Hewlett Packard Enterprise (HPE) 10-K risk factor changes: FY2023 vs FY2022

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

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

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

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

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

[removed: The] [added: While we are predominantly self-insured to mitigate the impact of most catastrophic events, the] occurrence of business disruptions [removed: could result in significant losses, seriously] [added: could, among other impacts,] harm our revenue, [removed: profitability] [added: profitability,] and financial [removed: condition,] [added: condition;] adversely affect our competitive [removed: position,] [added: position;] increase our costs and [removed: expenses, decrease in demand for our products,] [added: expenses;] make it difficult or impossible to provide [removed: services or deliver products] [added: our offerings] to our customers or to receive components from our [removed: suppliers,] [added: suppliers;] create delays and inefficiencies in our supply [removed: chain, result in the need to impose employee travel restrictions and] [added: chain; or] require substantial expenditures and recovery time in order to fully resume operations.

Climate change serves as a risk multiplier [removed: increasing] [added: that could increase] both the frequency and severity of natural disasters that may affect our worldwide business [removed: operations.][added: operations and those of suppliers and customers.]

In California, to mitigate wildfire risk, electric utilities [removed: have been] [added: have, at times] periodically [removed: deploying] [added: deployed, and may in the future, periodically deploy] public safety power shutoffs, which [removed: affects] [added: affect] electricity reliability to our facilities and our communities.

While we seek to mitigate [removed: our] [added: the] business risks associated with climate change through [removed: such efforts,] [added: site selection, infrastructure technological investments and robust environmental programs, this may require us to incur substantial costs, and] we may be unsuccessful in doing so as there are inherent climate-related risks wherever business is conducted.

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

Our operations could be adversely affected if manufacturing, [removed: logistics] [added: logistics,] or other operations in these locations are disrupted for any reason, including [added: those enumerated above, as they have been in the past by] natural [removed: disasters, IT system failures, military actions or economic, business, labor, environmental,] [added: disasters and] public [removed: health, regulatory, or political issues.][added: health issues in the United States, Puerto Rico, and China.]

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

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

[removed: The] [added: Additionally,] transition to [removed: a software consumption-based] [added: this] business model also means that our historical results, especially those [removed: achieved] [added: from] before [removed: we began] the transition, may not be indicative of [added: future results, which may adversely affect] our [added: ability to accurately forecast our] future [added: operating] results.

[removed: Further, as] [added: As] customer demand for our software consumption-based [removed: 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 [removed: as-a-service] [added: aaS] offerings (for which revenue is generally recognized ratably over the term of the arrangement).

[removed: In addition, the transition to an as-a-service company is expected to require] [added: Furthermore, such] incremental capital [removed: requirements, resulting in a negative] [added: requirements may negatively] impact [removed: to] cash flows in the near term, and may require us to dedicate additional resources, including sales and marketing costs.

Furthermore, we anticipate needing to continually adapt our go-to-market [removed: structure,] [added: structure with new sales and marketing approaches,] to better align with the software consumption-based business model.

There is no assurance that we will be able to successfully implement these adjustments in a timely or cost-effective manner, or that we will be able to realize all or any of the expected benefits from [removed: such adjustments.][added: them.]

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

[removed: Given the wide variety of solutions that we] offer, the large and diverse distribution of our suppliers and contract manufacturers, and the long lead times required to manufacture, [removed: assemble] [added: assemble,] and deliver certain solutions, problems [added: have, from time to time in the past, arisen, and] could [removed: arise] in [added: the future arise, in] production, [removed: planning] [added: planning,] and inventory management that could [removed: seriously] harm our business.

In addition, our ongoing efforts to optimize the efficiency of our supply chain could cause supply disruptions and be more expensive, [removed: time-consuming] [added: time-consuming,] and resource-intensive than expected.

Furthermore, certain of our suppliers [added: have at times decided, and] may [removed: decide] [added: in the future decide,] to discontinue conducting business with us.

Other supplier problems that we [added: have faced, and] could [added: again] face [added: in the future,] include component shortages, excess supply, and contractual, [removed: relational] [added: relational,] and labor risks, each of which is described below.

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

We may not be able to secure enough components at reasonable [removed: prices or] [added: prices,] of acceptable [removed: quality] [added: quality, or at all,] to build products or provide services in a timely manner in the quantities needed or according to our specifications.

Accordingly, our business and financial performance could suffer [removed: if we lose] [added: from a loss of] time-sensitive sales, [removed: incur] additional freight costs [added: incurred,] or [removed: are unable] [added: the inability] to pass on price increases to our customers.

If we cannot adequately address supply issues, we [removed: might] [added: may] have to reengineer some product or service offerings, which could result in further costs and delays.

[removed: - *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 agreements, [removed: non-cancelable] [added: non-cancellable] commitments, or other inventory management arrangements with vendors.

If we fail to anticipate customer demand properly, a temporary oversupply could result in excess or obsolete components, which [added: has at times adversely impacted and] could [added: in the future] adversely [removed: affect] [added: impact] our business and financial performance.

[removed: - *Contractual terms.*] As a result of binding long-term price or purchase commitments with vendors, we may be obligated to purchase components or services at prices that are higher than those available in the current market and be limited in our ability to respond to changing market conditions.

If we commit to purchasing components or services for prices in excess of the then-current market price, we may be at a disadvantage to competitors who have access to components or services at lower prices, our gross margin could suffer, and we could incur [removed: additional] charges relating to inventory obsolescence.

[removed: - *Contingent workers.*] We also rely on third-party suppliers for the provision of contingent workers, and our failure to manage our use of such workers effectively could adversely affect our results of operations.

Our ability to manage the size [removed: of,] and [removed: costs associated with, the] [added: cost of our] contingent workforce may be subject to additional constraints imposed by local laws.

[removed: - *Single-source suppliers.*] We obtain certain components from single-source suppliers due to technology, availability, price, quality, [removed: scale] [added: scale,] or customization needs.

Replacing a single-source supplier [added: has at times delayed, and] could [removed: delay] [added: delay,] production of some products as replacement suppliers may initially be unable to meet demand or be subject to other output limitations.

For example, [added: among other acquisitions and subsequent integrations,] in [added: June 2023, we acquired Athonet, a private cellular network technology provider, in May 2023, we acquired OpsRamp, Inc., an IT operations management company, in March 2023, we acquired Axis Security, a cloud security provider, in] September 2020, we acquired Silver Peak Systems, Inc., an SD-WAN industry leader and in September 2019, we acquired Cray Inc., a global supercomputer leader.

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

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

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

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

If we cannot successfully execute our go-to-market strategy, including our ongoing transition to an aaS consumption-based business model, our business, operating results, and financial performance may suffer.

These solutions generally are multiyear agreements, which result in recurring revenue streams over the term of the arrangement.

As such, our financial results and growth depend, in part, on customers continuing to purchase our services and solutions over the contract life on the agreed terms.

Further, these contracts allow customers to take actions, such as requesting rate reductions, reducing the use of our services and solutions or terminating a contract early, which may adversely affect our recurring revenue and profitability.

Given the wide variety of solutions that we

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- *Component shortages*.

Though we have seen easing of industry-wide supply constraints, we expect discreet constraints to continue, the duration of which remains uncertain.

In the past, we have experienced shortages or delays, which led to higher prices of certain components and exposure to quality issues and delivery delays, which may occur again in the future.

- *Excess supply*.

- *Contractual terms*.

- *Contingent workers*.

- *Single-source suppliers*.

Certain of such suppliers have, in the past decided, and may in the future decide, to discontinue manufacturing components used in our products, which may cause us to discontinue certain products, incur additional costs to redesign our products so as not to incorporate such discontinued components, or incur time and expense to find replacement suppliers.

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attacks resulted in material harm to them.

Further, there has been an increase in the frequency and sophistication of such attacks, and we expect these activities to continue to increase.

Further, cyber-attacks or incidents have in the past gone, and could in the future go, undetected in our environments for a period of time.

Given our broad and diverse network environment, resource limitations, and operational constraints, we have in the past failed, and may in the future fail, to patch certain security vulnerabilities in time to prevent successful disruptions of our infrastructure or expose information.

The costs associated with cybersecurity tools and infrastructure and fierce competition for scarce cybersecurity and IT talent have at times limited, and may in the future limit, our ability to efficiently identify, eliminate, or remediate cyber or other security vulnerabilities or problems or enact changes to minimize the attack surface of our network.

Additional impacts from cybersecurity incidents could include remediation costs to our customers, suppliers, or distributors, such as liability for stolen assets or information, repairs of system damage, and incentives for continued business; lost revenue resulting from the unauthorized use of proprietary information or the failure to retain or attract business partners following an incident; increased insurance premiums; and damage to our competitiveness, stock price, and long-term shareholder value.

Additionally, we have at times experienced, and may experience, other security issues that are not results of any action or attack from malicious parties, whether due to employee or insider error or malfeasance, system errors or vulnerabilities in our or other parties’ systems.

While we seek to identify and remediate vulnerabilities in our products, services, IT systems, controls, and software that could be exploited by any malicious parties, we may not be aware of all such vulnerabilities, and we have at times failed, and may fail, to anticipate, detect, identify, and/or remediate such vulnerabilities before they are exploited.

There is no guarantee that a series of issues may not be determined to be material in the aggregate at a future date even if they may not be material individually at the time of their occurrence.

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water shortages; telecommunications failures; materials scarcity and price volatility; terrorist acts, civil unrest, conflicts or wars; and health epidemics or pandemics.

Public health crises, such as the COVID-19 pandemic, and the measures taken in response to such events have in the past negatively impacted, and may again in the future negatively impact, our operations and workforce, as well as those of our partners, customers and suppliers.

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These are particularly important considering our recent segment realignment, as we shift our growth strategy to capture the market opportunity presented by hybrid cloud.

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term financial performance that make the future value of those awards uncertain.

In addition, significant or prolonged turnover or revised hiring priorities may negatively impact our operations and culture, as well as our ability to successfully maintain our processes and procedures, including due to the loss of historical, technical, and other expertise.

There has been an increased focus from regulators and stakeholders on ESG matters.

Moreover, actions or statements that we may take based on expectations, assumptions, or third-party information that we currently believe to be reasonable may subsequently be determined to be erroneous or be subject to misinterpretation.

Initiatives to address such ESG issues may be costly and may not have the desired effect.

Further, incorporating AI gives rise to litigation risk and risk of non-compliance and unknown cost of compliance, as AI is an emerging technology for which the legal and regulatory landscape is not fully developed (including potential liability for breaching intellectual property or privacy rights or laws).

While new AI initiatives, laws, and regulations are emerging and evolving, what they ultimately will look like remains uncertain, and our obligation to comply with them could entail significant costs, negatively affect our business, or entirely limit our ability to incorporate certain AI capabilities into our offerings.

Additionally, leveraging AI capabilities to potentially improve internal functions and operations presents further risks and challenges.

The use of AI to support business operations carries inherent risks related to data privacy and security, such as intended, unintended, or inadvertent transmission of proprietary or sensitive information, as well as challenges related to implementing and maintaining AI tools, such as developing and maintaining appropriate datasets for such support.

Further, dependence on AI without adequate safeguards to make certain

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

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 in, and may continue to or at a 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.

Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are not within our control, including the various restrictions imposed by cities, counties, states and countries on our employees, customers, partners and suppliers designed to limit the spread of COVID-19.

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.

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

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 in the future adversely affect, among other things, demand for our products and services; our operations and sales, marketing, and distribution efforts; the supply chains of hardware products and components; our research and development capabilities; our engineering, design, and manufacturing processes; and other important business activities.

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.

Such outbreaks, epidemics, pandemics, or public health crises may also present operational challenges, such as unanticipated disruptions in services provided through our localized physical infrastructure, which can 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.

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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We are predominantly self-insured to mitigate the impact of most catastrophic events.

Although it is impossible to completely predict the occurrences or consequences of any such events, forecasting disruptive events and building additional resiliency into our operations accordingly will become an increasing business imperative.

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

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

The ultimate impact on us, our significant suppliers and our general infrastructure of being located near vulnerable locations is continuing to be assessed.

Our transition to a software consumption-based business model may adversely affect our business, operating results and free cash flow.

Such business model changes entail significant risks and uncertainties, and we may be unable to complete the transition to a 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 software consumption transition, even if we successfully complete the transition.

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

As shortages or delays persist, the price of certain components has increased, and we may be exposed to quality issues and delivery delays.

Any of these developments could adversely affect our future results of operations and financial condition.

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.

We have announced 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.

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

Additionally, as a result of restructuring initiatives, we may experience a loss of continuity, loss of accumulated knowledge and/or inefficiency during transitional periods.

Reorganization and restructuring can require a significant amount of management and other employees' time and focus, which may divert attention from operating and growing our business.

If we fail to 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 Statements in Item 8 of Part II.

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

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

Any failure to successfully execute this strategy, including any failure to invest sufficiently in strategic growth areas, could adversely affect our business, results of operations and financial condition.

For example, as the transition to an environment characterized by cloud-based computing and software being delivered as-a-service progresses, we must continue to successfully develop and deploy cloud-based solutions for our customers.

Any failure to accurately predict technological and business trends, control research and development costs or execute our innovation strategy could harm our business and financial performance.

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

This section of this Form 10-K generally discusses fiscal [removed: 2022] [added: 2023] and fiscal [removed: 2021] [added: 2022] items and year-to-year comparisons between fiscal [removed: 2022] [added: 2023] and fiscal [removed: 2021.][added: 2022.]

Discussions of fiscal [removed: 2020] [added: 2021] items and year-to-year comparisons between fiscal [removed: 2021] [added: 2022] and fiscal [removed: 2020] [added: 2021] that are not included in this Form 10-K can be found in [removed: "Part] [added: “Part] II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations"] [added: Operations”] of the Company's Annual Report on Form 10-K for the fiscal year [removed: ended] October 31, [removed: 2021,] [added: 2022,] as filed with the SEC on December [removed: 10, 2021,] [added: 8, 2022,] which is available on the SEC's website at www.sec.gov.

*•Trends and Uncertainties.* A discussion of material events and uncertainties known to management, such as the [removed: ongoing] [added: mixed] macroeconomic [removed: environment of] [added: environment,] supply chain constraints [added: (though easing), uneven demand across our portfolio, increased demand for] and [added: adoption of new technologies, conservative customer spending environment,] inflationary [added: trend and foreign exchange] pressures, [removed: our managed exit from Russia] and [removed: Belarus,] recent tax [removed: legislation, and other events.][added: developments.]

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

This section also includes a discussion of the [added: use,] usefulness [added: and economic substance] of [added: the] non-GAAP financial measures, [removed: and] [added: along with a discussion of] material [removed: limitations] [added: limitations, and compensation for those limitations,] associated with the use of non-GAAP financial measures.

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Additionally, we [removed: are experiencing] [added: continue to experience] a challenging foreign exchange environment, which has [added: increased costs of products and services and] moderated our revenue and earnings growth.

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

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

*Recent [removed: U.S.] Tax [removed: Legislation*][added: Developments*]

[removed: Second, the] [added: The] need for a [added: unified] cloud experience everywhere [added: has grown, as well, in order] to manage the growth of data at the edge.

The following Executive Overview, Results of Operations and Liquidity discussions and analysis compare fiscal [removed: 2022] [added: 2023] to fiscal [removed: 2021,] [added: 2022,] unless otherwise noted.

The Capital Resources and, Cash Requirements and Commitments sections present information as of October 31, [removed: 2022,] [added: 2023,] unless otherwise noted.

The operating profit margin of [removed: 2.7%,] [added: 7.2%,] represents [removed: a decrease] [added: an increase] of [removed: 1.4] [added: 4.5] percentage points primarily due to [added: the aforementioned gross margin improvement,] goodwill impairment charges for the HPC & AI and Software [removed: businesses.][added: businesses in the prior-year period, and lower transformation expenses in the current period.]

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

| | | | [removed: 2022 | | | | | | 2021] [added: 2023] | | | | | | [added: 2022] | | | | | | [removed: Change] [added: 2021] | | | | | | [added: 2023 vs 2022 % Change] | | | | | | | | | | | | | | |

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

| Net revenue | | | $ | [removed: 28,496 | | | | | $ | 27,784] [added: 29,135] | | | | | [added: 100.0] | | [added: %] | | | | [removed: 2.6%] [added: $] | [added: 28,496] | | | | | [added: 100.0] | | [added: %] | | | | [added: $] | [added: 27,784] | | | | | [added: 100.0] | | [added: %] |

| Gross profit | | | [removed: $ | 9,506 | | | | | $] [added: 10,239] | [removed: 9,376] | | | | | [added: 35.1] | | [added: %] | | | | [removed: 1.4%] [added: 9,506] | | | | | | [added: 33.4] | | [added: %] | | | | [added: 9,376] | | | | | | [added: 33.7] | | [added: %] |

| Gross profit margin | | | [removed: 33.4] [added: 35.1] | | % | | | | [removed: 33.7] [added: 33.4] | | % | | | | [removed: | | | | | | (0.3)pts] [added: 1.7pts] | | | | | | | | | | | | | | | | | | | | |

| Earnings from operations | | | $ | [removed: 782] [added: 2,089] | | | | | $ | [removed: 1,132 | | | | | |] [added: 782] | | | | | [removed: (30.9)%] [added: 167.1%] | | | | | | | | | | | | | | | | | | | | |

| Operating profit margin | | | [removed: 2.7] [added: 7.2] | | % | | | | [removed: 4.1] [added: 2.7] | | % | | | | [removed: | | | | | | (1.4)pts] [added: 4.5pts] | | | | | | | | | | | | | | | | | | | | |

| Net earnings | | | $ | [removed: 868 | | | | | $ | 3,427] [added: 2,025] | | | | | [added: 7.0] | | [added: %] | | | | [removed: (74.7)%] [added: $] | [added: 868] | | | | | [added: 3.0] | | [added: %] | | | | [added: $] | [added: 3,427] | | | | | [added: 12.3] | | [added: %] |

| Diluted net earnings per share | | | $ | [removed: 0.66] [added: 1.54] | | | | | $ | [removed: 2.58 | | | | | |] [added: 0.66] | | | | | [removed: $(1.92)] [added: $0.88] | | | | | | | | | | | | | | | | | | | | |

| Cash flow from operations | | | $ | [removed: 4,593] [added: 4,428] | | | | | $ | [removed: 5,871 | | | | | |] [added: 4,593] | | | | | [removed: (21.8)%] [added: $(165)] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP gross profit | | | $ | [removed: 9,667] [added: 10,273] | | | | | $ | [removed: 9,424 | | | | | |] [added: 9,667] | | | | | [removed: 2.6%] [added: 6.3%] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP gross profit margin | | | [removed: 33.9] [added: 35.3] | | % | | | | 33.9 | | % | | | | [removed: | | | | | | —pts] [added: 1.4pts] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP earnings from operations | | | $ | [removed: 3,026] [added: 3,145] | | | | | $ | [removed: 2,848 | | | | | |] [added: 3,026] | | | | | [removed: 6.3%] [added: 3.9%] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP operating profit margin | | | [removed: 10.6] [added: 10.8] | | % | | | | [removed: 10.3] [added: 10.6] | | % | | | | [removed: | | | | | | 0.3pts] [added: 0.2pts] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP net earnings | | | $ | [removed: 2,664] [added: 2,832] | | | | | $ | [removed: 2,602 | | | | | |] [added: 2,664] | | | | | [removed: 2.4%] [added: 6.3%] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP diluted net earnings per share | | | $ | [removed: 2.02] [added: 2.15] | | | | | $ | [removed: 1.96 | | | | | |] [added: 2.02] | | | | | [removed: $0.06] [added: $0.13] | | | | | | | | | | | | | | | | | | | | |

| Free [removed: cash flow] [added: Cash Flow] | | | $ | [removed: 1,794] [added: 2,238] | | | | | $ | [removed: 1,551 | | | | | | | | | | | $243 | | | | | | | | | | | | |] [added: 1,794] | | | | | [added: $] | [added: 1,551] | |

Please refer to the section [removed: "GAAP] [added: “GAAP] to [removed: Non-GAAP Reconciliations"] [added: non-GAAP Reconciliations”] included in this MD&A for these reconciliations, [added: a discussion of the use,] usefulness [added: and economic substance] of [added: the] non-GAAP financial measures, [removed: and] [added: along with a discussion of] material [removed: limitations] [added: limitations, and compensation for those limitations,] associated with the use of non-GAAP financial measures.

Our pivot to [removed: as-a-service] [added: aaS] continues its strong momentum with the addition of HPE GreenLake Cloud Services.

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

The following presents our ARR as of October 31, [removed: 2022] [added: 2023] and [removed: 2021:][added: 2022:]

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

| | | | [added: 2023 | | | | | | | | | | | |] 2022 | | | | | | [added: | | | | | |] 2021 | | | [added: | | | | | |]

| | | | In millions | | | | | | | | | [added: | | | | | | | | | | | |]

The elevated order book levels we experienced in fiscal 2022 have generally declined throughout fiscal 2023, as supply chain constraints eased (though challenges still remain) and demand softened unevenly across our portfolio (as a result of improving supply chain dynamics and as customers have been digesting their prior larger orders).

Meanwhile, demand for and adoption of new technologies, such as AI, hybrid cloud, and edge computing, have increased.

We have observed, and expect to continue seeing, customers of various segments and sizes pursue such new technologies.

As noted above, we have continued to see elongated sales cycles, as customers work through prior orders and adopt a more conservative approach to spending in a mixed macroeconomic environment.

This has been particularly true of certain of our hardware businesses, as customers have focused investments on modernizing infrastructure, such as migrating to cloud-based offerings.

We expect such mixed macroeconomic environment to continue to moderate our revenue growth in the near term.

As referenced above, mild improvements to industry-wide supply constraints have helped to ease certain supply chain challenges we encountered in the recent past, including the increased availability of supply and lower material and logistics costs.

Material cost trends are dependent on the strength or weakness of actual end-user demand and supply dynamics, which will continue to evolve and ultimately impact the translation of the cost environment to our pricing actions and, consequently, our operating results.

Logistics costs continued to decrease from previously elevated levels as a result of declines in both expedited shipments and overall rate costs in the freight network.

We have a large global presence, with more than half of our revenue generated outside of the U.S. As a result, our financial results can be, and particularly in recent periods have been, impacted by fluctuations in foreign currency exchange rates.

Furthermore, inflationary pressures persist, keeping not only material and logistics costs, but also labor costs, somewhat elevated compared to pre-COVID-19 pandemic levels.

The Organisation for Economic Co-operation and Development, an international association of 38 countries including the United States, has proposed changes to numerous long-standing tax principles, namely, its Pillar Two framework, which imposes a global minimum corporate tax rate of 15%.

In December 2022, the EU member states adopted a directive that implements the Pillar Two framework, which is expected to be enacted into the national laws of the EU member states by December 31, 2023.

Certain countries in which we operate have enacted legislation to adopt the Pillar Two framework (e.g., United Kingdom and Korea), and several other countries are also considering changes to their tax laws to implement this framework.

The first component of the Pillar Two framework is expected to be effective for us in fiscal 2025 with a second component expected to be effective in fiscal 2026.

When and how this framework is adopted or enacted by the various countries in which we do business could increase tax complexity and uncertainty and may adversely affect our provision for income taxes in the U.S. and non-U.S. jurisdictions.

We expect U.S. cash tax to increase in the short term as a result of the Corporate AMT but do not expect the effective tax rate to be impacted as the Corporate AMT is expected to be recovered as a credit in future years.

The realizability of any deferred tax asset associated with the Corporate AMT will be determined through our annual valuation allowance analysis.

The Internal Revenue Service (“IRS”) is conducting audits of our fiscal 2017 through 2022 U.S. federal income tax returns.

During the fourth quarter of fiscal 2023, the IRS issued notices of proposed adjustments (“NOPAs”) for fiscal 2017, 2018, and 2019 relating to our intercompany transfer pricing.

After the close of fiscal 2023, the IRS issued a Revenue Agent Report (“RAR”) finalizing their position on the NOPAs for the same issues and same fiscal years.

The IRS is seeking to increase taxable income across the three fiscal years by $904 million.

As of the balance sheet date, we have sufficient tax credit carryforwards to offset any incremental tax liability from the adjustments in the RAR.

However, we disagree with the IRS’ adjustments and believe the positions taken on our tax returns are more likely than not to prevail on technical merits, and we will defend these positions through the IRS administrative processes, as necessary.

Accordingly, no changes have been made to our reserves for uncertain tax positions in fiscal 2023 relating to the IRS’ adjustments.

We have observed market trends and demand gravitating towards AI, hybrid cloud, and edge computing, and data securities capabilities, and offerings.

The volume of data at the edge continues to grow, driven by the proliferation of more devices, which has led to the need for enhanced security at the edge, as well.

With the abundance of data, there are opportunities to develop AI tools with powerful computational abilities to extract insights and value from the captured data.

We expect these market dynamics and trends to continue in the longer term.

[Table of Contents](#i579f0edbe0b2449cbe57750e40f18b69_7)

Observing these dynamics, we have accelerated our investment and innovation efforts in these areas that we see as critical to our long-term strategy and growth, including in pivoting our go-to-market motion and sales function.

At the same time, we continue to strengthen our core Compute and Storage-oriented offerings and expand our offerings on the HPE GreenLake edge-to-cloud platform, to enable execution of our aaS pivot to become the edge-to-cloud company for our customers and partners.

Furthermore, as noted elsewhere in this report, effective November 1, 2023, we have realigned our financial reporting segments to align with these key market trends.

It is uncertain whether we will successfully execute this shift in strategic focus, realize the anticipated benefits of doing so, or capture the anticipated shares of the AI, hybrid cloud, and edge markets.

Net revenue of $29.1 billion represented an increase of 2.2% (increased 5.5% on a constant currency basis) primarily due to higher average unit prices (“AUPs”) in the Intelligent Edge and Compute segments, and higher customer acceptances in the High Performance Computing & Artificial Intelligence (“HPC & AI”) segment.

The gross profit margin of 35.1% (or $10.2 billion) represents an increase of 1.7 percentage points from the prior-year period due to the impact of higher-margin networking revenue, higher AUPs in Intelligent Edge and Compute, and lower supply chain and commodity costs.

The increase in operating profit margin was moderated by higher planned investments in research and development in the current period.

| | | | 2023 | | | | | | 2022 | | | | | | Change | | | | | | | | | | | | | | | | | | | | |

| Net revenue | | | $ | 29,135 | | | | | $ | 28,496 | | | | | 2.2% | | | | | | | | | | | | | | | | | | | | |

| Gross profit | | | $ | 10,239 | | | | | $ | 9,506 | | | | | 7.7% | | | | | | | | | | | | | | | | | | | | |

References in the MD&A section to "former Parent" refer to HP Inc.

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.

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.

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.

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

We are in the process of addressing many challenges facing our business.

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

Certain of our legacy hardware server and storage businesses face challenges as customers migrate to cloud-based offerings and reduce their purchases of hardware products.

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

Another set of challenges relates to changes in the competitive landscape.

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

A third set of challenges relates to business model changes and our go-to-market execution.

We provide our customers with a choice between traditional consumption models or software consumption-based, pay-per-use and as-a-service offerings across our entire portfolio of HPE products and services.

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

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

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

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

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

In response to the aforementioned challenges, we are accelerating our development and innovation efforts in the areas of our strategic focus, including the Intelligent Edge and HPC & AI businesses, while at the same time, strengthening our core Compute and Storage businesses, by investing in key areas of growth and accelerating our as-a-service pivot to become the edge-to-cloud company for our customers and partners with our HPE GreenLake edge-to-cloud platform.

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 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.

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

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

| Net revenue adjusted for currency | | | $ | 29,213 | | | | | $ | 27,784 | | | | | | | | | | | 5.1% | | | | | | | | | | | | | | | | | | | | |

We use ARR as a performance metric.

We transact business in approximately 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal [removed: 2022] [added: 2023] were the euro, Japanese yen, and British pound.

We have performed sensitivity analyses as of October 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022] [added: 2023] and [removed: 2021.][added: 2022, respectively.]

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: $49] [added: $48] million and [removed: $35] [added: $49] million at October 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

We also are exposed to interest rate risk related to debt we have issued, our [added: debt] investment portfolio and [removed: financing receivables.][added: net portfolio assets of our Financial Services segment.]

We have performed sensitivity analyses as of October 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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 analyses cover our debt, [added: debt] investments, [removed: financing receivables,] [added: net portfolio assets,] and interest rate swaps.

The analyses use actual or approximate maturities for the debt, [added: debt] investments, [removed: financing receivables,] [added: net portfolio assets,] and interest rate swaps.

The discount rates used were based on the market interest rates in effect at October 31, [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022, respectively.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in interest rates would result in a loss in the fair values of our debt, [added: debt] investments and [removed: financing receivables,] net [added: portfolio assets, net] of interest rate swaps, of [removed: $32] [added: $41] million and [removed: $58] [added: $32] million at October 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

For more information about our debt, use of derivative instruments, forward contracts and investments, Refer to Note 1, “Overview and Summary of Significant Accounting Policies”, Note 13, Financial Instruments”, and Note 14, “Borrowings”, of the Notes to the Consolidated Financial Statements section included in this report.

In order to hedge the fair value of certain fixed-rate investments, we may enter into interest rate swaps that convert fixed interest returns into variable interest returns.

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

We use the terms [removed: "Hewlett] [added: “Hewlett] Packard [removed: Enterprise", "HPE", "the Company", "we", "us",] [added: Enterprise,” “HPE,” “the Company,” “we,” “us,”] and [removed: "our"] [added: “our”] to refer to Hewlett Packard Enterprise Company.

[removed: In fiscal 2022 and 2021, due to] [added: The global pandemic resulted in] an unprecedented demand for electronic [removed: devices and] [added: devices, which, coupled with] related industry-wide supply [removed: constraints, the global economy encountered] [added: constraints and inflationary pressures, led to] a challenging supply chain environment.

Over the last several years, new megatrends around edge, cloud, [added: data,] and [removed: data] [added: artificial intelligence (“AI”)] have emerged to shape customer expectations for enterprise technology.

Customer response to these megatrends [removed: has been] [added: was] accelerated by the pandemic and the increasing pace of technological innovation.

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 [removed: outcomes.][added: transformations.]

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

Our company [removed: has] always [removed: been] [added: strives to be] an engine of innovation, and our approximately [removed: 60,200] [added: 62,000] employees as of October 31, [removed: 2022,] [added: 2023,] are proud of the ways our technology enables our customers to achieve meaningful outcomes like curing disease, modernizing [removed: farming to cure world-hunger] [added: farming, addressing world-hunger,] and democratizing transportation through autonomous vehicles.

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

HPE has [removed: intensified] [added: remained committed to] its focus on [removed: embedding] [added: internalizing] these values into a vibrant culture that creates a superior team member experience and a highly engaged workforce, driving improvements across our communications, our reward programs, [added: our talent/performance programs,] and our work environment.

Through such efforts, we aim to foster a collaborative, [removed: inclusive] [added: inclusive,] and inspiring experience for all our team [removed: members.][added: members and to make HPE a destination for talent while driving high-performance and growth opportunities for our team members, and innovation and excellence for our customers.]

Our most recent global engagement survey shows how these intentional efforts are making a difference, with [added: an 86% response rate and] our overall Employee Engagement [removed: Index] [added: Index, an index designed to capture team member engagement,] measuring 83%.

More than 84% of [removed: team members] [added: those who responded] would recommend HPE as a great place to work, and 88% say they are proud to work for HPE.

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

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

[removed: Diversity,] [added: *Diversity,] Equity, and [removed: Inclusion:] [added: Inclusion (“DEI”) -*] We are committed to [removed: being] [added: creating an] unconditionally inclusive [added: workplace and] to [removed: capture] [added: capturing] the ideas and perspectives that advance the way we live and work by enabling our workforce, customers, and communities to succeed in the digital age.

This is because, by harnessing the potential of our technologies and our team members, we can [added: fuel innovation, drive transformational changes, and] be a force for good.

At the close of fiscal [removed: 2022,] [added: 2023,] the representation of worldwide female executives in our workforce had increased [removed: 1.5] [added: 1.9] percentage points since the prior year, with increased representation at every level [removed: worldwide.][added: in worldwide female team members.]

We also increased our [added: year-over-year] representation of [removed: all] underrepresented minorities in the U.S. by [removed: 1.3] [added: 2.3] percentage points overall.

The leadership standards clearly articulate that all people leaders are expected to continuously develop their inclusive leadership [removed: capabilities.][added: acumen.]

Our Board, [removed: CEO,] [added: Chief Executive Officer (“CEO”),] and Executive Committee [added: are expected to, and do in fact,] model high standards for [removed: diversity, equity, and inclusion] [added: DEI] and are leading sustainable [removed: change, with] [added: change through] strong governance and [removed: oversight via our Diversity, Inclusion, and Equity Council.][added: oversight.]

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 [removed: (EEO-1)] data, since 2018.

[removed: Talent:] [added: *Talent* \-] We invest [added: heavily] in [removed: attracting, developing,] [added: an effort to attract, develop,] and [removed: retaining] [added: retain] the best talent.

We [added: are committed to developing team members at all stages of their careers, and we] do this by communicating a clear purpose and [removed: strategy,] [added: strategy;] setting transparent [removed: goals,] [added: goals;] driving [removed: accountability,] [added: accountability;] continuously assessing, developing, and advancing [removed: talent,] [added: talent;] and advancing a leadership-driven talent strategy.

Over the past year, our approximately [removed: 60,200] [added: 62,000] team members completed over [removed: 665,000] [added: 820,700] online and instructor-led courses across a broad range of categories – leadership; inclusion and diversity; professional skills; technical; and compliance.

HPE is deeply committed to identifying and developing the next generation of [removed: top tier] [added: top-tier] leadership with a special focus on diverse and technical talent.

[removed: Pay Equity:] [added: *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 [removed: ensure that] [added: pay] team members in similar roles and locations [removed: are paid] commensurately with their experience and responsibilities.

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

[removed: Work] [added: *Work] That Fits Your [removed: Life:] [added: Life* -] This global initiative, which was launched in 2019, is an important example of how HPE is investing in our culture and creating a team member experience that [removed: makes] [added: aims to make] HPE a destination of choice for the best talent in the industry.

It includes an industry-leading paid parental leave program (minimum 6 months), part-time work opportunities for new parents or team members transitioning to retirement, and [removed: "Wellness Fridays" encouraging] [added: “Wellness Fridays” that allows] team members [removed: to leave work early one] [added: a full] Friday [added: off four times] per [removed: month] [added: year] to focus on their well-being.

Additionally, we offer a hybrid work environment for the majority of our team members, [removed: allowing them substantial flexibility to determine the number of] [added: encouraging two] days in the office [removed: that work best] [added: per week] for [removed: them.][added: collaboration.]

[removed: Total Rewards:] [added: *Total Rewards* -] HPE requires a uniquely talented workforce and is committed to providing total rewards that are market-competitive and performance based, [removed: driving] [added: designed to drive] innovation and operational excellence.

[removed: Board Oversight:] [added: *Board Oversight* -] Our Board of Directors plays an active role in overseeing our human capital management strategy and programs.

[removed: Our team] [added: We believe that a workforce that] is energized and more engaged [removed: than ever and] will [removed: enable] [added: fuel] our ability to pivot and grow, which will, in turn, power the next chapter at Hewlett Packard Enterprise.

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

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

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

The HPC portfolio of products includes HPE [removed: Cray,] [added: Cray EX,] HPE [removed: Apollo,] [added: Cray XD (formerly known as HPE Apollo),] and Converged Edge Systems (formerly known as Edge Compute) hardware, software, and data management appliances that are often sold as supercomputing systems, including exascale supercomputers (systems that can process 1018 floating point calculations per second), that support data-intensive simulations and large-scale AI applications.

The HPE NonStop portfolio includes high-availability, fault-tolerant software and appliances that power applications, such as [removed: credit-card] [added: credit card] transaction processing that require large scale and high availability.

These include a software stack [added: needed] to [added: prepare data for AI models and then to] train [added: those] AI models using our open-source machine learning platform.

Finally, HPE is seeing an immense demand shift in AI as customers realize the fundamental potential of the technology to deliver business transformation.

We recognize the AI market will be driven by computational capability, data-intensive workloads, and the need for specialized architecture; thus, we are targeting three areas: supercomputing, AI infrastructure, and AI platform software.

We believe that we are differentiated from our competition in the ability to capture significant value from the growing AI market through our intellectual property portfolio, trusted expertise, and long-term sustained market leadership in supercomputing.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

In the midst of the above, we continually seek feedback from our team members to better understand and improve their experiences and identify opportunities to continually strengthen our culture.

Annual aspirational goals are set to drive consistent representation in the recruiting pipeline in line with market availability across all demographics.

The DEI index within our annual global engagement survey continued to reveal strong engagement scores across our ethnically diverse team members.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

members in the U.S. (including among underrepresented ethnicities), U.K., and India, when accounting for job title, time-in-role, experience, and location.

- Fiscal 2023 - Compute products, Intelligent Edge products, HPC & AI products

The Company has one customer which represented 11% of the Company's total net revenue in fiscal 2023, primarily within the Intelligent Edge and Compute segments.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

Our solutions are focused on enabling customers to develop and deploy AI models, such as Large Language Models (“LLMs”) across training, tuning, and inferencing.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

Segment Realignments

Effective November 1, 2023, in order to align our segment financial reporting more closely with our current business structure, we established a new reportable segment, Hybrid Cloud, which includes our historical Storage segment, HPE GreenLake Flex Solutions (which provides flexible as-a-service IT infrastructure through the HPE GreenLake edge-to-cloud platform and was previously reported under Compute and HPC & AI segments), Private Cloud, and Software (previously reported under Corporate Investments and Other segment).

Additionally, certain products and services reported in the financial results for the HPC & AI segment through the end of fiscal 2023 will be reported in the Compute and Hybrid Cloud segments, and the recently acquired Athonet business and certain components of our CMS business reported in the financial results for Corporate Investments and Other through the end of fiscal 2023 will be reported in the Intelligent Edge segment.

Beginning in the first quarter of fiscal 2024, we will report our results under the realigned six reportable segments.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

capital and operating expenses tied to infrastructure over-provisioning.

In those countries where we have a direct sales presence, we follow a bifurcated sales operational model with separate go-to-market routes for high-velocity, transactional hardware sales, on the one hand and

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

for services and solutions, on the other hand.

While availability for many components is now recovering, some shortages are nevertheless anticipated to persist, primarily as a result of new demand for certain components arising in more diverse sectors without corresponding capacity investments by suppliers to meet the new demand.

The elevated order book levels we experienced in fiscal 2022 have generally been declining throughout fiscal 2023, as supply chain constraints eased (though challenges still remain) and demand softened unevenly across our portfolio (as a result of improving supply chain dynamics and as customers have been digesting their prior larger orders).

Mild improvements to industry-wide supply constraints have helped to ease certain supply chain challenges we encountered in the recent past, including the increased availability of supply and lower material and logistics costs.

Material cost trends are dependent on the strength or weakness of actual end-user demand and supply dynamics, which will continue to evolve and ultimately impact the translation of the cost

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

environment to our pricing actions and, consequently, our operating results.

Logistics costs continued to decrease from previously elevated levels as a result of declines in both expedited shipments and overall rate costs in the freight network.

HPE is focused on helping customers simplify how they manage storage and protect their data and workloads on-premises, at the edge, and in the public cloud.

In fiscal 2023, we have expanded our storage portfolio to offer software-defined disaggregated storage services that include HPE GreenLake for Block Storage and HPE GreenLake for File Storage.

With an increased emphasis on simplifying day-to-day management and cloud data protection, HPE GreenLake for Private Cloud Business Edition delivers unified virtual machine-to-infrastructure management for both on-

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

premises and public cloud environments.

With the addition of HPE GreenLake for Disaster Recovery alongside HPE GreenLake for Backup and Recovery, customers have access to a complete suite of offerings providing cloud data protection.

In Intelligent Edge, we are investing in a broad portfolio of networking and security capabilities, addressing remote-user, branch, campus, data-center, and cloud use-cases.

We are expanding our wireless access portfolio to include 4G, LTE, and 5G cellular to complement our leadership position in Wi-Fi, Bluetooth, and Zigbee, with an emphasis on hybrid deployments.

We have expanded our security investments with the recent acquisition of Security Service Edge provider Axis Security and are integrating security with our software-defined wide area network (“SD-WAN”) capabilities to deliver a single vendor Secure Access Services Edge solution.

Within our Ethernet Switch portfolio, we are investing in new Data Center Networking platforms and features to expand our total addressable market within our core market.

COVID-19 Pandemic Update

While great progress has been made in the fight against the novel coronavirus pandemic ("COVID-19" or "pandemic"), there remain global challenges from the pandemic's lasting effects.

At the end of fiscal 2022, the supply chain challenges we experienced as a result of the pandemic eased, but we are currently unable to predict the extent to which they may adversely impact our future business operations, financial performance and results of operations.

For a further discussion of the risks, uncertainties and actions taken in response to COVID-19, see risks identified in the section entitled "Risk Factors" in Part I, Item 1A.

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.

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

Our empowered and engaging culture is making HPE a destination for talent while driving innovation and excellence for our customers.

Annual goals are set to increase the representation of both worldwide female employees and worldwide female executives by at least 1 percentage point year-over-year.

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

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.

- Fiscal 2020 - Compute products, Storage products, Compute services

high volumes of basic product configurations.

While availability for many components are now recovering, some shortages are nevertheless anticipated to persist.

The global pandemic resulted in an unprecedented demand for electronic devices, which, coupled with related industry-wide supply constraints and inflationary pressures, has led to a challenging supply chain environment.

During fiscal 2022, while the demand for our products remained strong, we continued to experience a shortage of certain key components, logistics timing issues, and a challenging global economic environment.

At the same time, in the second half of fiscal 2022, certain supply chain challenges eased in part as a result of a softening demand environment for consumer electronic devices resulting in increased supply to enterprise markets.

We exited fiscal 2022 with an elevated backlog as compared to the prior fiscal year-end.

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

During the pandemic, we have viewed backlog as an indication of demand health, as governments around the world imposed restrictions on non-essential work activities and travel.

As and when the pandemic subsides (particularly in non-U.S. geographies in which we operate), our focus on backlog may again become less relevant as a reliable indicator of future demand.

For a further discussion of the risks, uncertainties and actions taken in response to the pandemic, see risks identified in the section entitled "Risk Factors" in Item 1A.

In HPC & AI, we offer integrated systems comprised of software and hardware designed to address high-performance computing, AI, data analytics, and transaction processing workloads for government and commercial customers globally.

HPE is focused on helping customers accelerate their data-first modernization journey and embrace hybrid cloud.

We have built AI-driven self-service capabilities into our as-a-service offerings that include HPE GreenLake for Block Storage, an industry-first 100% data availability guarantee for mission critical applications; HPE GreenLake for HCI, a cloud native storage and virtual machine management platform; and cloud data protection.

HPE continues to power the edge-to-core-to-cloud data pipeline with embedded AI that delivers deep learning analytics across the full data lifecycle.

In Intelligent Edge, we are investing in our cloud native Edge Services Platform ("ESP"), which enables simplified operation of wired and wireless networks, together with software defined wide area network ("SD-WAN") connectivity.

The ESP platform complements a broad range of network devices in our unified network infrastructure layer with security capabilities that enable us to identify and authenticate users and IoT endpoints, to enforce policy, and finely segment traffic based on context to contain security threats.

We are also investing in automation, machine learning and artificial intelligence-based network operations to optimize user experience and improve operator efficiency.

Many of these capabilities are enabled with the Aruba Central cloud service, and we are investing to further integrate Aruba Central into our HPE GreenLake edge-to-cloud platform.

accelerators, quantum computing, silicon photonics, and sustainability.

However, the pandemic resulted in a temporary disruption to the seasonal fluctuation of our business.

For instance, as-a-service delivery models can drive the reduction of our climate impact and that of our customers, by eliminating IT inefficiencies and enabling sustainable digital transformations.

Our HPE GreenLake edge-to-cloud platform allows customers to consume IT resources and spend capital expenditures as needed, thereby reducing the energy and resource consumption of IT infrastructure through improved utilization and provisioning.

We also work directly with our suppliers to help them implement renewable energy projects at their manufacturing locations.

Information with respect to this item may be found in Note 17, [removed: "Litigation] [added: “Litigation] and [removed: Contingencies",] [added: Contingencies,”] to the Consolidated Financial Statements in Item 8 of Part II, which is incorporated herein by reference.

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

PART II

For the fiscal year ended October 31, [removed: 2022][added: 2023]

See the definitions of [removed: "large] [added: “large] accelerated [removed: filer," "accelerated filer", "smaller] [added: filer,” “accelerated filer,” “smaller] reporting [removed: company"] [added: company,”] and [removed: "emerging] [added: “emerging] growth [removed: company"] [added: company”] in Rule 12b-2 of the Exchange Act:

The aggregate market value of the registrant's common stock held by non-affiliates was [removed: $19,960,628,961] [added: $18,427 million] based on the last sale price of common stock on April 30, [removed: 2022.][added: 2023.]

The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of December [removed: 2, 2022] [added: 11, 2023] was [removed: 1,281,816,851] [added: 1,300 million] shares.

| Portions of the Registrant's proxy statement related to its [removed: 2023] [added: 2024] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant's fiscal year end of October 31, [removed: 2022] [added: 2023] are incorporated by reference into Part III of this Report. | | | | | | III | | |

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| [Item [removed: 16.](#iaea28ccde359416dae0878e979261179_1982)] [added: 16.](#i579f0edbe0b2449cbe57750e40f18b69_220)] | | | [Form 10-K [removed: Summary](#iaea28ccde359416dae0878e979261179_1982)] [added: Summary](#i579f0edbe0b2449cbe57750e40f18b69_220)] | | | [removed: [135](#iaea28ccde359416dae0878e979261179_1982)] [added: [137](#i579f0edbe0b2449cbe57750e40f18b69_220)] | | |

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

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to [removed: the scope and duration of the novel coronavirus pandemic ("COVID-19"), other outbreaks, epidemics, pandemics, or public health crises, and the ongoing conflict between Russia and Ukraine, our actions in response thereto, and their impacts on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain,] [added: any anticipated] financial [removed: results, and] [added: or operational benefits associated with] the [removed: world economy;] [added: recent segment realignment;] any [removed: projections] [added: projections, estimations, or expectations] of revenue, margins, [removed: expenses,] [added: expenses (including stock-based compensation expenses),] investments, effective tax rates, interest rates, the impact of tax law changes [removed: (including those in the Inflation Reduction Act of 2022)] and related guidance and regulations, net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; recent amendments to accounting guidance and any potential impacts on our financial reporting therefrom; any projections [added: or estimations] of [added: orders, including as-a-service orders; any projections of] the amount, execution, timing, and results of any transformation or impact of cost savings, restructuring plans, including estimates and assumptions related to the anticipated benefits, cost savings, or charges of implementing such transformation and restructuring plans; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution of corporate transactions or contemplated [removed: acquisitions,] [added: acquisitions and dispositions (including disposition of our H3C shares and the receipt of proceeds therefrom),] research and development expenditures, and any resulting benefit, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share, or competitive performance relating to products or services; any statements concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including [added: artificial intelligence and other] 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 [removed: performance;] [added: performance, including but not limited to demand for our products and services, and access to liquidity due to financial sector volatility, and our actions to mitigate such impacts to our business; the scope and curation of outbreaks, epidemics, pandemics, or public health crises, and the ongoing conflicts between Russia and Ukraine and Israel and Hamas, our actions in response thereto, and their impacts on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results, and the world economy;] any statements regarding future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, and governance issues; any statements regarding pending investigations, claims, or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.

Risks, uncertainties, and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and events, including but not limited to supply chain constraints, the inflationary environment, the ongoing [removed: conflict] [added: conflicts] between Russia and [removed: Ukraine,] [added: Ukraine] and [added: between Israel and Hamas, and] the relationship between China and the U.S.; the need to effectively manage third-party suppliers and distribute Hewlett Packard Enterprise's products and services; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including from [removed: pandemics and] public health [removed: problems,] [added: crises,] such as [removed: the outbreak of COVID-19,] [added: pandemics or epidemics,] and geopolitical events, such [removed: as] [added: as, but not limited to,] those mentioned above); the development of and transition to new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological [removed: trends;] [added: trends (including] the [added: desirability of a unified hybrid cloud offering); the] execution [added: of Hewlett Packard Enterprise’s ongoing transformation] and [added: mix shift of its portfolio of offerings; the execution and] performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients, and partners, including any impact thereon resulting from macroeconomic or geopolitical [removed: events;] [added: events, such as, but not limited to, those mentioned above;] the [added: prospect of a shutdown of the U.S. federal government; the] hiring and retention of key employees; the execution, integration, [added: consummation,] and other risks associated with business [removed: combination] [added: combination, disposition,] and investment transactions; the impact of changes to privacy, cybersecurity, environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual property, or real estate portfolio; the payment or non-payment of a dividend for any period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining revenue recognition; impact of company policies and related compliance; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending investigations, claims, and disputes; the impacts of [removed: the Inflation Reduction Act of 2022] [added: tax law changes] and related guidance or regulations; and other risks that are described herein, including but not limited to the items discussed in [removed: "Risk Factors"] [added: “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 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 Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

For the Fiscal Year ended October 31, 2023

| | | | [PART I](#i579f0edbe0b2449cbe57750e40f18b69_13) | | | | | |

| [Item 1](#i579f0edbe0b2449cbe57750e40f18b69_2199023257494)[C](#i579f0edbe0b2449cbe57750e40f18b69_2199023257494)[.](#i579f0edbe0b2449cbe57750e40f18b69_2199023257494) | | | [Cybersecurity](#i579f0edbe0b2449cbe57750e40f18b69_2199023257494) | | | [32](#i579f0edbe0b2449cbe57750e40f18b69_2199023257494) | | |

| | | | [PART II](#i579f0edbe0b2449cbe57750e40f18b69_31) | | | | | |

| [Item 6.](#i579f0edbe0b2449cbe57750e40f18b69_40) | | | [\[Reserved\]](#i579f0edbe0b2449cbe57750e40f18b69_40) | | | [34](#i579f0edbe0b2449cbe57750e40f18b69_40) | | |

| | | | [PART III](#i579f0edbe0b2449cbe57750e40f18b69_193) | | | | | |

| | | | [PART IV](#i579f0edbe0b2449cbe57750e40f18b69_211) | | | | | |

| | | | [Signatures](#i579f0edbe0b2449cbe57750e40f18b69_223) | | | [138](#i579f0edbe0b2449cbe57750e40f18b69_223) | | |

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

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

| | | | | | | | | |

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

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

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

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

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

Not applicable.

As of October 31, [removed: 2022,] [added: 2023,] we owned or leased approximately [removed: 12] [added: 11] million square feet of space worldwide, which included 3 million square feet of vacated space.

| Administration and support | | | 2 | | | | | | [removed: 5] [added: 4] | | | | | | [removed: 7] [added: 6] | | |

| (Percentage) | | | [removed: 29] [added: 37] | | % | | | | [removed: 71] [added: 63] | | % | | | | 100 | | % |

| Total | | | 3 | | | | | | [removed: 6] [added: 5] | | | | | | [removed: 9] [added: 8] | | |

| | | | As of October 31, 2023 | | | | | | | | | | | | | | |

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

In connection with the transformation programs, we continue to anticipate changes in our real estate portfolio over the next year.

These changes may include reductions in overall space.

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

PART II

The common stock of Hewlett Packard Enterprise is listed on the New York Stock Exchange [removed: ("NYSE")] [added: (“NYSE”)] with the ticker symbol [removed: "HPE".][added: “HPE.”]

As of December [removed: 1, 2022,] [added: 11, 2023,] there were [removed: 48,316] [added: 45,876] stockholders of record of Hewlett Packard Enterprise common stock.

During fiscal [removed: 2022,] [added: 2023,] we paid a quarterly dividend of $0.12 per share to our shareholders.

On November [removed: 29, 2022] [added: 28, 2023] we declared a quarterly dividend of [removed: $0.12] [added: $0.13] per share, payable on January [removed: 13, 2023,] [added: 11, 2024,] to stockholders of record as of the close of business on December [removed: 14, 2022.][added: 13, 2023.]

| Fourth Quarter of Fiscal [removed: 2022] [added: 2023] | | | | | | 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: 2022,] [added: 2023,] the Company had a remaining authorization of [removed: $1.4] [added: approximately $1.0] billion for future share repurchases.

This graph covers the period from October 31, [removed: 2017] [added: 2018] through October 31, [removed: 2022.][added: 2023.]

This graph assumes the investment of $100 in the stock or the index on October 31, [removed: 2017] [added: 2018] (and the reinvestment of dividends thereafter).

[removed: ][added: ]

| | | | [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] | | | | | | [removed: 10/2022] [added: 10/2023] | | |

| Month 1 (August 2023) | | | | | | 1,054 | | | | | | $ | 17.24 | | | | | 1,054 | | | | | | $ | 1,001,632 | |

| Month 2 (September 2023) | | | | | | 927 | | | | | | 17.21 | | | | | | 927 | | | | | | 985,676 | | |

| Month 3 (October 2023) | | | | | | 1,302 | | | | | | 16.26 | | | | | | 1,302 | | | | | | $ | 964,514 | |

| Total | | | | | | 3,283 | | | | | | $ | 16.84 | | | | | 3,283 | | | | | | | | |

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 110.91 | | | | | $ | 60.86 | | | | | $ | 106.76 | | | | | $ | 107.41 | | | | | $ | 119.28 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 114.32 | | | | | $ | 125.40 | | | | | $ | 179.19 | | | | | $ | 152.98 | | | | | $ | 168.46 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 122.57 | | | | | $ | 164.82 | | | | | $ | 242.15 | | | | | $ | 193.09 | | | | | $ | 252.65 | |

| 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 | |

[Table of Content](#i579f0edbe0b2449cbe57750e40f18b69_7)

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

| [Reports of Independent Registered Public Accounting [removed: Firm](#iaea28ccde359416dae0878e979261179_103)] [added: Firm](#i579f0edbe0b2449cbe57750e40f18b69_97)] (PCAOB ID: 42) | | | [removed: [59](#iaea28ccde359416dae0878e979261179_103)] [added: [62](#i579f0edbe0b2449cbe57750e40f18b69_97)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#iaea28ccde359416dae0878e979261179_106)] [added: Reporting](#i579f0edbe0b2449cbe57750e40f18b69_100)] | | | [removed: [62](#iaea28ccde359416dae0878e979261179_106)] [added: [65](#i579f0edbe0b2449cbe57750e40f18b69_100)] | | |

| [Consolidated Statements of [removed: Earnings](#iaea28ccde359416dae0878e979261179_109)] [added: Earnings](#i579f0edbe0b2449cbe57750e40f18b69_103)] | | | [removed: [63](#iaea28ccde359416dae0878e979261179_109)] [added: [66](#i579f0edbe0b2449cbe57750e40f18b69_103)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iaea28ccde359416dae0878e979261179_112)] [added: Income](#i579f0edbe0b2449cbe57750e40f18b69_106)] | | | [removed: [64](#iaea28ccde359416dae0878e979261179_112)] [added: [67](#i579f0edbe0b2449cbe57750e40f18b69_106)] | | |

| [Consolidated Balance [removed: Sheets](#iaea28ccde359416dae0878e979261179_115)] [added: Sheets](#i579f0edbe0b2449cbe57750e40f18b69_109)] | | | [removed: [65](#iaea28ccde359416dae0878e979261179_115)] [added: [68](#i579f0edbe0b2449cbe57750e40f18b69_109)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iaea28ccde359416dae0878e979261179_118)] [added: Flows](#i579f0edbe0b2449cbe57750e40f18b69_112)] | | | [removed: [66](#iaea28ccde359416dae0878e979261179_118)] [added: [69](#i579f0edbe0b2449cbe57750e40f18b69_112)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#iaea28ccde359416dae0878e979261179_121)] [added: Equity](#i579f0edbe0b2449cbe57750e40f18b69_115)] | | | [removed: [67](#iaea28ccde359416dae0878e979261179_121)] [added: [70](#i579f0edbe0b2449cbe57750e40f18b69_115)] | | |

| [Notes to Consolidated Financial [removed: Statements](#iaea28ccde359416dae0878e979261179_124)] [added: Statements](#i579f0edbe0b2449cbe57750e40f18b69_118)] | | | [removed: [68](#iaea28ccde359416dae0878e979261179_124)] [added: [71](#i579f0edbe0b2449cbe57750e40f18b69_118)] | | |

| [Note 1: Overview and Summary of Significant Accounting [removed: Policies](#iaea28ccde359416dae0878e979261179_127)] [added: Policies](#i579f0edbe0b2449cbe57750e40f18b69_121)] | | | [removed: [68](#iaea28ccde359416dae0878e979261179_127)] [added: [71](#i579f0edbe0b2449cbe57750e40f18b69_121)] | | |

| [Note 2: Segment [removed: Information](#iaea28ccde359416dae0878e979261179_130)] [added: Information](#i579f0edbe0b2449cbe57750e40f18b69_124)] | | | [removed: [77](#iaea28ccde359416dae0878e979261179_130)] [added: [80](#i579f0edbe0b2449cbe57750e40f18b69_124)] | | |

| [Note 3: Transformation [removed: Programs](#iaea28ccde359416dae0878e979261179_133)] [added: Programs](#i579f0edbe0b2449cbe57750e40f18b69_127)] | | | [removed: [81](#iaea28ccde359416dae0878e979261179_133)] [added: [84](#i579f0edbe0b2449cbe57750e40f18b69_127)] | | |

| [Note 4: Retirement and Post-Retirement Benefit [removed: Plans](#iaea28ccde359416dae0878e979261179_136)] [added: Plans](#i579f0edbe0b2449cbe57750e40f18b69_130)] | | | [removed: [83](#iaea28ccde359416dae0878e979261179_136)] [added: [85](#i579f0edbe0b2449cbe57750e40f18b69_130)] | | |

| [Note 5: Stock-Based [removed: Compensation](#iaea28ccde359416dae0878e979261179_139)] [added: Compensation](#i579f0edbe0b2449cbe57750e40f18b69_133)] | | | [removed: [90](#iaea28ccde359416dae0878e979261179_139)] [added: [93](#i579f0edbe0b2449cbe57750e40f18b69_133)] | | |

| [Note 6: Taxes on [removed: Earnings](#iaea28ccde359416dae0878e979261179_142)] [added: Earnings](#i579f0edbe0b2449cbe57750e40f18b69_136)] | | | [removed: [92](#iaea28ccde359416dae0878e979261179_142)] [added: [95](#i579f0edbe0b2449cbe57750e40f18b69_136)] | | |

| [Note 7: Balance Sheet [removed: Details](#iaea28ccde359416dae0878e979261179_145)] [added: Details](#i579f0edbe0b2449cbe57750e40f18b69_139)] | | | [removed: [96](#iaea28ccde359416dae0878e979261179_145)] [added: [99](#i579f0edbe0b2449cbe57750e40f18b69_139)] | | |

| [Note 8: Accounting for Leases as a [removed: Lessee](#iaea28ccde359416dae0878e979261179_148)] [added: Lessee](#i579f0edbe0b2449cbe57750e40f18b69_142)] | | | [removed: [99](#iaea28ccde359416dae0878e979261179_148)] [added: [102](#i579f0edbe0b2449cbe57750e40f18b69_142)] | | |

| [Note 9: Accounting for Leases as a [removed: Lessor](#iaea28ccde359416dae0878e979261179_151)] [added: Lessor](#i579f0edbe0b2449cbe57750e40f18b69_145)] | | | [removed: [100](#iaea28ccde359416dae0878e979261179_151)] [added: [103](#i579f0edbe0b2449cbe57750e40f18b69_145)] | | |

| [Note 11: Goodwill and Intangible [removed: Assets](#iaea28ccde359416dae0878e979261179_157)] [added: Assets](#i579f0edbe0b2449cbe57750e40f18b69_151)] | | | [removed: [105](#iaea28ccde359416dae0878e979261179_157)] [added: [109](#i579f0edbe0b2449cbe57750e40f18b69_151)] | | |

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

| [Note 17: Litigation and [removed: Contingencies](#iaea28ccde359416dae0878e979261179_175)] [added: Contingencies](#i579f0edbe0b2449cbe57750e40f18b69_169)] | | | [removed: [119](#iaea28ccde359416dae0878e979261179_175)] [added: [122](#i579f0edbe0b2449cbe57750e40f18b69_169)] | | |

| [Note 18: Guarantees, Indemnifications and [removed: Warranties](#iaea28ccde359416dae0878e979261179_178)] [added: Warranties](#i579f0edbe0b2449cbe57750e40f18b69_172)] | | | [removed: [123](#iaea28ccde359416dae0878e979261179_178)] [added: [125](#i579f0edbe0b2449cbe57750e40f18b69_172)] | | |

| [Note 20: Equity Method [removed: Investments](#iaea28ccde359416dae0878e979261179_184)] [added: Investments](#i579f0edbe0b2449cbe57750e40f18b69_178)] | | | [removed: [125](#iaea28ccde359416dae0878e979261179_184)] [added: [127](#i579f0edbe0b2449cbe57750e40f18b69_178)] | | |

To the [added: Stockholders and] Board of Directors [removed: and Stockholders] of Hewlett Packard Enterprise Company

We have audited the accompanying consolidated balance sheets of Hewlett Packard Enterprise Company and subsidiaries [removed: (the Company)] [added: (“the Company”)] as of October 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2022,] [added: 2023,] 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) [removed: (PCAOB),] [added: (“PCAOB”),] the Company's internal control over financial reporting as of October 31, [removed: 2022,] [added: 2023,] 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: 8, 2022,] [added: 22, 2023,] expressed an unqualified opinion thereon.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit matters or on the accounts or disclosures to which they relate.

| Description of the matter | | | | | | At October 31, [removed: 2022,] [added: 2023,] the Company’s goodwill was [removed: $17.4] [added: $18] billion, of which [added: $7.7 billion related to the Compute reporting unit and] $2.9 billion related to the High Performance Computing and Artificial Intelligence [removed: (HPC] [added: (“HPC] & [removed: AI)] [added: 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 for the [added: Compute and] HPC & AI reporting [removed: unit] [added: units] was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting [removed: unit.] [added: units.] In particular, the fair value [removed: estimate] [added: estimates] of the [added: Compute and] HPC & AI reporting [removed: unit was] [added: units were] 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 [removed: management’s review of] the significant assumptions described above. To test the estimated fair value of the Company’s [added: Compute and] HPC & AI reporting [removed: unit,] [added: units,] we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the 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 all [removed: 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, [removed: cooperative marketing,] price protection, and other incentive programs that are offered to customers, [removed: partners] [added: partners,] and distributors. Estimated variable consideration is presented within other accrued liabilities on the consolidated balance sheet and totaled $1.1 billion at October 31, [removed: 2022.] [added: 2023.] Auditing the estimates of variable consideration [added: associated with rebates] 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 [removed: variable consideration,] [added: rebates,] including controls over [removed: 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 [removed: variable consideration] [added: rebates] associated with product remaining in the distribution channel at October 31, [removed: 2022,] [added: 2023,] 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 [removed: variable consideration] [added: rebate liabilities] 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: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] and the related notes and our report dated December [removed: 8, 2022] [added: 22, 2023,] 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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

The effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2022] [added: 2023] 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.

| Antonio F. Neri *President and Chief Executive Officer* | | | | | | [removed: Tarek A. Robbiati *Executive] [added: Jeremy K. Cox *Senior] Vice [removed: President and Chief] [added: President,* *Chief] Financial [added: Officer, Corporate Controller, Chief Tax Officer, and Principal Accounting] Officer* | | |

[removed: HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES][added: To the Stockholders and Board of Directors of Hewlett Packard Enterprise Company]

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| [Note 10: Acquisitions](#i579f0edbe0b2449cbe57750e40f18b69_148) | | | [107](#i579f0edbe0b2449cbe57750e40f18b69_148) | | |

| [Note 12: Fair Value](#i579f0edbe0b2449cbe57750e40f18b69_154) | | | [110](#i579f0edbe0b2449cbe57750e40f18b69_154) | | |

| [Note 13: Financial Instruments](#i579f0edbe0b2449cbe57750e40f18b69_157) | | | [113](#i579f0edbe0b2449cbe57750e40f18b69_157) | | |

| [Note 14: Borrowings](#i579f0edbe0b2449cbe57750e40f18b69_160) | | | [118](#i579f0edbe0b2449cbe57750e40f18b69_160) | | |

| [Note 15: Stockholders' Equity](#i579f0edbe0b2449cbe57750e40f18b69_163) | | | [121](#i579f0edbe0b2449cbe57750e40f18b69_163) | | |

| [Note 16: Net Earnings Per Share](#i579f0edbe0b2449cbe57750e40f18b69_166) | | | [122](#i579f0edbe0b2449cbe57750e40f18b69_166) | | |

| [Note 19: Commitments](#i579f0edbe0b2449cbe57750e40f18b69_175) | | | [126](#i579f0edbe0b2449cbe57750e40f18b69_175) | | |

Houston, Texas

December 22, 2023

Houston, Texas

December 22, 2023

| | | | | | | | | |

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

| /s/ ANTONIO F. NERI | | | | | | /s/ JEREMY K. COX | | |

| December 22, 2023 | | | | | | December 22, 2023 | | |

| Net earnings | | | $ | 2,025 | | | | | $ | 868 | | | | | $ | 3,427 | |

| | | | 1 | | | | | | (16) | | | | | | (3) | | |

| Net earnings | | | $ | 2,025 | | | | | $ | 868 | | | | | $ | 3,427 | |

| Cash settlement for derivative hedging debt | | | (7) | | | | | | (8) | | | | | | — | | |

| Net earnings | | | | | | | | | | | | | | | | | | | | | 2,025 | | | | | | | | | | | | 2,025 | | | | | | 11 | | | | | | 2,036 | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,039 | | | | | | 11 | | | | | | 2,050 | | |

| Balance at October 31, 2023 | | | 1,282,630 | | | | | | $ | 13 | | | | | $ | 28,199 | | | | | $ | (3,946) | | | | | $ | (3,084) | | | | | $ | 21,182 | | | | | $ | 56 | | | | | $ | 21,238 | |

*Segment Realignment*

Effective as of the beginning of the first quarter of fiscal 2023, in order to align its segment financial reporting more closely with its current business structure, the Company implemented an organizational change with the transfer of certain storage networking products, previously reported within the Storage reportable segment, to the Compute reportable segment.

The Company reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in the realignment of net revenue and operating profit for each of the segments as described above.

These changes had no impact on Hewlett Packard Enterprise’s previously reported consolidated net revenue, net earnings, net earnings per share (“EPS”) or total assets.

Stock-based

The Company generally places financing receivables on non-accrual status, which is the

On retirement or disposition, the asset cost and related

The lease term may include options to extend or to terminate the lease that the Company is reasonably certain to exercise.

The Company has elected not to record leases with an initial term of twelve months or less on the Consolidated Balance Sheets.

acquired entity based on their fair values at the acquisition date.

In evaluating goodwill for impairment, the Company has the option to first perform a qualitative test to determine whether further impairment testing is necessary or to perform a qualitative assessment by comparing the fair value of the reporting unit to its carrying amount.

Under the qualitative assessment, the Company is not required to calculate the fair value of a reporting unit unless it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

Qualitative factors include, but are not limited to, the macroeconomic and industry environment as well as Company-specific factors.

The Company used the qualitative assessment for the Athonet and OpsRamp reporting units.

Intangible assets purchased as part of an acquisition are included in Intangible assets, net in the Consolidated Balance Sheets.

Basis

For equity investments without readily determinable fair values, the Company may elect to apply the measurement alternative or the fair value option.

In such a case, the decrease in value is recognized in the period the impairment occurs in the Consolidated Statements of Earnings.

| [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) | | |

San Jose, California

December 8, 2022

| /s/ ANTONIO F. NERI | | | | | | /s/ TAREK A. ROBBIATI | | |

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

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

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

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

| Net (gains) losses reclassified into earnings | | | (978) | | | | | | 156 | | | | | | (21) | | |

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

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

| Balance at October 31, 2019 | | | 1,294,369 | | | | | | $ | 13 | | | | | $ | 28,444 | | | | | $ | (7,632) | | | | | $ | (3,727) | | | | | $ | 17,098 | | | | | $ | 51 | | | | | $ | 17,149 | |

| Net (loss) earnings | | | | | | | | | | | | | | | | | | | | | (322) | | | | | | | | | | | | (322) | | | | | | 11 | | | | | | (311) | | |

| Comprehensive (loss) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (491) | | | | | | 11 | | | | | | (480) | | |

| Effects of adoption of accounting standard updates relating to the reclassification of stranded tax effects | | | | | | | | | | | | | | | | | | | | | 43 | | | | | | (43) | | | | | | — | | | | | | | | | | | | — | | |

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

Notes to Consolidated Financial Statements (Continued)

The effect of foreign currency exchange rates on cash, cash equivalents and restricted cash was $279 million for fiscal 2022 and was not material for the prior years presented.

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.

The Company utilizes outsourced manufacturers around the world to manufacture company-designed products.

The Company may purchase product components from suppliers and sell those components to its outsourced manufacturers thereby creating receivable balances from the outsourced manufacturers.

The three largest outsourced manufacturer receivable balances collectively represented 94% and 92% of the Company's manufacturer receivables of $1.0 billion and $0.9 billion at October 31, 2022 and 2021, respectively.

The Company includes the manufacturer receivables in Other current assets in the Consolidated Balance Sheets on a gross basis.

The Company's credit risk associated with these receivables is mitigated wholly or in part by the amount the Company owes to these outsourced manufacturers, as the Company generally has the legal right to offset its payables to the outsourced manufacturers against these receivables.

The Company does not reflect the sale of these components in revenue and does not recognize any profit on these component sales until the manufactured products are sold by the Company, at which time any profit is recognized as a reduction to cost of sales.

The Company obtains certain components from single source suppliers due to technology, availability, price, quality or other considerations.

The loss of a single source supplier, the deterioration of the Company's relationship with a single source supplier, or any unilateral modification to the contractual terms under which the Company is supplied components by a single source supplier could adversely affect the Company's revenue and gross margins.

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.

[removed: The following disclosure is being made under] [added: Exchange Act] Section 13(r) [removed: of the Exchange Act:][added: Disclosure]

Our local [added: Russian] subsidiary [removed: is] [added: (“HPE Russia”) may be] required to engage [removed: on a regular basis] with the FSB as a licensing authority and to file documents.

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

[removed: HPE’s local Russian subsidiary] [added: HPE Russia] had dealings with Positive Technologies prior to its designation.

Following the sanctions designation, [removed: our local subsidiary] [added: HPE Russia] immediately initiated procedures to terminate its relationship with Positive Technologies.

[removed: In this reporting period, HPE did not have dealings with Positive Technologies, and there] [added: There] are no identifiable gross revenues or net profits associated with HPE’s [removed: relationship with] [added: activities related to] Positive Technologies for this reporting period.

Trading Plans

During the fiscal quarter ended October 31, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

HPE Russia continues to have blocked property associated with Positive Technologies.

No action will be taken unless and until a license is received from OFAC authorizing collection of the property.

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.

The following information [removed: is] [added: will be] included in Hewlett Packard Enterprise's Proxy Statement related to its [removed: 2023] [added: 2024] Annual Meeting of Stockholders to be filed within 120 days after Hewlett Packard Enterprise's fiscal year end of October 31, [removed: 2022] [added: 2023] (the [removed: "Proxy Statement")] [added: “Proxy Statement”)] and is incorporated herein by reference:

- Information regarding [added: (i)] directors of Hewlett Packard [removed: Enterprise] [added: Enterprise,] including those who are standing for reelection and any persons nominated to become directors of Hewlett Packard Enterprise [added: and (ii) any family relationships between any director, executive officer, or person nominated to become a director or executive officer,] is set forth under [removed: "Our] [added: “Our] Board—Board Leadership [removed: Structure"] [added: Structure”] and/or [removed: "Proposals] [added: “Proposals] to be Voted On—Proposal No. 1—Election of [removed: Directors."][added: Directors.”]

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

- Information regarding Hewlett Packard Enterprise's Audit Committee is set forth under “Our Board—Committees of the Board—Audit Committee” and “Audit-Related Matters—Audit Committee Overview.”

The following information [removed: is] [added: will be] included in the Proxy Statement and is incorporated herein by reference:

The following information [removed: is] [added: will be] included in the Proxy Statement and is incorporated herein by reference:

The following information [removed: is] [added: will be] included in the Proxy Statement and is incorporated herein by reference:

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

| [Report of Independent Registered Public Accounting [removed: Firm](#iaea28ccde359416dae0878e979261179_103)] [added: Firm](#i579f0edbe0b2449cbe57750e40f18b69_97)] | | | [removed: [59](#iaea28ccde359416dae0878e979261179_103)] [added: [62](#i579f0edbe0b2449cbe57750e40f18b69_97)] | | |

| [Consolidated Statements of [removed: Earnings](#iaea28ccde359416dae0878e979261179_109)] [added: Earnings](#i579f0edbe0b2449cbe57750e40f18b69_103)] | | | [removed: [63](#iaea28ccde359416dae0878e979261179_109)] [added: [66](#i579f0edbe0b2449cbe57750e40f18b69_103)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iaea28ccde359416dae0878e979261179_112)] [added: Income](#i579f0edbe0b2449cbe57750e40f18b69_106)] | | | [removed: [64](#iaea28ccde359416dae0878e979261179_112)] [added: [67](#i579f0edbe0b2449cbe57750e40f18b69_106)] | | |

| [Consolidated Balance [removed: Sheets](#iaea28ccde359416dae0878e979261179_115)] [added: Sheets](#i579f0edbe0b2449cbe57750e40f18b69_109)] | | | [removed: [65](#iaea28ccde359416dae0878e979261179_115)] [added: [68](#i579f0edbe0b2449cbe57750e40f18b69_109)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iaea28ccde359416dae0878e979261179_118)] [added: Flows](#i579f0edbe0b2449cbe57750e40f18b69_112)] | | | [removed: [66](#iaea28ccde359416dae0878e979261179_118)] [added: [69](#i579f0edbe0b2449cbe57750e40f18b69_112)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#iaea28ccde359416dae0878e979261179_121)] [added: Equity](#i579f0edbe0b2449cbe57750e40f18b69_115)] | | | [removed: [67](#iaea28ccde359416dae0878e979261179_121)] [added: [70](#i579f0edbe0b2449cbe57750e40f18b69_115)] | | |

| [Notes to Consolidated Financial [removed: Statements](#iaea28ccde359416dae0878e979261179_124)] [added: Statements](#i579f0edbe0b2449cbe57750e40f18b69_118)] | | | [removed: [68](#iaea28ccde359416dae0878e979261179_124)] [added: [71](#i579f0edbe0b2449cbe57750e40f18b69_118)] | | |

| 3.2 | | | | | | [removed: [Registrant's Amended] [added: [Registrant's](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000097/ex31-hpesecondamendedandre.htm) [Second](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000097/ex31-hpesecondamendedandre.htm) [Amended] and Restated Bylaws effective [removed: October 31, 2015](http://www.sec.gov/Archives/edgar/data/1645590/000119312515368376/d98001dex32.htm)] [added: September 2](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000097/ex31-hpesecondamendedandre.htm)[7](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000097/ex31-hpesecondamendedandre.htm)[, 2023](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000097/ex31-hpesecondamendedandre.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | [removed: 3.2] [added: 3.1] | | | | | | [removed: November 5, 2015] [added: September 28, 2023] | | |

| 4.5 | | | | | | [removed: [Thirteenth] [added: [Seventeenth] Supplemental Indenture, dated as of [removed: September 13, 2019,] [added: July 17, 2020,] between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Hewlett Packard Enterprise Company's [removed: 2.250%] [added: 1.450%] notes due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312519244872/d821321dex42.htm)] [added: 2024](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-2.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | [removed: September 13, 2019] [added: July 17, 2020] | | |

| 4.6 | | | | | | [removed: [Fifteenth] [added: [Eighteenth] 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: 1.750%] notes due [removed: 2023](http://www.sec.gov/Archives/edgar/data/1645590/000119312520102623/d914555dex42.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] | | | | | | [removed: April 9,] [added: July 17,] 2020 | | |

| 4.7 | | | | | | [removed: [Seventeenth] [added: [Nineteenth] Supplemental Indenture, dated as of [removed: July 17, 2020,] [added: March 21, 2023,] 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’s 5.900%] notes due [removed: 2024](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-2.htm)] [added: 2024](https://www.sec.gov/Archives/edgar/data/1645590/000114036123012785/ny20007900x8_ex4-2.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.2 | | | | | | [removed: July 17, 2020] [added: March 21, 2023] | | |

| 4.8 | | | | | | [removed: [Eighteenth] [added: [Twentieth] Supplemental Indenture, dated as of [removed: July 17, 2020,] [added: March 21, 2023,] 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](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.htm)['s 1.750%] [added: Company’s 6.102%] notes due [removed: 2026](http://www.sec.gov/Archives/edgar/data/1645590/000114036120016321/nt10013377x6_ex4-3.htm)] [added: 2026](https://www.sec.gov/Archives/edgar/data/1645590/000114036123012785/ny20007900x8_ex4-3.htm)] | | | | | | 8-K | | | | | | 001-37483 | | | | | | 4.3 | | | | | | [removed: July 17, 2020] [added: March 21, 2023] | | |

| [removed: 4.9] [added: 4.10] | | | | | | [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: 4.10] [added: 4.11] | | | | | | [Form of Subordinated Indenture between Hewlett Packard Enterprise Company and The Bank of New York Mellon Trust Company, N.A., as Trustee](http://www.sec.gov/Archives/edgar/data/1645590/000164559017000010/a45hpe-subordinatedindentu.htm) | | | | | | S-3ASR | | | | | | 333-222102 | | | | | | 4.5 | | | | | | December 15, 2017 | | |

| [removed: 4.11] [added: 4.12] | | | | | | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934](http://www.sec.gov/Archives/edgar/data/1645590/000164559020000056/ex-416x10312020ng.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000117/ex-412xdescriptionofsecuri.htm)[‡](https://www.sec.gov/Archives/edgar/data/1645590/000164559023000117/ex-412xdescriptionofsecuri.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 001-37483] | | | | | | [removed: 4.16] | | | | | | [removed: December 10, 2020] | | |

| 10.2 | | | | | | [Hewlett Packard Enterprise Company 2021 Stock Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/0001645590/000164559021000028/forms-82021stockincentivep.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/1645590/000164559021000028/ex-44x2021stockincentivepl.htm)] | | | | | | S-8 | | | | | | 333-255839 | | | | | | 4.4 | | | | | | May 6, 2021 | | |