimistic”, "intend", “aim”, "will", "estimates", "may", "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 any anticipated financial or operational benefits associated with the segment realignment that became effective as of the beginning of the first quarter of fiscal 2024; any projections, estimations, or expectations of addressable markets and their sizes, revenue (including annualized revenue run-rate), margins, expenses (including stock-based compensation expenses), investments, effective tax rates, interest rates, the impact of tax law changes 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 or estimations of future orders, including as-a-service orders; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution and consummation of corporate transactions or contemplated acquisitions (including but not limited to our proposed acquisition of Juniper Networks, Inc.) and dispositions (including but not limited to the disposition of H3C shares and the receipt of proceeds therefrom), 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 artificial intelligence-related and other 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, demand for our products and services, and access to liquidity, and our actions to mitigate such impacts on our business; the scope and duration of outbreaks, epidemics, pandemics, or public health crises, the ongoing conflicts between Russia and Ukraine and in the Middle East, and the relationship between China and the U.S., and 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 statements regarding future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues, among others; any statements regarding pending investigations, claims, or disputes; any statements of expectation or belief, including those relating to future guidance and the financial performance of Hewlett Packard Enterprise; 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 use and development of artificial intelligence, the inflationary environment, the ongoing conflicts between Russia and Ukraine and in the Middle East, 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 public health crises, such as pandemics or epidemics, and geopolitical events, such as those mentioned above); the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution of Hewlett Packard Enterprise’s transformation and mix shift of its portfolio of offerings; 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, such as those mentioned above, the prospect of a shutdown of the U.S. federal government; the hiring and retention of key employees; the execution, integration, consummation, and other risks associated with business combination, disposition, and investment transactions, including but not limited to the risks associated with the disposition of H3C shares and the receipt of proceeds therefrom and completion of our proposed acquisition of Juniper Networks, Inc. and our ability to integrate and implement our plans, forecasts, and other expectations with respect to the consolidated business; 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 tax law changes and related guidance or regulations; and other risks that are described herein, including but not limited to the items discussed in
3
"Risk Factors" in Item 1A of Part I of the Annual Report on Form 10-K for the fiscal year ended October 31, 2023 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.
4
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Index
 Page

5
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
 For the three months ended July 31,For the nine months ended July 31,
 2024202320242023
 In millions, except per share amounts
Net Revenue:  
Products$4,854 $4,231 $13,134 $13,587 
Services2,688 2,629 8,049 7,802 
Financing income168 142 486 395 
Total net revenue7,710 7,002 21,669 21,784 
Costs and Expenses:  
Cost of products3,438 2,744 8,998 8,942 
Cost of services1,708 1,646 5,032 4,892 
Financing cost125 102 367 270 
Research and development547 578 1,719 1,771 
Selling, general and administrative1,229 1,302 3,660 3,828 
Amortization of intangible assets60 72 198 216 
Transformation costs14 65 67 227 
Disaster charges5 1 5 5 
Acquisition, disposition and other related charges37 21 126 51 
Total costs and expenses7,163 6,531 20,172 20,202 
Earnings from operations547 471 1,497 1,582 
Interest and other, net(12)(8)(122)(81)
Earnings from equity interests73 73 161 180 
Earnings before provision for taxes608 536 1,536 1,681 
Provision for taxes(96)(72)(323)(298)
Net earnings $512 $464 $1,213 $1,383 
Net Earnings Per Share:  
Basic$0.39 $0.36 $0.93 $1.06 
Diluted$0.38 $0.35 $0.92 $1.05 
Weighted-average Shares Used to Compute Net Earnings Per Share:  
Basic1,312 1,299 1,308 1,300 
Diluted1,332 1,316 1,325 1,317 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 For the three months ended July 31,For the nine months ended July 31,
 2024202320242023
 In millions
Net earnings$512 $464 $1,213 $1,383 
Other Comprehensive (Loss) Income Before Taxes  
Change in Net Unrealized Gains (Losses) on Available-for-sale Securities:  
Net unrealized gains (losses) arising during the period3 (1)6 4 
3 (1)6 4 
Change in Net Unrealized (Losses) Gains on Cash Flow Hedges:  
Net unrealized losses arising during the period(34)(25)(69)(525)
Net losses reclassified into earnings3 60 2 346 
(31)35 (67)(179)
Change in Unrealized Components of Defined Benefit Plans:  
Net unrealized losses arising during the period(1)(2)(2)(2)
Amortization of net actuarial loss and prior service benefit34 37 102 108 
Curtailments, settlements and other— 3 1 3 
33 38 101 109 
Change in Cumulative Translation Adjustment(9)(30)(17)(11)
Other Comprehensive (Loss) Income Before Taxes(4)42 23 (77)
Benefit (Provision) for Taxes5 (13)4 26 
Other Comprehensive Income (Loss), Net of Taxes1 29 27 (51)
Comprehensive Income$513 $493 $1,240 $1,332 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
 As of
 July 31, 2024October 31, 2023
(Unaudited)(Audited)
 In millions, except par value and shares
ASSETS  
Current Assets:  
Cash and cash equivalents$3,642 $4,270 
Accounts receivable, net of allowances3,857 3,481 
Financing receivables, net of allowances3,705 3,543 
Inventory7,679 4,607 
Assets held for sale6 — 
Other current assets3,516 3,047 
Total current assets22,405 18,948 
Property, plant and equipment, net5,738 5,989 
Long-term financing receivables and other assets11,926 11,377 
Investments in equity interests2,318 2,197 
Goodwill17,988 17,988 
Intangible assets477 654 
Total assets$60,852 $57,153 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current Liabilities:  
Notes payable and short-term borrowings$3,864 $4,868 
Accounts payable10,085 7,136 
Employee compensation and benefits1,166 1,724 
Taxes on earnings150 155 
Deferred revenue3,803 3,658 
Accrued restructuring86 180 
Liabilities held for sale59 — 
Other accrued liabilities4,652 4,161 
Total current liabilities23,865 21,882 
Long-term debt7,939 7,487 
Other non-current liabilities6,914 6,546 
Commitments and Contingencies
HPE Stockholders' Equity:  
Common stock, $0.01 par value (9,600,000,000 shares authorized; 1,298,356,235 and 1,282,630,405 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively)
13 13 
Additional paid-in capital28,361 28,199 
Accumulated deficit(3,240)(3,946)
Accumulated other comprehensive loss(3,057)(3,084)
Total HPE stockholders' equity22,077 21,182 
Non-controlling interests 57 56 
Total stockholders' equity22,134 21,238 
Total liabilities and stockholders' equity$60,852 $57,153 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 For the nine months ended July 31,
 20242023
 In millions
Cash Flows from Operating Activities:  
Net earnings $1,213 $1,383 
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:  
Depreciation and amortization1,924 1,961 
Stock-based compensation expense341 357 
Provision for inventory and credit losses125 189 
Restructuring charges20 133 
Deferred taxes on earnings 16 (2)
Earnings from equity interests(161)(180)
Dividends received from equity investees43 34 
Other, net160 (7)
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Accounts receivable(383)623 
Financing receivables(311)(870)
Inventory(3,195)491 
Accounts payable3,002 (3,146)
Taxes on earnings108 26 
Restructuring(144)(201)
Other assets and liabilities(447)794 
Net cash provided by operating activities2,311 1,585 
Cash Flows from Investing Activities:  
Investment in property, plant and equipment and software assets(1,759)(2,153)
Proceeds from sale of property, plant and equipment280 347 
Purchases of investments(16)(10)
Proceeds from maturities and sales of investments5 8 
Financial collateral posted(728)(1,410)
Financial collateral received638 793 
Payments made in connection with business acquisitions, net of cash acquired— (761)
Net cash used in investing activities(1,580)(3,186)
Cash Flows from Financing Activities:  
Short-term borrowings with original maturities less than 90 days, net(50)(54)
Proceeds from debt, net of issuance costs2,156 3,886 
Payment of debt(2,794)(3,062)
Cash settlement for derivative hedging debt— (7)
Net payments related to stock-based award activities(69)(100)
Repurchase of common stock(100)(366)
Cash dividends paid to non-controlling interests, net of contributions(8)— 
Cash dividends paid to shareholders(507)(465)
Net cash used in financing activities(1,372)(168)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(35)138 
Decrease in cash, cash equivalents and restricted cash(676)(1,631)
Cash, cash equivalents and restricted cash at beginning of period4,581 4,763 
Cash, cash equivalents and restricted cash at end of period$3,905 $3,132 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Common Stock
For the three months ended July 31, 2024Number 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 as of April 30, 20241,297,931 $13 $28,308 $(3,583)$(3,058)$21,680 $54 $21,734 
Net earnings512 512 3 515 
Other comprehensive income1 1 1 
Comprehensive income513 3 516 
Stock-based compensation expense80 80 80 
Tax withholding related to vesting of employee stock plans(6)(6)(6)
Issuance of common stock in connection with employee stock plans and other2,846 29 29 29 
Repurchases of common stock(2,421)(50)(50)(50)
Cash dividends declared ($0.13 per share)
(169)(169)— (169)
Balance as of July 31, 20241,298,356 $13 $28,361 $(3,240)$(3,057)$22,077 $57 $22,134 

) Represents the impact of the adoption of the accounting standard on the s on financial instruments.
For the nine months ended July 31, 2024Common Stock
Number 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 as of October 31, 20231,282,630 $13 $28,199 $(3,946)$(3,084)$21,182 $56 $21,238 
Net earnings1,213 1,213 9 1,222 
Other comprehensive income27 27 27 
Comprehensive income1,240 9 1,249 
Stock-based compensation expense341 341 341 
Tax withholding related to vesting of employee stock plans(132)(132)(132)
Issuance of common stock in connection with employee stock plans and other21,008 53 53 53 
Repurchases of common stock(5,282)(100)(100)(100)
Cash dividends declared ($0.39 per share)
(507)(507)(8)(515)
Balance as of July 31, 20241,298,356 $13 $28,361 $(3,240)$(3,057)$22,077 $57 $22,134 
10
Common Stock
For the three months ended July 31, 2023Number 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 as of April 30, 20231,291,503 $13 $28,274 $(4,743)$(3,178)$20,366 $55 $20,421 
Net earnings464 464 — 464 
Other comprehensive income29 29 29 
Comprehensive income493 — 493 
Stock-based compensation expense91 91 91 
Tax withholding related to vesting of employee stock plans(11)(11)(11)
Issuance of common stock in connection with employee stock plans and other3,288 22 22 22 
Repurchases of common stock(12,053)(185)(185)(185)
Cash dividends declared ($0.12 per share)
(154)(154)(154)
Balance as of July 31, 20231,282,738 $13 $28,191 $(4,433)$(3,149)$20,622 $55 $20,677 

Common Stock
For the nine months ended July 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 as of October 31, 20221,281,037 $13 $28,299 $(5,350)$(3,098)$19,864 $45 $19,909 
Net earnings1,383 1,383 10 1,393 
Other comprehensive loss(51)(51)(51)
Comprehensive income1,332 10 1,342 
Stock-based compensation expense357 357 357 
Tax withholding related to vesting of employee stock plans(151)(151)(151)
Issuance of common stock in connection with employee stock plans and other25,423 48 (1)47 47 
Repurchases of common stock(23,722)(362)(362)(362)
Cash dividends declared ($0.36 per share)
(465)(465)(465)
Balance as of July 31, 20231,282,738 $13 $28,191 $(4,433)$(3,149)$20,622 $55 $20,677 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
11
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 July 31, 2024 and October 31, 2023, its results of operations for the three and nine months ended July 31, 2024 and 2023, its cash flows for the nine months ended July 31, 2024 and 2023, and its statements of stockholders' equity for the three and nine months ended July 31, 2024 and 2023.
The results of operations and the cash flows for the three and nine months ended July 31, 2024 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, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on December 22, 2023.
Segment Realignment
As previously disclosed, effective as of the beginning of the first quarter of fiscal 2024, in order to align the segment financial reporting more closely with its business structure, the Company established two new reportable segments, Hybrid Cloud and Server. Hybrid Cloud includes the historical Storage segment, HPE GreenLake Flex Solutions (which provides flexible as-a-service IT infrastructure through the HPE GreenLake edge-to-cloud platform and was previously reported under the Compute and the High Performance Computing & Artificial Intelligence ("HPC & AI") segments), Private Cloud, and Software (previously reported under the Corporate Investments and Other segment). The Server segment combines the previously separately reported Compute and HPC & AI segments, with adjustments for certain product lines that are now reported in Hybrid Cloud. Additionally, certain products and services previously reported in the financial results for the HPC & AI segment were moved to be reported in the Hybrid Cloud segment, and the Athonet business and certain components of the Communications and Media Solutions (“CMS”) business, both previously reported in the financial results for Corporate Investments and Other, moved to be reported in the Intelligent Edge segment.
As a result, the Company’s new organizational structure consists of the following segments: (i) Server; (ii) Hybrid Cloud; (iii) Intelligent Edge; (iv) Financial Services; and (v) Corporate Investments and Other. The Company began reporting under this re-aligned segment structure beginning with the results of the first quarter of fiscal 2024 included in the Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2024, and continues to report under this segment structure.
The Company has 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 significant 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, 2023.
12
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Recently Adopted Accounting Pronouncements
In September 2022, FASB issued guidance to enhance the transparency of supplier finance programs. The amendments require the disclosure of sufficient information about the program to allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The Company adopted this guidance in the first quarter of fiscal 2024 except for the disclosure on the roll forward information, which is effective for fiscal 2025. The Company enters into supplier financing arrangements with external financial institutions. Under these arrangements, suppliers can choose to settle outstanding payment obligations at a discount. The Company holds no economic interest in suppliers' participation, nor does it provide guarantees or pledge assets under these arrangements. Invoices are settled with the financial institutions based on the original supplier payment terms. These arrangements do not alter the Company's rights and obligations towards suppliers, including scheduled payment terms. Liabilities associated with the funded participation in these arrangements, as presented within Accounts Payable on the Condensed Consolidated Balance Sheets, amounted to $502 million, and $295 million as of July 31, 2024 and October 31, 2023, respectively.
Recently Enacted Accounting Pronouncements
In December 2023, the FASB issued guidance to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance in the first quarter of fiscal 2026, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Condensed Consolidated Financial Statements.
In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The Company will adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.
Note 2: Segment Information
Hewlett Packard Enterprise's operations are organized into five segments for financial reporting purposes: Server, Hybrid Cloud, 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 (“CODM”), 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, services and technology. The five segments are based on this organizational structure and information reviewed by Hewlett Packard Enterprise's management to evaluate segment results. Effective as of the beginning of the first quarter of fiscal 2024, in order to align the Company’s segment financial reporting more closely with its current business structure, the Company realigned its reportable segments, see Note 1, "Overview and Summary of Significant Accounting Policies" to the Condensed Consolidated Financial Statements for additional information. A summary description of each segment follows:
Server consists of general-purpose servers for multi-workload computing and workload-optimized servers to deliver the best performance and value for demanding applications, and integrated systems comprised of software and hardware designed to address High-Performance Computing and Supercomputing (including exascale applications), Artificial Intelligence ("AI"), Data Analytics, and Transaction Processing workloads for government and commercial customers globally. This portfolio of products includes our secure and versatile HPE ProLiant Rack and Tower servers; HPE Synergy, a composable infrastructure for traditional and cloud-native applications; HPE Scale Up Servers product lines for critical applications, including large enterprise software applications and data analytics platforms; HPE Edgeline servers; HPE Cray EX; HPE Cray XD (formerly known as HPE Apollo); and HPE NonStop. Server offerings also include operational and support services sold with systems and as standalone services.
Hybrid Cloud offers a wide variety of cloud-native and hybrid solutions across storage, private cloud and the infrastructure software-as-a-service space. Storage includes data storage and data management offerings with the HPE Alletra Storage portfolio; unstructured data solutions and analytics for AI; data protection and archiving; and storage networking. It also includes AIOps-driven intelligence with HPE InfoSight and HPE CloudPhysics. In private cloud, our HPE GreenLake offerings include new cloud-native offerings and capabilities for virtual machines, containers, and bare metal; a full suite of private cloud offerings that enable customers to self-manage or choose a fully managed experience; and a portfolio of world-class AI infrastructure delivered as-a-service. This segment also provides self-service private cloud on-demand with HPE GreenLake for Private Cloud Business Edition. Infrastructure software includes monitoring and observability for day two
13
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
operations and beyond through our acquisition of OpsRamp and unified data access through our HPE Ezmeral Data Fabric and analytics suite, which helps move and transform data for use in AI and other applications. Hybrid Cloud segment also includes data lifecycle management and protection through our suite of offerings, including Zerto Disaster Recovery.
Intelligent Edge offers wired and wireless local area networks, campus, branch, and data center switching, software-defined wide-area-networks, private and public cellular network software, network security, and associated services that 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, software-defined wide-area networking, network security, analytics and assurance, location services software, private and public cellular core software, and professional and support services, as well as as-a-service and consumption models through the HPE GreenLake edge-to-cloud platform for the Intelligent Edge portfolio of products. Intelligent Edge offerings are consolidated in the edge service platform, which takes a cloud-native approach that provides customers with 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; CMS, which primarily offers software and related services to the telecommunications industry; 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 intangible assets, transformation costs, disaster recovery/charges, and acquisition, disposition and other related charges. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not reviewed by our CODM.
14
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Segment Operating Results
Segment net revenue and operating results were as follows:
 ServerHybrid CloudIntelligent EdgeFinancial
Services		Corporate
Investments and Other		Total
In millions
Three months ended July 31, 2024:
     
Net revenue$4,217 $1,244 $1,110 $877 $262 $7,710 
Intersegment net revenue63 56 11 2 — 132 
Total segment net revenue$4,280 $1,300 $1,121 $879 $262 $7,842 
Segment earnings (loss) from operations$464 $66 $251 $79 $(4)$856 
Three months ended July 31, 2023:
     
Net revenue$3,071 $1,361 $1,453 $871 $246 $7,002 
Intersegment net revenue97 36 3 2 — 138 
Total segment net revenue$3,168 $1,397 $1,456 $873 $246 $7,140 
Segment earnings (loss) from operations$319 $75 $402 $72 $(20)$848 
Nine months ended July 31, 2024:
Net revenue$11,275 $3,642 $3,384 $2,616 $752 $21,669 
Intersegment net revenue224 162 24 3 — 413 
Total segment net revenue$11,499 $3,804 $3,408 $2,619 $752 $22,082 
Segment earnings (loss) from operations$1,273 $123 $841 $234 $(23)$2,448 
Nine months ended July 31, 2023:
Net revenue$10,447 $4,068 $3,957 $2,590 $722 $21,784 
Intersegment net revenue340 84 12 14 — 450 
Total segment net revenue$10,787 $4,152 $3,969 $2,604 $722 $22,234 
Segment earnings (loss) from operations$1,470 $181 $961 $211 $(61)$2,762 


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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
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 July 31,For the nine months ended July 31,
 2024202320242023
 In millions
Net Revenue:   
Total segments$7,842 $7,140 $22,082 $22,234 
Eliminations of intersegment net revenue(132)(138)(413)(450)
Total consolidated net revenue$7,710 $7,002 $21,669 $21,784 
Earnings Before Taxes:   
Total segment earnings from operations$856 $848 $2,448 $2,762 
Unallocated corporate costs and eliminations(85)(130)(218)(327)
Stock-based compensation expense(80)(91)(341)(357)
Amortization of intangible assets(60)(72)(198)(216)
Transformation costs(14)(65)(67)(227)
Disaster recovery (charges)
2 2 34 (2)
Divestiture related exit costs(35)— (35)— 
Acquisition, disposition and other related charges(37)(21)(126)(51)
Interest and other, net(12)(8)(122)(81)
Earnings from equity interests73 73 161 180 
Total earnings before provision for taxes$608 $536 $1,536 $1,681 
Geographic Information
Net revenue by geographic region was as follows:
For the three months ended July 31,For the nine months ended July 31,
2024202320242023
In millions
Americas:
United States$2,882 $2,433 $7,760 $7,713 
Americas excluding U.S.528 539 1,595 1,628 
Total Americas3,410 2,972 9,355 9,341 
Europe, Middle East and Africa2,555 2,434 7,443 7,605 
Asia Pacific and Japan1,745 1,596 4,871 4,838 
Total consolidated net revenue$7,710 $7,002 $21,669 $21,784 
Note 3: Transformation Programs
Transformation programs are comprised of the Cost Optimization and Prioritization Plan and the HPE Next Plan. During the third quarter of fiscal 2020, the Company launched the Cost Optimization and Prioritization Plan, which focuses on realigning the workforce to areas of growth, real estate strategies, and simplifying and evolving our product portfolio strategy. The transformation costs predominantly related to labor restructuring, non-labor restructuring, IT investments, design and execution charges and real estate initiatives. The primary elements of the Cost Optimization and Prioritization Plan have been substantially completed by the end of fiscal 2023.
During the third quarter of fiscal 2017, the Company launched the HPE Next Plan to put in place a purpose-built company designed to compete and win in the markets where it participates. Through this program, the Company has been simplifying the operating model, and streamlining its offerings, business processes and business systems to improve its strategy execution. The primary elements of the HPE Next Plan have been substantially completed by the end of fiscal 2023.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Cost Optimization and Prioritization Plan
The components of transformation costs relating to the Cost Optimization and Prioritization Plan were as follows:
 For the three months ended July 31,For the nine months ended July 31,
2024202320242023
 In millions
Program management$— $2 $2 $4 
IT costs3 — 10 16 
Restructuring charges4 38 22 127 
Total $7 $40 $34 $147 
HPE Next Plan
The components of transformation costs relating to HPE Next Plan were as follows:
 For the three months ended July 31,For the nine months ended July 31,
2024202320242023
 In millions
IT costs$10 $25 $38 $74 
Restructuring charges(2)— (2)6 
Other— — — 1 
Total $8 $25 $36 $81 
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