Hewlett Packard Enterprise (HPE) 10-K risk factor changes: FY2022 vs FY2021

We are unable to predict the extent to which the ongoing global COVID-19 [removed: pandemic] [added: pandemic, or other outbreaks, epidemics, pandemics, or public health crises] may adversely impact our business operations, financial performance and results of operations.

[removed: The] [added: For the past two years, the] COVID-19 pandemic and efforts to control its spread have significantly curtailed the movement of people, goods and services worldwide, including in most or all of the regions in which we sell our products and services and conduct our business operations.

The pandemic has resulted [removed: in] [added: in, and may continue to or at] a [added: later time result in, a] global slowdown of economic activity, including travel restrictions, prohibitions of non-essential activities in some cases, disruption and shutdown of businesses and greater uncertainty in global financial markets.

[removed: Unanticipated] [added: Such outbreaks, epidemics, pandemics, or public health crises may also present operational challenges, such as unanticipated] disruptions in services provided through our localized physical [removed: infrastructure caused by the COVID-19 pandemic] [added: infrastructure, which] can [added: in turn] curtail the functioning of critical components of our IT systems, and adversely affect our ability to fulfill orders, provide services, respond to customer requests and maintain our worldwide business operations.

[removed: The pandemic has adversely affected, and could continue to] [added: Outbreaks, epidemics, pandemics, or public health crises may in the future] adversely affect, [removed: our business, by negatively impacting the] [added: among other things,] demand for our products and services; [removed: restricting] our operations and sales, [removed: marketing] [added: marketing,] and distribution efforts; [removed: disrupting] the supply chains of hardware [removed: products;] [added: products] and [removed: disrupting] [added: components;] our research and development [removed: capabilities,] [added: capabilities; our] engineering, [removed: design] [added: design,] and manufacturing [removed: processes] [added: processes;] and other important business activities.

[removed: There] [added: In addition, as the COVID-19 pandemic has disrupted the operations of our customers, partners, and suppliers, there] have been, and [removed: will] [added: there may] continue to be, delays of hardware product shipments from our vendors and out of our manufacturing [added: and logistics] operations worldwide as a result of capacity issues.

Additionally, concerns over the economic impact of the COVID-19 pandemic have caused extreme volatility in financial and other capital [removed: markets] [added: markets,] which has [added: adversely impacted,] and may continue to adversely [removed: impact] [added: impact,] our stock price, our ability to access capital [removed: markets] [added: markets,] and our ability to fund liquidity needs.

To the extent the COVID-19 pandemic [added: or other outbreaks, epidemics, pandemics, or public health crises] adversely [removed: affects] [added: affect] our business, results of operations, financial condition, and stock price, [removed: it] [added: they] may also have the effect of heightening many of the other risks described in this Part I, Item 1A of this Form 10-K.

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

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

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, [added: Puerto Rico,] Czech Republic, Mexico, China, Malaysia, Taiwan, and Singapore.

Our operations could be adversely affected if manufacturing, logistics or other operations in these locations are disrupted for any reason, including natural disasters, IT system failures, military actions or economic, business, labor, environmental, public health, [removed: regulatory] [added: regulatory,] or political issues.

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

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

Such business model changes entail significant risks and uncertainties, and we may be unable to complete the transition to a [removed: subscription/consumption-based] [added: software consumption-based] business model or manage the transition successfully and in a timely 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/consumption] [added: software consumption] transition, even if we successfully complete the transition.

The transition to a [removed: subscription/consumption-based] [added: software 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.

Further, as customer demand for our [removed: consumption] [added: software consumption-based business] model offerings increases, we will experience differences in the timing of revenue recognition between our traditional offerings (for which revenue is generally recognized at the time of delivery) and our as-a-service offerings (for which revenue is generally recognized ratably over the term of the arrangement).

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

We must adapt our sales processes for new sales and marketing approaches, including those required by our shift to [removed: subscription/consumption] [added: software consumption-based] services and other changes resulting from the pandemic.

Further, our [removed: subscription/consumption] [added: software 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.

- *Component shortages.* We have been and [removed: currently] are [added: currently] 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.

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

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

The performance of such single-source suppliers under those agreements (and the renewal or extension of those agreements upon similar terms) may affect the quality, [removed: quantity] [added: quantity,] and price of our components.

The loss of a single-source supplier, the deterioration of our relationship with a single-source [removed: supplier] [added: supplier,] or any unilateral modification to the contractual terms under which we are supplied components by a single-source supplier could adversely affect our business and financial performance.

We have announced [added: and have been implementing,] restructuring plans, including the HPE Next initiative (whereby we are simplifying our operating model and streamlining our offerings, business processes and business systems) and the cost optimization and prioritization 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.

[removed: We] [added: While our restructuring plans are substantially complete, their implementation periods are ongoing, and it is possible that we] may not be able to [removed: obtain] [added: maintain all] the cost savings and benefits that were [removed: initially anticipated] [added: attained] in connection with our [removed: restructuring.][added: restructurings.]

If we fail to [removed: achieve some or] [added: sustain] all of the expected benefits of restructuring, it could have a material adverse effect on our competitive position, business, financial condition, results of operations and cash flows.

For more information about our restructuring plans, the HPE Next initiative and the cost optimization and prioritization plan, see Note 3, "Transformation Programs", to the Consolidated Financial [removed: Statements.][added: Statements in Item 8 of Part II.]

If we do not satisfy pre-closing conditions and necessary regulatory and governmental [removed: approvals on acceptable terms, it may prevent us from completing the transaction.]

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

As a leading technology [removed: firm] [added: firm,] we are exposed to attacks from criminals, nation state actors and activist hackers (collectively, "malicious parties") who have been able to circumvent or bypass our cyber security measures.

Malicious parties also may be able to develop and deploy viruses, worms, [removed: ransomware] [added: ransomware,] and other malicious software programs that attack our products or otherwise exploit any security vulnerabilities of our [removed: products.][added: products, including within our cloud-based environments and offerings.]

Malicious parties may compromise our manufacturing supply chain [removed: to] [added: and the systems or networks of other third parties on whom we rely, and as such, may] embed malicious software or hardware in our products for use in compromising our customers.

The costs to us to eliminate or alleviate cyber or other security problems, including bugs, viruses, worms, malicious software [removed: programs] [added: programs,] and other security vulnerabilities, could be significant, and our efforts to address these problems may not be successful and could result in interruptions, delays, cessation of [removed: service] [added: service,] and loss of existing or potential customers that may impede our sales, manufacturing, distribution or other critical functions.

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

With our business increasingly providing [removed: cloud service] [added: as-a-service] offerings, malicious parties could target such services, potentially resulting in an increased risk of compromise of customer data and regulatory exposure.

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

Portions of our IT infrastructure also [added: have experienced, and] may [removed: experience] [added: experience,] interruptions, delays or cessations of service or produce errors in connection with systems integration or migration work that takes place from time to time.

Although the immediate impacts of the COVID-19 pandemic have been assessed and mitigated, the ultimate extent of the impact of the pandemic, including as a result of possible subsequent outbreaks of COVID-19 or of new variants thereof and measures taken in response thereto, will depend on future developments, which remain highly uncertain and cannot currently be predicted.

Based on employee vaccination rates and public health guidance, we have begun a return to most HPE offices on a hybrid basis for most employees, adhering to any government requirements in effect locally.

We continue to monitor the situation, including cases within our workforce, and will take action to adjust office attendance policies as circumstances warrant in order to protect the health and safety of employees, contractors, and others who visit our sites.

Vaccination requirements or other risk mitigation strategies for site entry and other activities remain in effect in many countries where it is legally permissible to implement such a requirement(s), though discretion to implement such policies has been returned to local executive leadership.

The pandemic and its uneven recovery have adversely affected, continue to adversely affect, and we expect may continue to adversely affect, our business, in a variety of ways, including by restricting our operations and sales, marketing and distribution efforts; and disrupting the supply chains of hardware products.

While capacity shortages are beginning to show signs of recovery, they may nevertheless persist, adversely disrupting our business.

Outbreaks, epidemics, pandemics, or public health crises may also result in our restriction or suspension of international and/or domestic travel, prohibitions of non-essential activities in some cases, and limit our in-person activities within HPE and with customers.

The negative impacts of the global COVID-19 pandemic or other outbreaks, epidemics, pandemics, or public health crises on the broader global economy and related impacts on our or our customers’ business operations and demand for our products and services will depend on future developments and actions taken in response to such events, which are highly uncertain and cannot be predicted.

Additional impacts and risks that we are not currently aware of may arise.

We are similarly unable to predict the full extent of the impact of the COVID-19 pandemic or other outbreaks, epidemics, pandemics, or public health crises on our customers, partners, and suppliers.

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The impacts and frequency of any of the above could furthermore be exacerbated by climate change, particularly in countries where we operate that have limited infrastructure and disaster recovery resources.

While we seek to mitigate our business risks associated with climate change through such efforts, we may be unsuccessful in doing so as there are inherent climate-related risks wherever business is conducted.

Furthermore, climate change may reduce the availability or increase the cost of insurance for these negative impacts of natural disasters by contributing to an increase in the incidence and severity of such natural disasters.

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While our restructuring plans are substantially complete, their implementation periods are ongoing, and it is possible that we may not achieve all of the expected benefits of such restructuring plans.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

approvals on acceptable terms, it may prevent us from completing the transaction.

Geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine, may create a heightened risk of such cyberattacks or exacerbate system vulnerabilities, especially in light of our hybrid work environment.

Furthermore, our data centers depend on predictable and reliable energy and networking capabilities, the cost or availability of which could be adversely affected or disrupted by a variety of factors, including but not limited to the effects of climate change.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

Our HPE GreenLake edge-to-cloud platform faces competition from peer companies with their own cloud platform offerings, and to succeed, we will need to compete effectively across numerous factors.

Issues in the development and use of artificial intelligence may result in reputational harm or liability.

We currently incorporate AI capabilities into certain of our offerings, and our research into and continued development of such capabilities remain ongoing.

As with many innovations, AI presents risks, challenges, and unintended consequences that could affect its adoption, and therefore our business.

AI algorithms may be flawed.

Datasets may be insufficient or contain

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

biased information.

Ineffective or inadequate AI development or deployment practices by us or others could result in incidents that impair the acceptance of AI solutions or cause harm to individuals or society.

These deficiencies and other failures of AI systems could subject us to competitive harm, regulatory action, legal liability, and brand or reputational harm.

Some AI scenarios present ethical issues, and while we aim to use AI ethically and attempt to predict and anticipate ethical issues presented by its use, we may be unsuccessful in identifying or resolving issues before they arise.

If we enable or offer AI solutions that are controversial because of their impact on human rights, privacy, employment, or other social, economic, or political issues, we may experience brand or reputational harm.

As competition for highly skilled employees in our industry has grown increasingly intense, we have experienced, and may continue to experience, higher than anticipated levels of employee attrition.

These risks to attracting and retaining the necessary talent may be exacerbated by recent labor constraints and inflationary pressures on employee wages and benefits.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

Failure to meet ESG expectations or standards or achieve our ESG goals could adversely affect our business, results of operations, financial condition, or stock price.

There has been an increased focus from regulators and stakeholders on ESG matters, including greenhouse gas emissions and climate-related risks; diversity, equity, and inclusion; responsible sourcing and supply chain; human rights and social responsibility; and corporate governance and oversight.

Given our commitment to ESG, we actively manage these issues and have established and publicly announced certain goals, commitments, and targets which we may refine or even expand further in the future.

Although the immediate impacts of the COVID-19 pandemic have been assessed, the long-term magnitude and duration of the disruption and resulting decline in business activity is still highly uncertain and cannot currently be predicted.

In response to the COVID-19 pandemic and to ensure the safety of our employees, we have 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.

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.

Our employees may elect to return to the office in jurisdictions where both local requirements and our own health and safety standards have been met.

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.

Moreover, certain industry and customer events that we sponsor or at which we present have been canceled, postponed or moved to virtual-only 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 vaccinated and/or tested for COVID-19 before being able to enter customer sites, which could potentially present an operational challenge.

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.

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.

We expect the COVID-19 pandemic could continue to have a negative impact on our sales and our results of operations, the size and duration of which we are currently unable to predict.

While such changes were factored into the forecast used to assess assets for reserves and impairment, including goodwill, any changes to the profitability for the next fiscal year could impact the realizability of assets.

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

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.

We may not achieve some or all of the expected benefits of our restructuring plans and our periodic restructuring programs can be disruptive to our business.

Dispositions may also involve

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

Many of our

We face aggressive price competition and may have to continue lowering the prices of many of our products and services to stay competitive, while simultaneously seeking to maintain or improve our revenue and gross margin.

In addition,

These third-party software components may become

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

Any changes to current environmental legal requirements, such

The U.S. House of Representatives has passed legislation consistent with the framework President Biden announced previously, which includes a number of changes that would impact the U.S. federal taxation of corporations.

Among other items, the legislation includes provisions that would raise the tax rate on foreign income of U.S. corporations, apply the Global Intangible Low-Tax Income regime on a country-by-country basis, impose a new alternative minimum tax on book income, and impose a surcharge on corporate stock buybacks.

The U.S. Senate has not voted on or agreed to the legislation, but if this happens and President Biden signs it into law, it could materially impact our tax provision, cash tax liability and effective tax rate.

Separation agreements or HP Inc. may not be able to fully cover their indemnification obligations to us under the same Separation agreements.

This section of this Form 10-K generally discusses fiscal [removed: 2021] [added: 2022] and fiscal [removed: 2020] [added: 2021] items and year-to-year comparisons between fiscal [removed: 2021] [added: 2022] and fiscal [removed: 2020.][added: 2021.]

Discussions of fiscal [removed: 2019] [added: 2020] items and year-to-year comparisons between fiscal [removed: 2020] [added: 2021] and fiscal [removed: 2019] [added: 2020] 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, [removed: 2020,] [added: 2021,] as filed with the SEC on December 10, [removed: 2020,] [added: 2021,] which is available on the SEC's website at www.sec.gov.

We intend the discussion of our financial condition and results of operations that follows to provide information that will assist the reader in understanding our Consolidated Financial Statements, [removed: the] changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect our Consolidated Financial Statements.

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

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

- *Liquidity and Capital Resources.* An analysis [added: and discussion] of changes in our cash [removed: flows and a discussion of our] [added: flows,] financial [removed: condition] [added: condition, liquidity,] and [removed: liquidity.][added: cash requirements and commitments.]

Each non-GAAP [added: financial] measure has been reconciled to the most directly comparable GAAP [added: financial] measure therein.

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

[Table of [removed: Contents](#ica158fb683c247fdb170955b492f9216_7)][added: Contents](#iaea28ccde359416dae0878e979261179_7)]

One set of challenges include dynamic and accelerating market trends, such as the market shift of workloads to cloud-related [removed: IT] [added: information technology ("IT")] infrastructure business models, emergence of software-defined architectures and converged infrastructure [removed: functionality] [added: functionality,] and growth in IT consumption models.

Therefore, the demand environment for traditional server and storage products is [removed: challenging] [added: challenging,] and lower traditional compute and storage unit volume is impacting support attach opportunities within the associated services organization.

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

[removed: Second is] [added: Second,] the need for a cloud experience everywhere to manage the growth of data at the edge.

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

Our mix of ARR is becoming more software-rich as we build our [added: HPE] GreenLake [removed: Cloud] [added: edge-to-cloud] platform, which is improving our margin profile.

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

ARR represents the annualized revenue of all net [added: HPE] GreenLake [added: edge-to-cloud platform] services revenue, related financial services revenue (which includes rental income from operating leases and interest income from [removed: capital leases)] [added: finance leases),] and software-as-a-service, [removed: subscription,] [added: software consumption revenue,] and other as-a-service offerings, recognized during a quarter and multiplied by four.

ARR should be viewed independently of net [removed: revenue,] [added: revenue] and is not intended to be combined with it.

The following presents our ARR as of October 31, [removed: 2021] [added: 2022] and [removed: 2020:][added: 2021:]

| | | | [added: 2022 | | | | | | | | | | | |] 2021 | | | | | | [added: | | | | | |] 2020 | | | [added: | | | | | |]

| ARR | | | $ | [removed: 796] [added: 936] | | | | | $ | [removed: 585] [added: 796] | |

| [removed: *year-over-year] [added: *Year-over-year] growth rate* | | | [removed: *36*] [added: *17*] | | *%* | | | | [removed: *N/A*] [added: *36*] | | [added: *%*] |

The following Executive Overview, Results of Operations and Liquidity discussions and analysis compare fiscal [removed: 2021] [added: 2022] to fiscal [removed: 2020,] [added: 2021,] unless otherwise noted.

The Capital Resources [removed: and Contractual] [added: and,] Cash [added: Requirements] and [removed: Other Obligations discussions] [added: Commitments sections] present information as of October 31, [removed: 2021,] [added: 2022,] unless otherwise noted.

| | | | For the fiscal years ended October 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: Change] [added: 2020] | | | | | | [added: 2022 vs 2021 % Change] | | | | | | [added: 2021 vs 2020 % Change] | | | | | | | | |

| | | | In millions, except per share amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| Net revenue | | | [removed: 27,784] [added: $] | [added: 28,496] | | | | | [removed: 26,982] [added: 100.0] | | [added: %] | | | | [removed: 3.0%] [added: $] | [added: 27,784] | | | | | [added: 100.0] | | [added: %] | | | | [added: $] | [added: 26,982] | | | | | [added: 100.0] | | [added: %] |

| Gross profit | | | [removed: $] [added: 9,506] | [removed: 9,376] | | | | | [removed: $] [added: 33.4] | [removed: 8,469] | [added: %] | | | | [removed: 10.7%] [added: 9,376] | | | | | | [added: 33.7] | | [added: %] | | | | [added: 8,469] | | | | | | [added: 31.4] | | [added: %] |

| Gross profit margin | | | [removed: 33.7] [added: 33.4] | | % | | | | [removed: 31.4] [added: 33.7] | | % | | | | [removed: 2.3pts] | | | | | | [added: (0.3)pts] | | | | | | | | | | | | | | | [added: | | | | | |]

| Earnings (loss) from operations | | | [removed: $] [added: 782] | [removed: 1,132] | | | | | [removed: $] [added: 2.7] | [removed: (329)] | [added: %] | | | | [removed: NM] [added: 1,132] | | | | | | [added: 4.1] | | [added: %] | | | | [added: (329)] | | | | | | [added: (1.2)] | | [added: %] |

| Operating profit margin | | | [removed: 4.1] [added: 2.7] | | % | | | | [removed: (1.2)] [added: 4.1] | | % | | | | [removed: 5.3pts] | | | | | | [added: (1.4)pts] | | | | | | | | | | | | | | | [added: | | | | | |]

| Net earnings (loss) | | | $ | [removed: 3,427] [added: 868] | | | | | [removed: $] [added: 3.0] | [removed: (322)] | [added: %] | | | | [removed: NM] [added: $] | [added: 3,427] | | | | | [added: 12.3] | | [added: %] | | | | [added: $] | [added: (322)] | | | | | [added: (1.2)] | | [added: %] |

| Diluted net earnings [removed: (loss)] per share | | | $ | [removed: 2.58] [added: 0.66] | | | | | $ | [removed: (0.25)] [added: 2.58] | | | | | [removed: $] | [removed: 2.83] | | | | | [added: $(1.92)] | | | | | | | | | | | | | | | [added: | | | | | |]

| Cash flow from operations | | | $ | [removed: 5,871] [added: 4,593] | | | | | $ | [removed: 2,240] [added: 5,871] | | | | | [removed: 162.1] | | [removed: %] | | | | [added: (21.8)%] | | | | | | | | | | | | | | | [added: | | | | | |]

| Net revenue adjusted for currency | | | $ | [removed: 27,247] [added: 29,213] | | | | | $ | [removed: 26,982] [added: 27,784] | | | | | [removed: 1.0%] | | | | | | [added: 5.1%] | | | | | | | | | | | | | | | [added: | | | | | |]

| Non-GAAP gross profit | | | $ | [removed: 9,424] [added: 9,667] | | | | | $ | [removed: 8,543] [added: 9,424] | | | | | [removed: 10.3%] | | | | | | [added: 2.6%] | | | | | | | | | | | | | | | [added: | | | | | |]

| Non-GAAP gross profit margin | | | 33.9 | | % | | | | [removed: 31.7] [added: 33.9] | | % | | | | [removed: 2.2pts] | | | | | | [added: —pts] | | | | | | | | | | | | | | | [added: | | | | | |]

| Non-GAAP earnings from operations | | | $ | [removed: 2,848] [added: 3,026] | | | | | $ | [removed: 2,282] [added: 2,848] | | | | | [removed: 24.8%] | | | | | | [added: 6.3%] | | | | | | | | | | | | | | | [added: | | | | | |]

| Non-GAAP operating profit margin | | | [removed: 10.3] [added: 10.6] | | % | | | | [removed: 8.5] [added: 10.3] | | % | | | | [removed: 1.8pts] | | | | | | [added: 0.3pts] | | | | | | | | | | | | | | | [added: | | | | | |]

*•Trends and Uncertainties.* A discussion of material events and uncertainties known to management, such as the ongoing macroeconomic environment of supply chain constraints and inflationary pressures, our managed exit from Russia and Belarus, recent tax legislation, and other events.

The overall demand environment continues to improve but remains impacted by industry-wide supply constraints, which contributed to a challenging supply chain environment, and inflationary pressures, both of which have been driving up material, logistics, and overall costs.

The pandemic-related lockdowns in China we experienced in the first half of the fiscal period alleviated somewhat in the second half of the fiscal period.

The challenging supply chain environment moderated our full-year revenue growth, elevated costs, and delayed certain unit shipments, resulting in part in a higher level of backlog and related inventory at the end of the current period as compared to the end of the prior-year period.

To address the challenging supply chain environment, we are taking proactive measures such as guiding certain customer demand to specific products, enhancing component engineering design, and multi-sourcing with indirect procurement.

We expect the supply chain environment to continue to present challenges in the near term.

Additionally, we are experiencing a challenging foreign exchange environment, which has moderated our revenue and earnings growth.

We expect the unfavorable foreign exchange effects and inflationary trend to continue in the longer term.

We expect the substantial completion of our HPE Next and cost optimization and prioritization restructuring plans coupled with related cost reduction measures, and operational efficiencies, to moderate the impact of unfavorable foreign exchange effects and inflationary pressures in fiscal 2023.

*Russia/Ukraine Conflict*

The conflict between Russia and Ukraine and the related sanctions imposed by the U.S., European Union ("EU"), and other countries in response have negatively impacted our operations in both countries and increased economic and political uncertainty across the world.

In response to the sanctions imposed, in February 2022, we suspended all new sales and shipments to Russia and Belarus and implemented compliance measures to address the continuously changing regulatory landscape.

Based on a further assessment of business risks and needs, in June 2022, we determined that it is no longer tenable to maintain operations in Russia and Belarus and have been proceeding with an orderly, managed exit of our remaining business in these countries.

In fiscal 2021, our operations in Russia and Belarus accounted for approximately 2% of our total net revenue.

During fiscal 2022, we recorded total pre-tax charges of $161 million primarily related to expected credit losses of financing and trade receivables, employee severance, and abandoned assets, $99 million of which was included in Financing cost, $12 million in Cost of services, and $50 million in Disaster charges in the Consolidated Statements of Earnings.

We will continue monitoring the social, political, regulatory, and economic environment in Russia and Ukraine, and will consider further actions as appropriate.

More broadly, there could be additional adverse impacts to our net revenues, earnings, and cash flows should the situation continue or escalate geopolitical tensions and the impacts of recession, inflation, and supply chain pressures, both regionally and globally.

*Recent U.S. Tax Legislation*

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) into law.

The Inflation Reduction Act includes a new corporate alternative minimum tax (the “Corporate AMT”) of 15% on the adjusted financial statement income (“AFSI”) of corporations with average AFSI exceeding $1.0 billion over a three-year period.

The Corporate AMT is effective for the Company beginning in fiscal 2024.

We are evaluating the Corporate AMT and its potential impact on our future U.S. tax expense, cash taxes, and effective tax rate.

Additionally, the Inflation Reduction Act imposes an excise tax of 1% tax on the fair market value of net stock repurchases made after December 31, 2022.

The impact of this provision will be dependent on the extent of share repurchases made in future periods.

[Table of Contents](#iaea28ccde359416dae0878e979261179_7)

During the fiscal period, we announced significant advancements to our HPE GreenLake edge-to-cloud platform, our flagship hybrid offering that enables organizations to modernize all their applications and data, from edge to cloud and supports multi-cloud experiences everywhere – including clouds that live on-premises, at the edge, in a colocation facility, and in a public cloud.

The platform advancements included a unified operating experience with one view of all services edge to cloud along with convergence with the Aruba Central cloud service, twelve new cloud services including network as-a-service, data services, high performance computing functions, compute operations management, and availability of the HPE GreenLake edge-to-cloud platform in the online marketplaces of several leading distributors.

We also launched HPE GreenLake for Private Cloud Enterprise, which is a private cloud experience for traditional and cloud-native workloads.

These updates strengthen the HPE GreenLake edge-to-cloud platform and help customers drive their data modernization needs.

Net revenue of $28.5 billion represented an increase of 2.6% (increased 5.1% on a constant currency basis) as robust demand reflected by a high order backlog was moderated by a combination of unfavorable currency fluctuations, ongoing supply chain constraints, and lower revenue from Russia.

The net revenue increase was led by effective pricing management in server products and strong demand for networking products.

The gross profit margin of 33.4% (or $9.5 billion) represents a decrease of 0.3 percentage points and was primarily driven by a combination of supply chain constraints and related cost increases, higher costs in HPC & AI, and unfavorable currency fluctuations.

Moderating the gross profit decrease was pricing discipline and strong cost management in server products.

The operating profit margin of 2.7%, represents a decrease of 1.4 percentage points primarily due to goodwill impairment charges for the HPC & AI and Software businesses.

The decrease in operating profit margin was primarily moderated by lower transformation costs.

We generated $4.6 billion of cash flow from operations and $1.8 billion of free cash flows primarily due to improved working capital management.

[Table of Contents](#iaea28ccde359416dae0878e979261179_7)

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

| | | | 2022 | | | | | | 2021 | | | | | | | | | | | | Change | | | | | | | | | | | | | | | | | | | | |

*•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.

- *Contractual Cash and Other Obligations.* An overview of contractual obligations, retirement and post-retirement benefit plan funding, restructuring plans, uncertain tax positions and off-balance sheet arrangements.

*COVID-19*

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.

For a further discussion of the pandemic and the risks, uncertainties and actions taken in response to it, see 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.

The Company also believes that 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.

Navigating through the pandemic and planning for a post-COVID world have increased customers' needs for as-a-service offerings, secure connectivity, remote work capabilities and analytics to unlock insights from data.

Our solutions are aligned to these needs, and we see opportunity to help our customers drive digital transformations as they continue to adapt to operate in a new world.

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

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

We continue to pursue new product innovations that 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 continue to improve our operations, with a particular focus on enhancing our end-to-end processes and efficiencies.

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

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.

The 36% increase in ARR in fiscal 2021 as compared to the prior-year period was due to growth in HPE GreenLake services and related financial services due to an expanding customer installed base.

Additionally, ARR increased due to higher Intelligent Edge as-a-service activity, including Silver Peak, and growth in Storage as-a-service driven by Zerto, a recent acquisition.

Net revenue of $27.8 billion represented an increase of 3.0% (increased 1.0% on a constant currency basis) due to a variety of factors including improvements in the overall demand environment from the prior-year period resulting in revenue growth across most of our segments, a strong order backlog at the beginning of the period, incremental revenue from the Silver Peak acquisition and favorable currency fluctuations.

The revenue increase was moderated by a decrease in unit shipments due largely to industry-wide material constraints and a related challenging supply chain environment which resulted in significantly higher levels of order backlog across our hardware segments at the end of the current period.

The gross profit margin of 33.7% represented an increase of 2.3 percentage points due to a combination of factors led by strong pricing discipline, cost savings from our transformation programs and a continued mix shift toward higher-margin software-rich offerings.

The operating profit margin of 4.1% represented an increase of 5.3 percentage points due primarily to our strong operational execution in fiscal 2021 and the absence of a goodwill impairment charge which we recognized in fiscal 2020.

We generated $5.9 billion of cash flow from operations (including $2.2 billion of after-tax cash from Oracle Corporation's satisfaction of a judgment in the Itanium breach of contract litigation) due to higher net earnings and improved working capital management.

Free cash flow excluding the litigation judgment was $1.6 billion.

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

We transact business in approximately [removed: 50] [added: 40] currencies worldwide, of which the most significant foreign currencies to our operations for fiscal [removed: 2021] [added: 2022] were the euro, Japanese yen, [removed: British pound,] and [removed: Chinese yuan (renminbi).][added: British pound.]

We have performed sensitivity analyses as of October 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

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: $35] [added: $49] million and [removed: $29] [added: $35] million at October 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

We have performed sensitivity analyses as of October 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in interest rates would result in a loss in the fair values of our [added: debt, investments and financing receivables, net of interest rate swaps, of $32 million and $58 million at October 31, 2022 and 2021, respectively.]

debt, investments and financing receivables, net of interest rate swaps, of $58 million and $47 million at October 31, 2021 and 2020, respectively.

While great progress has been made in the fight against the novel coronavirus pandemic ("COVID-19" or "pandemic"), [removed: it remains a] [added: there remain] global [removed: challenge.][added: challenges from the pandemic's lasting effects.]

In fiscal [added: 2022 and] 2021, due to an unprecedented demand for electronic devices and related industry-wide supply constraints, the global economy encountered a challenging supply chain environment.

[removed: The] [added: At the end of fiscal 2022, the supply chain challenges we experienced as a result of the] pandemic [removed: continues to have an impact on our financial performance and] [added: eased, but] we are currently unable to predict the extent to which [removed: it] [added: they] may adversely impact our future business operations, financial performance and results of operations.

First, data at the edge is increasing exponentially, driven by the proliferation of [removed: devices.][added: devices that require secure connectivity to enable reliable digital experiences.]

Third, data growth is creating countless new [removed: opportunities.][added: opportunities to generate meaningful business insights.]

[removed: Across] [added: In concert with] these [removed: trends is the shift in how] [added: trends,] enterprises are consuming their [removed: technology.][added: technology differently.]

Increasingly, customers want to digitally transform while preserving capital and eliminating operating expense by paying only for the [removed: IT] [added: information technology ("IT")] they use.

[removed: Its characteristics are shifting, as it becomes] [added: Data is becoming] more unstructured, more time-sensitive and more distributed.

Many organizations cannot adequately [removed: extract] [added: gain] insights from their data at the edge or face cloud migration challenges because of their legacy applications.

Our HPE GreenLake [added: edge-to-cloud] platform [added: is a centerpiece of our strategy; it] accelerates multi-generation IT transformation through a unified cloud services experience that [removed: enables] [added: empowers] customers to access, [removed: control] [added: analyze,] and [removed: maximize the] [added: extract] value [removed: of all] [added: from] their [removed: workloads] [added: data across public clouds, data centers, colocation facilities,] and [removed: data.][added: at the edge.]

Our company has always been an engine of innovation, and our approximately [removed: 60,400] [added: 60,200] employees as of October 31, [removed: 2021,] [added: 2022,] 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.

Our [removed: Culture:] [added: Culture:] We recognize the critical importance of talent and culture to the success of HPE and our ability to fulfill our purpose.

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

Through such efforts, we [removed: are fostering] [added: aim to foster] a collaborative, inclusive and inspiring experience for all our team members.

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

More than [removed: 85%] [added: 84%] of team members would recommend HPE as a great place to work, and [removed: 89%] [added: 88%] 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, [removed: in] bold moves, [removed: in] the “power of yes we can”, and [removed: in] being a force for good.

Diversity, [removed: Equity] [added: Equity,] and Inclusion: We are committed to being unconditionally inclusive to capture the ideas and perspectives that [removed: fuel innovation] [added: advance the way we live] and [removed: enable] [added: work by enabling] our workforce, customers, and communities to succeed in the digital age.

Annual goals are set to increase the representation of both [removed: women] [added: worldwide female employees] and [removed: ethnically diverse talent] [added: worldwide female executives] by at least 1 percentage point year-over-year.

At the close of fiscal [removed: 2021,] [added: 2022,] the representation of [removed: women] [added: worldwide female executives] in our workforce had increased [removed: 1] [added: 1.5] percentage [removed: point] [added: points] since the prior year, with increased representation at every level [removed: worldwide, exceeding the goals in both technical and executive roles.][added: worldwide.]

We also increased our representation of all underrepresented minorities in the [removed: U.S., increasing such representation] [added: U.S.] by [removed: 1.6] [added: 1.3] percentage points overall.

Our Board, [removed: CEO] [added: CEO,] and Executive Committee [removed: role] model high standards for diversity, [removed: equity] [added: equity,] and inclusion and are leading sustainable change, with strong governance and oversight via our [removed: Inclusion] [added: Diversity, Inclusion,] and [removed: Diversity] [added: Equity] Council.

Talent: We invest in attracting, [removed: developing] [added: developing,] and retaining the best talent.

We do this by communicating a clear purpose and strategy, [added: setting] transparent [removed: goal setting,] [added: goals,] driving accountability, continuously assessing, developing, [added: and] advancing talent, and [added: advancing] a leadership-driven talent strategy.

Over the past year, our approximately [removed: 60,400] [added: 60,200] team members completed over [removed: 455,000] [added: 665,000] online and instructor-led courses across a broad range of categories – [removed: leadership,] [added: leadership;] inclusion and [removed: diversity,] [added: diversity;] professional [removed: skills, technical] [added: skills; technical;] and compliance.

[removed: HPE's broader wellness] [added: The HPE Global Wellness Program is a comprehensive] program [removed: offers] [added: that promotes overall health and well-being by providing team members with programs and resources that offer] flexibility built around team member needs while continuing to deliver on critical business results.

Our compensation programs, practices, and policies reflect our commitment to reward short- and long-term performance that aligns with, and [removed: drives,] [added: drives] stockholder value.

Our operations are organized into six [added: reportable] business segments: Compute, HPC & AI, Storage, Intelligent Edge, Financial [removed: Services ("FS"),] [added: Services,] and Corporate Investments and Other.

The class of similar product categories within each segment which accounted for more than 10% of our consolidated net revenue in each of the past three years [removed: were] [added: was] as follows:

Our Compute portfolio [removed: offers] [added: consists of] both [removed: general purpose] [added: general-purpose] servers for multi-workload computing and workload-optimized servers [removed: which offer] [added: to deliver] the best performance and value for demanding applications.

This portfolio of products includes our secure and versatile HPE ProLiant rack and tower [removed: servers;] [added: servers] 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 ("VDI"),] [added: workspaces,] data management, transcoding and visualization.

Compute offerings also include operational and support [removed: services.][added: services and HPE GreenLake for Compute.]

HPE GreenLake for Compute provides flexible Compute as-a-service [removed: ("aaS")] IT infrastructure on a consumption [removed: basis.][added: basis through the HPE GreenLake edge-to-cloud platform.]

Our [removed: hardware] solutions are segmented into [removed: several categories, High Performance Compute ("HPC"), Data Solutions,] [added: the following categories: HPC] and [removed: Edge Compute.][added: Data Solutions.]

The HPC portfolio [added: of products] includes [removed: the] HPE [removed: Apollo] [added: Cray, HPE Apollo,] and [removed: Cray products] [added: Converged Edge Systems (formerly known as Edge Compute) hardware, software, and data management appliances] that are [added: often] sold as supercomputing systems, including exascale supercomputers (systems [removed: which have exaflops performance or a billion-billion] [added: that can process 1018 floating point] calculations per second), [removed: to] [added: that] support data-intensive [removed: workloads for high performance computing, data analytics] [added: simulations] and [removed: artificial intelligence] [added: large-scale AI] applications.

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

[removed: In connection with] [added: As part of] our [removed: hardware offerings,] [added: systems are aligned to the convergence of HPC and AI-at-scale across our industry,] 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 [removed: the recently acquired Determined AI, which provides] a software stack to train AI models using [removed: its open source] [added: our open-source] machine learning platform.

[removed: HPC & AI] [added: Storage] offerings also include operational and support [removed: services] [added: services, software subscription services,] and [added: data infrastructure portfolio and] solutions delivered as-a-service through [added: the] HPE GreenLake [removed: cloud services, which is a flexible as-a-service platform that HPE can provide on-premises or in a colocation facility.][added: edge-to-cloud platform.]

We use the terms "Hewlett Packard Enterprise", "HPE", "the Company", "we", "us", and "our" to refer to Hewlett Packard Enterprise Company.

In 2021, HPE adopted vaccination policies to protect the health and safety of our team members and customers.

We monitored the situation, including pandemic-related case data and broader government health guidelines, in order to update these policies as the situation evolved.

During most of fiscal 2022, our team members in the U.S. were required to be vaccinated in order to enter our sites, work at customer and third-party sites, and for travel to attend work-related events, unless the team member had an approved exemption granted by our human resources organization and underwent routine testing.

Given the effectiveness and broad access of vaccines, along with their acceptance by a high percentage of our U.S. workforce, as of September 6, 2022, we lifted our vaccination requirement for access to sites, travel, and work-related events in the U.S. However, any team member or contingent worker working at or visiting customer or third-party sites must continue to comply with those parties' rules and provide proof of vaccination or a negative test.

Outside of the U.S., sites are open at varying capacities based on local pandemic conditions and risk mitigation strategies enacted by country leadership.

We maintain compliance with all local laws and regulations with respect to office attendance and safety protocols.

Over the last several years, new megatrends around edge, cloud, and data have emerged to shape customer expectations for enterprise technology.

Customer response to these megatrends has been accelerated by the pandemic and the increasing pace of technological innovation.

The megatrends are ushering in long-lasting changes to IT, including accelerating hybrid multi-cloud adoption.

Customers across industry verticals are interested in unifying all the applications and data with a consistent cloud experience.

Customers also want to better extract value from their growing stores of rapidly evolving data, knowing that actionable insights from data are critical to deliver business outcomes.

HPE has deployed an edge-to-cloud strategy that capitalizes on emergent megatrends and delivers a data-first modernization approach for customers.

Our vision to be the edge-to-cloud company has led us to innovate our solutions across connectivity, cloud, and data.

We have shifted our mix of products and services, and how we deliver that mix to customers.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

HPE has evolved to a platform-based model, fueled by a portfolio richer in software and services.

Our solutions across connectivity, cloud and data are delivered as-a-service through the HPE GreenLake edge-to-cloud platform across our Intelligent Edge, Compute, High Performance Computing & Artificial Intelligence ("HPC & AI"), and Storage business segments.

Financial Services complements our solution offerings by helping customers unlock financial capacity.

Aspirational goals are also set to double our U.S. Black and Hispanic executive headcounts by 2027, from 2020 levels.

We are committed to delivering on our focus on equity, as well, by taking a data-led approach at various points across the team member lifecycle to evaluate and improve our diversity, equity, and inclusion efforts.

In the U.S., the HPE Voice of the Workforce Employee Engagement Index is 81%.

All HPE Employee Engagement Indexes for U.S. ethnically diverse talent groups were the same or better, some by as much as 8 percentage points.

We have also been committed to advancing transparency, by publicly disclosing further information and data on diversity, equity, and inclusion at HPE, including the Equal Employment Opportunity report (EEO-1) data, since 2018.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

Pay Equity: We believe people should be paid equitably for what they do and how they do it, regardless of their gender, race, or other personal characteristics.

We maintain policies to promote equal pay, and we regularly review our global pay practices with an aim to ensure that team members in similar roles and locations are paid commensurately with their experience and responsibilities.

We partner with independent third-party experts to conduct annual pay assessments and identify unexplained gaps between our present state and our goal of equitable pay treatment for all team members.

Where these reviews identify such gaps at a country-wide level, we adjust compensation to eliminate the gap.

As a result of our efforts, we are proud to report that our 2021 pay equity review demonstrated that we have achieved pay parity for base compensation and bonus targets between male and female team members in the U.S. (including among underrepresented ethnicities), U.K., and India, when accounting for job title, time-in-role, experience, and location.

We conduct a number of compensation analyses in other countries to provide competitive and equitable pay and, where permissible, we intend to incorporate similar third-party pay assessments into our existing processes.

The program consists of four pillars: physical health, financial well-being, mental and emotional health, and community well-being.

Additionally, we offer a hybrid work environment for the majority of our team members, allowing them substantial flexibility to determine the number of days in the office that work best for them.

Board Oversight: Our Board of Directors plays an active role in overseeing our human capital management strategy and programs.

Our HR and Compensation Committee provides oversight of our human resources and workforce management programs, including but not limited to those related to corporate culture; compensation plans and policies; diversity and inclusion; and talent acquisition, development, and retention.

- Fiscal 2022 - Compute products, Compute services, Intelligent Edge products

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

Our HPC & AI business offers integrated systems comprised of software and hardware designed to address High-Performance Computing ("HPC"), Artificial Intelligence ("AI"), Data Analytics, and Transaction Processing workloads for government and commercial customers globally.

The Data Solutions portfolio includes the mission critical compute portfolio and HPE NonStop.

The mission critical compute portfolio includes the HPE Superdome Flex and HPE Integrity product lines for critical applications, including large enterprise software applications and data analytics platforms.

On November 1, 2015, HP Inc. ("former Parent"), formerly known as Hewlett-Packard Company ("HP Co.") spun-off Hewlett Packard Enterprise Company ("we", "us", "our", "Hewlett Packard Enterprise", "HPE", or "the Company") pursuant to a separation agreement (the "Separation and Distribution Agreement") (collectively the "Separation").

Since the Separation, we have operated as an independent, publicly-traded company.

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

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.

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

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

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

Data is growing and evolving rapidly.

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

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.

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

Key features include mental health support including employee assistance programs and free headspace accounts, physical fitness activities, and financial wellness programs.

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").

- Fiscal 2019 - Compute products, Storage products

Our HPC & AI business offers standard and custom hardware and software solutions designed to support specific use cases.

The Edge Compute product portfolio includes HPE Edgeline products for computing at the network edge.

HPE InfoSight and HPE CloudPhysics.

We make our data infrastructure portfolio available as-a-service through HPE GreenLake.

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

Many of our competitors want to lock customers into a cloud stack.

We are unique in our ability to enable any hybrid cloud strategy and a consistent experience that is open to any cloud and differentiated with our partner integrations.

As a result of the pandemic, the industry is being impacted by an increased worldwide demand for electronic components that is anticipated to last at least through the end of this calendar year.

This global shortage impacts HPE and the technology market segment as a whole.

While we anticipate further industry-wide tightening we took proactive inventory buffering measures in order to position us well during the second half of the fiscal year and going forward.

The higher levels of backlog we experienced in the prior-year period due to the pandemic were largely delivered by the end of fiscal 2020.

As a result, in the second half of fiscal 2021, we experienced a shortage of electric components and logistics timing issues which resulted in significantly higher levels of order backlog and commodity costs across our hardware segments, and particularly in Compute, Storage and Intelligent Edge.

In HPC & AI, we deliver high-performance compute, storage, artificial intelligence and networking systems and solutions for the most demanding workloads.

We also invest in software to enable our solutions.

In the Storage data management domain, we are investing in new technologies to address the demand in current and emerging markets.

Our comprehensive on-premise scalable infrastructure is transforming to utilize HPE’s leadership in Compute, Networking, and Storage to provide end-to-end cloud-native infrastructure.

This infrastructure serves as a foundation for our as-a-service offering, includes the industry-first 100% guarantee, and delivers cloud-native infrastructure tightly integrated and managed by our AI engines.

Climate Change

Jeff T.

Previously, Mr. Ricci served as Controller and Principal Accounting Officer at HP Co. on an interim basis from November 2013 to April 2014.

Prior to that, Mr. Ricci served as Vice President, Finance for several of HP Co.'s organizations, including Technology and Operations from May 2012 to November 2013, Global Accounts and HP Financial Services from March 2011 to May 2012, and HP Software from March 2009 to March 2011.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

For the fiscal year ended October 31, [removed: 2021][added: 2022]

[removed: Registrant's] [added: | (Registrant's] telephone number, including area [removed: code: (650) 687-5817][added: code) | | | | | | | | | | | | | | |]

The aggregate market value of the registrant's common stock held by non-affiliates was [removed: $20,839,669,847] [added: $19,960,628,961] based on the last sale price of common stock on April 30, [removed: 2021.][added: 2022.]

The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of December [removed: 7, 2021] [added: 2, 2022] was [removed: 1,293,439,907] [added: 1,281,816,851] shares.

| Portions of the Registrant's proxy statement related to its [removed: 2022] [added: 2023] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant's fiscal year end of October 31, [removed: 2021] [added: 2022] are incorporated by reference into Part III of this Report. | | | | | | III | | |

| [Item [removed: 1.](#ica158fb683c247fdb170955b492f9216_16)] [added: 1.](#iaea28ccde359416dae0878e979261179_16)] | | | [removed: [Business](#ica158fb683c247fdb170955b492f9216_16)] [added: [Business](#iaea28ccde359416dae0878e979261179_16)] | | | [removed: [2](#ica158fb683c247fdb170955b492f9216_16)] [added: [2](#iaea28ccde359416dae0878e979261179_16)] | | |

| [Item [removed: 1A.](#ica158fb683c247fdb170955b492f9216_19)] [added: 1A.](#iaea28ccde359416dae0878e979261179_19)] | | | [Risk [removed: Factors](#ica158fb683c247fdb170955b492f9216_19)] [added: Factors](#iaea28ccde359416dae0878e979261179_19)] | | | [removed: [15](#ica158fb683c247fdb170955b492f9216_19)] [added: [16](#iaea28ccde359416dae0878e979261179_19)] | | |

| [Item [removed: 1B.](#ica158fb683c247fdb170955b492f9216_22)] [added: 1B.](#iaea28ccde359416dae0878e979261179_22)] | | | [Unresolved Staff [removed: Comments](#ica158fb683c247fdb170955b492f9216_22)] [added: Comments](#iaea28ccde359416dae0878e979261179_22)] | | | [removed: [29](#ica158fb683c247fdb170955b492f9216_22)] [added: [31](#iaea28ccde359416dae0878e979261179_22)] | | |

| [Item [removed: 2.](#ica158fb683c247fdb170955b492f9216_25)] [added: 2.](#iaea28ccde359416dae0878e979261179_25)] | | | [removed: [Properties](#ica158fb683c247fdb170955b492f9216_25)] [added: [Properties](#iaea28ccde359416dae0878e979261179_25)] | | | [removed: [29](#ica158fb683c247fdb170955b492f9216_25)] [added: [31](#iaea28ccde359416dae0878e979261179_25)] | | |

| [Item [removed: 3.](#ica158fb683c247fdb170955b492f9216_28)] [added: 3.](#iaea28ccde359416dae0878e979261179_28)] | | | [Legal [removed: Proceedings](#ica158fb683c247fdb170955b492f9216_28)] [added: Proceedings](#iaea28ccde359416dae0878e979261179_28)] | | | [removed: [29](#ica158fb683c247fdb170955b492f9216_28)] [added: [31](#iaea28ccde359416dae0878e979261179_28)] | | |

| [Item [removed: 4.](#ica158fb683c247fdb170955b492f9216_34)] [added: 4.](#iaea28ccde359416dae0878e979261179_34)] | | | [Mine Safety [removed: Disclosures](#ica158fb683c247fdb170955b492f9216_34)] [added: Disclosures](#iaea28ccde359416dae0878e979261179_34)] | | | [removed: [30](#ica158fb683c247fdb170955b492f9216_34)] [added: [32](#iaea28ccde359416dae0878e979261179_34)] | | |

| [Item [removed: 5.](#ica158fb683c247fdb170955b492f9216_37)] [added: 5.](#iaea28ccde359416dae0878e979261179_37)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ica158fb683c247fdb170955b492f9216_37)] [added: Securities](#iaea28ccde359416dae0878e979261179_37)] | | | [removed: [30](#ica158fb683c247fdb170955b492f9216_37)] [added: [32](#iaea28ccde359416dae0878e979261179_37)] | | |

| [Item [removed: 7.](#ica158fb683c247fdb170955b492f9216_91)] [added: 7.](#iaea28ccde359416dae0878e979261179_91)] | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ica158fb683c247fdb170955b492f9216_43)] [added: Operations](#iaea28ccde359416dae0878e979261179_43)] | | | [removed: [32](#ica158fb683c247fdb170955b492f9216_43)] [added: [34](#iaea28ccde359416dae0878e979261179_43)] | | |

| [Item [removed: 7A.](#ica158fb683c247fdb170955b492f9216_94)] [added: 7A.](#iaea28ccde359416dae0878e979261179_94)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ica158fb683c247fdb170955b492f9216_94)] [added: Risk](#iaea28ccde359416dae0878e979261179_94)] | | | [removed: [57](#ica158fb683c247fdb170955b492f9216_94)] [added: [57](#iaea28ccde359416dae0878e979261179_94)] | | |

| [Item [removed: 8.](#ica158fb683c247fdb170955b492f9216_97)] [added: 8.](#iaea28ccde359416dae0878e979261179_97)] | | | [Financial Statements and Supplementary [removed: Data](#ica158fb683c247fdb170955b492f9216_97)] [added: Data](#iaea28ccde359416dae0878e979261179_97)] | | | [removed: [59](#ica158fb683c247fdb170955b492f9216_97)] [added: [58](#iaea28ccde359416dae0878e979261179_97)] | | |

| [Item [removed: 9.](#ica158fb683c247fdb170955b492f9216_193)] [added: 9.](#iaea28ccde359416dae0878e979261179_187)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ica158fb683c247fdb170955b492f9216_193)] [added: Disclosure](#iaea28ccde359416dae0878e979261179_187)] | | | [removed: [132](#ica158fb683c247fdb170955b492f9216_193)] [added: [127](#iaea28ccde359416dae0878e979261179_187)] | | |

| [Item [removed: 9A.](#ica158fb683c247fdb170955b492f9216_196)] [added: 9A.](#iaea28ccde359416dae0878e979261179_190)] | | | [Controls and [removed: Procedures](#ica158fb683c247fdb170955b492f9216_196)] [added: Procedures](#iaea28ccde359416dae0878e979261179_190)] | | | [removed: [132](#ica158fb683c247fdb170955b492f9216_196)] [added: [127](#iaea28ccde359416dae0878e979261179_190)] | | |

| [Item [removed: 9B.](#ica158fb683c247fdb170955b492f9216_199)] [added: 9B.](#iaea28ccde359416dae0878e979261179_193)] | | | [Other [removed: Information](#ica158fb683c247fdb170955b492f9216_199)] [added: Information](#iaea28ccde359416dae0878e979261179_193)] | | | [removed: [132](#ica158fb683c247fdb170955b492f9216_199)] [added: [127](#iaea28ccde359416dae0878e979261179_193)] | | |

| [Item [removed: 10.](#ica158fb683c247fdb170955b492f9216_205)] [added: 10.](#iaea28ccde359416dae0878e979261179_199)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ica158fb683c247fdb170955b492f9216_205)] [added: Governance](#iaea28ccde359416dae0878e979261179_199)] | | | [removed: [134](#ica158fb683c247fdb170955b492f9216_205)] [added: [129](#iaea28ccde359416dae0878e979261179_199)] | | |

| [Item [removed: 11.](#ica158fb683c247fdb170955b492f9216_208)] [added: 11.](#iaea28ccde359416dae0878e979261179_202)] | | | [Executive [removed: Compensation](#ica158fb683c247fdb170955b492f9216_208)] [added: Compensation](#iaea28ccde359416dae0878e979261179_202)] | | | [removed: [134](#ica158fb683c247fdb170955b492f9216_208)] [added: [129](#iaea28ccde359416dae0878e979261179_202)] | | |

| [Item [removed: 12.](#ica158fb683c247fdb170955b492f9216_211)] [added: 12.](#iaea28ccde359416dae0878e979261179_205)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ica158fb683c247fdb170955b492f9216_211)] [added: Matters](#iaea28ccde359416dae0878e979261179_205)] | | | [removed: [134](#ica158fb683c247fdb170955b492f9216_211)] [added: [129](#iaea28ccde359416dae0878e979261179_205)] | | |

| [Item [removed: 13.](#ica158fb683c247fdb170955b492f9216_214)] [added: 13.](#iaea28ccde359416dae0878e979261179_208)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ica158fb683c247fdb170955b492f9216_214)] [added: Independence](#iaea28ccde359416dae0878e979261179_208)] | | | [removed: [134](#ica158fb683c247fdb170955b492f9216_214)] [added: [129](#iaea28ccde359416dae0878e979261179_208)] | | |

| [Item [removed: 14.](#ica158fb683c247fdb170955b492f9216_217)] [added: 14.](#iaea28ccde359416dae0878e979261179_211)] | | | [Principal Accounting Fees and [removed: Services](#ica158fb683c247fdb170955b492f9216_217)] [added: Services](#iaea28ccde359416dae0878e979261179_211)] | | | [removed: [134](#ica158fb683c247fdb170955b492f9216_217)] [added: [129](#iaea28ccde359416dae0878e979261179_211)] | | |

| [Item [removed: 15.](#ica158fb683c247fdb170955b492f9216_223)] [added: 15.](#iaea28ccde359416dae0878e979261179_217)] | | | [removed: [Exhibits, Financial] [added: [Exhibits](#iaea28ccde359416dae0878e979261179_217) [and](#iaea28ccde359416dae0878e979261179_217) [Financial] Statement [removed: Schedules](#ica158fb683c247fdb170955b492f9216_223)] [added: Schedules](#iaea28ccde359416dae0878e979261179_217)] | | | [removed: [135](#ica158fb683c247fdb170955b492f9216_223)] [added: [130](#iaea28ccde359416dae0878e979261179_217)] | | |

| [Item [removed: 16.](#ica158fb683c247fdb170955b492f9216_1927)] [added: 16.](#iaea28ccde359416dae0878e979261179_1982)] | | | [Form 10-K [removed: Summary](#ica158fb683c247fdb170955b492f9216_1927)] [added: Summary](#iaea28ccde359416dae0878e979261179_1982)] | | | [removed: [140](#ica158fb683c247fdb170955b492f9216_1927)] [added: [135](#iaea28ccde359416dae0878e979261179_1982)] | | |

The words "believe", "expect", "anticipate", [removed: "optimistic",] "intend", [removed: "aim",] "will", [removed: "should,"] [added: "estimates", "may", "likely", "could", "should"] and similar expressions are intended to identify such forward-looking statements.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the scope and duration of the novel coronavirus pandemic [removed: ("COVID-19")] [added: ("COVID-19"), other outbreaks, epidemics, pandemics, or public health crises,] and [removed: its impact] [added: the ongoing conflict between Russia and Ukraine, our actions in response thereto, and their impacts] on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results, and the world economy; any projections of revenue, margins, expenses, investments, effective tax rates, interest rates, the impact of tax law changes [added: (including those in the Inflation Reduction Act of 2022)] and related guidance and regulations, net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; [added: recent amendments to accounting guidance and] any [added: potential impacts on our financial reporting therefrom; any] projections of the amount, execution, [removed: timing] [added: timing,] and results of any transformation or impact of cost [removed: savings;] [added: savings,] restructuring plans, including estimates and assumptions related to the anticipated benefits, cost savings, or charges of implementing [added: such] transformation and restructuring plans; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution of corporate transactions or contemplated acquisitions, research and development expenditures, and any resulting benefit, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market [removed: share] [added: share,] or competitive performance relating to products or services; any statements [added: concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including products and services offered by Hewlett Packard Enterprise; any statements] regarding current or future macroeconomic trends or events and the impact of those trends and events on Hewlett Packard Enterprise and its financial performance; any statements regarding [added: future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, and governance issues; any statements regarding] pending investigations, [removed: claims] [added: claims,] or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.

Risks, uncertainties, and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and [removed: events;] [added: events, including but not limited to supply chain constraints,] the [added: inflationary environment, the ongoing conflict between Russia and Ukraine, and the relationship between China and the U.S.; the] need to [added: effectively] manage third-party [removed: suppliers, the distribution of Hewlett Packard Enterprise's products,] [added: suppliers] and [removed: the delivery of] [added: distribute] Hewlett Packard Enterprise's [removed: services effectively;] [added: products and services;] the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including [added: from] pandemics and public health problems, such as the outbreak of [removed: COVID-19);] [added: COVID-19, and geopolitical events, such as those mentioned above);] the development [added: of] and transition [removed: of] [added: to] new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients, and partners, including any impact thereon resulting from [removed: events such as the COVID-19 pandemic;] [added: macroeconomic or geopolitical events;] the hiring and retention of key employees; the execution, integration, and other risks associated with business combination and investment transactions; the impact of changes to [added: privacy, cybersecurity,] environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual [removed: property] [added: 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, [removed: claims] [added: claims,] and disputes; [added: the impacts of the Inflation Reduction Act of 2022] and [added: related guidance or regulations; and] other risks that are described herein, including but not limited to the items discussed in "Risk Factors" in Item 1A of Part I of this report and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's [removed: reports filed] [added: Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and in other filings made] with the Securities and Exchange Commission.

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

| 1701 East Mossy Oaks Road, | | | Spring, | | | Texas | | | | | | 77389 | | |

| (678) | | | | | | | | | 259-9860 | | | | | |

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

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

______________________________________________________________________________

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

For the Fiscal Year ended October 31, 2022

| | | | [PART I](#iaea28ccde359416dae0878e979261179_13) | | | | | |

| | | | [PART II](#iaea28ccde359416dae0878e979261179_31) | | | | | |

| [Item 6.](#iaea28ccde359416dae0878e979261179_40) | | | [\[R](#iaea28ccde359416dae0878e979261179_40)[eserved](#iaea28ccde359416dae0878e979261179_40)[\]](#iaea28ccde359416dae0878e979261179_40) | | | [33](#iaea28ccde359416dae0878e979261179_40) | | |

| [Item 9C.](#iaea28ccde359416dae0878e979261179_1964) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#iaea28ccde359416dae0878e979261179_1964) | | | [128](#iaea28ccde359416dae0878e979261179_1964) | | |

| | | | [PART III](#iaea28ccde359416dae0878e979261179_196) | | | | | |

| | | | [PART IV](#iaea28ccde359416dae0878e979261179_214) | | | | | |

| | | | | | | | | |

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

| 11445 Compaq Center West Drive, | | | Houston, | | | Texas | | | | | | 77070 | | |

| | | | [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) | | | | | |

As of October 31, [removed: 2021,] [added: 2022,] we owned or leased approximately [removed: 15] [added: 12] million square feet of space [removed: worldwide.][added: worldwide, which included 3 million square feet of vacated space.]

| Administration and support | | | [removed: 3] [added: 2] | | | | | | [removed: 6] [added: 5] | | | | | | [removed: 9] [added: 7] | | |

| Total | | | [removed: 4] [added: 3] | | | | | | [removed: 7] [added: 6] | | | | | | [removed: 11] [added: 9] | | |

| (Percentage) | | | [removed: 36] [added: 29] | | % | | | | [removed: 64] [added: 71] | | % | | | | 100 | | % |

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

Our principal executive offices, including our global headquarters, are located at [removed: 11445 Compaq Center West Drive, Houston,] [added: 1701 East Mossy Oaks Road, Spring,] Texas, [removed: 77070,] [added: 77389,] United States of America.

The [removed: locations] [added: location] of our major product development, services, manufacturing, and Hewlett Packard Labs facilities are as follows:

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

| Asia Pacific [removed: *China*—Beijing *India*—Bangalore *Japan*—Tokyo *Singapore—*Singapore *Taiwan—*Taipei] [added: China—Beijing India—Bangalore Japan—Tokyo Singapore*—*Singapore Taiwan*—*Taipei] | | | | | | | | |

| | | | As of October 31, 2022 | | | | | | | | | | | | | | |

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

During fiscal [removed: 2021,] [added: 2022,] we paid a quarterly dividend of $0.12 per share to our shareholders.

On November [removed: 30, 2021] [added: 29, 2022] we declared a quarterly dividend of $0.12 per share, payable on January [removed: 7, 2022,] [added: 13, 2023,] to stockholders of record as of the close of business on December [removed: 10, 2021.][added: 14, 2022.]

| Fourth Quarter of Fiscal [removed: 2021] [added: 2022] | | | | | | 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 | | |

As of October 31, [removed: 2021,] [added: 2022,] the Company had a remaining authorization of [removed: $1.9] [added: $1.4] billion for future share repurchases.

The graph below shows [removed: the] [added: a comparison of] cumulative total stockholder return, the S&P 500 [removed: Index] [added: Index,] and the S&P Information Technology Index.

This graph covers the period from October 31, [removed: 2016] [added: 2017] through October 31, [removed: 2021.][added: 2022.]

This graph assumes the investment of $100 in the stock or the index on October 31, [removed: 2016] [added: 2017] (and the reinvestment of dividends thereafter).

[removed: ][added: ]

| | | | [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] | | | | | | [removed: 10/2021] [added: 10/2022] | | |

As of December 1, 2022, there were 48,316 stockholders of record of Hewlett Packard Enterprise common stock.

| Month 1 (August 2022) | | | | | | 3,074 | | | | | | $ | 14.47 | | | | | 3,074 | | | | | | $ | 1,468,188 | |

| Month 2 (September 2022) | | | | | | 3,220 | | | | | | $ | 12.96 | | | | | 3,220 | | | | | | $ | 1,426,457 | |

| Month 3 (October 2022) | | | | | | 3,223 | | | | | | $ | 12.85 | | | | | 3,223 | | | | | | $ | 1,385,018 | |

| Total | | | | | | 9,517 | | | | | | $ | 13.41 | | | | | 9,517 | | | | | | | | |

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 112.11 | | | | | $ | 124.34 | | | | | $ | 68.23 | | | | | $ | 119.68 | | | | | $ | 120.41 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 107.33 | | | | | $ | 122.70 | | | | | $ | 134.60 | | | | | $ | 192.33 | | | | | $ | 164.18 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 112.29 | | | | | $ | 137.63 | | | | | $ | 185.07 | | | | | $ | 271.91 | | | | | $ | 216.82 | |

According to the records of our transfer agent, there were 51,818 stockholders of record of Hewlett Packard Enterprise common stock as of November 30, 2021.

| 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 April 6, 2020, the Company announced that it suspended purchases under its share repurchase program in response to the global economic uncertainty that resulted from the worldwide spread of the novel coronavirus.

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

During the fiscal year ended October 31, 2021, the Company repurchased and settled 14.7 million shares of the Company's common stock.

The Company had unsettled open market repurchases of 0.8 million shares as of October 31, 2021.

Shares repurchased during fiscal 2021 were recorded as a $225 million reduction to stockholders' equity.

On April 1, 2017, we

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

completed the separation and merger of our Enterprise Services business with DXC.

HPE stockholders received 0.085904 shares of common stock in the new company for every one share of HPE common stock held at the close of business on the record date.

On September 1, 2017, we completed the separation and merger of our Software business segment with Micro Focus.

HPE stockholders received 0.13732611 American Depository Shares ("Micro Focus ADSs") in the new company, each of which represents one ordinary share of Micro Focus, for every one share of HPE common stock held at the close of business on the record date.

The effect of the Everett and Seattle Transactions are reflected in the cumulative total return as reinvested dividends.

| 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 | |

[Table of Conten](#iaea28ccde359416dae0878e979261179_7)[t](#iaea28ccde359416dae0878e979261179_7)

[Table of Content](#ica158fb683c247fdb170955b492f9216_7)

| [Reports of Independent Registered Public Accounting [removed: Firm](#ica158fb683c247fdb170955b492f9216_103)] [added: Firm](#iaea28ccde359416dae0878e979261179_103) (PCAOB ID: 42)] | | | [removed: [60](#ica158fb683c247fdb170955b492f9216_103)] [added: [59](#iaea28ccde359416dae0878e979261179_103)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#ica158fb683c247fdb170955b492f9216_106)] [added: Reporting](#iaea28ccde359416dae0878e979261179_106)] | | | [removed: [63](#ica158fb683c247fdb170955b492f9216_106)] [added: [62](#iaea28ccde359416dae0878e979261179_106)] | | |

| [Consolidated Statements of [removed: Earnings](#ica158fb683c247fdb170955b492f9216_109)] [added: Earnings](#iaea28ccde359416dae0878e979261179_109)] | | | [removed: [64](#ica158fb683c247fdb170955b492f9216_109)] [added: [63](#iaea28ccde359416dae0878e979261179_109)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ica158fb683c247fdb170955b492f9216_112)] [added: Income](#iaea28ccde359416dae0878e979261179_112)] | | | [removed: [65](#ica158fb683c247fdb170955b492f9216_112)] [added: [64](#iaea28ccde359416dae0878e979261179_112)] | | |

| [Consolidated Balance [removed: Sheets](#ica158fb683c247fdb170955b492f9216_115)] [added: Sheets](#iaea28ccde359416dae0878e979261179_115)] | | | [removed: [66](#ica158fb683c247fdb170955b492f9216_115)] [added: [65](#iaea28ccde359416dae0878e979261179_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ica158fb683c247fdb170955b492f9216_118)] [added: Flows](#iaea28ccde359416dae0878e979261179_118)] | | | [removed: [67](#ica158fb683c247fdb170955b492f9216_118)] [added: [66](#iaea28ccde359416dae0878e979261179_118)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#ica158fb683c247fdb170955b492f9216_121)] [added: Equity](#iaea28ccde359416dae0878e979261179_121)] | | | [removed: [68](#ica158fb683c247fdb170955b492f9216_121)] [added: [67](#iaea28ccde359416dae0878e979261179_121)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ica158fb683c247fdb170955b492f9216_124)] [added: Statements](#iaea28ccde359416dae0878e979261179_124)] | | | [removed: [70](#ica158fb683c247fdb170955b492f9216_124)] [added: [68](#iaea28ccde359416dae0878e979261179_124)] | | |

| [Note 1: Overview and Summary of Significant Accounting [removed: Policies](#ica158fb683c247fdb170955b492f9216_127)] [added: Policies](#iaea28ccde359416dae0878e979261179_127)] | | | [removed: [70](#ica158fb683c247fdb170955b492f9216_127)] [added: [68](#iaea28ccde359416dae0878e979261179_127)] | | |

| [Note 2: Segment [removed: Information](#ica158fb683c247fdb170955b492f9216_130)] [added: Information](#iaea28ccde359416dae0878e979261179_130)] | | | [removed: [80](#ica158fb683c247fdb170955b492f9216_130)] [added: [77](#iaea28ccde359416dae0878e979261179_130)] | | |

| [Note 3: Transformation [removed: Programs](#ica158fb683c247fdb170955b492f9216_133)] [added: Programs](#iaea28ccde359416dae0878e979261179_133)] | | | [removed: [84](#ica158fb683c247fdb170955b492f9216_133)] [added: [81](#iaea28ccde359416dae0878e979261179_133)] | | |

| [Note 4: Retirement and Post-Retirement Benefit [removed: Plans](#ica158fb683c247fdb170955b492f9216_136)] [added: Plans](#iaea28ccde359416dae0878e979261179_136)] | | | [removed: [86](#ica158fb683c247fdb170955b492f9216_136)] [added: [83](#iaea28ccde359416dae0878e979261179_136)] | | |

| [Note 5: Stock-Based [removed: Compensation](#ica158fb683c247fdb170955b492f9216_139)] [added: Compensation](#iaea28ccde359416dae0878e979261179_139)] | | | [removed: [93](#ica158fb683c247fdb170955b492f9216_139)] [added: [90](#iaea28ccde359416dae0878e979261179_139)] | | |

| [Note 6: Taxes on [removed: Earnings](#ica158fb683c247fdb170955b492f9216_142)] [added: Earnings](#iaea28ccde359416dae0878e979261179_142)] | | | [removed: [95](#ica158fb683c247fdb170955b492f9216_142)] [added: [92](#iaea28ccde359416dae0878e979261179_142)] | | |

| [Note 7: Balance Sheet [removed: Details](#ica158fb683c247fdb170955b492f9216_145)] [added: Details](#iaea28ccde359416dae0878e979261179_145)] | | | [removed: [99](#ica158fb683c247fdb170955b492f9216_145)] [added: [96](#iaea28ccde359416dae0878e979261179_145)] | | |

| [Note 8: Accounting for Leases as a [removed: Lessee](#ica158fb683c247fdb170955b492f9216_148)] [added: Lessee](#iaea28ccde359416dae0878e979261179_148)] | | | [removed: [102](#ica158fb683c247fdb170955b492f9216_148)] [added: [99](#iaea28ccde359416dae0878e979261179_148)] | | |

| [Note 9: Accounting for Leases as a [removed: Lessor](#ica158fb683c247fdb170955b492f9216_154)] [added: Lessor](#iaea28ccde359416dae0878e979261179_151)] | | | [removed: [103](#ica158fb683c247fdb170955b492f9216_154)] [added: [100](#iaea28ccde359416dae0878e979261179_151)] | | |

| [Note 11: Goodwill and Intangible [removed: Assets](#ica158fb683c247fdb170955b492f9216_160)] [added: Assets](#iaea28ccde359416dae0878e979261179_157)] | | | [removed: [109](#ica158fb683c247fdb170955b492f9216_160)] [added: [105](#iaea28ccde359416dae0878e979261179_157)] | | |

| [Note 16: Net Earnings Per [removed: Share](#ica158fb683c247fdb170955b492f9216_175)] [added: Share](#iaea28ccde359416dae0878e979261179_172)] | | | [removed: [124](#ica158fb683c247fdb170955b492f9216_175)] [added: [119](#iaea28ccde359416dae0878e979261179_172)] | | |

| [Note 17: Litigation and [removed: Contingencies](#ica158fb683c247fdb170955b492f9216_178)] [added: Contingencies](#iaea28ccde359416dae0878e979261179_175)] | | | [removed: [124](#ica158fb683c247fdb170955b492f9216_178)] [added: [119](#iaea28ccde359416dae0878e979261179_175)] | | |

| [Note 18: Guarantees, Indemnifications and [removed: Warranties](#ica158fb683c247fdb170955b492f9216_181)] [added: Warranties](#iaea28ccde359416dae0878e979261179_178)] | | | [removed: [128](#ica158fb683c247fdb170955b492f9216_181)] [added: [123](#iaea28ccde359416dae0878e979261179_178)] | | |

| [Note 20: Equity Method [removed: Investments](#ica158fb683c247fdb170955b492f9216_187)] [added: Investments](#iaea28ccde359416dae0878e979261179_184)] | | | [removed: [130](#ica158fb683c247fdb170955b492f9216_187)] [added: [125](#iaea28ccde359416dae0878e979261179_184)] | | |

We have audited the accompanying consolidated balance sheets of Hewlett Packard Enterprise Company and subsidiaries (the Company) as of October 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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 [removed: 10, 2021,] [added: 8, 2022,] expressed an unqualified opinion thereon.

| Description of the matter | | | | | | At October 31, [removed: 2021,] [added: 2022,] the Company’s goodwill was [removed: $18.3 billion.] [added: $17.4 billion, of which $2.9 billion related to the High Performance Computing and Artificial Intelligence (HPC & AI) reporting unit.] 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 management’s goodwill impairment test [added: for the HPC & AI reporting unit] was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting [removed: units, particularly for an individual reporting unit with a fair value only marginally in excess of carrying value.] [added: unit.] In particular, the fair value estimate [added: of the HPC & AI reporting unit] 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 Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. To test the estimated fair value of the Company’s [added: HPC & AI] reporting [removed: units,] [added: unit,] 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 Company’s business model, product mix and other factors would affect the significant assumptions. We assessed the historical accuracy of 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 management’s reconciliation of the fair value of [added: all of] the reporting units to the market capitalization of the Company. We involved our valuation professionals to evaluate the application of valuation methodologies in the Company’s annual impairment 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 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 [removed: $1.0] [added: $1.1] billion at October 31, [removed: 2021.] [added: 2022.] 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 Company’s process for estimating variable consideration, including controls over management’s review of the significant assumptions described above. To test the 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: 2021,] [added: 2022,] which we compared to 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 management’s estimates by comparing previous estimates of variable consideration to the amount of actual payments in subsequent periods. | | |

We have audited Hewlett Packard Enterprise Company and subsidiaries’ internal control over financial reporting as of October 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] based on the COSO criteria.

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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] and the related notes and our report dated December [removed: 10, 2021] [added: 8, 2022] 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: 2021,] [added: 2022,] utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 framework).

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: 2021.][added: 2022.]

The effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2021] [added: 2022] has been audited by Ernst & Young LLP, Hewlett Packard Enterprise's independent registered public accounting firm, as stated in their report on the preceding pages.

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Products | | | $ | [removed: 17,011] [added: 17,794] | | | | | $ | [removed: 16,264] [added: 17,011] | | | | | $ | [removed: 18,170] [added: 16,264] | |

| Services | | | [removed: 10,279] [added: 10,219] | | | | | | [removed: 10,249] [added: 10,279] | | | | | | [removed: 10,507] [added: 10,249] | | |

| Financing income | | | [removed: 494] [added: 483] | | | | | | [removed: 469] [added: 494] | | | | | | [removed: 458] [added: 469] | | |

| Total net revenue | | | [removed: 27,784] [added: 28,496] | | | | | | [removed: 26,982] [added: 27,784] | | | | | | [removed: 29,135] [added: 26,982] | | |

| [Note 10: Acquisitions](#iaea28ccde359416dae0878e979261179_154) | | | [104](#iaea28ccde359416dae0878e979261179_154) | | |

| [Note 12: Fair Value](#iaea28ccde359416dae0878e979261179_160) | | | [107](#iaea28ccde359416dae0878e979261179_160) | | |

| [Note 13: Financial Instruments](#iaea28ccde359416dae0878e979261179_163) | | | [110](#iaea28ccde359416dae0878e979261179_163) | | |

| [Note 14: Borrowings](#iaea28ccde359416dae0878e979261179_166) | | | [115](#iaea28ccde359416dae0878e979261179_166) | | |

| [Note 15: Stockholders' Equity](#iaea28ccde359416dae0878e979261179_169) | | | [118](#iaea28ccde359416dae0878e979261179_169) | | |

| [Note 19: Commitments](#iaea28ccde359416dae0878e979261179_181) | | | [124](#iaea28ccde359416dae0878e979261179_181) | | |

December 8, 2022

December 8, 2022

| December 8, 2022 | | | | | | December 8, 2022 | | |

| Net earnings (loss) | | | $ | 868 | | | | | $ | 3,427 | | | | | $ | (322) | |

| | | | (16) | | | | | | (3) | | | | | | (5) | | |

| | | | (155) | | | | | | 1,048 | | | | | | (99) | | |

| Net earnings (loss) | | | $ | 868 | | | | | $ | 3,427 | | | | | $ | (322) | |

| Purchases of investments | | | (55) | | | | | | (60) | | | | | | (101) | | |

| Proceeds from maturities and sales of investments | | | 262 | | | | | | 15 | | | | | | 48 | | |

| Settlement of cash flow hedge | | | (8) | | | | | | — | | | | | | — | | |

| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | | | (279) | | | | | | — | | | | | | — | | |

| Effects of adoption of ASC 326, Current expected credit losses | | | | | | | | | | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | 868 | | | | | | | | | | | | 868 | | | | | | 5 | | | | | | 873 | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | (183) | | | | | | (183) | | | | | | — | | | | | | (183) | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 685 | | | | | | 5 | | | | | | 690 | | |

| Repurchases of common stock | | | (34,943) | | | | | | | | | | | | (505) | | | | | | | | | | | | | | | | | | (505) | | | | | | | | | | | | (505) | | |

| Balance at October 31, 2022 | | | 1,281,037 | | | | | | $ | 13 | | | | | $ | 28,299 | | | | | $ | (5,350) | | | | | $ | (3,098) | | | | | $ | 19,864 | | | | | $ | 45 | | | | | $ | 19,909 | |

*Russia/Ukraine Conflict*

The conflict between Russia and Ukraine and the related sanctions imposed by the U.S., European Union ("EU") and other countries in response have negatively impacted the Company's operations in both countries and increased economic and political uncertainty across the world.

In response to the sanctions imposed, in February 2022, the Company suspended all new sales and shipments to Russia and Belarus and implemented compliance measures to address the continuously changing regulatory landscape.

Based on a further assessment of business risks and needs, in June 2022, the Company determined that it is no longer tenable to maintain its operations in Russia and Belarus and is proceeding with an orderly, managed exit of its remaining business in these countries.

During fiscal 2022, the Company recorded total pre-tax charges of $161 million primarily related to expected credit losses of financing and trade receivables, employee severance and abandoned assets, $99 million of which was included in Financing cost, $12 million in Cost of services and $50 million in Disaster charges in the Consolidated Statements of Earnings.

The Company continues to monitor the social, political, regulatory and economic environment in Russia and Ukraine, and will consider further actions as appropriate.

The Company

objectives, pricing strategies, market/competitive conditions, historical profitability data, as well as other observable inputs.

Major assumptions relate primarily to discount rates,

feasible tax planning strategies.

improvements and three to 15 years for machinery and equipment.

As of November 1, 2021, the Company increased its expected useful life of new servers and storage equipment assets from four years to five years.

Concurrently, the Company completed an assessment of its existing server and storage equipment assets and extended the remaining useful lives of such assets by one year.

The effects of this change in estimate reduced depreciation expense and increased net income and basic and diluted earnings per share by immaterial amounts for fiscal 2022.

residual values in accordance with the impact of any such changes.

Profits or

In July 2021, the Financial Accounting Standards Board ("FASB") issued guidance that requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease, if the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss.

| [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

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Zerto, Ltd., which is included in the 2021 consolidated financial statements of the Company and constituted less than 1% of total assets as of October 31, 2021 and less than 1% and 1% of net 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 Zerto, Ltd.

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

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

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

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

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

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

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

| Maturities and sales of available-for-sale securities and other investments | | | 15 | | | | | | 48 | | | | | | 26 | | |

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

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

| Balance at October 31, 2018 | | | 1,423,303 | | | | | | $ | 14 | | | | | $ | 30,342 | | | | | $ | (5,899) | | | | | $ | (3,218) | | | | | $ | 21,239 | | | | | $ | 35 | | | | | $ | 21,274 | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | 1,049 | | | | | | | | | | | | 1,049 | | | | | | 16 | | | | | | 1,065 | | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | (509) | | | | | | (509) | | | | | | — | | | | | | (509) | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 540 | | | | | | 16 | | | | | | 556 | | |

| Repurchases of common stock | | | (148,027) | | | | | | (1) | | | | | | (2,220) | | | | | | | | | | | | | | | | | | (2,221) | | | | | | | | | | | | (2,221) | | |

| Effects of adoption of accounting standard updates (2) | | | | | | | | | | | | | | | | | | | | | 43 | | | | | | (43) | | | | | | — | | | | | | | | | | | | — | | |

| Effects of adoption of accounting standard updates (3) | | | | | | | | | | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | | | | | | | | | | | (25) | | |

(1) For fiscal 2019, includes $2.3 billion related to an addition to accumulated deficit as a result of the adoption of an accounting standard update for Income Taxes and $124 million related to a reduction to accumulated deficit as a result of the adoption of the new revenue accounting standard.

(2) For fiscal 2020, $43 million represents the impact of the adoption of an accounting standard update that allows for the reclassification of stranded tax effects from accumulated other comprehensive loss to accumulated deficit.

(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".

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".

*Segment Realignment and Reclassifications*

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").

Effective at the beginning of the first quarter of fiscal 2021, HPE implemented certain organizational changes to align its segment financial reporting more closely with its current business structure.

We have not experienced any material impact to our internal controls over financial reporting even though our global workforce continues to primarily work-from-home due to COVID-19.

We are continually monitoring and assessing the COVID-19 situation and its impact on our internal controls.

On the same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control [added: (“OFAC”)] updated General License 1B (“General License 1B”) which generally authorizes U.S. companies to engage in certain licensing, permitting, certification, [removed: notification] [added: notification,] and related transactions with the FSB as may be required for the importation, [removed: distribution] [added: 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 [removed: file documents in order] to [removed: conduct business within the Russian Federation.][added: file documents.]

The U.S. Secretary of the Treasury designated Pozitiv [added: Teknolodzhiz, AO (“Positive Technologies”) under Executive Order 14024 and Executive Order 13382.]

[removed: There] [added: In this reporting period, HPE did not have dealings with Positive Technologies, and there] are no identifiable [added: gross revenues or] 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 [removed: II, which is incorporated herein by reference.][added: II.]

We plan to continue these activities as required to support our orderly and managed wind down of our Russia operations.

HPE’s local Russian subsidiary had dealings with Positive Technologies prior to its designation.

During the reporting period, HPE’s German affiliate, Hewlett-Packard GmbH, entered into an agreement to provide support services to Tara Steel Trading GmbH (“Tara Steel”) in Germany.

The agreement, valued at approximately €3,400, was a renewal of a services agreement in connection with a 2017 sale of hardware via a distributor.

In 2018, Tara Steel became a blocked party due to its status as a wholly-owned subsidiary of Mobarakeh Steel Company, which became subject to U.S. blocking sanctions under Executive Order 13224 on October 16, 2018.

Based on HPE’s preliminary internal review, the total value of HPE’s prior dealings with Tara Steel, including the renewal agreement entered into during the reporting period, the

underlying indirect 2017 hardware sale, the original service agreement in connection with such sale, and a renewal in 2020, was approximately €21,000.

Related to Tara Steel, HPE has estimated that for this reporting period, the corresponding net revenue is €685.25 and net profit is €411.15.

HPE’s affiliate has since terminated the subject service agreement and does not intend to engage in any further transactions with this entity.

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.

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

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.

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.

PART III

Not applicable.

PART III

The following information is included in Hewlett Packard Enterprise's Proxy Statement related to its [removed: 2022] [added: 2023] Annual Meeting of Stockholders to be filed within 120 days after Hewlett Packard Enterprise's fiscal year end of October 31, [removed: 2021] [added: 2022] (the "Proxy Statement") and is incorporated herein by reference:

- Information regarding compensation committee interlocks and insider participation is set forth under "Our Board—Committees of the Board—Compensation—HR and Compensation Committee—Compensation Committee Interlocks and Insider Participation."

Information regarding principal accounting fees and services is set forth under [removed: "Audit-Related Matters—Principal] [added: "Proposals to be Voted On—Proposal No. 2—Ratification of Independent Registered Public] Accounting [added: Firm—Principal Accounting] Fees and Services" [added: and "Audit-Related Matters—Report of the Audit Committee of the Board of Directors"] in the Proxy Statement, which information is incorporated herein by reference.

| [Report of Independent Registered Public Accounting [removed: Firm](#ica158fb683c247fdb170955b492f9216_103)] [added: Firm](#iaea28ccde359416dae0878e979261179_103)] | | | [removed: [60](#ica158fb683c247fdb170955b492f9216_103)] [added: [59](#iaea28ccde359416dae0878e979261179_103)] | | |

| [Consolidated Statements of [removed: Earnings](#ica158fb683c247fdb170955b492f9216_109)] [added: Earnings](#iaea28ccde359416dae0878e979261179_109)] | | | [removed: [64](#ica158fb683c247fdb170955b492f9216_109)] [added: [63](#iaea28ccde359416dae0878e979261179_109)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ica158fb683c247fdb170955b492f9216_112)] [added: Income](#iaea28ccde359416dae0878e979261179_112)] | | | [removed: [65](#ica158fb683c247fdb170955b492f9216_112)] [added: [64](#iaea28ccde359416dae0878e979261179_112)] | | |

| [Consolidated Balance [removed: Sheets](#ica158fb683c247fdb170955b492f9216_115)] [added: Sheets](#iaea28ccde359416dae0878e979261179_115)] | | | [removed: [66](#ica158fb683c247fdb170955b492f9216_115)] [added: [65](#iaea28ccde359416dae0878e979261179_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ica158fb683c247fdb170955b492f9216_118)] [added: Flows](#iaea28ccde359416dae0878e979261179_118)] | | | [removed: [67](#ica158fb683c247fdb170955b492f9216_118)] [added: [66](#iaea28ccde359416dae0878e979261179_118)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#ica158fb683c247fdb170955b492f9216_121)] [added: Equity](#iaea28ccde359416dae0878e979261179_121)] | | | [removed: [68](#ica158fb683c247fdb170955b492f9216_121)] [added: [67](#iaea28ccde359416dae0878e979261179_121)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ica158fb683c247fdb170955b492f9216_124)] [added: Statements](#iaea28ccde359416dae0878e979261179_124)] | | | [removed: [70](#ica158fb683c247fdb170955b492f9216_124)] [added: [68](#iaea28ccde359416dae0878e979261179_124)] | | |

| 2.7 | | | | | | [Agreement and Plan of Merger, dated as of May 24, [removed: 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] [added: 2016, by and among] Hewlett Packard Enterprise [removed: Company,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [Everett] [added: Company, Everett] SpinCo, [removed: 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] [added: Inc., Computer] Sciences [removed: Corporation,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916123518/a16-12150_2ex2d1.htm) [and] [added: Corporation, 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,](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] [added: 2016, by and 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,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [Seattle] [added: Company, Seattle] SpinCo, [removed: Inc.,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm)[Micro] [added: Inc., Micro] Focus International [removed: plc,](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex21.htm) [Seattle] [added: plc, 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](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex23.htm) [between](http://www.sec.gov/Archives/edgar/data/1645590/000119312516703457/d251902dex23.htm) [Hewlett] [added: and between 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 of November 2, [removed: 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] [added: 2016, by and among] Hewlett Packard Enterprise [removed: Company,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [Everett] [added: Company, Everett] SpinCo, Inc., New Everett Merger Sub [removed: Inc.,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [Computer] [added: Inc., Computer] Sciences [removed: Corporation,](http://www.sec.gov/Archives/edgar/data/1645590/000110465916154181/a16-20762_1ex2d1.htm) [and] [added: Corporation, 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 of November 2, [removed: 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] [added: 2016, by and 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 | | |

| 4.2 | | | | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of October 9, 2015, 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: 4.400%] [added: 4.900%] notes due [removed: 2022](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex45.htm)] [added: 2025](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex46.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.5] [added: 4.6] | | | | | | October 13, 2015 | | |

| 4.3 | | | | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of October 9, 2015, 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: 4.900%] [added: 6.200%] notes due [removed: 2025](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex46.htm)] [added: 2035](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex47.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.6] [added: 4.7] | | | | | | October 13, 2015 | | |

| 4.4 | | | | | | [removed: [Sixth] [added: [Seventh] Supplemental Indenture, dated as of October 9, 2015, 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: 6.200%] [added: 6.350%] notes due [removed: 2035](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex47.htm)] [added: 2045](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex48.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.7] [added: 4.8] | | | | | | October 13, 2015 | | |

| 4.5 | | | | | | [removed: [Seventh] [added: [Thirteenth] Supplemental Indenture, dated as of [removed: October 9, 2015,] [added: September 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: 6.350%] [added: 2.250%] notes due [removed: 2045](http://www.sec.gov/Archives/edgar/data/1645590/000119312515341954/d31058dex48.htm)] [added: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.8] [added: 4.2] | | | | | | [removed: October] [added: September] 13, [removed: 2015] [added: 2019] | | |

| 4.6 | | | | | | [removed: [Thirteenth] [added: [Fifteenth] Supplemental Indenture, dated as of [removed: September 13, 2019,] [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: 2.250%] [added: 4.450%] notes due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)] [added: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | [removed: September 13, 2019] [added: April 9, 2020] | | |

| 4.7 | | | | | | [removed: [Fifteenth] [added: [Seventeenth] Supplemental Indenture, dated as of [removed: April 9,] [added: July 17,] 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: 4.450%] [added: 1.450%] notes due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.htm)] [added: 2024](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-2.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | [removed: April 9,] [added: July 17,] 2020 | | |

| 4.8 | | | | | | [removed: [Seventeenth] [added: [Eighteenth] Supplemental Indenture, dated as of July 17, 2020, between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Hewlett Packard Enterprise [removed: Company's 1.450%] [added: Company](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.htm)['s 1.750%] notes due [removed: 2024](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-2.htm)] [added: 2026](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 4.2] [added: 4.3] | | | | | | July 17, 2020 | | |

| [removed: 4.9] [added: 4.10] | | | | | | [removed: [Eighteenth Supplemental Indenture, dated as] [added: [Form] of [removed: July 17, 2020,] [added: Subordinated 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''s 1.750% notes due 2026](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.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: 4.3] [added: 4.5] | | | | | | [removed: July 17, 2020] [added: December 15, 2017] | | |

| [removed: 4.10] [added: 4.9] | | | | | | [Registration Rights Agreement, dated as of October 9, 2015, 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: 4.12] [added: 4.11] | | | | | | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](http://www.sec.gov/Archives/edgar/data/1645590/000164559020000056/ex-416x10312020ng.htm) | | | | | | 10-K | | | | | | 001-37483 | | | | | | 4.16 | | | | | | December 10, 2020 | | |

| [removed: 10.3] [added: 10.4] | | | | | | [Hewlett Packard Enterprise 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: 10.4] [added: 10.5] | | | | | | [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: 10.5] [added: 10.6] | | | | | | [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 | | |

| [removed: 10.6] [added: 10.7] | | | | | | [Form of Performance-Contingent Non-Qualified Stock Option Grant Agreement*](http://www.sec.gov/Archives/edgar/data/1645590/000119312515368376/d98001dex108.htm) | | | | | | 8-K | | | | | | 001-37483 | | | | | | 10.8 | | | | | | November 5, 2015 | | |

| 10.9 | | | | | | [Form of [added: Performance-Adjusted] Restricted Stock Units Grant Agreement, as amended and restated effective January 1, [removed: 2016*](http://www.sec.gov/Archives/edgar/data/1645590/000104746916010994/a2227444zex-10_14.htm)] [added: 2016*](http://www.sec.gov/Archives/edgar/data/1645590/000104746916010994/a2227444zex-10_15.htm)] | | | | | | 10-Q | | | | | | 001-37483 | | | | | | [removed: 10.14] [added: 10.15] | | | | | | March 10, 2016 | | |