Hewlett Packard Enterprise (HPE) 10-K risk factor changes: FY2021 vs FY2020

We are unable to predict the extent to which the [added: ongoing] global COVID-19 pandemic may adversely impact our business operations, financial performance and results of operations.

Moreover, certain industry and customer events that we sponsor or at which we present have been canceled, postponed or moved to virtual-only [removed: experiences] [added: experiences,] and we may deem it advisable to similarly alter, postpone or cancel entirely additional events in the future.

We are also seeing an increase in customer requirements for HPE employees to be [added: vaccinated and/or] tested for COVID-19 before being able to enter customer sites, which could potentially present an operational challenge.

[removed: However,] [added: Also,] work-from-home and other modified business practices introduce additional operational risks, including cybersecurity risks, which may result in inefficiencies or delays, and have affected the way we conduct our product development, sales, customer support and other activities.

There have been, and [removed: likely] will continue to be, delays of [removed: components] [added: hardware product] shipments from our vendors [removed: in China] and [removed: other jurisdictions in which normal business] [added: out of our manufacturing] operations [removed: are disrupted.][added: worldwide as a result of capacity issues.]

While such changes were factored into the forecast used to assess assets for reserves and impairment, including goodwill, [removed: and to calculate the annualized effective tax rate during the interim quarters of fiscal 2020,] any changes to the profitability for the next fiscal year could impact the realizability of [removed: assets and the annualized effective tax rate applied to earnings.][added: assets.]

To the extent the COVID-19 pandemic adversely affects our [removed: business and] [added: business, results of operations,] financial [removed: results,] [added: condition, and stock price,] it may also have the effect of heightening many of the other risks described in this [removed: "Risk Factors" section and those incorporated by reference herein, such as][added: Part I, Item 1A of this Form 10-K.]

Our worldwide operations and supply chain could be disrupted by natural or [removed: human induced] [added: human-induced] disasters including, but not limited to, earthquakes; tsunamis; floods; hurricanes, cyclones or typhoons; fires; other extreme weather conditions; power or water shortages; telecommunications failures; materials scarcity and price volatility; terrorist acts, [added: civil unrest,] conflicts or wars; and medical epidemics or pandemics.

Our corporate headquarters [added: is located in Houston, Texas, which suffers from floods, hurricanes,] and [added: other extreme weather, and] a portion of our research and development activities are located in California, which suffers from drought conditions and catastrophic [removed: wildfires] [added: wildfires, each] affecting the health and safety of our employees.

[removed: To] [added: In California, to] mitigate wildfire risk, electric utilities are deploying public safety power [removed: shutoffs (PSPS),] [added: shutoffs,] which affects electricity reliability to our facilities and our communities.

In 2017, our principal worldwide IT data centers in Houston were flooded due [added: to] Hurricane Harvey.

Since then, HPE has increased its resiliency through site selection [added: and] infrastructure technological investments to mitigate and adapt to physical risks from climate change.

The manufacture of product components, the final assembly of our products and other critical operations are concentrated in certain geographic locations, including the United States, Czech Republic, Mexico, [removed: China] [added: China, Malaysia, Taiwan,] and Singapore.

These measures [removed: may] [added: have] materially [removed: increase] [added: increased] costs for [added: certain] goods imported into the United States.

Our transition to a [removed: subscription-based] [added: subscription/consumption-based] business model may adversely affect our business, operating results and free cash flow.

We are currently transitioning to an [removed: as-a-Service] [added: as-a-service] company, providing our entire portfolio through a range of [removed: subscription-based,] [added: subscription/consumption-based,] pay-per-use and [removed: as-a-Service] [added: as-a-service] offerings.

We will also continue to provide our hardware and software in a capital expenditure and license-based model, ultimately giving our customers [removed: choice] [added: choices] in consuming HPE products and services in a traditional or [removed: as-a-Service] [added: as-a-service] offering.

Such business model changes entail significant risks and uncertainties, and we may be unable to complete the transition to a [removed: subscription-based] [added: subscription/consumption-based] business [removed: model,] [added: model] or manage the transition successfully and in a timely [removed: manner;] [added: manner,] and our ability to accurately forecast our future operating results may be adversely affected.

Additionally, we may not realize all of the anticipated benefits of the [removed: subscription] [added: subscription/consumption] transition, even if we successfully complete the transition.

The transition to a [removed: subscription-based] [added: subscription/consumption-based] business model also means that our historical results, especially those achieved before we began the transition, may not be indicative of our future results.

Furthermore, we anticipate needing to redesign our go-to-market structure, to better align with the [removed: subscription-based] [added: subscription/consumption-based] business model.

Our operations depend on our ability to anticipate our needs for components, products and services, as well as our suppliers' [removed: ability] [added: abilities] to deliver sufficient quantities of quality components, products and services at reasonable prices and in time for us to meet critical schedules for the delivery of our own products and services.

[removed: If] [added: As] shortages or delays persist, the price of certain components [added: has increased and] may [added: continue to] increase, we may be exposed to quality issues, [removed: or] [added: or, at some point,] the components may not be available at all.

- *Excess supply.* In order to secure components for our products or services, at times we may make advance payments to suppliers or enter into [added: long term agreements or] non-cancelable commitments with vendors.

We have announced restructuring plans, including the HPE Next initiative [added: (whereby we are simplifying our operating model] and [added: streamlining our offerings, business processes and business systems) and] the cost optimization and prioritization [removed: plan] [added: plan,] in order to realign our cost structure due to the changing nature of our business and to achieve operating efficiencies that we expect to reduce costs, as well as simplify our organizational structure, upgrade our IT infrastructure and redesign business processes.

For more information about our restructuring plans, the HPE Next initiative and the cost optimization and prioritization plan, see Note [removed: 4,] [added: 3,] "Transformation Programs", to the Consolidated Financial Statements.

As part of our strategy, we may acquire businesses, divest businesses or assets, enter into strategic alliances and joint ventures, and make investments to further our [removed: business,] [added: business] (collectively, "business combination and investment [removed: transactions")] [added: transactions"),] and [added: also] handle any post-closing [removed: issues] [added: issues,] such as integration.

See also the risk factors below under the heading "Risks Related to [removed: the Separations of our Former Enterprise Services Business and our Former Software Segment".][added: Prior Separations."]

We may fail to identify significant issues with the acquired company's product quality, financial disclosures, accounting practices or internal control deficiencies or all of the factors necessary to estimate [removed: accurately our] [added: reasonably accurate] costs, timing and other matters.

- The impact of [removed: divestiture] [added: divestitures] on our revenue growth may be larger than projected, as we may experience greater dis-synergies than expected.

[removed: Dispositions may also involve] continued financial involvement in the divested business, such as through continuing equity ownership, guarantees, indemnities or other financial obligations.

[added: Provisions such as indemnification, meeting] requirements, and blank check stock authorizations could deter or delay hostile takeovers, proxy contests, or changes in control or management of Hewlett Packard Enterprise.

Management's [removed: attention,] [added: attention] or other [removed: resources,] [added: resources] may be diverted [added: during business combination and investment transactions and further impacted] if we fail to successfully complete or integrate business combination and investment transactions that further our strategic objectives.

System security risks, data protection [removed: breaches,] [added: incidents,] cyberattacks and systems integration issues could disrupt our internal operations or IT services provided to customers, and any such disruption could reduce our revenue, increase our expenses, damage our reputation and adversely affect our stock price.

As a leading technology firm we are exposed to attacks from criminals, nation state actors and activist hackers (collectively, "malicious parties") who [removed: may be] [added: have been] able to circumvent or bypass our cyber security [removed: measures and misappropriate, maliciously alter or destroy our confidential information or that of third parties, create system disruptions or cause shutdowns.][added: measures.]

In addition, our business may process, store and transmit [removed: our clients'] [added: customer] data, including commercially sensitive and personal data, subject to the European General Data Protection Regulation and other privacy laws.

[removed: Breaches of] [added: Incidents involving] our cyber or physical security measures or the accidental loss, inadvertent disclosure or unapproved dissemination of proprietary information, [removed: sensitive or confidential data] [added: sensitive, confidential,] or personal data about us, our clients or our customers, including the potential loss or disclosure of such information or data as a result of fraud, trickery or other forms of deception, could expose us, our customers or the individuals affected to a risk of loss [removed: (including regulatory fines)] or misuse of this information, result in [added: regulatory fines,] litigation and potential liability for us, damage our brand and reputation or otherwise harm our business.

In addition, the cost and operational consequences of [added: managing an incident and] implementing further data protection measures could be significant.

Our long-term strategy is focused on leveraging our portfolio of hardware, software and services as we deliver global [removed: edge to cloud platform-as-a-service] [added: edge-to-cloud platform as-a-service] to help customers accelerate outcomes by unlocking value from all of their data, everywhere.

HPE delivers unique, open and intelligent technology solutions, [added: including those utilizing machine learning and artificial intelligence capabilities,] with a consistent experience across all clouds and edge computing platforms.

Most recently, we have announced a vaccination requirement for covered U.S. employees as required by Executive Order 14042 for federal contractors.

We recognize that there are existing legal challenges to Executive Order 14042, and we will ensure that the timing and scope of the implementation of our vaccination requirement is consistent with the legal status of Executive Order 14042.

As such instances occur, employees have returned to the office in a phased process and remain subject to safety regimens anchored around vaccination or testing requirements, as we determine is appropriate based on local conditions.

Our implementation of employee vaccination requirements may result in attrition, including attrition of critically skilled labor, and difficulty securing future labor needs, which could have a material adverse effect on our business, financial condition, and results of operations.

We also expect product shipment delays as a result of shortages and capacity issues that continue to impact logistics operations.

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We must adapt our sales processes for new sales and marketing approaches, including those required by our shift to subscription/consumption services and other changes resulting from the pandemic.

Changing our go-to-market structure may affect employee compensation models and ultimately our ability to retain employees.

Further, our subscription/consumption offerings could subject us to increased risk of liability related to the provision of services as well as operational, technical, legal or other costs.

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- *Component shortages.* We have been and currently are experiencing delays and shortages of certain components as a result of strong demand and capacity constraints due to economic changes resulting from the COVID-19 pandemic, disruptions in the operations of component suppliers, and other problems experienced by suppliers or problems faced during the transition to new suppliers.

A surge in demand for silicon has arisen across numerous markets affecting availability of key components of our products and our supplier's products, which may adversely affect customer deliveries and our anticipated revenues.

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- For an acquisition or other combination, the acquisition partner may have differing or inadequate cybersecurity and data protection controls, which could impact our exposure to data security incidents and potentially increase anticipated costs or time to integrate the business.

Dispositions may also involve

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

Although some of these attacks have caused disruptions or exposure of information, so far, these attacks have not resulted in material losses to HPE, nor have any of HPE's consumers, customers, or employees informed HPE that these attacks resulted in material harm to them.

It is possible that future attacks may result in material misappropriation, system disruptions or shutdowns, malicious alteration, or destruction of our confidential or personal information or that of third parties.

With our business increasingly providing cloud service offerings, malicious parties could target such services, potentially resulting in an increased risk of compromise of customer data and regulatory exposure.

To successfully execute this strategy, we must address business model shifts and optimize go-to-market execution by improving cost structure,

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

Should such efforts fail to produce actionable insights or our products not perform as promised, our business results may be adversely affected.

Many of our

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In addition,

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Our business and financial performance also could be adversely affected by changes in U.S. trade policy, U.S. export controls and sanctions, and U.S. regulations concerning imports, as well as international laws and regulations relating to global trade.

Similarly, changes in regulations relating to exports could prevent us from exporting products to certain locations or customers entirely.

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- inflationary pressures, such as those the market is currently experiencing, which may increase costs for materials, supplies, and services;

- network security, privacy and data sovereignty concerns, which could make foreign customers reluctant to purchase products and services from U.S.-based technology companies;

We implement policies, procedures and training designed to facilitate compliance with anti-corruption laws around the world, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.

These third-party software components may become

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Our cash flow from operations may not be sufficient to service our

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A significant portion of our hardware revenues come from international sales.

Any changes to current environmental legal requirements, such

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as the EU Restriction of Hazardous Substances Directive, the EU Waste Electrical and Electronic Equipment Directive or China's regulation on Management Methods for Controlling Pollution Caused by Electronic Information Products, among others, may increase our cost of doing business internationally and impact our hardware revenues from the EU, China and/or other countries proposing or adopting similar environmental legal requirements.

If such instances occur, employees would return to the office in a phased process.

For example, we expect the conditions caused by the COVID-19 pandemic could affect the rate of IT spending, impact our customers' ability or willingness to purchase our products and services, delay prospective customers' purchasing decisions, delay the provisioning of our products and services, lengthen payment terms, reduce the value or duration of subscription contracts or affect attrition rates, all of which could adversely affect our sales, operating results and financial performance.

In response, we announced our long-term cost optimization and prioritization plan to focus our investments and realign our workforce to areas of growth combined with short-term cost saving measures, including temporary base salary adjustments or unpaid leave for certain employees and hiring and salary freezes.

Execution of the plan may not achieve the results and savings we anticipate and our temporary cost saving measures may negatively affect employee morale and our future recruiting efforts.

those related to our products and services, demand and distribution, financial performance, credit rating and debt obligations.

Given that developments concerning the COVID-19 pandemic have been constantly evolving, additional impacts and risks may arise that we are not aware of or able to appropriately respond to at this time.

U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.

Given the change in the U.S. presidential administration, we face uncertainty with regard to U.S. government trade policy.

- *Component shortages.* We may experience a shortage of, or a delay in receiving, certain components as a result of strong demand, capacity constraints, supplier financial weaknesses, the inability of suppliers to borrow funds in the credit markets, disputes with suppliers (some of whom are also our customers), disruptions in the operations of component suppliers, other problems experienced by suppliers or problems faced during the transition to new suppliers.

Provisions such as indemnification, meeting

We must make long-term investments, develop or obtain and protect appropriate intellectual

otherwise to respond to pricing changes by competitors.

- trade regulations and procedures and actions affecting production, pricing and marketing of products, including policies adopted by countries that may champion or otherwise favor domestic companies and technologies over foreign competitors, U.S. export controls and sanctions, and federal and state tax reforms;

- changes in the international, national or local regulatory and legal environments;

importing, marketing or selling certain of our products.

This uneven sales pattern makes predicting revenue, earnings,

jurisdictional transfer pricing or other matters, and may assess additional taxes as a result.

President-elect Biden has provided some informal guidance on what tax law changes he would support.

Among other things, his proposals would raise the rate on both domestic and foreign income and impose a new alternative minimum tax on book income.

If these proposals are ultimately enacted into legislation, they could materially impact our tax provision, cash tax liability and effective tax rate.

the completed separation of our former Enterprise Services business and Software Segment in multiple non-U.S. jurisdictions that do not legally provide for tax-free separations, which may be material.

[removed: *For] [added: For] purposes of [removed: the] [added: this] Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") section, we use the terms "Hewlett Packard Enterprise", "HPE", "the Company", "we", "us", and "our" to refer to Hewlett Packard Enterprise Company.

References in the MD&A section to "former Parent" refer to HP [removed: Inc.*][added: Inc.]

[removed: *•Overview.*] [added: *•Executive Overview.*] A discussion of our business and [removed: overall] [added: summary] analysis of financial and other [removed: highlights] [added: highlights, including non-GAAP financial measures,] affecting the Company [added: in order] to provide context [removed: for] [added: to] the remainder of [added: the] MD&A.

[removed: - *Critical] [added: *•Critical] Accounting Policies and Estimates.* A discussion of accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results.

[added: - *Results of Operations.*] A discussion of the results of operations at the consolidated level is followed by a discussion of the results of operations at the segment level.

- *Contractual [added: Cash] and Other Obligations.* An overview of contractual obligations, retirement and post-retirement benefit plan funding, restructuring plans, uncertain tax [removed: positions,] [added: positions and] off-balance sheet [removed: arrangements, cross-indemnifications with HP Inc. (formerly known as "Hewlett-Packard Company" and also referred to in this Annual Report as "former Parent"), and cross-indemnifications with DXC Technology Company ("DXC") and Micro Focus International plc ("Micro Focus").][added: arrangements.]

This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes that appear [removed: elsewhere] in [added: Part II, Item 8 of] this document.

[Table of [removed: Contents](#ieab11e50c39b42d29d1144a44165447c_7)][added: Contents](#ica158fb683c247fdb170955b492f9216_7)]

[removed: COVID-19 continues to have an impact on our financial performance and we] [added: We] are currently unable to [added: fully] predict the extent to which [removed: COVID-19] [added: the pandemic] may adversely impact [removed: our] future [removed: business operations, financial performance and results] [added: collections] of [removed: operations.][added: our receivables.]

For a further discussion of the [added: pandemic and the] risks, uncertainties and actions taken in response to [removed: COVID-19,] [added: it,] see [added: the discussion in the section titled "COVID-19 Pandemic Update", "Manufacturing and Materials" and "Backlog" in Part I, Item 1, and] risks identified in the section entitled " Risk Factors" in Part I, Item 1A.

[removed: The Company believes its] [added: We believe our] existing [removed: balances] [added: balance] of cash, cash equivalents and marketable securities, along with commercial paper and other short-term liquidity arrangements, [removed: will be] [added: are] sufficient to satisfy [removed: its] [added: our] working capital needs, capital asset purchases, dividends, debt repayments and other liquidity requirements associated with [removed: its] [added: our] existing operations.

The Company also believes that [removed: COVID-19] [added: the pandemic] has forced fundamental changes in businesses and communities that are aligned with the Company's edge-to-cloud platform delivered as-a-service strategy.

Our major competitors are expanding their product and service offerings with integrated products and solutions, our business-specific competitors are exerting increased competitive pressure in targeted areas and are entering new markets, our emerging competitors are introducing new technologies and business models, and our alliance partners in some businesses are increasingly becoming our [removed: competitors in others.][added: competitors.]

We intend to provide our customers with a choice between traditional consumption models or subscription-based, pay-per-use and [removed: as-a-Service] [added: as-a-service] offerings across [removed: out] [added: our] entire portfolio of HPE products and services.

We [removed: need to] continue to pursue new product [removed: innovation] [added: innovations] that [removed: builds] [added: build] on our existing capabilities in areas such as cloud and data center computing, software-defined networking, converged storage, high-performance compute, and wireless networking, which will keep us aligned with market demand, industry trends and the needs of our customers and partners.

In addition, we [removed: need to] continue to improve our operations, with a particular focus on enhancing our end-to-end processes and efficiencies.

[removed: During the third quarter of fiscal 2020, we launched a] [added: The] cost optimization and prioritization plan [removed: which] focuses on realigning our workforce to areas of growth, [removed: including] a new hybrid workforce model [removed: call] [added: called] Edge-to-Office, real estate strategies and simplifying and evolving our product portfolio strategy.

[removed: During the third quarter of fiscal 2017, we launched an initiative called] [added: The] HPE Next [added: initiative was intended] to put in place a purpose-built company designed to compete and win in the markets where we [removed: participate.]

[removed: Through this program, we are] [added: participate by] simplifying our operating model, streamlining our offerings, business processes and business systems to improve our execution.

The implementation period for HPE Next [removed: is now] [added: was] extended to fiscal 2023.

For [removed: additional details on these Transformation Programs, see] [added: further discussion, refer to] Note [removed: 3, "Transformation Programs",] [added: 17, “Litigation and Contingencies"] to the Consolidated Financial Statements in Item 8 of Part II, which is incorporated herein by reference.

The following [added: Executive] Overview, Results of Operations and Liquidity discussions and analysis compare fiscal [removed: 2020 to fiscal 2019 and fiscal 2019] [added: 2021] to fiscal [removed: 2018,] [added: 2020,] unless otherwise noted.

The Capital Resources and Contractual [added: Cash] and Other Obligations discussions present information as of October 31, [removed: 2020,] [added: 2021,] unless otherwise noted.

[removed: OVERVIEW][added: EXECUTIVE OVERVIEW]

The following provides an overview of our key financial metrics by segment for fiscal [removed: 2020,] [added: 2021,] as compared to fiscal [removed: 2019:][added: 2020:]

| | | | HPE Consolidated | | | [added: | | |] Compute | | | [added: | | |] HPC & [removed: MCS] [added: AI] | | | [added: | | |] Storage | | | [removed: A & PS] | | | [added: | | |] Intelligent Edge | | | [added: | | |] Financial Services | | | [added: | | |] Corporate [removed: Investments] [added: Investments and Other] | | |

| | | | Dollars in millions, except for per share amounts | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Earnings (loss) from operations [removed: (2)] | | | $ | [removed: (329)] [added: 1,132] | | [removed: $] | [removed: 893] | | $ | [removed: 237] [added: (329)] | | [removed: $] | [removed: 719] | | [removed: $] [added: NM] | [removed: (5)] | | [removed: $] | [removed: 281] | | [removed: $] | [removed: 278] | | [removed: $] | [removed: (100)] | | [added: | | | | | | | | |]

| Net [removed: loss] [added: earnings (loss)] | | | $ | [added: 3,427 | | | | | $ |] (322) | | | | | [added: NM] | | | | | | | | | | | | | | | | | | [added: | | |]

| Diluted net [removed: loss] [added: earnings (loss)] per share | | | $ | [added: 2.58 | | | | | $ |] (0.25) | | | | | [added: $] | [added: 2.83] | | | | | | | | | | | | | | | | | [added: | | |]

[removed: | Supplemental] [added: - *GAAP to] Non-GAAP [removed: information: | | | | | | | | | | | | | | | | | | | | | | | | | | |][added: Reconciliation*.]

| Non-GAAP earnings from operations | | | $ | [removed: 2,008] [added: 2,848] | | | | | [added: $] | [added: 2,282] | | | | | [added: 24.8%] | | | | | | | | | | | | [added: | | | | | | | | |]

| [removed: Non-GAAP earnings] [added: Earnings] from operations as a % of net revenue | | | [removed: 7.4] [added: 15.2] | | % | | | | [removed: | | | | | | | | |] [added: 11.8] | | [added: %] | | | | [added: 7.4] | | [added: %] |

| Non-GAAP net earnings | | | $ | [removed: 1,765] [added: 2,602] | | | | | [added: $] | [added: 2,005] | | | | | [added: 29.8%] | | | | | | | | | | | | [added: | | | | | | | | |]

| Non-GAAP diluted net earnings per share | | | $ | [removed: 1.35] [added: 1.96] | | | | | [added: $] | [added: 1.54] | | | | | [added: $0.42] | | | | | | | | | | | | [added: | | | | | | | | |]

(2)Segment earnings from operations exclude certain unallocated corporate costs and eliminations, stock-based compensation [removed: expense related to corporate and certain global functions,] [added: expense,] amortization of [removed: capitalized] initial direct costs, [removed: transformation costs,] amortization of intangible assets, [added: impairment of goodwill, transformation costs, disaster charges and] acquisition, [removed: dispositions] [added: disposition] and other related [removed: charges, impairment of goodwill and disaster (recovery)] charges.

The [removed: 1.2] [added: increase in cost of products as a] percentage [removed: point decrease to the gross profit margin] [added: of net revenue] was [added: due] primarily [removed: driven by the combination of] [added: to] competitive pricing pressures, [added: unfavorable currency fluctuations,] higher supply chain costs [removed: resulting from the impact of COVID-19, unfavorable currency fluctuations] and the scale of the net revenue decline, partially offset by [removed: our overall shift to higher-margin products and services along with] lower [removed: variable compensation expense.][added: commodity costs and a favorable mix.]

The [removed: decrease was due to an] increase in operating expenses as a percentage of net revenue [removed: coupled with a decrease in] [added: was due to] the [removed: gross profit margin.][added: addition of operating expenses from Cray.]

As of October 31, [removed: 2020,] [added: 2021, our] cash, cash equivalents and restricted cash were [removed: $4.6] [added: $4.3] billion, [removed: representing an increase of approximately $0.5 billion from] [added: compared to] the October 31, [removed: 2019] [added: 2020] balance of [removed: $4.1] [added: $4.6 billion, representing a decrease of $0.3] billion.

The following [removed: table provides] [added: tables provide] reconciliation of GAAP to non-GAAP measures for fiscal [added: 2021 and] 2020:

This section of this Form 10-K generally discusses fiscal 2021 and fiscal 2020 items and year-to-year comparisons between fiscal 2021 and fiscal 2020.

Discussions of fiscal 2019 items and year-to-year comparisons between fiscal 2020 and fiscal 2019 that are not included in this Form 10-K can be found in "Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020, as filed with the SEC on December 10, 2020, which is available on the SEC's website at www.sec.gov.

*•Trends and Uncertainties.* A discussion of material events and uncertainties known to management such as COVID-19, our response to the challenges and trends, and our pivot to as-a-service strategy.

Each non-GAAP measure has been reconciled to the most directly comparable GAAP measure therein.

This section also includes a discussion on the usefulness of non-GAAP financial measures, and material limitations associated with the use of non-GAAP financial measures.

While great progress has been made in the fight against COVID-19, it remains a global challenge and continues to have an impact on our operations.

*Other Trends and Uncertainties*

Additionally, the global pandemic has accelerated several trends relevant to the Company.

First, the exponential increase of data at the edge driven by the proliferation of devices.

Second is the need for a cloud experience everywhere to manage the growth of data at the edge.

Third, data growth is creating new opportunities with the need to quickly extract value from the captured data.

Enterprises have embraced multi-cloud strategies, as they recognize the need for different cloud environments for different types of data and workloads.

Increasingly, customers want to digitally transform, while preserving capital and eliminating operating expense, by paying only for the IT they use.

In response to the aforementioned challenges and trends, we are accelerating growth in our areas of strategic focus, which include the Intelligent Edge and High Performance Computing and Artificial Intelligence ("HPC & AI") businesses while at the same time, we are strengthening our core Compute and Storage businesses, doubling down in key areas of growth, and accelerating our as-a-service pivot to become the edge-to-cloud platform-as-a-service choice for our customers and partners.

At the same time our transformation programs have improved our cost structure, channel execution and alignment of our sales coverage with our strategic goals.

Examples of accelerating and strengthening growth in our segments include the following:

- *Intelligent Edge* - we are seeing continued traction from our investment at the edge including rich software capabilities in security and edge services from HPE Aruba.

The Aruba Edge Services Platform ("ESP") with Aruba’s built-in identity-based network security is unique in the market and provides the ideal foundation for building a zero trust and secure access service edge.

Our comprehensive portfolio and Artificial Intelligence-powered cloud-driven platforms, such as Aruba ESP and Aruba Central, will continue to accelerate WAN and security deployments, advance cloud and IoT adoption and fast-track digital transformation.

We are on track to grow high-margin recurring revenue with technology that accelerates our ability to capture the high-growth WAN market opportunity.

Additionally, we introduced a new class of cloud-native and fully automated data center switching products specifically designed for edge cloud data centers which represents a significant market opportunity for HPE.

- *HPC & AI* - enterprises are running analytics on increasingly large data sets and are adopting new techniques, such as AI, deep learning, and machine learning.

They now will have access to HPC technologies, including exascale supercomputing systems, that were historically prohibitive due to their cost and complexity.

HPE GreenLake cloud services is a flexible as-a-service platform that customers can run on-premises or in a colocation facility.

- *Compute* - our strategy to grow profitability and pivot to more as-a-service solutions is paying off.

Compute includes three new HPE ProLiant Solutions targeting 5G deployments for telecommunication companies and virtual desktop infrastructure.

We launched our new HPE 5G Open radio access network ("RAN") solution stack for telecommunications companies to accelerate the commercial adoption of Open RAN in 5G network deployments.

This

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is a transformative technology, featuring the industry’s first server-optimized for 5G Open RAN workloads with our HPE ProLiant Servers.

- *Storage* - we continue to see strength in key software defined solutions, which drive our ability to attach rich services and provide data insights with our portfolio offerings.

We introduced a new portfolio of cloud native data infrastructure called HPE Alletra which delivers workload optimized systems and provides customers with architectural flexibility to run any application without compromise, from edge-to-cloud with our operational experience.

These innovations are propelling our storage business into a cloud-native software-defined data services business through organic innovation and targeted acquisitions.

*Annualized Revenue Run-rate ("ARR")*

Our pivot to as-a-service continues its strong momentum with the addition of HPE GreenLake Cloud Services.

Our mix of ARR is becoming more software-rich as we build our GreenLake Cloud platform, which is improving our margin profile.

On the innovation front, we announced a transformative new data storage services platform that brings our cloud operations model to wherever data lives by unifying data operations.

The platform will be available through HPE GreenLake Central and include a new data services cloud console and a suite of software subscription services that simplifies and automates global infrastructure at scale.

We will continue to invest aggressively in HPE GreenLake Cloud Services to provide a true cloud experience and operating model, whether at the edge, on-premises or across multiple clouds.

ARR represents the annualized revenue of all net GreenLake services revenue, related financial services revenue (which includes rental income from operating leases and interest income from capital leases) and software-as-a-service, subscription, and other as-a-service offerings, recognized during a quarter and multiplied by four.

- *Trends and Uncertainties* A discussion of our response to the novel coronavirus pandemic ("COVID-19"), including our efforts to protect the health and well-being of our workforce, community and customers, and other matters.

The overview analysis compares fiscal 2020 to fiscal 2019.

- *Results of Operations.* An analysis of our financial results comparing fiscal 2020 and fiscal 2019 to the prior-year periods.

*Former Parent Separation Transaction*

On November 1, 2015, the Company became an independent publicly-traded company through a pro rata distribution by HP Inc. ("former Parent" or "HPI"), formerly known as Hewlett-Packard Company ("HP Co."), of 100% of the outstanding shares of Hewlett Packard Enterprise Company to HP Inc.'s stockholders (collectively, the "Separation").

Each HP Inc. stockholder of record received one share of Hewlett Packard Enterprise common stock for each share of HP Inc. common stock held on the record date.

Following the Separation, the Company became an independent publicly-traded company.

*Discontinued Operations*

On April 1, 2017, HPE completed the separation and merger of its Enterprise Services business with the DXC Technology Company ("DXC", "the Everett Transaction" or "Everett").

On September 1, 2017, HPE completed the separation and merger of its Software business segment with Micro Focus International plc ("Micro Focus", "the Seattle Transaction" or "Seattle").

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

The outbreak of COVID-19 in 2020 resulted in a global slowdown of economic activity including worldwide travel restrictions, prohibitions of non-essential work activities, disruption and shutdown of businesses and greater uncertainty in global financial markets.

The full extent of the impact of COVID-19 on the Company's operational and financial performance is currently uncertain and will depend on many factors outside the Company's control, including, without limitation, the timing, extent, trajectory and duration of the pandemic, the development and availability of effective treatments and vaccines, the imposition of protective public safety measures, and the impact of the pandemic on the global economy and demand for our enterprise technology solutions.

We have prioritized protecting the health and safety of our team members, supporting the global communities in which we live and work and supporting our customers and partners to help them adjust to new and emerging needs.

In response to the COVID-19 pandemic and to ensure the safety of our employees, we implemented a global work-from-home policy until further notice that applies to a significant majority of our employees, with the exception of those performing essential activities.

In October 2020, in certain countries, we introduced a new hybrid model of work to our workforce called Edge-to-Office.

Depending on role classification, work will now primarily be done at the edge (outside of the office), or at HPE sites.

HPE sites will be used for collaborations, social connections, and other work, as needed for all roles.

The implementation of Edge-to-Office will occur in a phased-approach across the Company and as local regulations allow.

We have also made additional education and support resources and personal protective supplies available to team members.

In the event of a confirmed or probable case of COVID-19 among our team members and contractors, we have implemented a confidential reporting process to trace and notify close contacts—including third parties—that maintains the anonymity of all involved.

In the third quarter of fiscal 2020 we announced new return-to-work solutions to help customers accelerate business recovery and reopening plans.

The solutions combine expertise from HPE operational services for a fast, seamless transition, with HPE servers for the edge, Aruba AI-powered network infrastructure, and technologies from HPE's rich ecosystem of partners.

Customers that have implemented these solutions include large international airports, global food processing and packaging plants, retail stores, and corporate offices.

While we continue to mitigate the impact on our business and operations to address the near-term uncertainty, in fiscal 2020 we took a number of actions to ensure HPE is well positioned to emerge stronger, more agile and digitally enabled for a post-COVID-19 world.

- On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted into law.

The CARES Act, among other things, provides tax relief to businesses, including the deferral of certain payroll taxes, relief for retaining employees, and other income tax provisions.

In addition to the CARES Act, governments around the world also enacted comparable legislation to address COVID-19 economic impacts.

Based on the relief provided by this legislation, in fiscal 2020 we deferred $92 million of payroll taxes which, the Company will pay, at least partially or in full, prior to the end of fiscal 2021.

- On April 6, 2020, we announced that we suspended purchases under our share repurchase program.

- In April 2020, we issued $2.25 billion aggregate principal amount of unsecured Senior Notes to enhance our liquidity and strengthen our capital.

Additionally, in July 2020, we issued $1.75 billion in aggregate principal amount of unsecured Senior Notes.

The net proceeds from July offerings were used primarily for the redemption in August 2020 of the $3.0 billion outstanding principal amount of the 3.6% unsecured Senior Notes that were originally due in October 2020.

- On May 19, 2020, the Board of Directors of HPE (the "Board") approved a cost optimization and prioritization plan.

We expect that this plan will be implemented through fiscal 2023 and estimate that it will include gross savings of at least $1.0 billion as a result of changes to our workforce, business model and business process, with this plan being expected to deliver annualized net run-rate savings of at least $800 million by the end of fiscal 2023, in both cases relative to our fiscal 2019 exit.

In order to achieve this level of cost savings, we estimate related cash funding payments of $1.3 billion over the next three years of which approximately $0.7 billion will relate to labor restructuring, $0.5 billion will relate to non-labor restructuring and $0.1 billion will relate to IT investments and design and execution charges.

For further details of the plan see the Other section of this discussion.

- On May 19, 2020, the Board approved cost containment measures including temporary base salary adjustments or unpaid leave for certain employees beginning July 1, 2020, along with restrictions on external hiring and salary increases.

We transact business in approximately 50 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal [removed: 2020] [added: 2021] were the euro, Japanese yen, British pound, and Chinese yuan (renminbi).

We have performed sensitivity analyses as of October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant.

The foreign currency exchange rates we used in performing the sensitivity analysis were based on market rates in effect at October 31, [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in a foreign exchange fair value loss of [removed: $29] [added: $35] million and [removed: $31] [added: $29] million at October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

We may use cash flow hedges to hedge the variability of [removed: LIBOR-based] interest income received on certain variable-rate investments, by entering into interest rate swaps that convert variable rate interest returns into fixed-rate interest returns.

We have performed sensitivity analyses as of October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of interest rates across the entire yield curve, with all other variables held constant.

The discount rates used were based on the market interest rates in effect at October 31, [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

debt, investments and financing receivables, net of interest rate swaps, of [removed: $47] [added: $58] million and [removed: $39] [added: $47] million at October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

On April 1, 2017, [removed: we] [added: the Company] completed the separation and merger of our Enterprise Services business with DXC Technology Company ("DXC", "the Everett Transaction" or "Everett").

On September 1, 2017, [removed: we] [added: the Company] completed the separation and merger of our Software business segment with Micro Focus International plc ("Micro Focus", "the Seattle Transaction" or [removed: "Seattle").][added: "Seattle" ).]

[removed: As this] [added: The] pandemic [removed: endures and] continues to have an impact on [removed: global economic activity,] [added: our financial performance and we are currently unable to predict] the extent to which [removed: COVID-19] [added: it may] adversely [removed: impacts] [added: impact] our future business operations, financial performance and results of [removed: operations is uncertain and will depend on many factors outside the Company's control.][added: operations.]

For a further discussion of the risks, uncertainties and actions taken in response to COVID-19, [removed: refer to Item 1A] [added: see risks identified in the section entitled] "Risk Factors" [removed: and] [added: in Part I,] Item [removed: 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations".][added: 1A.]

Our company has always been an engine of innovation, and our approximately [removed: 59,400] [added: 60,400] employees as of October 31, [removed: 2020,] [added: 2021,] are proud of the ways our technology enables our customers to achieve meaningful outcomes like curing disease, modernizing farming to cure world-hunger and democratizing transportation through autonomous vehicles.

[removed: This] [added: We are passionate about the values that drive our success, which] is why we believe in investing in our employees and [added: in the] communities where we live and work.

HPE has intensified its focus on [removed: creating] [added: embedding these values into] a [added: vibrant culture that creates a] superior team member experience and a highly engaged workforce, driving improvements across our communications, our [removed: culture, our] reward programs, and our work [removed: environment and fostering a collaborative, inclusive and inspiring experience for all our team members.][added: environment.]

Our most recent global engagement survey shows how these intentional efforts are making a difference, with our overall Employee Engagement Index [added: increasing year-over-year and] measuring [removed: 83%.][added: 84%.]

More than [removed: 80%] [added: 85%] of team members would recommend HPE as a great place to work, and [removed: 87%] [added: 89%] say they are proud to work for HPE.

Building a Vibrant Culture: We have identified four key cultural beliefs that guide how we lead on a daily basis: belief in accelerating what’s next, in bold moves, in the “power of [removed: yes”,] [added: yes we can”,] and in being a force for good.

We embed these beliefs in [removed: an unshakable] [added: a deep-rooted] DNA that puts customers first, [removed: ensuring we] [added: enabling us to] partner, innovate and act with [removed: uncompromising] integrity.

Our empowered and engaging culture is making HPE a destination for [removed: the best] talent while driving innovation and excellence for our customers.

[removed: We also increased our representation of all underrepresented minorities in the U.S.] The leadership standards [removed: sponsored,] clearly articulate that all people leaders are expected to continuously develop their inclusive leadership capabilities.

Over the past year, our approximately [removed: 59,400] [added: 60,400] team members completed over [removed: 330,000] [added: 455,000] online and instructor-led courses across a broad range of categories – leadership, inclusion and diversity, professional skills, technical and compliance.

Our operations are organized into [removed: seven] [added: six] business segments: Compute, [removed: High Performance Compute and Mission Critical Systems ("HPC] [added: HPC] & [removed: MCS"),] [added: AI,] Storage, [removed: Advisory and Professional Services ("A & PS"),] Intelligent Edge, Financial Services ("FS"), and Corporate [removed: Investments.][added: Investments and Other.]

- Fiscal [removed: 2018] [added: 2021] - Compute products, [added: Compute services,] Storage products

A summary of our net revenue, earnings from operations and assets for our segments can be found in Note [removed: 3,] [added: 2,] "Segment Information", to our Consolidated Financial Statements in Item 8 of Part II.

This portfolio of products includes our secure and versatile HPE ProLiant rack and tower servers; [removed: HPE BladeSystem, a modular infrastructure that converges server, storage] and [removed: networking; and] HPE Synergy, a composable infrastructure for traditional and cloud-native applications.

HPE ProLiant servers are the compute foundation for the fastest growing workloads in the industry including hyperconverged infrastructure ("HCI"), virtual [removed: workspaces,] [added: workspaces ("VDI"), data management, transcoding] and [removed: artificial intelligence ("AI").][added: visualization.]

HPC & [removed: MCS][added: AI]

Our HPC & [removed: MCS portfolio] [added: AI business] offers [removed: specialized compute servers] [added: standard and custom hardware and software solutions] designed to support specific use cases.

The HPC portfolio includes the HPE Apollo and Cray products that are sold as supercomputing systems, including exascale supercomputers (systems which have exaflops performance or a [removed: billion billion] [added: billion-billion] calculations per second), to support data-intensive workloads for high performance computing, data analytics and artificial intelligence applications.

The [removed: MCS] [added: Data Solutions] portfolio [added: (previously named Mission Critical Solutions)] includes the HPE Superdome Flex, HPE Nonstop and HPE Integrity product lines for critical applications such as payments and transaction processing that require high availability, fault-tolerant computing infrastructure.

The [removed: HPC & MCS segment also includes the] Edge Compute [removed: business which consists of the HPE Moonshot and] [added: product portfolio includes] HPE Edgeline products for computing at the network edge.

With offerings that are artificial intelligence-driven and built for hybrid cloud environments with [removed: as-a-service] [added: GreenLake] consumption [removed: and flexible investment options,] [added: models,] we provide the right workload optimized destinations for data.

A portion of HPC [removed: and MCS] [added: & AI] revenue is generated by sales to government entities, which are subject to the terms and rights for the convenience of the government entity.

For a discussion of certain risks related to contracts with government entities, see [added: Item 1A,] "Risk Factors—Failure to comply with government contracting regulations could adversely affect our business and results of [removed: operations."][added: operations".]

The [added: Storage] portfolio [removed: also] includes [added: primary storage with] HPE [added: Alletra that offers cloud-native data infrastructure, HPE] Primera, HPE Nimble Storage and HPE [removed: 3PAR primary storage solutions, comprehensive data protection solutions] [added: 3PAR; software-powered hyper-converged infrastructure consisting of HPE Nimble Storage dHCI and HPE SimpliVity; disaster recovery and ransomware recovery] with [added: Zerto, our recent acquisition; backup as-a-service with] HPE [removed: Cloud Volumes] Backup and [removed: HPE StoreOnce,] [added: Recovery Service,] and big data solutions running on HPE Apollo servers.

Storage offerings also include operational and support [removed: services.][added: services, software subscription services, and solutions delivered as-a-service through HPE GreenLake.]

The Intelligent Edge business is comprised of a portfolio of secure edge-to-cloud solutions operating under the Aruba brand that include [added: wired and] wireless local area network ("LAN"), campus and data center switching, software-defined [removed: wide-area-networking, which now includes] [added: wide area networking (from the] Silver [removed: Peak,] [added: Peak acquisition), network] security, and associated services to enable secure connectivity for businesses of any size.

The primary business drivers for Intelligent Edge solutions are [removed: mobility] [added: work from anywhere environments, mobility,] and [removed: IoT.][added: internet-of-things ("IoT").]

The HPE Aruba Product portfolio includes wired and wireless [removed: LAN] [added: local area network] hardware products such as Wi-Fi access points, switches, routers and sensors.

The HPE Aruba software and services portfolio [removed: of products] includes cloud-based management, network management, [removed: which now includes Silver Peak,] network access control, analytics and assurance, location services [removed: software] [added: software,] and professional and support services, as well as [removed: as-a-Service] [added: as-a-service] and consumption models [added: through HPE GreenLake] for the Intelligent Edge portfolio of products.

Financial Services [added: ("FS")] provides flexible investment solutions, such as leasing, financing, IT consumption, and 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.

Corporate [removed: Investments][added: Investments and Other]

- [removed: *Digital transformation is at the forefront of our business priorities.*] [added: *Comprehensive portfolio.*] We have a distinctive and industry leading portfolio of edge-to-cloud solutions and unique capabilities to help accelerate our customers' digital [removed: transformation.][added: transformations.]

- *Multi-year innovation roadmap and strong balance sheet.* We have been in the technology and innovation business for over [removed: 75] [added: 80] years.

- *Custom financial solutions.* Through Financial Services we can help customers create investment capacity to accelerate their transformations by helping them free up capital, capture value from older assets, achieve sustainability goals, invest in new technologies [removed: as a service,] [added: as-a-service,] and weather financial volatility.

Through Financial Services' Global Asset Recovery Centers, we are helping customers achieve their own sustainability goals by [removed: processing more than 4] [added: recovering over 3] million [added: IT] assets [removed: every year.][added: in fiscal 2020 and refurbishing close to 90% for reuse.]

- *Experienced leadership [removed: team and business group leaders aligned to market trends and financial segmentation.*] [added: team.*] Our management team has an extensive track record of performance and execution.

COVID-19 Pandemic Update

While great progress has been made in the fight against the novel coronavirus pandemic ("COVID-19" or "pandemic"), it remains a global challenge.

In fiscal 2021, due to an unprecedented demand for electronic devices and related industry-wide supply constraints, the global economy encountered a challenging supply chain environment.

In 2021, COVID-19 vaccines were broadly distributed and administered, and beginning October 4, 2021, we adopted a policy to require proof of vaccination from HPE personnel, contingent workers, and guests in order to return to our sites, where permitted by local laws and regulations and on the timeline determined appropriate for the geography (as of end of fiscal 2021, the policy was operationalized only in the U.S.).

On October 20, 2021, we updated our vaccination policy to require vaccination as a condition of employment for all HPE personnel covered by President Biden's executive order, effective January 18, 2022.

We recognize that there are existing legal challenges to the executive order, and we will ensure that the timing and scope of the implementation of our vaccination requirement is consistent with the legal status of the executive order.

We are committed to help support costs for the vaccine through HPE health benefits or other programs, to the extent not covered by government programs, medical plans or other sources.

The pace of technology disruption continues to increase, and the pandemic has accelerated several megatrends.

First, data at the edge is increasing exponentially, driven by the proliferation of devices.

Secure connectivity is essential to enable the digital experiences we now rely on – and power new, engaging digital experiences in the future.

Second, enterprises need a cloud experience everywhere to manage data and workloads wherever they live across a distributed enterprise.

Third, data growth is creating countless new opportunities.

Enterprises need ways to generate insights from this data to build new business models.

Across these trends is the shift in how enterprises are consuming their technology.

Increasingly, customers want to digitally transform while preserving capital and eliminating operating expense by paying only for the IT they use.

Data insights are critical to deliver business outcomes, but extracting value from data is challenging.

Data is growing and evolving rapidly.

Its characteristics are shifting, as it becomes more unstructured, more time-sensitive and more distributed.

Frequently, data is siloed and spread across different multi-gen IT systems, often trapped in critical legacy architecture.

Many organizations cannot adequately extract insights from their data at the edge or face cloud migration challenges because of their legacy applications.

Customers need a data-first modernization approach across edge to data center to cloud.

We declared our vision to be the edge-to-cloud company.

Our HPE GreenLake platform accelerates multi-generation IT transformation through a unified cloud services experience that enables customers to access, control and maximize the value of all their workloads and data.

Our solutions across connectivity, cloud and data – which are increasingly being delivered as-a-service through HPE GreenLake – are complemented by HPE Pointnext services that provide unique transformation capabilities, as well as HPE Financial Services, which helps customers unlock financial capacity.

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Through such efforts, we are fostering a collaborative, inclusive and inspiring experience for all our team members.

At the close of fiscal 2021, the representation of women in our workforce had increased 1 percentage point since the prior year, with increased representation at every level worldwide, exceeding the goals in both technical and executive roles.

We also increased our representation of all underrepresented minorities in the U.S., increasing such representation by 1.6 percentage points overall.

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In October 2021, we renamed the segment previously known as High Performance Computing and Mission Critical Solutions ("HPC & MCS") to High Performance Computing and Artificial Intelligence ("HPC & AI").

HPE GreenLake for Compute provides flexible Compute as-a-service ("aaS") IT infrastructure on a consumption basis.

Our hardware solutions are segmented into several categories, High Performance Compute ("HPC"), Data Solutions, and Edge Compute.

In connection with our hardware offerings, HPE offers a suite of software products, including AI-powered technologies designed to play a critical role in turning data into readily available, actionable information to fuel growth and innovation for our customers.

These include the recently acquired Determined AI, which provides a software stack to train AI models using its open source machine learning platform.

HPC & AI offerings also include operational and support services and solutions delivered as-a-service through HPE GreenLake cloud services, which is a flexible as-a-service platform that HPE can provide on-premises or in a colocation facility.

HPE Storage is transforming the customer experience with storage as-a-service and cloud data services through the HPE GreenLake edge-to-cloud platform and data infrastructure to enable customers to simplify IT and unlock greater levels of agility with a cloud operational experience.

The customer experience transformation also includes AI and data-driven intelligence with

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HPE InfoSight and HPE CloudPhysics.

Customers can store and serve their data with speed and high availability to applications, secure and protect their data across hybrid clouds from ransomware and cyber threats, and gain data mobility across private cloud, public cloud, and multi-cloud environments.

Transformation Programs

*Cost Optimization and Prioritization Plan*

During the third quarter of fiscal 2020, we launched a cost optimization and prioritization plan which focuses on realigning our workforce to areas of growth, including a new hybrid workforce model called Edge-to-Office, real estate strategies and simplifying and evolving our product portfolio strategy.

The implementation period for the cost optimization and prioritization plan is through fiscal 2023.

During this implementation period, we expect to incur transformation costs predominantly related to labor restructuring, non-labor restructuring, IT investments and design and execution charges.

*HPE Next*

During the third quarter of fiscal 2017, we launched an initiative called HPE Next to put in place a purpose-built company designed to compete and win in the markets where we participate.

Through this program, we are simplifying our operating model, streamlining our offerings, business processes and business systems to improve our execution.

The implementation period for HPE Next has been extended to fiscal 2023.

During the remaining implementation period we expect to incur transformation costs predominantly related to IT infrastructure costs for streamlining, upgrading and simplifying back-end operations, and real estate initiatives.

These costs are expected to be partially offset by gains from real estate sales.

Impacts of the COVID-19 Pandemic on HPE's Business

The outbreak of COVID-19 in 2020 resulted in a global slowdown of economic activity including worldwide travel restrictions, prohibitions of non-essential work activities, disruption and shutdown of businesses and greater uncertainty in global financial markets, all of which resulted in COVID-19 having an impact on our financial performance in fiscal 2020.

The pace of technology disruption continues to accelerate.

The global pandemic has served as a catalyst making digital transformation a strategic imperative for enterprises.

Enterprises now require more resilient IT to ensure continuity in their operations.

They also need to deliver secure connectivity, remote work solutions, data analytics capabilities and mobile-first, cloud-like experiences to their employees and customers, while preserving liquidity to navigate the macro economic uncertainty and to adapt to the new world.

We are answering the call for transformation with our edge-to-cloud strategy and solutions that are aligned to the evolving needs of our customers.

We help enterprises transform and digitize their businesses so that they may accelerate their business outcomes by delivering new digital experiences and unlocking insights from their data.

We saw that the foundation of

every business would be edge-to-cloud and in response HPE brings industry-leading IT infrastructure, software, services, financing resources and as-a-service capabilities to meet this demand.

We are passionate about the values that have underpinned the success of the company over years.

In 2020, HPE increased our female workforce at every level worldwide, including technical and executive roles.

The Compute support team is also a provider of on-premises flexible consumption models, such as HPE GreenLake.

HPC & MCS offerings also include operational and support services.

HPC & MCS products can also be purchased through on-premises flexible consumption models, such as HPE GreenLake.

We provide workload-optimized products and service offerings that are AI-driven and built for cloud environments with flexible consumption models from HPE GreenLake and flexible investment options.

Powered by HPE InfoSight-advanced artificial intelligence operations, HPE solutions deliver an intelligent data platform that enables customers to unleash the power of their data.

Key offerings include an intelligent HCI portfolio with HPE Nimble Storage dHCI, a disaggregated HCI solution for the enterprise data center and HPE SimpliVity, a hyperconverged platform for general purpose and edge workloads.

A & PS

Our A & PS business provides consultative-led services, HPE and partner technology expertise and advice, implementation services and complex solution engagement capabilities.

Our advisors and experts engage early with customers to lead them through their digital transformations and to improve their business outcomes.

A & PS is also a provider of on-premises flexible consumption models that enable IT agility, simplify operations, and align cost to value.

A & PS is of strategic importance to HPE as it drives large value sales of HPE infrastructure products and services such as HPE GreenLake, HPE Ezmeral, HPC & MCS and other Compute & Storage infrastructure products.

Corporate Investments includes Hewlett Packard Labs which is responsible for research and development, the Communications and Media Solutions ("CMS") business and certain business incubation projects.

Forthcoming Segment Realignments

In order to align our segment financial reporting structure more closely with our current business structure, effective November 1, 2020, we will report the following changes to our reportable segments: the lifecycle event services business which was previously reported within the A & PS segment will be reported within each of the related hardware segments; certain software related business offerings previously reported within Compute, Storage and A & PS will be combined and reported within the Corporate Investments segment; and the remainder of A & PS, which was previously reported as a reportable segment, will be reported within the Corporate Investments segment.

Additionally, the stock-based compensation expense which was previously reported within segment operating results will be now be reported as a corporate cost.

We saw the opportunity early, and that has allowed us to build capabilities and partnerships that are unique in the industry including the ability to deliver our as-a-Service portfolio with over 700 channel partners that can sell the as-a-Service portfolio.

This year we simplified our operating model and have aligned it to the financial segmentation providing more visibility and accountability in our business segments.

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For the fiscal year ended October 31, [removed: 2020][added: 2021]

| Title of each class | | | [removed: Trading Symbol(s)] [added: Trading Symbol(s)] | | | Name of each exchange on which registered | | |

| [removed: Common] [added: Common] stock, par value $0.01 per [removed: share] [added: share] | | | [removed: HPE] [added: HPE] | | | [removed: New] [added: New] York Stock [removed: Exchange] [added: Exchange] | | |

[removed: Securities] [added: Securities] registered pursuant to Section 12(g) of the [removed: Act:][added: Act:]

[removed: None][added: None]

The aggregate market value of the registrant's common stock held by non-affiliates was [removed: $12,872,878,346] [added: $20,839,669,847] based on the last sale price of common stock on April 30, [removed: 2020.][added: 2021.]

The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of December 7, [removed: 2020] [added: 2021] was [removed: 1,293,499,810] [added: 1,293,439,907] shares.

| Portions of the Registrant's proxy statement related to its [removed: 2021] [added: 2022] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant's fiscal year end of October 31, [removed: 2020] [added: 2021] are incorporated by reference into Part III of this Report. | | | | | | III | | |

| [Item [removed: 1.](#ieab11e50c39b42d29d1144a44165447c_16)] [added: 1.](#ica158fb683c247fdb170955b492f9216_16)] | | | [removed: [Business](#ieab11e50c39b42d29d1144a44165447c_16)] [added: [Business](#ica158fb683c247fdb170955b492f9216_16)] | | | [removed: [2](#ieab11e50c39b42d29d1144a44165447c_16)] [added: [2](#ica158fb683c247fdb170955b492f9216_16)] | | |

| [Item [removed: 1A.](#ieab11e50c39b42d29d1144a44165447c_19)] [added: 1A.](#ica158fb683c247fdb170955b492f9216_19)] | | | [Risk [removed: Factors](#ieab11e50c39b42d29d1144a44165447c_19)] [added: Factors](#ica158fb683c247fdb170955b492f9216_19)] | | | [removed: [14](#ieab11e50c39b42d29d1144a44165447c_19)] [added: [15](#ica158fb683c247fdb170955b492f9216_19)] | | |

| [Item [removed: 1B.](#ieab11e50c39b42d29d1144a44165447c_22)] [added: 1B.](#ica158fb683c247fdb170955b492f9216_22)] | | | [Unresolved Staff [removed: Comments](#ieab11e50c39b42d29d1144a44165447c_22)] [added: Comments](#ica158fb683c247fdb170955b492f9216_22)] | | | [removed: [27](#ieab11e50c39b42d29d1144a44165447c_22)] [added: [29](#ica158fb683c247fdb170955b492f9216_22)] | | |

| [Item [removed: 2.](#ieab11e50c39b42d29d1144a44165447c_25)] [added: 2.](#ica158fb683c247fdb170955b492f9216_25)] | | | [removed: [Properties](#ieab11e50c39b42d29d1144a44165447c_25)] [added: [Properties](#ica158fb683c247fdb170955b492f9216_25)] | | | [removed: [27](#ieab11e50c39b42d29d1144a44165447c_25)] [added: [29](#ica158fb683c247fdb170955b492f9216_25)] | | |

| [Item [removed: 3.](#ieab11e50c39b42d29d1144a44165447c_28)] [added: 3.](#ica158fb683c247fdb170955b492f9216_28)] | | | [Legal [removed: Proceedings](#ieab11e50c39b42d29d1144a44165447c_28)] [added: Proceedings](#ica158fb683c247fdb170955b492f9216_28)] | | | [removed: [27](#ieab11e50c39b42d29d1144a44165447c_28)] [added: [29](#ica158fb683c247fdb170955b492f9216_28)] | | |

| [Item [removed: 4.](#ieab11e50c39b42d29d1144a44165447c_31)] [added: 4.](#ica158fb683c247fdb170955b492f9216_34)] | | | [Mine Safety [removed: Disclosures](#ieab11e50c39b42d29d1144a44165447c_31)] [added: Disclosures](#ica158fb683c247fdb170955b492f9216_34)] | | | [removed: [28](#ieab11e50c39b42d29d1144a44165447c_31)] [added: [30](#ica158fb683c247fdb170955b492f9216_34)] | | |

| [Item [removed: 5.](#ieab11e50c39b42d29d1144a44165447c_37)] [added: 5.](#ica158fb683c247fdb170955b492f9216_37)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ieab11e50c39b42d29d1144a44165447c_37)] [added: Securities](#ica158fb683c247fdb170955b492f9216_37)] | | | [removed: [28](#ieab11e50c39b42d29d1144a44165447c_37)] [added: [30](#ica158fb683c247fdb170955b492f9216_37)] | | |

| [Item [removed: 7.](#ieab11e50c39b42d29d1144a44165447c_82)] [added: 7.](#ica158fb683c247fdb170955b492f9216_91)] | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ieab11e50c39b42d29d1144a44165447c_43)] [added: Operations](#ica158fb683c247fdb170955b492f9216_43)] | | | [removed: [31](#ieab11e50c39b42d29d1144a44165447c_43)] [added: [32](#ica158fb683c247fdb170955b492f9216_43)] | | |

| [Item [removed: 7A.](#ieab11e50c39b42d29d1144a44165447c_85)] [added: 7A.](#ica158fb683c247fdb170955b492f9216_94)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ieab11e50c39b42d29d1144a44165447c_85)] [added: Risk](#ica158fb683c247fdb170955b492f9216_94)] | | | [removed: [62](#ieab11e50c39b42d29d1144a44165447c_85)] [added: [57](#ica158fb683c247fdb170955b492f9216_94)] | | |

| [Item [removed: 8.](#ieab11e50c39b42d29d1144a44165447c_88)] [added: 8.](#ica158fb683c247fdb170955b492f9216_97)] | | | [Financial Statements and Supplementary [removed: Data](#ieab11e50c39b42d29d1144a44165447c_88)] [added: Data](#ica158fb683c247fdb170955b492f9216_97)] | | | [removed: [64](#ieab11e50c39b42d29d1144a44165447c_88)] [added: [59](#ica158fb683c247fdb170955b492f9216_97)] | | |

| [Item [removed: 9.](#ieab11e50c39b42d29d1144a44165447c_217)] [added: 9.](#ica158fb683c247fdb170955b492f9216_193)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ieab11e50c39b42d29d1144a44165447c_217)] [added: Disclosure](#ica158fb683c247fdb170955b492f9216_193)] | | | [removed: [140](#ieab11e50c39b42d29d1144a44165447c_217)] [added: [132](#ica158fb683c247fdb170955b492f9216_193)] | | |

| [Item [removed: 9A.](#ieab11e50c39b42d29d1144a44165447c_220)] [added: 9A.](#ica158fb683c247fdb170955b492f9216_196)] | | | [Controls and [removed: Procedures](#ieab11e50c39b42d29d1144a44165447c_220)] [added: Procedures](#ica158fb683c247fdb170955b492f9216_196)] | | | [removed: [140](#ieab11e50c39b42d29d1144a44165447c_220)] [added: [132](#ica158fb683c247fdb170955b492f9216_196)] | | |

| [Item [removed: 9B.](#ieab11e50c39b42d29d1144a44165447c_223)] [added: 9B.](#ica158fb683c247fdb170955b492f9216_199)] | | | [Other [removed: Information](#ieab11e50c39b42d29d1144a44165447c_223)] [added: Information](#ica158fb683c247fdb170955b492f9216_199)] | | | [removed: [140](#ieab11e50c39b42d29d1144a44165447c_223)] [added: [132](#ica158fb683c247fdb170955b492f9216_199)] | | |

| [Item [removed: 10.](#ieab11e50c39b42d29d1144a44165447c_229)] [added: 10.](#ica158fb683c247fdb170955b492f9216_205)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ieab11e50c39b42d29d1144a44165447c_229)] [added: Governance](#ica158fb683c247fdb170955b492f9216_205)] | | | [removed: [141](#ieab11e50c39b42d29d1144a44165447c_229)] [added: [134](#ica158fb683c247fdb170955b492f9216_205)] | | |

| [Item [removed: 11.](#ieab11e50c39b42d29d1144a44165447c_232)] [added: 11.](#ica158fb683c247fdb170955b492f9216_208)] | | | [Executive [removed: Compensation](#ieab11e50c39b42d29d1144a44165447c_232)] [added: Compensation](#ica158fb683c247fdb170955b492f9216_208)] | | | [removed: [141](#ieab11e50c39b42d29d1144a44165447c_232)] [added: [134](#ica158fb683c247fdb170955b492f9216_208)] | | |

| [Item [removed: 12.](#ieab11e50c39b42d29d1144a44165447c_235)] [added: 12.](#ica158fb683c247fdb170955b492f9216_211)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ieab11e50c39b42d29d1144a44165447c_235)] [added: Matters](#ica158fb683c247fdb170955b492f9216_211)] | | | [removed: [141](#ieab11e50c39b42d29d1144a44165447c_235)] [added: [134](#ica158fb683c247fdb170955b492f9216_211)] | | |

| [Item [removed: 13.](#ieab11e50c39b42d29d1144a44165447c_238)] [added: 13.](#ica158fb683c247fdb170955b492f9216_214)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ieab11e50c39b42d29d1144a44165447c_238)] [added: Independence](#ica158fb683c247fdb170955b492f9216_214)] | | | [removed: [141](#ieab11e50c39b42d29d1144a44165447c_238)] [added: [134](#ica158fb683c247fdb170955b492f9216_214)] | | |

| [Item [removed: 14.](#ieab11e50c39b42d29d1144a44165447c_241)] [added: 14.](#ica158fb683c247fdb170955b492f9216_217)] | | | [Principal Accounting Fees and [removed: Services](#ieab11e50c39b42d29d1144a44165447c_241)] [added: Services](#ica158fb683c247fdb170955b492f9216_217)] | | | [removed: [141](#ieab11e50c39b42d29d1144a44165447c_241)] [added: [134](#ica158fb683c247fdb170955b492f9216_217)] | | |

| [Item [removed: 15.](#ieab11e50c39b42d29d1144a44165447c_247)] [added: 15.](#ica158fb683c247fdb170955b492f9216_223)] | | | [Exhibits, Financial Statement [removed: Schedules](#ieab11e50c39b42d29d1144a44165447c_247)] [added: Schedules](#ica158fb683c247fdb170955b492f9216_223)] | | | [removed: [142](#ieab11e50c39b42d29d1144a44165447c_247)] [added: [135](#ica158fb683c247fdb170955b492f9216_223)] | | |

Such statements involve risks, [removed: uncertainties] [added: uncertainties,] and assumptions.

The words "believe", "expect", "anticipate", "optimistic", "intend", "aim", "will", [removed: "should"] [added: "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") and its impact on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial [removed: results] [added: results,] and the world economy; any projections of revenue, margins, expenses, investments, effective tax rates, interest rates, the impact of [removed: the U.S. Tax Cuts and Jobs Act of 2017] [added: tax law changes] and related guidance [removed: or] [added: 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; [added: any projections of] the [removed: projections,] [added: amount,] execution, timing and results of any transformation or [added: impact of cost savings;] restructuring plans, including estimates and assumptions related to the anticipated benefits, cost [removed: savings] [added: savings,] or charges of implementing [removed: the] transformation and restructuring plans; any statements of the plans, [removed: strategies] [added: 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 regarding current or future macroeconomic trends or events and the impact of those trends and events on Hewlett Packard Enterprise and its financial performance; 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, [removed: uncertainties] [added: 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; the need to manage third-party [removed: suppliers and] [added: suppliers,] the distribution of Hewlett Packard Enterprise's [removed: products] [added: products,] and the delivery of Hewlett Packard Enterprise's services effectively; 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 pandemics and public health problems, such as the outbreak of COVID-19); 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 and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, [removed: clients] [added: clients,] and partners, including any impact thereon resulting from events such as the COVID-19 pandemic; the hiring and retention of key employees; the execution, [removed: integration] [added: integration,] and [added: other] risks associated with business combination and investment transactions; the impact of changes to 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 [removed: policies] [added: 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; 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 this report and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's reports filed with the Securities and Exchange Commission.

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

For the Fiscal Year ended October 31, 2021

| | | | [PART I](#ica158fb683c247fdb170955b492f9216_13) | | | | | |

| | | | [PART II](#ica158fb683c247fdb170955b492f9216_31) | | | | | |

| [Item 6.](#ica158fb683c247fdb170955b492f9216_40) | | | [Reserved](#ica158fb683c247fdb170955b492f9216_40) | | | [31](#ica158fb683c247fdb170955b492f9216_40) | | |

| | | | [PART III](#ica158fb683c247fdb170955b492f9216_202) | | | | | |

| | | | [PART IV](#ica158fb683c247fdb170955b492f9216_220) | | | | | |

| [Item 16.](#ica158fb683c247fdb170955b492f9216_1927) | | | [Form 10-K Summary](#ica158fb683c247fdb170955b492f9216_1927) | | | [140](#ica158fb683c247fdb170955b492f9216_1927) | | |

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

| | | | [PART I](#ieab11e50c39b42d29d1144a44165447c_13) | | | | | |

| | | | [PART II](#ieab11e50c39b42d29d1144a44165447c_34) | | | | | |

| [Item 6.](#ieab11e50c39b42d29d1144a44165447c_40) | | | [Selected Financial Data](#ieab11e50c39b42d29d1144a44165447c_40) | | | [30](#ieab11e50c39b42d29d1144a44165447c_40) | | |

| | | | [PART III](#ieab11e50c39b42d29d1144a44165447c_226) | | | | | |

| | | | [PART IV](#ieab11e50c39b42d29d1144a44165447c_244) | | | | | |

As of October 31, [removed: 2020,] [added: 2021,] we owned or leased approximately [removed: 16] [added: 15] million square feet of space worldwide.

| Administration and support | | | [removed: 4] [added: 3] | | | | | | [removed: 7] [added: 6] | | | | | | [removed: 11] [added: 9] | | |

| Total | | | [removed: 5] [added: 4] | | | | | | [removed: 8] [added: 7] | | | | | | [removed: 13] [added: 11] | | |

| (Percentage) | | | [removed: 38] [added: 33] | | % | | | | [removed: 62] [added: 67] | | % | | | | 100 | | % |

Substantially all of our properties are utilized in whole or in part by our Compute, HPC & [removed: MCS,] [added: AI,] Storage, and Intelligent Edge segments.

In connection with the transformation programs, we continue to anticipate changes in our real estate portfolio over the next [removed: three] [added: two] years.

Our principal executive offices, including our global headquarters, are located at 11445 Compaq Center West Drive, Houston, Texas, 77070, United States of [removed: America ("U.S.").][added: America.]

| Americas *Puerto Rico*—Aguadilla *United States*—Alpharetta, Andover, [removed: Carrollton,] Chippewa Falls, Colorado Springs, [removed: Fremont,] Fort Collins, Houston, Milpitas, [removed: Palo Alto,] Roseville, San Jose, Santa Clara, Sunnyvale | | | | | | Europe, Middle East, Africa *United Kingdom*—Erskine | | |

| | | | As of October 31, 2021 | | | | | | | | | | | | | | |

| | | | As of October 31, 2020 | | | | | | | | | | | | | | |

According to the records of our transfer agent, there were [removed: 54,317] [added: 51,818] stockholders of record of Hewlett Packard Enterprise common stock as of November 30, [removed: 2020.][added: 2021.]

During fiscal [removed: 2020,] [added: 2021,] we paid a quarterly dividend of $0.12 per share to our shareholders.

On [removed: December 1, 2020] [added: November 30, 2021] we declared a quarterly dividend of $0.12 per share, payable on [removed: or about] January [removed: 6, 2021,] [added: 7, 2022,] to stockholders of record as of the close of business on December [removed: 9, 2020.][added: 10, 2021.]

During the fiscal year ended October 31, [removed: 2020,] [added: 2021,] the Company repurchased and settled [removed: 25.3] [added: 14.7] million shares of the Company's common [removed: stock, which included 0.5 million shares that were unsettled open market purchases as of October 31, 2019.][added: stock.]

[removed: As of October 31, 2020, the] [added: The] Company had [removed: no] unsettled open market [removed: repurchases.][added: repurchases of 0.8 million shares as of October 31, 2021.]

Shares repurchased during fiscal [removed: 2020] [added: 2021] were recorded as a [removed: $346] [added: $225] million reduction to stockholders' equity.

As of October 31, [removed: 2020,] [added: 2021,] the Company had a remaining authorization of [removed: $2.1] [added: $1.9] billion for future share repurchases.

This graph assumes the investment of $100 in the stock or the index on [removed: November 2, 2015] [added: October 31, 2016] (and the reinvestment of dividends thereafter).

[removed: On April 1, 2017, we] completed the separation and merger of our Enterprise Services business with DXC.

[removed: ][added: ]

| | | | [removed: 11/2015] [added: 10/2016] | | | | | | [removed: 10/2016] [added: 10/2017] | | | | | | [removed: 10/2017] [added: 10/2018] | | | | | | [removed: 10/2018] [added: 10/2019] | | | | | | [removed: 10/2019] [added: 10/2020] | | | | | | [removed: 10/2020] [added: 10/2021] | | |

Dividends

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Fourth Quarter of Fiscal 2021 | | | | | | Total Number of Shares Purchased and Settled | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | | |

| | | | | | | In thousands, except per share amounts | | | | | | | | | | | | | | | | | | | | |

| Month 1 (August 2021) | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,110,281 | |

| Month 2 (September 2021) | | | | | | 6,638 | | | | | | $ | 13.92 | | | | | 6,638 | | | | | | $ | 2,017,871 | |

| Month 3 (October 2021) | | | | | | 8,094 | | | | | | $ | 14.96 | | | | | 8,094 | | | | | | $ | 1,896,829 | |

| Total | | | | | | 14,732 | | | | | | $ | 14.49 | | | | | 14,732 | | | | | | | | |

On September 2, 2021, the Company announced that it reinstated the share repurchase program.

This graph covers the period from October 31, 2016 through October 31, 2021.

On April 1, 2017, we

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 108.15 | | | | | $ | 121.25 | | | | | $ | 134.47 | | | | | $ | 73.79 | | | | | $ | 129.44 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 123.62 | | | | | $ | 132.69 | | | | | $ | 151.69 | | | | | $ | 166.40 | | | | | $ | 237.77 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 138.96 | | | | | $ | 156.05 | | | | | $ | 191.30 | | | | | $ | 257.25 | | | | | $ | 377.96 | |

Dividend

This graph covers the period from November 2, 2015 (the first day HPE's common stock began trading "regular-way" on the NYSE) through October 31, 2020.

| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 157.00 | | | | | $ | 169.80 | | | | | $ | 190.36 | | | | | $ | 211.12 | | | | | $ | 115.85 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 103.27 | | | | | $ | 127.67 | | | | | $ | 137.04 | | | | | $ | 156.66 | | | | | $ | 171.85 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 109.74 | | | | | $ | 152.49 | | | | | $ | 171.25 | | | | | $ | 209.93 | | | | | $ | 282.32 | |

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

The information set forth below is not necessarily indicative of future results of operations and should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the Consolidated Financial Statements and accompanying notes included in Item 8, "Financial Statements and Supplementary Data," of this Annual Report on Form 10-K, which are incorporated herein by reference, in order to understand further the factors that may affect the comparability of the financial data presented below.

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Selected Financial Data

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | For the fiscal years ended October 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| | | | In millions, except per share amounts | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Statements of Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net revenue | | | $ | 26,982 | | | | | $ | 29,135 | | | | | $ | 30,852 | | | | | $ | 28,871 | | | | | $ | 30,280 | |

| Earnings (loss) from continuing operations | | | $ | (329) | | | | | $ | 1,274 | | | | | $ | 1,737 | | | | | $ | 564 | | | | | $ | 3,741 | |

| Net earnings (loss) from continuing operations | | | $ | (322) | | | | | $ | 1,049 | | | | | $ | 2,012 | | | | | $ | 436 | | | | | $ | 3,237 | |

| Net loss from discontinued operations | | | — | | | | | | — | | | | | | (104) | | | | | | (92) | | | | | | (76) | | |

| Net earnings (loss) | | | $ | (322) | | | | | $ | 1,049 | | | | | $ | 1,908 | | | | | $ | 344 | | | | | $ | 3,161 | |

| Net earnings (loss) per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | (0.25) | | | | | $ | 0.78 | | | | | $ | 1.32 | | | | | $ | 0.26 | | | | | $ | 1.89 | |

| Discontinued operations | | | — | | | | | | — | | | | | | (0.07) | | | | | | (0.05) | | | | | | (0.05) | | |

| Total basic net earnings (loss) per share | | | $ | (0.25) | | | | | $ | 0.78 | | | | | $ | 1.25 | | | | | $ | 0.21 | | | | | $ | 1.84 | |

| Diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | (0.25) | | | | | $ | 0.77 | | | | | $ | 1.30 | | | | | $ | 0.26 | | | | | $ | 1.86 | |

| Discontinued operations | | | — | | | | | | — | | | | | | (0.07) | | | | | | (0.05) | | | | | | (0.04) | | |

| Total diluted net earnings (loss) per share | | | $ | (0.25) | | | | | $ | 0.77 | | | | | $ | 1.23 | | | | | $ | 0.21 | | | | | $ | 1.82 | |

| Cash dividends declared per share | | | $ | 0.3600 | | | | | $ | 0.4575 | | | | | $ | 0.4875 | | | | | $ | 0.2600 | | | | | $ | 0.2200 | |

| Basic shares outstanding | | | 1,294 | | | | | | 1,353 | | | | | | 1,529 | | | | | | 1,646 | | | | | | 1,715 | | |

| Diluted shares outstanding | | | 1,294 | | | | | | 1,366 | | | | | | 1,553 | | | | | | 1,674 | | | | | | 1,739 | | |

| Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| At year-end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total assets | | | $ | 54,015 | | | | | $ | 51,803 | | | | | $ | 55,493 | | | | | $ | 61,406 | | | | | $ | 79,629 | |

| Long-term debt | | | $ | 12,186 | | | | | $ | 9,395 | | | | | $ | 10,136 | | | | | $ | 10,182 | | | | | $ | 12,168 | |

| Total debt | | | $ | 15,941 | | | | | $ | 13,820 | | | | | $ | 12,141 | | | | | $ | 14,032 | | | | | $ | 15,693 | |

| [removed: [Report](#ieab11e50c39b42d29d1144a44165447c_94)[s](#ieab11e50c39b42d29d1144a44165447c_94) [of] [added: [Reports of] Independent Registered Public Accounting [removed: Firm](#ieab11e50c39b42d29d1144a44165447c_94)] [added: Firm](#ica158fb683c247fdb170955b492f9216_103)] | | | [removed: [65](#ieab11e50c39b42d29d1144a44165447c_94)] [added: [60](#ica158fb683c247fdb170955b492f9216_103)] | | |

| [removed: [Management](#ieab11e50c39b42d29d1144a44165447c_97)['](#ieab11e50c39b42d29d1144a44165447c_97)[s] [added: [Management's] Report on Internal Control Over Financial [removed: Reporting](#ieab11e50c39b42d29d1144a44165447c_97)] [added: Reporting](#ica158fb683c247fdb170955b492f9216_106)] | | | [removed: [68](#ieab11e50c39b42d29d1144a44165447c_97)] [added: [63](#ica158fb683c247fdb170955b492f9216_106)] | | |

| [Consolidated Statements of [removed: Earnings](#ieab11e50c39b42d29d1144a44165447c_100)] [added: Earnings](#ica158fb683c247fdb170955b492f9216_109)] | | | [removed: [69](#ieab11e50c39b42d29d1144a44165447c_100)] [added: [64](#ica158fb683c247fdb170955b492f9216_109)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ieab11e50c39b42d29d1144a44165447c_103)] [added: Income](#ica158fb683c247fdb170955b492f9216_112)] | | | [removed: [70](#ieab11e50c39b42d29d1144a44165447c_103)] [added: [65](#ica158fb683c247fdb170955b492f9216_112)] | | |

| [Consolidated Balance [removed: Sheets](#ieab11e50c39b42d29d1144a44165447c_106)] [added: Sheets](#ica158fb683c247fdb170955b492f9216_115)] | | | [removed: [71](#ieab11e50c39b42d29d1144a44165447c_106)] [added: [66](#ica158fb683c247fdb170955b492f9216_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ieab11e50c39b42d29d1144a44165447c_112)] [added: Flows](#ica158fb683c247fdb170955b492f9216_118)] | | | [removed: [72](#ieab11e50c39b42d29d1144a44165447c_112)] [added: [67](#ica158fb683c247fdb170955b492f9216_118)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#ieab11e50c39b42d29d1144a44165447c_115)] [added: Equity](#ica158fb683c247fdb170955b492f9216_121)] | | | [removed: [73](#ieab11e50c39b42d29d1144a44165447c_115)] [added: [68](#ica158fb683c247fdb170955b492f9216_121)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ieab11e50c39b42d29d1144a44165447c_121)] [added: Statements](#ica158fb683c247fdb170955b492f9216_124)] | | | [removed: [75](#ieab11e50c39b42d29d1144a44165447c_121)] [added: [70](#ica158fb683c247fdb170955b492f9216_124)] | | |

| [Note 1: Overview and Summary of Significant Accounting [removed: Policies](#ieab11e50c39b42d29d1144a44165447c_124)] [added: Policies](#ica158fb683c247fdb170955b492f9216_127)] | | | [removed: [75](#ieab11e50c39b42d29d1144a44165447c_124)] [added: [70](#ica158fb683c247fdb170955b492f9216_127)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_133) [2](#ieab11e50c39b42d29d1144a44165447c_133)[:] [added: [Note 2:] Segment [removed: Information](#ieab11e50c39b42d29d1144a44165447c_133)] [added: Information](#ica158fb683c247fdb170955b492f9216_130)] | | | [removed: [86](#ieab11e50c39b42d29d1144a44165447c_133)] [added: [80](#ica158fb683c247fdb170955b492f9216_130)] | | |

| [Note 3: Transformation [removed: Programs](#ieab11e50c39b42d29d1144a44165447c_139)] [added: Programs](#ica158fb683c247fdb170955b492f9216_133)] | | | [removed: [90](#ieab11e50c39b42d29d1144a44165447c_139)] [added: [84](#ica158fb683c247fdb170955b492f9216_133)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_142) [4](#ieab11e50c39b42d29d1144a44165447c_142)[:] [added: [Note 4:] Retirement and Post-Retirement Benefit [removed: Plans](#ieab11e50c39b42d29d1144a44165447c_142)] [added: Plans](#ica158fb683c247fdb170955b492f9216_136)] | | | [removed: [91](#ieab11e50c39b42d29d1144a44165447c_142)] [added: [86](#ica158fb683c247fdb170955b492f9216_136)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_148) [5](#ieab11e50c39b42d29d1144a44165447c_148)[:] [added: [Note 5:] Stock-Based [removed: Compensation](#ieab11e50c39b42d29d1144a44165447c_148)] [added: Compensation](#ica158fb683c247fdb170955b492f9216_139)] | | | [removed: [98](#ieab11e50c39b42d29d1144a44165447c_148)] [added: [93](#ica158fb683c247fdb170955b492f9216_139)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_154) [7](#ieab11e50c39b42d29d1144a44165447c_154)[:] [added: [Note 7:] Balance Sheet [removed: Details](#ieab11e50c39b42d29d1144a44165447c_154)] [added: Details](#ica158fb683c247fdb170955b492f9216_145)] | | | [removed: [105](#ieab11e50c39b42d29d1144a44165447c_154)] [added: [99](#ica158fb683c247fdb170955b492f9216_145)] | | |

| [Note 8: Accounting for Leases as a [removed: Lessee](#ieab11e50c39b42d29d1144a44165447c_2226)] [added: Lessee](#ica158fb683c247fdb170955b492f9216_148)] | | | [removed: [108](#ieab11e50c39b42d29d1144a44165447c_2226)] [added: [102](#ica158fb683c247fdb170955b492f9216_148)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_157) [9](#ieab11e50c39b42d29d1144a44165447c_157)[:](#ieab11e50c39b42d29d1144a44165447c_157) [Accounting] [added: [Note 9: Accounting] for Leases as a [removed: Lessor](#ieab11e50c39b42d29d1144a44165447c_157)] [added: Lessor](#ica158fb683c247fdb170955b492f9216_154)] | | | [removed: [110](#ieab11e50c39b42d29d1144a44165447c_157)] [added: [103](#ica158fb683c247fdb170955b492f9216_154)] | | |

| [removed: [Note](#ieab11e50c39b42d29d1144a44165447c_166) [11](#ieab11e50c39b42d29d1144a44165447c_166)[:] [added: [Note 11:] Goodwill and Intangible [removed: Assets](#ieab11e50c39b42d29d1144a44165447c_166)] [added: Assets](#ica158fb683c247fdb170955b492f9216_160)] | | | [removed: [116](#ieab11e50c39b42d29d1144a44165447c_166)] [added: [109](#ica158fb683c247fdb170955b492f9216_160)] | | |

| [Note [removed: 1](#ieab11e50c39b42d29d1144a44165447c_190)[6](#ieab11e50c39b42d29d1144a44165447c_190)[:] [added: 16:] Net Earnings Per [removed: Share](#ieab11e50c39b42d29d1144a44165447c_190)] [added: Share](#ica158fb683c247fdb170955b492f9216_175)] | | | [removed: [130](#ieab11e50c39b42d29d1144a44165447c_190)] [added: [124](#ica158fb683c247fdb170955b492f9216_175)] | | |

| [Note [removed: 1](#ieab11e50c39b42d29d1144a44165447c_193)[7](#ieab11e50c39b42d29d1144a44165447c_193)[:] [added: 17:] Litigation and [removed: Contingencies](#ieab11e50c39b42d29d1144a44165447c_193)] [added: Contingencies](#ica158fb683c247fdb170955b492f9216_178)] | | | [removed: [131](#ieab11e50c39b42d29d1144a44165447c_193)] [added: [124](#ica158fb683c247fdb170955b492f9216_178)] | | |

| [Note [removed: 1](#ieab11e50c39b42d29d1144a44165447c_199)[8](#ieab11e50c39b42d29d1144a44165447c_199)[:] [added: 18:] Guarantees, Indemnifications and [removed: Warranties](#ieab11e50c39b42d29d1144a44165447c_199)] [added: Warranties](#ica158fb683c247fdb170955b492f9216_181)] | | | [removed: [135](#ieab11e50c39b42d29d1144a44165447c_199)] [added: [128](#ica158fb683c247fdb170955b492f9216_181)] | | |

| [Note [removed: 2](#ieab11e50c39b42d29d1144a44165447c_211)[0](#ieab11e50c39b42d29d1144a44165447c_211)[:] [added: 20:] Equity Method [removed: Investments](#ieab11e50c39b42d29d1144a44165447c_211)] [added: Investments](#ica158fb683c247fdb170955b492f9216_187)] | | | [removed: [137](#ieab11e50c39b42d29d1144a44165447c_211)] [added: [130](#ica158fb683c247fdb170955b492f9216_187)] | | |

We have audited the accompanying consolidated balance sheets of Hewlett Packard Enterprise Company and subsidiaries (the Company) as of October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of earnings, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended October 31, [removed: 2020,] [added: 2021,] and the related notes (collectively referred to as the [removed: "consolidated] [added: “consolidated] financial [removed: statements").][added: statements”).]

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of October 31, [removed: 2020,] [added: 2021,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated December 10, [removed: 2020,] [added: 2021,] expressed an unqualified opinion thereon.

[removed: Adoption] [added: | Effects] of [removed: New Accounting Standard][added: adoption of accounting standard updates (3) | | | | | | | | | | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | |]

| Description of the matter | | | | | | At October 31, [removed: 2020,] [added: 2021,] the [removed: Company's] [added: Company’s] goodwill was [removed: $18.0] [added: $18.3] billion. As discussed in Note 11 to the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level and more frequently when warranted based on indicators of impairment. Auditing [removed: management's] [added: management’s] goodwill impairment [removed: tests were] [added: test was] complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting units, particularly for [removed: those] [added: an individual] reporting [removed: units] [added: unit] with a fair value [removed: below or] only marginally in excess of carrying value. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the weighted average cost of capital, revenue growth rate, operating margin and terminal value, which are affected by expectations about future market or economic conditions. | | |

| How we addressed the matter in our audit | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the [removed: Company's] [added: Company’s] goodwill impairment review process, including controls over [removed: management's] [added: management’s] review of the significant assumptions described above. To test the estimated fair value of the [removed: Company's] [added: Company’s] reporting units, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the [removed: Company's] [added: Company’s] business model, product mix and other factors would affect the significant assumptions. We assessed the historical accuracy of [removed: management's] [added: management’s] estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. In addition, we tested [removed: management's] [added: management’s] reconciliation of the fair value of the reporting units to the market capitalization of the Company. We involved our valuation professionals to evaluate the application of valuation methodologies in [removed: each of] the [removed: Company's] [added: Company’s annual] impairment [removed: tests.] [added: test.] | | |

| Description of the matter | | | | | | As described in Note 1 to the consolidated financial statements, the Company recognizes revenue for sales to its customers after deducting [removed: management's] [added: management’s] estimates of variable consideration which may include various rebates, volume-based discounts, cooperative marketing, price protection, and other incentive programs that are offered to customers, partners and distributors. Estimated variable consideration is presented within other accrued liabilities on the consolidated balance sheet and totaled $1.0 billion at October 31, [removed: 2020.] [added: 2021.] Auditing the estimates of variable consideration was complex and judgmental due to the level of uncertainty involved in management’s estimate of expected usage of these programs. | | |

| How we addressed the matter in our audit | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the [removed: Company's] [added: Company’s] process for estimating variable consideration, including controls over [removed: management's] [added: management’s] review of the significant assumptions described above. To test the [removed: Company's] [added: Company’s] determination of variable consideration we performed audit procedures that included, among others, evaluating the methodologies, testing the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions to historical experience of the Company to develop an expectation of the variable consideration associated with product remaining in the distribution channel at October 31, [removed: 2020,] [added: 2021,] which we compared to [removed: management's] [added: management’s] recorded amount. In addition, we inspected the underlying agreements and compared the incentive rates used in the Company’s analyses with contractual rates. We assessed the historical accuracy of [removed: management's] [added: management’s] estimates by comparing previous estimates of variable consideration to the amount of actual payments in subsequent periods. | | |

[removed: December 10, 2020][added: | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

We have audited Hewlett Packard Enterprise Company and [removed: subsidiaries'] [added: subsidiaries’] internal control over financial reporting as of October 31, [removed: 2020,] [added: 2021,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Hewlett Packard Enterprise Company and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of October 31, [removed: 2020,] [added: 2021,] based on the COSO criteria.

As indicated in the accompanying [removed: Management's] [added: Management’s] Report on Internal Control Over Financial Reporting, [removed: management's] [added: management’s] assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of [removed: Silver Peak Systems, Inc.,] [added: Zerto, Ltd.,] which is included in the [removed: 2020] [added: 2021] consolidated financial statements of the Company and constituted less than 1% of total assets as of October 31, [removed: 2020] [added: 2021] and less than 1% and 1% of net [removed: revenue] [added: revenues] and net earnings, respectively, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of [removed: Silver Peak Systems, Inc.][added: Zerto, Ltd.]

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of October 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of earnings, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended October 31, [removed: 2020,] [added: 2021,] and the related notes and our report dated December 10, [removed: 2020] [added: 2021] expressed an unqualified opinion thereon.

Hewlett Packard Enterprise's management assessed the effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2020,] [added: 2021,] utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 framework).

Management's evaluation of internal control over financial reporting excluded the internal control activities of [removed: Silver Peak Systems, Inc.] [added: Zerto Ltd.,] which is included in the [removed: 2020] [added: 2021] consolidated financial statements of Hewlett Packard Enterprise and constituted less than 1% of total assets as of October 31, [removed: 2020] [added: 2021] and less than 1% and 1% of net revenue and net earnings, respectively, for the year then ended.

Based on the assessment by Hewlett Packard Enterprise's management, we determined that Hewlett Packard Enterprise's internal control over financial reporting was effective as of October 31, [removed: 2020.][added: 2021.]

The effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2020] [added: 2021] has been audited by Ernst & Young LLP, Hewlett Packard Enterprise's independent registered public accounting firm, as stated in their report [removed: which appears] on [removed: page 67 of this Annual Report on Form 10-K.][added: the preceding pages.]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| [Note 6: Taxes on Earnings](#ica158fb683c247fdb170955b492f9216_142) | | | [95](#ica158fb683c247fdb170955b492f9216_142) | | |

| [Note 10: Acquisitions](#ica158fb683c247fdb170955b492f9216_157) | | | [107](#ica158fb683c247fdb170955b492f9216_157) | | |

| [Note 12: Fair Value](#ica158fb683c247fdb170955b492f9216_163) | | | [111](#ica158fb683c247fdb170955b492f9216_163) | | |

| [Note 13: Financial Instruments](#ica158fb683c247fdb170955b492f9216_166) | | | [113](#ica158fb683c247fdb170955b492f9216_166) | | |

| [Note 14: Borrowings](#ica158fb683c247fdb170955b492f9216_169) | | | [119](#ica158fb683c247fdb170955b492f9216_169) | | |

| [Note 15: Stockholders' Equity](#ica158fb683c247fdb170955b492f9216_172) | | | [122](#ica158fb683c247fdb170955b492f9216_172) | | |

| [Note 19: Commitments](#ica158fb683c247fdb170955b492f9216_184) | | | [129](#ica158fb683c247fdb170955b492f9216_184) | | |

December 10, 2021

December 10, 2021

| December 10, 2021 | | | | | | December 10, 2021 | | |

| Tax indemnification and related adjustments | | | 65 | | | | | | (101) | | | | | | 377 | | |

| Litigation judgment | | | 2,351 | | | | | | — | | | | | | — | | |

| Basic | | | $ | 2.62 | | | | | $ | (0.25) | | | | | $ | 0.78 | |

| Diluted | | | $ | 2.58 | | | | | $ | (0.25) | | | | | $ | 0.77 | |

| | | | (3) | | | | | | (5) | | | | | | 6 | | |

| | | | 106 | | | | | | (61) | | | | | | (63) | | |

| | | | 1,048 | | | | | | (99) | | | | | | (470) | | |

| Financing receivables, net of allowances | | | 3,932 | | | | | | 3,794 | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | 3,427 | | | | | | | | | | | | 3,427 | | | | | | 9 | | | | | | 3,436 | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,024 | | | | | | 1,024 | | | | | | — | | | | | | 1,024 | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,451 | | | | | | 9 | | | | | | 4,460 | | |

| Repurchases of common stock | | | (15,511) | | | | | | | | | | | | (225) | | | | | | | | | | | | | | | | | | (225) | | | | | | | | | | | | (225) | | |

| Balance at October 31, 2021 | | | 1,294,634 | | | | | | $ | 13 | | | | | $ | 28,470 | | | | | $ | (5,597) | | | | | $ | (2,915) | | | | | $ | 19,971 | | | | | $ | 46 | | | | | $ | 20,017 | |

(3) For fiscal 2021, $25 million represents the impact of the adoption of the accounting standard on the measurement of credit losses on financing receivables.

*Acquisition*

In August 2021, the Company completed the acquisition of Zerto Ltd. ("Zerto"), an industry leader in cloud data management and protection for a fair value consideration of $416 million.

Zerto's results of operations were included within the Storage segment from the date of acquisition.

This acquisition expands HPE GreenLake and further enables the shift of the Storage segment toward more cloud-native and software-defined data services solutions.

For further discussion on this acquisition, refer to Note 10, "Acquisitions".

*Litigation Judgment*

In October 2021, the Company received $2.35 billion which represents Oracle Corporation’s satisfaction of the judgment in the Itanium litigation.

The gain was recognized as other income and presented as Litigation judgment in the Consolidated Statements of Earnings.

For further discussion on this litigation judgment, refer to Note 17, “Litigation and Contingencies".

In October 2021, we renamed the segment previously known as High Performance Computing and Mission Critical Solutions ("HPC & MCS") to High Performance Computing and Artificial Intelligence ("HPC & AI").

These organizational changes are: (i) the transfer of the lifecycle event services business, previously reported within the Advisory and Professional Services ("A & PS") reportable segment to the Compute, Storage and HPC & AI reportable segments; (ii) the transfer of certain software and related services businesses, previously reported within the Compute, Storage and A & PS reportable segments to the Corporate Investments and Other reportable segment, to form a new Software operating segment; and (iii) the transfer of the remaining A & PS operating

segment, previously reported as a separate reportable segment, to the Corporate Investments and Other reportable segment.

Additionally, effective at the beginning of the first quarter of fiscal 2021, the Company excluded stock-based compensation expense from its segment earnings from operations.

Variable

The amortization of capitalized costs to obtain a contract are included in Selling, general and administrative expense.

Refer to Note 7, "Balance Sheet Details" for additional information.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [Note](#ieab11e50c39b42d29d1144a44165447c_151) [6](#ieab11e50c39b42d29d1144a44165447c_151)[: Taxes on Earnings](#ieab11e50c39b42d29d1144a44165447c_151) | | | [101](#ieab11e50c39b42d29d1144a44165447c_151) | | |

| [Note 1](#ieab11e50c39b42d29d1144a44165447c_163)[0](#ieab11e50c39b42d29d1144a44165447c_163)[: Acquisitions](#ieab11e50c39b42d29d1144a44165447c_163) | | | [115](#ieab11e50c39b42d29d1144a44165447c_163) | | |

| [Note 1](#ieab11e50c39b42d29d1144a44165447c_172)[2](#ieab11e50c39b42d29d1144a44165447c_172)[: Fair Value](#ieab11e50c39b42d29d1144a44165447c_172) | | | [118](#ieab11e50c39b42d29d1144a44165447c_172) | | |

| [Note 1](#ieab11e50c39b42d29d1144a44165447c_175)[3](#ieab11e50c39b42d29d1144a44165447c_175)[: Financial Instruments](#ieab11e50c39b42d29d1144a44165447c_175) | | | [120](#ieab11e50c39b42d29d1144a44165447c_175) | | |

| [Note 1](#ieab11e50c39b42d29d1144a44165447c_181)[4](#ieab11e50c39b42d29d1144a44165447c_181)[: Borrowings](#ieab11e50c39b42d29d1144a44165447c_181) | | | [125](#ieab11e50c39b42d29d1144a44165447c_181) | | |

| [Note 1](#ieab11e50c39b42d29d1144a44165447c_187)[5](#ieab11e50c39b42d29d1144a44165447c_187)[: Stockholders' Equity](#ieab11e50c39b42d29d1144a44165447c_187) | | | [128](#ieab11e50c39b42d29d1144a44165447c_187) | | |

| [Note](#ieab11e50c39b42d29d1144a44165447c_205) [19](#ieab11e50c39b42d29d1144a44165447c_205)[: Commitments](#ieab11e50c39b42d29d1144a44165447c_205) | | | [136](#ieab11e50c39b42d29d1144a44165447c_205) | | |

| [Quarterly Summary](#ieab11e50c39b42d29d1144a44165447c_214) | | | [139](#ieab11e50c39b42d29d1144a44165447c_214) | | |

As discussed in Note 1 to the consolidated financial statements, the Company has changed its method for accounting for leases in 2020 due to the adoption of ASU No. 2016-02, Leases (Topic 842).

| December 10, 2020 | | | | | | December 10, 2020 | | |

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Net loss from discontinued operations | | | — | | | | | | — | | | | | | (104) | | |

| Basic | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | (0.25) | | | | | $ | 0.78 | | | | | $ | 1.32 | |

| Discontinued operations | | | — | | | | | | — | | | | | | (0.07) | | |

| Diluted | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | (0.25) | | | | | $ | 0.77 | | | | | $ | 1.30 | |

| Total diluted net earnings (loss) per share | | | $ | (0.25) | | | | | $ | 0.77 | | | | | $ | 1.23 | |

| Change in net unrealized gains (losses) on available-for-sale securities: | | | | | | | | | | | | | | | | | |

| | | | (5) | | | | | | 6 | | | | | | (12) | | |

| Change in net unrealized gains (losses) on cash flow hedges: | | | | | | | | | | | | | | | | | |

| | | | (61) | | | | | | (63) | | | | | | 177 | | |

| Change in unrealized components of defined benefit plans: | | | | | | | | | | | | | | | | | |

| | | | (99) | | | | | | (470) | | | | | | (210) | | |

| Cumulative translation adjustment arising during the period | | | (12) | | | | | | (18) | | | | | | (70) | | |

| Release of cumulative translation adjustment as a result of divestitures and country exits | | | — | | | | | | — | | | | | | 20 | | |

| | | | (12) | | | | | | (18) | | | | | | (50) | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Financing receivables, net of allowance for doubtful accounts | | | 3,794 | | | | | | 3,572 | | |

| Assets held for sale | | | 77 | | | | | | 46 | | |

| Preferred stock, $0.01 par value (300 shares authorized; none issued) | | | — | | | | | | — | | |

| Proceeds from business divestitures, net | | | — | | | | | | — | | | | | | 13 | | |

| Net transfer of cash and cash equivalents to Everett | | | — | | | | | | — | | | | | | (41) | | |

| Net transfer of cash and cash equivalents from Seattle | | | — | | | | | | — | | | | | | 156 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at October 31, 2017 | | | 1,595,161 | | | | | | $ | 16 | | | | | $ | 33,583 | | | | | $ | (7,238) | | | | | $ | (2,895) | | | | | $ | 23,466 | | | | | $ | 39 | | | | | $ | 23,505 | |

Effective December 8, 2021, HPE and Keerti Melkote, former President of HPE's Intelligent Edge business unit, entered into a retirement agreement (the “Agreement”) that amended Mr. Melkote’s outstanding restricted stock unit (“RSU”) award agreements to provide that the underlying RSU awards shall be eligible to continue vesting on their current vesting schedule after Mr. Melkote’s December 31, 2021 retirement, subject to (i) all existing performance vesting criteria for performance-adjusted RSUs, (ii) Mr. Melkote’s entry into a standard release of claims and (iii) Mr. Melkote’s ongoing adherence to standard non-competition and non-solicitation covenants for the duration of the RSU awards’ vesting schedule.

The foregoing description of the Agreement is qualified entirely by the Agreement itself, which is attached hereto as Exhibit 10.32 and incorporated by reference herein.

The following disclosure is being made under Section 13(r) of the Exchange Act:

On March 2, 2021, the U.S. Secretary of State designated the Russian Federal Security Service (“FSB”) as a party subject to the provisions of U.S. Executive Order No. 13382 issued in 2005 (“Executive Order 13382”).

On the same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control updated General License 1B (“General License 1B”) which generally authorizes U.S. companies to engage in certain licensing, permitting, certification, notification and related transactions with the FSB as may be required for the importation, distribution or use of information technology products in the Russian Federation.

Our local subsidiary is required to engage on a regular basis with the FSB as a licensing authority and file documents in order to conduct business within the Russian Federation.

There are no gross revenues or net profits directly associated with any such dealings by us with the FSB and all such dealings are explicitly authorized by General License 1B.

We plan to continue these activities as required to continue to conduct business in the Russian Federation to the extent permitted by applicable law.

On April 15, 2021, the U.S. Government issued an executive order on Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation (“Executive Order 14024”), implementing additional U.S. sanctions against the Russian government and against Russian actors that threaten U.S. interests, including certain technology companies that support the Russian Intelligence Service.

The U.S. Secretary of the Treasury designated Pozitiv

Teknolodzhiz, AO (“Positive Technologies”) under Executive Order 14024 and Executive Order 13382.

Prior to its designation, HPE’s local Russian subsidiary, occasionally through distributors and resellers, had sold equipment to and entered into service contracts with Positive Technologies.

HPE’s local subsidiary had also entered into an original equipment manufacturing agreement with Positive Technologies and approved it as a reseller.

Following the sanctions designation, our local subsidiary immediately initiated procedures to terminate its relationship with Positive Technologies.

HPE does not plan to engage in any further transactions with this entity, except wind down activities that are authorized by OFAC going forward.

In fiscal 2021, the total cash received, excluding sales tax, from our business with Positive Technologies since its designation was $33,412, of which $1,755 has been recognized as revenue and the remaining $31,657 has been recorded as deferred revenue.

There are no identifiable net profits associated with HPE’s relationship with Positive Technologies for this reporting period.

For a summary of our revenue recognition policies, see "Revenue Recognition" described in Note 1, "Overview and Summary of Significant Accounting Policies" to the Consolidated Financial Statements in Item 8 of Part II, which is incorporated herein by reference.

None.

The following information is included in Hewlett Packard Enterprise's Proxy Statement related to its [removed: 2021] [added: 2022] Annual Meeting of Stockholders to be filed within 120 days after Hewlett Packard Enterprise's fiscal year end of October 31, [removed: 2020] [added: 2021] (the "Proxy Statement") and is incorporated herein by reference:

- Information regarding directors of Hewlett Packard Enterprise including those who are standing for reelection and any persons nominated to become directors of Hewlett Packard Enterprise is set forth under [removed: "Corporate Governance—Board] [added: "Our Board—Board] Leadership Structure" and/or "Proposals to be Voted On—Proposal No. 1—Election of [removed: Directors".][added: Directors."]

- Information regarding Hewlett Packard Enterprise's Audit Committee and designated "audit committee financial experts" is set forth under [removed: "Board Structure and Committee Composition—Audit Committee".][added: "Our Board—Committees of the Board—Audit Committee."]

- Information on Hewlett Packard Enterprise's code of business conduct and ethics for directors, officers and employees, also known as the "Standards of Business Conduct," and on Hewlett Packard Enterprise's Corporate Governance Guidelines is set forth under [removed: "Corporate Governance Principles and Board Matters".][added: "Governance—Governance Documents."]

- Information regarding Hewlett Packard Enterprise's compensation of its named executive officers is set forth under "Executive [removed: Compensation".][added: Compensation."]

- Information regarding Hewlett Packard Enterprise's compensation of its directors is set forth under [removed: "Director] [added: "Our Board—Director] Compensation and Stock Ownership [removed: Guidelines".][added: Guidelines."]

- The report of Hewlett Packard Enterprise's HR and Compensation Committee is set forth under [removed: "HR and Compensation] [added: "Executive Compensation—HRC] Committee Report on Executive [removed: Compensation".][added: Compensation."]

- Information regarding security ownership of certain beneficial owners, directors and executive officers is set forth under [removed: "Common] [added: "Governance—Stock Ownership Information—Common] Stock Ownership of Certain Beneficial Owners and [removed: Management".][added: Management."]

- Information regarding Hewlett Packard Enterprise's equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is set forth in the section entitled "Equity Compensation Plan [removed: Information".][added: Information."]

- Information regarding transactions with related persons is set forth under [removed: "Transactions with Related Persons".][added: "Governance—Related Persons Transactions Policies and Procedures."]

- Information regarding director independence is set forth under [removed: "Corporate Governance Principles and Board Matters—Director Independence".][added: "Governance—Director Independence."]

Information regarding principal accounting fees and services is set forth under [removed: "Principal] [added: "Audit-Related Matters—Principal] Accounting Fees and Services" in the Proxy Statement, which information is incorporated herein by reference.

| [Report of Independent Registered Public Accounting [removed: Firm](#ieab11e50c39b42d29d1144a44165447c_94)] [added: Firm](#ica158fb683c247fdb170955b492f9216_103)] | | | [removed: [65](#ieab11e50c39b42d29d1144a44165447c_94)] [added: [60](#ica158fb683c247fdb170955b492f9216_103)] | | |

| [Consolidated Statements of [removed: Earnings](#ieab11e50c39b42d29d1144a44165447c_100)] [added: Earnings](#ica158fb683c247fdb170955b492f9216_109)] | | | [removed: [69](#ieab11e50c39b42d29d1144a44165447c_100)] [added: [64](#ica158fb683c247fdb170955b492f9216_109)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ieab11e50c39b42d29d1144a44165447c_103)] [added: Income](#ica158fb683c247fdb170955b492f9216_112)] | | | [removed: [70](#ieab11e50c39b42d29d1144a44165447c_103)] [added: [65](#ica158fb683c247fdb170955b492f9216_112)] | | |

| [Consolidated Balance [removed: Sheets](#ieab11e50c39b42d29d1144a44165447c_106)] [added: Sheets](#ica158fb683c247fdb170955b492f9216_115)] | | | [removed: [71](#ieab11e50c39b42d29d1144a44165447c_106)] [added: [66](#ica158fb683c247fdb170955b492f9216_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ieab11e50c39b42d29d1144a44165447c_112)] [added: Flows](#ica158fb683c247fdb170955b492f9216_118)] | | | [removed: [72](#ieab11e50c39b42d29d1144a44165447c_112)] [added: [67](#ica158fb683c247fdb170955b492f9216_118)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#ieab11e50c39b42d29d1144a44165447c_115)] [added: Equity](#ica158fb683c247fdb170955b492f9216_121)] | | | [removed: [73](#ieab11e50c39b42d29d1144a44165447c_115)] [added: [68](#ica158fb683c247fdb170955b492f9216_121)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ieab11e50c39b42d29d1144a44165447c_121)] [added: Statements](#ica158fb683c247fdb170955b492f9216_124)] | | | [removed: [75](#ieab11e50c39b42d29d1144a44165447c_121)] [added: [70](#ica158fb683c247fdb170955b492f9216_124)] | | |

| 2.7 | | | | | | [Agreement and Plan of Merger, dated as of May 24, [removed: 2016, among] [added: 2016,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [by and](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [among] Hewlett Packard Enterprise [removed: Company, Computer Sciences Corporation, Everett] [added: Company,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [Everett] SpinCo, [removed: Inc. and] [added: Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm)[,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [Computer Sciences Corporation,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [and] Everett Merger Sub, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.1 | | | | | | May 26, 2016 | | |

| 2.8 | | | | | | [Separation and Distribution Agreement, dated as of May 24, [removed: 2016, between] [added: 2016,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d2.htm) [by and](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d2.htm) [between] Hewlett Packard Enterprise Company and Everett SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d2.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.2 | | | | | | May 26, 2016 | | |

| 2.9 | | | | | | [Agreement and Plan of Merger, dated as of September 7, 2016, by and among Hewlett Packard Enterprise [removed: Company, Micro] [added: Company,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [Seattle SpinCo, Inc.,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm)[Micro] Focus International [removed: plc, Seattle SpinCo, Inc., Seattle] [added: plc,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [Seattle] Holdings, Inc. and Seattle MergerSub, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.1 | | | | | | September 7, 2016 | | |

| 2.11 | | | | | | [Employee Matters Agreement, dated as of September 7, 2016, by [removed: and among Hewlett] [added: and](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex23.htm) [between](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex23.htm) [Hewlett] Packard Enterprise Company, Seattle SpinCo, Inc. and Micro Focus International plc](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex23.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.3 | | | | | | September 7, 2016 | | |

| 2.12 | | | | | | [First Amendment to the Agreement and Plan of Merger, dated as [removed: of](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [November 2](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm)[, 2016, among] [added: of November 2, 2016,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [by and](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [among] Hewlett Packard Enterprise [removed: Company, Computer Sciences Corporation, Everett] [added: Company,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [Everett] SpinCo, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm)[,] [added: Inc.,] New Everett Merger Sub Inc.,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [added: [Computer Sciences Corporation,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm)] [and Everett Merger Sub, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.1 | | | | | | November 2, 2016 | | |

| 2.13 | | | | | | [First Amendment to the Separation and Distribution Agreement, dated as [removed: of](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d2.htm) [November 2](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d2.htm)[, 2016, between] [added: of November 2, 2016,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d2.htm) [by and](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d2.htm) [between] Hewlett Packard Enterprise Company and Everett SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d2.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.2 | | | | | | November 2, 2016 | | |

| 2.14 | | | | | | [Agreement and Plan of Merger, dated as of March 6, 2017, by and among Hewlett Packard Enterprise Company, [removed: Nimble Storage, Inc. and] Nebraska Merger Sub, [added: Inc., and Nimble Storage,] Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000119312517072462/d351864dex991.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 99.1 | | | | | | March 7, 2017 | | |

| 2.16 | | | | | | [Employee Matters Agreement, dated March 31, 2017, by and [removed: among Computer Sciences Corporation,] [added: between] Hewlett Packard Enterprise [removed: Company and] [added: Company,] Everett SpinCo, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex21.htm)] [added: Inc., and Computer Sciences Corporation,](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex21.htm)] | | | | | | 8-K | | | | | | 001-38033 | | | | | | 2.1 | | | | | | April 6, 2017 | | |

| 2.17 | | | | | | [Tax Matters Agreement, dated March 31, 2017, by and among [removed: Computer Sciences Corporation,] Hewlett Packard Enterprise [removed: Company and] [added: Company,] Everett SpinCo, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex22.htm)] [added: Inc., and Computer Sciences Corporation](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex22.htm)] | | | | | | 8-K | | | | | | 001-38033 | | | | | | 2.2 | | | | | | April 6, 2017 | | |

| 2.18 | | | | | | [removed: [IP](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex23.htm) [Matters] [added: [IP Matters] Agreement, dated March 31, 2017, by and [removed: among] [added: between] Hewlett Packard Enterprise Company, Hewlett Packard Enterprise Development [removed: LP] [added: LP,] and Everett SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex23.htm) | | | | | | 8-K | | | | | | 001-38033 | | | | | | 2.3 | | | | | | April 6, 2017 | | |

| 2.19 | | | | | | [Transition Services Agreement, dated March 31, 2017, [added: by and] between Hewlett Packard Enterprise Company and Everett SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex24.htm) | | | | | | 8-K | | | | | | 001-38033 | | | | | | 2.4 | | | | | | April 6, 2017 | | |

| 2.20 | | | | | | [Real Estate Matters Agreement, dated March 31, 2017, [added: by and] between Hewlett Packard Enterprise Company and Everett SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1688568/000119312517112036/d250548dex25.htm) | | | | | | 8-K | | | | | | 001-38033 | | | | | | 2.5 | | | | | | April 6, 2017 | | |

| 2.23 | | | | | | [Intellectual Property Matters Agreement, dated September 1, 2017, by and [removed: among] [added: between] Hewlett Packard Enterprise [removed: Company](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-2.htm)[,] [added: Company,] Hewlett Packard Enterprise Development [removed: LP](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-2.htm)[,](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-2.htm) [and](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-2.htm) [Seattle] [added: LP, and Seattle] SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-2.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.2 | | | | | | September 1, 2017 | | |

| 2.24 | | | | | | [Transition Services Agreement, dated September 1, 2017, by and [removed: among] [added: between] Hewlett Packard Enterprise [removed: Company](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-3.htm) [and](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-3.htm) [Seattle] [added: Company and Seattle] SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-3.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.3 | | | | | | September 1, 2017 | | |

| 2.25 | | | | | | [Real Estate Matters Agreement, dated September 1, 2017, by and [removed: among] [added: between] Hewlett Packard Enterprise [removed: Company](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-4.htm) [and](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-4.htm) [Seattle] [added: Company and Seattle] SpinCo, Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000156761917001826/s001851x1_ex2-4.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.4 | | | | | | September 1, 2017 | | |

| 2.26 | | | | | | [Agreement and Plan of Merger, dated as of May 16, 2019, by and among Hewlett Packard Enterprise Company, [removed: Cray Inc. and] Canopy Merger Sub, [added: Inc., and Cray] Inc.](http://www.sec.gov/Archives/edgar/data/1645590/000110465919030135/a19-10089_1ex2d1.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 2.1 | | | | | | May 17, 2019 | | |

| 3.3 | | | | | | [Certificate of Designation of Series A Junior Participating Redeemable Preferred [removed: Stoc](http://www.sec.gov/Archives/edgar/data/1645590/000162828017002714/ex31-3172017x8k.htm)[k] [added: Stock] of Hewlett Packard Enterprise Company](http://www.sec.gov/Archives/edgar/data/1645590/000162828017002714/ex31-3172017x8k.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 3.1 | | | | | | March 20, 2017 | | |

| 3.4 | | | | | | [Certificate of Designation of Series B Junior Participating Redeemable Preferred [removed: Stoc](http://www.sec.gov/Archives/edgar/data/1645590/000162828017002714/ex32-3172017x8k.htm)[k] [added: Stock] of Hewlett Packard Enterprise Company](http://www.sec.gov/Archives/edgar/data/1645590/000162828017002714/ex32-3172017x8k.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 3.2 | | | | | | March 20, 2017 | | |

| 4.6 | | | | | | [removed: [Eleventh] [added: [Thirteenth] Supplemental Indenture, dated as of September [removed: 19, 2018,] [added: 13, 2019,] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Hewlett Packard Enterprise Company's [removed: 3.500%] [added: 2.250%] notes due [removed: 2021](http://www.sec.gov/Archives/edgar/data/1645590/000119312518277631/d626152dex42.htm)] [added: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | September [removed: 19, 2018] [added: 13, 2019] | | |

| 4.7 | | | | | | [removed: [Twelfth] [added: [Fifteenth] Supplemental Indenture, dated as of [removed: September 19, 2018,] [added: April 9, 2020,] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Hewlett Packard Enterprise Company's [removed: floating rate] [added: 4.450%] notes due [removed: 2021](http://www.sec.gov/Archives/edgar/data/1645590/000119312518277631/d626152dex43.htm)] [added: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.3] [added: 4.2] | | | | | | [removed: September 19, 2018] [added: April 9, 2020] | | |

| 4.8 | | | | | | [removed: [Thirteenth] [added: [Seventeenth] Supplemental Indenture, dated as of [removed: September 13, 2019,] [added: July 17, 2020,] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee,] [added: Trustee,] relating to Hewlett Packard Enterprise [removed: Company](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)['](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)[s](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm) [2.250% n](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)[otes] [added: Company's 1.450% notes] due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)] [added: 2024](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-2.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | [removed: September 13, 2019] [added: July 17, 2020] | | |

| 4.9 | | | | | | [removed: [Fourteenth] [added: [Eighteenth] Supplemental Indenture, dated as of [removed: September 13, 2019,] [added: July 17, 2020,] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee,] [added: Trustee,] relating to Hewlett Packard Enterprise [removed: Company](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex43.htm)['](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex43.htm)[s floating rate Notes] [added: Company''s 1.750% notes] due [removed: 2021](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex43.htm)] [added: 2026](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.3 | | | | | | [removed: September 13, 2019] [added: July 17, 2020] | | |

| [removed: 4.10] [added: 4.11] | | | | | | [removed: [Fifteenth Supplemental Indenture, dated as] [added: [Form] of [removed: April 9, 2020,] [added: Indenture] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee, relating to Hewlett Packard Enterprise Company](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)['](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)[s 4.450% notes due 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/1645590/000164559017000010/a45hpe-subordinatedindentu.htm)] | | | | | | [removed: 8-K] [added: S-3ASR] | | | | | | [removed: 001-37483] [added: 333-222102] | | | | | | [removed: 4.2] [added: 4.5] | | | | | | [removed: April 9, 2020] [added: December 15, 2017] | | |

| [removed: 4.14] [added: 4.10] | | | | | | [Registration Rights Agreement, dated as of October 9, 2015, [added: by and] among Hewlett Packard Enterprise Company, Hewlett-Packard Company, and the representatives of the initial purchasers of the Notes](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex412.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.12 | | | | | | October 13, 2015 | | |

| [removed: 4.16] [added: 4.12] | | | | | | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934‡](https://www.sec.gov/Archives/edgar/data/1645590/000164559020000056/ex-416x10312020ng.htm)] [added: 1934](http://www.sec.gov/Archives/edgar/data/1645590/000164559020000056/ex-416x10312020ng.htm)] | | | | | | [added: 10-K] | | | | | | [added: 001-37483] | | | | | | [added: 4.16] | | | | | | [added: December 10, 2020] | | |

| 10.1 | | | | | | [Hewlett Packard Enterprise Company 2015 Stock Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm) [](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm)[(amended] [added: Plan (amended] and restated January [removed: 2](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm)[5, 2017)](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm)[*](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm)] [added: 25, 2017)*](http://www.sec.gov/Archives/edgar/data/1645590/000162828017000624/ex101-hpex2015xstockincent.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 10.1 | | | | | | January 30, 2017 | | |

| [removed: 10.2] [added: 10.3] | | | | | | [Hewlett Packard Enterprise [removed: Company] Severance and Long-Term Incentive Change in Control Plan for Executive Officers*](http://www.sec.gov/Archives/edgar/data/1645590/000119312515330987/d944600dex104.htm) | | | | | | 10-12B/A | | | | | | 001-37483 | | | | | | 10.4 | | | | | | September 28, 2015 | | |

| [removed: 10.3] [added: 10.4] | | | | | | [Hewlett Packard Enterprise Grandfathered Executive Deferred Compensation Plan*](http://www.sec.gov/Archives/edgar/data/1645590/000004721715000053/edcpex4-4_102-15.htm) | | | | | | S-8 | | | | | | 333-207679 | | | | | | 4.4 | | | | | | October 30, 2015 | | |

| [removed: 10.4] [added: 10.5] | | | | | | [Form of Non-Qualified Stock Option Grant Agreement*](http://www.sec.gov/Archives/edgar/data/1645590/000119312515368376/d98001dex104.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 10.4 | | | | | | November 5, 2015 | | |