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孔蒂桌子nt

美国

证券交易委员会

华盛顿特区20549

形式 10-K

(Mark一）
☒						根据1934年《证券交易所法》第13或15（d）条提交的年度报告

日终了的财政年度 十月31, 2024

或

☐						根据1934年《证券交易所法》第13或15（d）条提交的过渡报告

从 到

委员会档案编号 001-37483

HEWLETt Packard企业公司

（章程中规定的注册人的确切名称）

特拉华						47-3298624
（州或其他司法管辖区 成立或组织）						（国税局雇主 识别号）

东莫西奥克斯路1701号

春天，

Texas

77389

（主要行政办公室地址）

(Zip代码）

(678)

259-9860

（注册人的电话号码，包括地区代码）

______________________________________________________________________________

根据该法第12（b）条登记的证券：

每个班级的标题			交易符号			注册的每个交易所的名称
普通股，面值每股0.01美元			HPE			纽约证券交易所
7.625% C系列强制可转换优先股，每股面值0.01美元			HPEPRC			纽约证券交易所

根据该法第12（g）条登记的证券：

没有一

如果注册人是《证券法》第405条定义的知名经验丰富的发行人，则通过勾选标记进行验证。 是 x 没有 ？ 

如果注册人无需根据该法案第13条或第15（d）条提交报告，则通过勾选标记进行验证。是的 ？ 不是 x

用复选标记表示注册人(1)是否在过去12个月内(或注册人被要求提交此类报告的较短期限内)提交了1934年《证券交易法》第13或15(D)节要求提交的所有报告，以及(2)在过去90天内是否符合此类提交要求。是 x 没有 ？ 

通过勾选标记检查注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交的所有交互数据文件。 是 x 没有 ？ 

通过复选标记来确定注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。请参阅《交易法》第120条第2条中“大型加速申报人”、“加速申报人”、“小型报告公司”和“新兴成长型公司”的定义：

大型加速文件夹

☒

加速编报公司

☐

非加速文件服务器

☐

小型上市公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请通过勾选标记表明注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。 ？

通过勾选标记检查注册人是否已提交报告并证明其管理层根据《萨班斯-奥克斯利法案》（15 U.S.C.）第404（b）条对其财务报告内部控制有效性的评估7262（b））由编制或发布审计报告的注册会计师事务所执行。 x

如果证券是根据该法第12(B)条登记的，应用复选标记表示登记人的财务报表是否反映了对以前发布的财务报表的错误更正。？

通过勾选标记来验证这些错误更正是否是需要根据§240.10D-1（b）对注册人的任何高管在相关恢复期内收到的激励性补偿进行恢复分析的重述。 ？

用复选标记表示注册人是否是空壳公司(如该法第120亿2条所界定)。是☐ 没有 x

非附属公司持有的注册人普通股的总市值为美元21,985 根据2024年4月30日普通股最后一次售价计算，百万美元。

截至2024年12月9日，惠普企业公司已发行普通股股数为 1,315,333,942 股

通过引用并入的文献
文档描述						10-k零件
注册人与其2025年年度股东会议相关的委托声明部分将根据第14 A条在注册人2024年10月31日财年结束后120天内提交，通过引用纳入本报告第三部分。						III

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惠普企业公司

表格10-K

截至2024年10月31日的财年

目录表

						页面
			第一部分
项目1.			业务			2
项目1A.			风险因素			16
项目10。			未解决的员工评论			36
项目1C.			网络安全			36
项目2.			性能			37
项目3.			法律诉讼			38
项目4.			矿山安全披露			38
			第二部分
项目5.			注册人普通股市场、相关股东事项和发行人购买股票证券			39
项目6.			[预留]			40
项目7.			管理层对财务状况和经营成果的讨论和分析			41
项目7A.			市场风险的定量和定性披露			66
项目8.			财务报表和补充数据			67
项目9.			会计和财务披露方面的变化和与会计师的分歧			139
项目9A.			控制和程序			139
项目90。			其他信息			139
项目9 C.			有关阻止检查的外国司法管辖区的披露			140
			第三部分
项目10.			董事、执行官和公司治理			141
项目11.			高管薪酬			141
项目12.			某些受益所有人和管理层的证券所有权以及相关股东事宜			141
项目13.			某些关系和关联交易以及董事独立性			142
项目14.			主要会计费用和服务			142
			第四部分
项目15.			展品和财务报表附表			143
项目16.			表格10-k摘要			149
			签名			150

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前瞻性陈述

本10-k表格年度报告，包括第7项中的“管理层对财务状况和经营业绩的讨论和分析”，包含1995年私人证券诉讼改革法案安全港条款含义内的前瞻性陈述。此类陈述涉及风险、不确定性和假设。如果风险或不确定性成为现实或假设被证明不正确，惠普企业公司及其合并子公司（“惠普企业”）的业绩可能与该等前瞻性陈述和假设所表达或暗示的业绩存在重大差异。“相信”、“期望”、“预期”、“打算”、“将”、“估计”、“可能”、“应该”等词语旨在识别此类前瞻性陈述。)和处置(包括处置我们的H3C股票和从中获得的收益)、研究和开发支出以及由此产生的任何收益、成本节约、费用或收入或盈利能力的改善；任何有关与产品或服务有关的预期发展、业绩、市场份额或竞争表现的陈述；任何有关技术和市场趋势、技术创新的速度和新技术的采用的陈述，包括惠普企业提供的与人工智能相关的和其他产品和服务；有关当前或未来宏观经济趋势或事件以及这些趋势和事件对惠普企业和我们财务业绩的影响的任何陈述，包括但不限于供应链动态、对我们产品和服务的需求、流动性的获取，以及我们为减轻对我们业务的影响而采取的行动；疫情、流行病、流行病、公共卫生危机的范围和持续时间、俄罗斯与乌克兰和中东的持续冲突、中国与美国的关系、我们的应对行动及其对我们的业务、运营、流动性和资本资源、员工、客户、合作伙伴、供应链、财务结果和世界经济的影响；任何有关未来监管趋势和由此产生的法律和声誉风险的声明，包括但不限于与环境、社会、治理、网络安全、数据隐私和人工智能问题有关的声明；关于未决诉讼、调查、索赔或争议的任何声明；任何预期或信念的陈述；以及任何前述假设的陈述。这些风险包括：美国联邦政府；关键员工的聘用和保留；与企业合并、处置和投资交易相关的执行、整合、完善和其他风险，包括但不限于与出售H3C股份和从中获得收益并完成我们拟议的收购瞻博网络公司相关的风险，以及我们整合和实施我们对合并业务的计划、预测和其他预期的能力；隐私、网络安全、环境、全球贸易和其他政府法规变化的影响；我们产品、租赁、知识产权或房地产组合的变化；支付或不支付任何期间的股息；在业务预测和规划中使用非GAAP而不是GAAP的财务计量的有效性；与确定某些财务指标有关的所需判断；分部调整的效用；应收账款和担保义务的收回准备金；未决诉讼、调查、索赔和争议的拨备和解决；税法变化的影响和相关指导或条例；以及本文描述的其他风险，包括但不限于本报告第I部分第1A项“风险因素”中讨论的项目，以及在惠普企业的Form 10-Q季度报告、Form 8-k当前报告以及提交给美国证券交易委员会的其他文件中不时描述或更新的项目。除非适用法律要求，否则惠普企业不承担任何义务，也不打算更新这些前瞻性陈述。

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第一部分

项目1.业务

我们是一家全球技术领导者，专注于开发智能解决方案，使客户能够从边缘到云无缝地捕获、分析数据并对其采取行动。我们通过推动新的业务模式、创造新的客户和员工体验以及提高当今和未来的运营效率，使客户能够加快业务成果。我们的客户范围从中小企业到大型全球企业和政府实体。我们的遗产可以追溯到William R.于1939年创立的合作伙伴关系。惠普和大卫·帕卡德，我们每天都在努力通过致力于为客户提供创新的技术解决方案来维护和增强这一传统。

我们使用术语「惠普企业」、「HPE」、「公司」、「我们」、「我们」和「我们的」来指代惠普企业公司。

我们的战略

在过去的几年里，围绕边缘、云、数据和人工智能（「AI」）的新大趋势已经出现，塑造了客户对企业技术的期望。首先，由于需要安全连接才能实现可靠的数字体验的设备激增，边缘数据呈指数级增长。其次，企业需要无处不在的云体验来管理分布企业中的任何地方的数据和工作负载。第三，数据增长正在创造无数新机会来产生有意义的业务见解。最后，随着客户意识到人工智能技术实现业务转型的基本潜力，HPE正在经历重大的技术转变。

与这些趋势相一致，企业正在以不同的方式消费其技术。越来越多的客户希望进行数字化转型，同时通过仅为他们使用的信息技术（「IT」）付费来节省资本并消除运营费用。

大趋势正在给IT带来持久的变革，包括加速混合多云的采用。跨行业垂直领域的客户有兴趣将所有应用程序和数据统一到一致的云体验中。

客户还希望更好地从不断增长的快速发展的数据存储-脑机中提取价值，因为他们知道从数据中获得可操作的见解对于实现业务转型至关重要。数据正变得更加非结构化、更加时间敏感且更加分散。通常，数据被孤立并分布在不同的多代IT系统中，通常被困在关键的遗留架构中。许多组织无法从边缘数据中充分获得见解，或者因其遗留应用程序而面临云迁移挑战。客户需要跨边缘、数据中心、云的数据优先现代化方法。

HPE部署了边缘到云战略，利用新兴的大趋势并为客户提供数据优先的现代化方法。我们成为边缘到云公司的愿景促使我们在网络连接、云和数据领域创新我们的解决方案，通过HPE Greenlake云提供即服务(AAS)。我们已经改变了我们的产品和服务组合，以及我们如何向客户提供这种组合。HPE已演变为基于平台的模式，由更丰富的软件和服务组合提供支持。在混合云中，我们重新定义了云空间，提供了与我们的HPE Greenlake云作为我们战略核心的设计混合的体验；它通过统一的云本地和人工智能驱动的体验加速了多代IT转型，使客户能够跨公共云、数据中心、代管设施和边缘访问、分析和提取其数据的价值。人工智能市场需要现代化和高性能的网络交换矩阵作为核心基础，以提供更高效的数据中心云，这是我们通过我们的人工智能驱动的网络解决方案组合提供的。我们的服务器业务既支持传统服务器，也支持那些旨在支持人工智能工作负载的服务器，具有数十年的大规模基础设施专业知识，包括为我们一些最大的人工智能系统提供动力的直接液体冷却等技术。我们的金融服务(「FS」)业务通过帮助客户释放财务能力来补充我们的解决方案产品。

我们认识到人工智能市场将由计算能力、数据密集型工作负载和对专业架构的需求驱动;因此，我们一直瞄准并继续瞄准三个领域：超级计算、人工智能基础设施和人工智能平台软件。我们寻求通过网络、混合云和人工智能的创新抓住这一人工智能市场机遇--这些都是提供统一技术体验的重要组成部分。我们相信，我们独特且引人注目的价值主张使我们与竞争对手区分开来，这使我们能够通过我们的知识产权组合、值得信赖的专业知识和在超级计算领域的长期持续市场领导地位，从不断增长的人工智能市场中获取重大价值。

即将收购Juniper Networks，Inc.（「Juniper Networks」）进一步支持上述策略，并使我们能够执行这些策略。我们相信，这次收购将通过完整的网络IP栈加速我们从边缘到云的愿景：从硅到基础设施、到操作系统、到安全、到软件和服务，以云原生和人工智能的方式-

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驱动的方法。此外，通过这次战略收购，我们寻求提供安全的、人工智能驱动的网络解决方案，这将是提供完全集成的混合云和人工智能解决方案的基础。

我们的业务部门、产品和服务

我们的业务分为五个可报告业务部门：服务器、混合云、智能边缘、金融服务以及企业投资和其他。过去三年每年占我们综合净收入10%以上的各分部内类似产品类别如下：

•2024财年-服务器产品、服务器服务、智能边缘产品、混合云产品

•2023财年-服务器产品、智能边缘产品、服务器服务、混合云产品

•2022财年-服务器产品、服务器服务、混合云产品、智能边缘产品

本公司 两家分销商约占公司2024财年净收入总额的14%和11%，主要属于智能边缘和服务器部门。

我们分部的净收入、运营收益和资产摘要可参阅第二部分第8项合并财务报表注释2「分部信息」。对可能影响我们运营的某些因素的讨论在第一部分「风险因素」的第1A项中进行了阐述。

服务器

我们的服务器细分产品包括用于多工作负载计算的通用服务器和为要求苛刻的应用程序提供高性能和价值的工作负载优化服务器，以及由软件和硬件组成的集成系统，这些系统旨在满足全球政府和商业客户的高性能计算-脑机和超级计算(包括亿级应用程序)、人工智能、数据分析和交易处理工作负载。这一产品组合包括我们安全、多功能的HPE ProLiant机架式和塔式服务器；HPE Synergy，一种适用于传统应用程序和云本地应用程序的可组合基础设施；HPE针对关键应用程序(包括大型企业软件应用程序和数据分析平台)的纵向扩展服务器产品线；HPE Edgeline服务器；HPE Cray EX；HPE Cray XD(前身为HPE Apollo)；以及HPE NONTESTER。服务器产品还包括随系统出售的运营和支持服务以及作为独立服务出售的服务。

混合云

混合云细分市场在存储、私有云和基础设施软件即服务(Saas)领域提供各种本地云解决方案和混合解决方案。存储包括HPE Alletra存储产品组合的数据存储-脑机和数据管理产品；用于人工智能的非结构化数据解决方案和分析；数据保护和归档；以及存储网络。它还包括通过HPE InfoSight和HPE云物理实现的AIOPS驱动的智能。在私有云方面，我们的私有云企业产品包括适用于虚拟机、容器和裸机的新的本地云产品和功能；使客户能够自我管理或选择完全托管体验的全套私有云产品。在2024财年，我们推出了一款新的产品-私有云AI，它抓住了AI解决方案的新兴企业模型微调、检索增强生成和推理市场。私有云AI是与AI市场领先者NVIDIA共同开发的完全集成的标准化产品，目标是为企业AI提供开箱即用的解决方案。该细分市场还通过HPE Greenlake for Private Cloud Business Edition按需提供自助式私有云。基础设施软件包括通过收购OpsRamp和通过我们的HPE Ezmeral数据交换矩阵和分析套件进行统一数据访问，从而实现对第二天及以后运营的监控和可观察性，这有助于移动和转换数据，以用于人工智能和其他应用程序。混合云细分市场还通过我们的产品套件(包括Zerto灾难恢复)包括数据生命周期管理和保护。

智能边缘

智能边缘细分市场提供有线和无线局域网、园区、分支机构和数据中心交换、软件定义的广域网络、专用和公共蜂窝网络软件、网络安全以及相关服务，为任何规模的企业提供安全连接。HPE Aruba网络产品组合包括Wi-Fi接入点、交换机和网关等硬件产品。HPE Aruba网络软件和服务组合包括基于云的管理、网络管理、网络访问控制、软件定义的广域网络、网络安全、分析和保证、位置服务软件、专用和公共蜂窝核心软件、专业和支持服务，以及用于智能边缘产品组合的AAS和通过HPE Greenlake云的消费模式。智能边缘产品整合在边缘服务平台中，该平台采用原生云方法，为客户提供统一的框架，以满足其跨园区、分支机构、数据中心和远程员工环境的连接、安全和财务需求。在完成对瞻博网络的收购后，我们预计将提供更全面的网络解决方案组合。

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 金融服务

金融服务（「FS」） 为客户提供灵活的投资解决方案，例如租赁、融资、IT消费、公用事业计划和资产管理服务，促进独特的技术部署模型和完整的IT解决方案的收购，包括惠普企业和其他公司的硬件、软件和服务。FS还支持本地灵活消费模式的金融解决方案，例如HPE GreenLake云。

企业投资及其他

企业投资和其他包括咨询和专业服务业务，主要提供咨询主导的服务、HPE和合作伙伴技术专业知识和建议、实施服务以及复杂的解决方案参与能力;通信-半导体和媒体解决方案业务，主要为电信行业提供软件和相关服务;惠普实验室，负责研发。

我们的优势

我们相信，我们拥有许多将我们与竞争对手区分开来的竞争优势，包括：

•边缘到云战略和解决方案独特地解决了客户挑战。 随着数据的增长和演变、企业变得越来越分散，以及客户意识到人工智能技术的潜力，HPE的边缘到云战略的独特设计旨在使客户能够安全地访问、控制和最大限度地提高其所有工作负载和数据资产的价值，以加速业务成果。HPE GreenLake云是一个开放、安全、完全集成的平台，可为边缘、数据中心、托管和云带来统一的体验。它是自动化的且易于使用的，并且有容量可根据需求扩大和缩小规模。它提供真正的按次使用付费消费，因此客户只需为其使用的内容付费，并且他们可以通过我们的HPE托管服务产品为他们管理整个混合云体验。

•全面的投资组合。 我们拥有独特且行业领先的边缘到云解决方案和功能组合，帮助加速客户的数字化转型，并帮助他们抓住人工智能为其业务带来的机遇。我们将软件定义的基础设施和服务能力结合起来，提供我们认为是IT行业中最强大的企业解决方案组合。我们能够提供全面的IT战略，并通过单一包中的高质量产品以及高价值咨询和支持服务将客户的数据从边缘连接到云，这是我们的主要差异化因素之一。

•基于消费的差异化IT解决方案，以创造不断增长的机会。 各种规模的企业都在寻求数字化转型，以开发下一代云原生应用程序，从数据中创建可操作的见解并推动业务增长，但他们面临着许多挑战，包括缺乏内部IT技能、有限的预算和融资选择，以及缺乏灵活性来选择最适合他们需求的技术基础。基于消费的它通过提供更高的敏捷性来提供应对这些挑战的解决方案，使人们能够通过利用数据中的见解从管理基础设施转向推动创新，同时还消除了与基础设施过度配置相关的资本和运营费用。HPE在提供真正的基于消费的IT体验方面具有明显的差异。

•开放平台。 世界正在从大型数据中心的集中式和封闭式方法转向高度去中心化和分布式的全球数据中心的未来。这一转变需要一个统一的云平台，该平台可以使敏捷性和智能性接近客户的数据源，以在任何地方创建实时洞察。我们相信云体验应该在所有客户的云中开放且无缝，而不是要求客户被锁定在云堆栈中。

•多年创新路线图和强劲的资产负债表。 我们从事技术和创新业务已有80多年的历史。我们庞大的知识产权组合和全球研发能力是更广泛的创新路线图的一部分，旨在帮助组织利用不断扩大的可用数据量，并利用云、人工智能、超级计算和网络安全等最新技术发展来推动现在和未来的业务转型。我们还拥有强大的资产负债表和流动性状况，提供财务灵活性和速度，以利用收购机会。

•全球分销和合作伙伴生态系统。 我们是在复杂的多国、多供应商和/或多语言环境中为客户提供创新技术解决方案的专家。我们拥有广泛的市场准入能力，包括庞大的渠道合作伙伴生态系统，这使我们能够向世界任何地方的客户推销和提供我们的产品。我们的HPE GreenLake云为我们的合作伙伴提供开放式云应用程序编程接口，使他们能够更好地向客户提供独特的解决方案。

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•定制财务解决方案。 通过我们的金融服务部门，我们帮助客户创造投资能力，通过帮助他们释放资本、从旧资产中获取价值、实现可持续发展目标、投资新技术即服务以及应对金融波动来加速转型。FS还通过帮助在客户合同期限内分摊我们的前期解决方案成本，成为我们基于消费的IT模式的推动者。通过FS的技术更新中心，我们正在帮助客户通过翻新技术资产进行再利用来实现自己的可持续发展目标。

•经验丰富的领导团队。 我们的管理团队拥有广泛的绩效和执行记录。我们由总裁兼首席执行官安东尼奥·内里（Antonio Neri）领导，他在开发变革性商业模式、打造全球品牌以及推动科技行业持续增长和扩张方面拥有丰富的经验。Neri先生的经验包括在HPE和惠普公司（「HP Co.」）工作超过25年担任各种领导职务。我们的高级管理团队在我们的行业拥有多年的经验，并在企业IT业务和我们竞争的市场方面拥有丰富的知识和经验。

销售、营销和分销

我们根据上述分部管理业务并报告财务财报。我们的客户由商业和大型企业集团（包括商业和公共部门企业）组织，我们的产品、解决方案和服务的购买可能由我们直接或通过各种合作伙伴间接完成，包括：

•向目标客户群体销售我们的产品和服务（通常带有自己的增值产品或服务）的经销商;

•向经销商提供我们的解决方案的分销合作伙伴;

•将我们的产品和服务与自己的产品和服务集成并销售集成解决方案的原始设备制造商（「OEM」）;

•独立软件开发商，为客户提供专业软件产品，并经常协助我们向购买其产品的客户销售我们的产品和服务;

•系统集成商提供设计和实施定制IT解决方案的专业知识，并经常与我们合作以扩展他们的专业知识或影响我们产品和服务的销售;以及

•咨询公司提供不同级别的管理和IT咨询，包括一些系统集成工作，通常与我们合作开发需要我们独特产品和服务的客户解决方案。

我们通过直销或渠道进行的业务组合因业务和地区而异。我们认为，客户的购买模式和不同的地区市场状况要求我们相应地调整我们的销售、营销和分销工作。除了在我们的直接和间接业务中确定效率和生产率提升外，我们还专注于推动我们覆盖的深度和广度。这导致了一种组合的市场模式，在这种模式下，我们在多个国家/地区拥有直接销售业务，而我们在其余国家/地区通过纯渠道模式销售和交付我们的产品、解决方案和服务。在那些我们拥有直接销售业务的国家/地区，我们遵循两种销售运营模式，一方面是高速、交易性硬件销售，另一方面是服务和解决方案的单独进入市场路线。此外，我们通常指派一名客户经理来管理我们整个业务与大型企业客户以及与大型公共部门客户的关系。客户经理由具有产品和服务专业知识的专家团队提供支持。对于其他客户，我们的业务与商业和公共部门领域的目标客户较小的商业经销商合作管理关系。

制造和材料

我们利用世界各地大量的外包和合同制造商来制造我们设计的产品。使用外包和合同制造商旨在提高成本效率并缩短产品上市时间，并在供应链和流程中创造制造灵活性。在某些情况下，第三方OEM生产我们以我们的品牌购买和转售的产品。除了使用外包和合同制造商外，我们目前还使用从各种供应商处购买的零部件和子索制造有限数量的成品。

从历史上看，我们使用两种主要方法来满足产品需求：按订单构建产品和按订单配置产品。我们按订单生产产品，通过生产大量基本产品配置来最大限度地提高制造和物流效率。或者，将产品配置为订购使设备能够满足客户的特定硬件和软件定制要求。我们在构建可订购产品和配置可订购产品方面的库存管理和分销实践旨在通过在向客户销售或分销产品前不久交付库存和制造来最大限度地缩短库存持有期。

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我们从大量供应商处购买材料、用品和产品发票。对于我们的大多数产品，我们有现有的替代供应来源或此类替代供应来源随时可用。然而，我们确实依赖单一来源供应商来提供某些定制零件（尽管其中一些来源在发生中断时在多个地点开展业务），并且单一来源供应商的中断或损失可能会推迟某些产品的生产。在某些情况下，我们的单一来源供应商（例如，英特尔和AMD作为某些x86处理器的供应商）也是整个市场的单一来源供应商;这些供应商的中断将导致整个行业的混乱，因此不会对我们相对于竞争对手造成不成比例的不利。

像it行业的其他参与者一样，我们通常通过一揽子采购订单和计划采购订单相结合的方式获得材料和部件，以支持我们平均90至120天的需求。由于供应商地理位置集中的某些事件，我们不时会遇到无法从多个来源获得的某些组件的价格波动或供应限制。必要时，我们往往能够在公开市场上以稍高的价格获得稀缺零部件，这可能会对我们的毛利率产生影响，但通常不会扰乱生产。我们还在预计供应受限的情况下获取零部件库存，或与供应商达成长期定价承诺，以改善供应的优先级、价格和可用性。见本年度报告第一部分表格10-k中「风险因素」，标题为「我们依赖第三方供应商，如果我们不能妥善管理我们与供应商的关系，我们的财务结果可能会受到影响。」

我们依靠主动的库存缓冲措施，以便为这些组件的可用性做好准备。我们打算根据市场需求酌情采取额外的库存行动，并计划继续利用与供应商的强大合作伙伴关系和长期协议。

积压

积压代表截至报告期尚未执行工作或尚未交付货物的当前或前期相关订单的价格。积压中反映的订单可能会进行调整，包括由于重新预订、取消和履行问题而导致的调整，这可能会影响积压。

全球大流行对供应链的不利影响有所缓和，导致供需环境更加平衡，零部件供应有所改善。尽管与地区冲突和港口劳资纠纷有关的一些不确定性，但全球物流领域的挑战已基本正常化。自2024财年开始以来，我们的总体需求渠道有所改善，因为客户一直在消化他们的库存。尽管我们整个AI产品组合的需求(包括对高性能显卡和加速处理单元的需求)仍然存在一定程度的不均衡，但由于可能导致季度间波动的交易数量参差不齐，但在持续存在的数据中心空间可用性限制中，AI系统的需求继续推动大量AI积压。随着市场过渡到下一代GPU，GPU的供需环境继续参差不齐。

国际

我们的产品和服务销往全球。我们相信，地理多样性使我们能够满足全球客户的需求，利用全球劳动力的业务和技术专业知识，为我们的运营提供稳定性，提供可能抵消地理经济趋势的收入来源，并为我们提供机会进入新市场以获取成熟产品。

我们的国内和国际财报摘要载于第二部分第8项合并财务报表注释2「分部信息」中。2024财年，我们总体净收入中约有64%来自美国以外的销售。

有关我们国际业务伴随的某些风险的讨论，请参阅本年度报告10-k表格第一部分第1A项中的「风险因素」，标题为「由于我们业务的国际性，政治或经济变化以及适用于国际交易的法律和监管制度或其他因素可能会损害我们未来的收入、成本和费用以及财务状况，」和「我们面临外币汇率波动的风险」、第二部分第7A项中的「市场风险的定量和定性披露」以及第二部分第8项中的合并财务报表注释13「金融工具」。

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研发

创新是我们文化的关键要素，也是我们成功的关键。我们的研发工作（「R & D」）专注于设计和开发预测客户不断变化的需求和愿望以及新兴技术趋势的产品、服务和解决方案。我们的努力还集中在确定我们相信可以做出独特贡献的领域，以及与其他领先技术公司的合作将利用我们的成本结构并最大限度地提高客户体验的领域。

2024财年的研发支出为22亿美元，2023财年为23亿美元，2022财年为20亿美元。我们预计未来将继续投入大量研发支出，以支持创新、高质量产品、服务和解决方案的设计和开发，以维持和增强我们的竞争地位。

公司目前正在进行的研发工作包括以下举措：

在服务器方面，我们正在开发高质量的下一代计算解决方案，其中包括服务器、服务器连接选项和软件，集成了最新的行业技术，并与客户不断变化的需求保持一致。此外，我们正在通过创建云本地、基于云的服务器管理解决方案来提升我们的Saas能力，以增强我们现有的产品组合。在高性能计算-脑机和人工智能领域，我们的投资专注于领先的计算解决方案，提供卓越的性能和效率。这些解决方案具有尖端的硅架构、高速互连、先进的存储和创新的直接液体冷却。我们在AI领域的研发工作尤其强劲，新的服务器解决方案专为AI推理引擎设计，并集成到更大的HPE私有云AI中，用于推理、检索增强生成和模型微调。我们领先的AI解决方案支持大规模的模型训练和调整，包括自然语言处理、大型语言模型，以及数万亿参数的模型的多通道训练。这些努力得到了高性能计算-脑机工具、云本地可扩展集群管理软件和事务处理软件的开发的支持，这些软件在实现我们的里程碑--交付世界上第一台亿级超级计算机-半导体--方面发挥了重要作用。

在混合云领域，我们正在投资全面的存储和私有云技术和功能组合，专注于使客户能够通过数据和人工智能的力量实现转型，实现其IT基础设施的现代化，并简化混合运营，通过HPE Greenlake云提供云运营体验。我们将继续投资于与客户不断发展的数据和人工智能需求保持一致的存储产品组合。我们已将部署模式从内部部署和云邻近扩展到Amazon Web服务中的软件定义的云本地部署。在私有云方面，我们正在开发完全集成的硬件-软件产品，以简化日常管理、运营和数据保护，实现类似于公共云的内部部署体验，同时满足安全、隐私、治理和法规遵从性需求。这项投资包括有空隙/断开连接的优惠，以及针对边缘的繁重数据流量和延迟要求的优惠。在人工智能领域，我们投资建设与NVIDIA共同设计的交钥匙集成系统，将HPE AI硬件和软件技术与NVIDIA技术相结合，从根本上提高GenAI功能的价值实现时间，这些功能针对推理、检索、增强生成和模型微调进行了优化。我们通过收购OpsRamp(可观察性)和Morpheus(协调)，扩展了我们的云可观察性、协调能力和虚拟化选项，扩展了我们在多云和多供应商环境中简化IT复杂性的能力。最后，我们一直在快速开发适用于虚拟机的企业级管理程序，以及使用集装箱化管理云本地应用程序的能力，或使用裸机作为服务的专门工作负载需求。

在智能边缘领域，我们正在投资广泛的网络和安全功能组合，以满足远程、分支机构、园区、数据中心和云使用案例。我们正在扩展我们的无线接入产品组合，包括新的Wi-Fi(例如Wi-Fi 7)和专用蜂窝(4G、LTE和5G)产品，以补充我们现有的产品组合。我们通过去年收购安全服务边缘(「SSE」)提供商Axis Security扩展了我们的安全能力，提供了独立的SSE，并将安全与我们的软件定义的广域网(「SD-WAN」)功能集成在一起，以提供单一供应商的安全访问服务边缘解决方案。在我们的以太网交换机产品组合中，我们正在投资新的数据中心网络平台和功能，以扩大我们的总潜在市场，以补充园区和分支机构细分市场。我们利用HPE Greenlake云提供对我们AAS功能的一致访问，并支持新的业务模式，包括网络即服务。我们还在自动化、机器学习和基于人工智能的网络运营方面进行投资，以优化用户体验和提高运营商-5G效率，我们的云本地Aruba中央云服务就是一个例子，预计该服务将在我们的整个产品组合中提供可管理性，包括无线局域网、以太网交换、SD-广域网和安全性。

在惠普实验室，我们与其他HPE业务集团合作，专注于颠覆性创新和应用研究，以提供差异化的知识产权。我们的创新议程专注于开发系统架构、网络、人工智能、可持续发展、边缘到云、量子计算和可持续发展领域的技术。我们还继续投资于我们的硅设计能力，以加速我们技术的开发和交付。

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有关我们研发活动伴随的风险的讨论，请参阅本年度报告10-k表格第一部分第1A项中的「风险因素」，标题为「如果我们无法成功执行我们的上市战略，包括提供我们的整个投资组合即服务，我们的业务、经营结果和财务财报可能会受到影响。」

专利

我们的总体政策是为那些可能被纳入我们的产品和服务中的发明或获得此类专有权将提高我们的竞争地位的发明寻求专利保护。截至2024年10月31日，我们的全球专利组合包括约13，000项已发布和正在审批的专利。

专利的有效期一般为自提交之日起最长20年。由于我们的专利组合是随着时间的推移而建立的，因此我们专利组合中各个专利的剩余条款各不相同。我们相信，我们的专利和专利申请对于保持我们产品和服务的竞争差异化、增强我们在我们选择参与的市场上销售产品和服务的行动自由以及最大限度地提高我们的研发投资回报非常重要。没有一项专利本身对我们的整个公司或我们的任何业务部门来说是至关重要的。

除了开发我们的专利组合外，我们还在认为合适的情况下向第三方授予知识产权许可。当我们认为这些安排符合我们的利益时，我们还向其他人授予并继续授予我们专利下的许可证和其他权利。这些许可安排包括与第三方的许多交叉许可。

有关知识产权伴随的风险的讨论，请参阅本年度报告10-k表格第一部分第1A项中的「风险因素」标题下的「如果我们无法继续发展，许可或执行我们企业所依赖的知识产权」和「我们的产品和服务部分依赖于第三方许可的知识产权和技术」。

季节性

我们销售产品、服务和解决方案的市场不时会经历疲软的经济状况，这可能会对销售产生负面影响。我们在产品和服务的销售中经历了一些季节性趋势。例如，欧洲的销售在夏季往往会疲软。看到 本年度报告表格10-k标题下第一部分第1A项中的「风险因素」 「我们不平衡的销售周期和供应链中断使得规划和库存管理变得困难，未来的财务财报也更难预测。」

竞争

我们拥有广泛的企业IT基础设施产品、解决方案和服务的技术组合，其中包括我们的Saas产品。我们在所有业务领域都面临着激烈的竞争。我们的竞争主要基于技术、创新、性能、价格、质量、可靠性、品牌、声誉、分销、产品和服务范围、产品的易用性、客户关系、客户培训、服务和支持、安全性以及我们IT基础设施产品的可用性。

我们竞争的市场的特点是拥有长期地位的大公司和大量新的和快速发展的公司之间的激烈竞争。大多数产品生命周期相对较短，为了保持竞争力，我们必须开发新产品和服务，不断增强现有产品和服务，并根据上述因素等进行有效竞争。此外，我们还与许多当前和潜在的合作伙伴竞争，包括以自己的品牌设计、制造和营销产品的OEM。我们对这些竞争合作伙伴关系的成功管理对于我们未来的成功至关重要。此外，我们预计我们将不得不继续调整许多产品和服务的价格以保持竞争力。

我们部门运营的竞争环境如下：

服务器业务在竞争激烈的企业数据中心基础设施市场和数据密集型高性能超级计算、分析和人工智能基础设施解决方案市场中运营，这些市场的特点是快速且持续的技术创新。我们在数据中心基础架构方面的主要竞争对手是技术供应商，如戴尔技术公司、超级微型计算机-半导体公司、思科公司、联想集团有限公司。在某些地区，我们还面临来自当地公司和通用品牌或白盒制造商的竞争。我们在高性能基础架构领域的主要竞争对手包括技术供应商，这些供应商可以设计和构建解决方案，提供处理超级计算和人工智能工作负载所需的性能可扩展性和连接性，包括戴尔技术公司、超级微型计算机-半导体公司、联想集团有限公司、富士通网络通信-半导体公司和Atos信息技术公司。在我们的AI模型开发和部署软件平台中，我们既与云服务提供商和初创公司竞争又合作，这些公司提供AI模型培训、调整和推理平台。我们的战略是提供卓越的产品、高价值的技术支持服务和差异化

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集成解决方案结合了我们的基础设施、软件和服务能力。我们的竞争优势包括我们广泛的端到端解决方案组合，由我们强大的知识产权组合和研发能力提供支持，再加上我们的全球影响力和合作伙伴生态系统。

混合云 是我们的私有云服务解决方案业务，由HPE的GreenLake和存储解决方案以及相关的私有云软件产品组成。混合云解决方案使HPE能够照顾基础设施，以便客户可以专注于管理工作负载和促进创新。我们的主要竞争对手是其他基础设施和云管理软件技术供应商，例如Broadcom/VMware、思科系统公司、戴尔技术公司，IBm、SYS Inc.、Nutanix、Pure Store以及Amazon Web Services、Google Cloud和Microsoft Azure等公共云供应商。我们的战略是跨任何应用程序或关键任务工作负载（传统或云原生）提供安全且可扩展的类云体验。

智能边缘 该公司在竞争激烈的网络和连接基础设施市场运营，该市场的特点是快速且持续的技术创新和价格竞争。我们的主要竞争对手是技术供应商，例如思科系统公司，极限网络公司，Arista Networks Inc、Palo Alto Networks、Fortinet、Juniper Networks、Ruckus Networks和Ubiquiti以及Nile和Meter等网络即服务供应商。我们的战略是提供卓越的企业有线和无线局域、广域和数据中心网络组件和软件、路由技术、高价值技术支持服务以及结合我们的基础设施、软件和服务能力的差异化集成解决方案。我们的竞争优势包括我们广泛的端到端解决方案组合，由我们强大的知识产权组合和研发能力提供支持，再加上我们的全球影响力和合作伙伴生态系统。

金融服务 在我们的融资业务中，我们的主要竞争对手是独立融资公司，例如IBm Global Finance、戴尔金融服务和思科资本，以及银行和其他金融机构。我们的主要IT资产处置（「ITAD」）竞争对手是ERI、Ingram Micro、Sage Sustainable Electronics和Sims Recycling Solutions。我们相信，我们相对于银行、其他金融机构和ITAD提供商的竞争优势在于我们有能力将我们的投资解决方案与我们管理技术资产的专业知识结合起来。我们不仅能够提供投资解决方案，帮助客户根据特定业务需求创建独特的技术部署，而且还帮助他们从现有的IT投资中提取价值，同时更有效地管理这些资产的报废。所有这些解决方案都可以帮助客户加速数字化转型、创建新的预算流并实现循环经济目标。

有关这些竞争环境伴随的某些风险的讨论，请参阅本年度报告10-k表格第一部分第1A项中的「风险因素」，标题为「我们在竞争激烈的行业中运营，竞争压力可能会损害我们的业务和财务财报。」

人力资本资源

在HPE，我们的目标是改善人们的生活和工作方式。我们相信技术的最大希望在于其积极变革的潜力。这是我们在HPE做出的每个决定的路标。我们相信这不仅有助于指导我们对社会的贡献，而且具有良好的商业意义。我们的公司致力于成为创新的引擎，截至2024年10月31日，我们约有61，000名员工对我们的技术使客户能够实现有意义的成果感到自豪，例如治愈疾病、实现农业现代化、解决世界饥饿问题以及通过自动驾驶汽车-半导体实现运输民主化。

我们的文化-我们认识到人才和文化对HPE的成功和我们实现目标的能力的重要性。我们已经确定了指导我们日常领导的四个关键文化信念：加快下一步行动，大胆行动，「是我们能做到的力量」，以及成为一股向善的力量。我们将这些信念植根于根深蒂固的DNA中，这种DNA将客户放在第一位，使我们能够合作、创新和诚信行事。HPE一直致力于将这些价值观内化为充满活力的文化，创造卓越的团队成员体验和高度敬业的员工队伍，推动我们的沟通、奖励计划、人才/绩效计划和工作环境的改善。通过这些努力，我们的目标是为我们的所有团队成员培养一种协作、包容和鼓舞人心的体验，并使HPE成为人才的目的地，同时为我们的团队成员创造高绩效和增长机会，为我们的客户创造创新和卓越。在上述过程中，我们不断寻求团队成员的反馈，以更好地了解和改进他们的体验，并确定继续加强我们文化的机会。

多样性、公平和包容性- 在HPE，我们致力于培养多元化和包容性的工作场所。通过培养一种我们的员工可以自由地贡献自己的观点、想法和经验的文化，我们可以推动创新，推动转型变革，并通过利用我们的技术和团队成员的潜力成为一股向善的力量。2024年，我们继续推进增强员工构成的全球方法，选择负责吸引团队成员、核心人力资源专业人士、业务利益相关者和外部人员的区域领导者

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合作伙伴确定重点领域，以推动无条件纳入。我们还扩大了我们的自愿和保密的自我识别计划，“把我也算进去。我属于这里！“来自美国、波多黎各和英国，首次包括墨西哥、巴西、哥斯达黎加、哥伦比亚和印度。我们继续通过我们专门的HPE茎发现计划，培养科学、技术、工程和数学(「STEM」)专业的新的包容性人才管道。该计划装备并使HPE团队成员能够在当地社区担任STEM教育和数字融入志愿者，让学习者接触到尖端技术，并提高对技术职业的认识。我们的年度全球参与度调查中的劳动力多样性、公平性和包容性声音指数继续显示，我们不同种族的团队成员和女性团队成员的参与度得分很高。我们的董事会、首席执行官(「CEO」)和执行委员会为我们创造无条件包容性环境的努力树立了高标准，并监督整个公司领导层不断发展其包容性领导力的努力。

人才-我们致力于通过大规模投资吸引、培养和留住顶尖人才。我们的承诺延伸到职业生涯的所有阶段。我们确立透明的目标，推进问责，持续评价和培养人才。大约95%的员工参与了HPE的「我的成功计划」计划，该计划要求每季度与领导进行1：1的对话，重点是财报、进步和职业抱负。我们行业的动态特性允许团队成员在获得新技能的同时，在他们目前的角色中茁壮成长。在过去的一年里，我们的大约61,000名团队成员完成了超过821,000个不同类别的在线和讲师指导课程，包括领导力、包容性和多样性、专业技能、技术培训和合规性。我们特别注重发现和培养下一代杰出的领导者，强调技术专长。我们与首席执行官和执行委员会一起进行的年度人才和继任审查旨在加快人才发展，加强继任渠道，并提高我们关键职位的多样性。

薪资公平-我们认为，无论性别、种族或其他个人特征如何，人们都应该根据自己的工作和方式获得公平的报酬。我们坚持促进同工同酬的政策，并定期审查我们的全球薪酬做法，以期根据团队成员的经验和责任向担任类似角色和地点的团队成员支付薪酬。我们与独立的第三方专家合作，进行年度薪酬评估，并确定我们目前的状态与我们为所有团队成员提供公平薪酬待遇的目标之间存在的无法解释的差距。如果这些审查在全国范围内发现了这种差距，我们就会调整薪酬，以消除差距。由于我们的努力，我们最新的薪酬公平审查显示，考虑到职称、任职时间、经验和地点，我们在美国(包括未被充分代表的种族)和世界其他十几个国家的男性和女性团队成员的基本薪酬和奖金目标方面实现了薪酬平等。我们在其他国家进行了许多薪酬分析，以提供有竞争力和公平的薪酬。

适合你生活的工作-这项于2019年启动的全球计划是HPE如何投资于我们的文化并创造团队成员体验的重要例子，旨在使HPE成为行业最优秀人才的首选目的地。它包括行业领先的带薪育儿假计划(至少6个月)，为新父母或过渡到退休的团队成员提供兼职工作机会，以及允许团队成员每年四次全周五休假以专注于他们的健康。HPE全球健康计划是一项全面的计划，通过为团队成员提供计划和资源来促进整体健康和福祉，这些计划和资源可根据团队成员的需求提供灵活性，同时继续交付关键业务成果。该计划由四大支柱组成：身体健康、经济健康、心理和情感健康以及社区健康。此外，我们还为大多数团队成员提供混合工作环境，鼓励每周有两天呆在办公室进行协作。

Total Rewards - HPE requires a uniquely talented workforce and is committed to providing total rewards that are market-competitive and performance based, designed to drive innovation and operational excellence. Our compensation programs, practices, and policies reflect our commitment to reward short- and long-term performance that aligns with, and drives stockholder value. Total direct compensation is generally positioned within a competitive range of the market median, with differentiation based on tenure, skills, proficiency, and performance to attract and retain key talent.

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

HPE’s strong and healthy culture is critical to accelerating what’s next for our customers and partners – and the success of our company. We believe that a workforce that is energized and more engaged will fuel our ability to pivot and grow, which will, in turn, power the next chapter at Hewlett Packard Enterprise.

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Environmental Sustainability

Living Progress is our business strategy for creating sustainable and responsible IT solutions that meet the technology demands of the future, while advancing the way people live and work. Anchored to our edge-to-cloud offerings and bolstered by our sustainability credentials, our Living Progress strategy provides us with a competitive advantage in the market as we help our customers achieve not only their business objectives, but also their IT sustainability goals. A legacy of sustainability leadership supports talent acquisition and retention and enables ongoing access to global markets. The HPE Board of Directors, including through its committees, provides oversight of our Living Progress strategy, risks, practices, policies, and disclosures, to support integration with our core business strategy.

Sustainability performance is a core business discipline within HPE. HPE aims to become a net-zero enterprise by 2040, with interim targets set across our value chain for 2030. These climate targets are approved by the Science Based Target initiative and align with the latest climate science. Our commitment is supported by our Net-Zero Roadmap, which defines the levers we plan to prioritize to enable us to deliver on our near- and long-term carbon emissions reduction targets and outlines key assumptions with respect to our reduction targets.

In 2024, the majority of our greenhouse gas emissions resulted from our customers' use of our products and solutions. We recognize the opportunity to innovate technologies for a carbon-constrained world and are committed to delivering products and solutions that empower our customers to reduce the carbon footprints of their IT estates while also gaining maximum productivity from their IT investments and reducing costs. For instance, the latest generation of HPE ProLiant Gen 11 Servers enables customers to consolidate and grow compute capabilities while lowering the cost of power, cooling, floor space, and licensing.

To enable market access across the globe and aid customers in selecting more sustainable IT solutions, many of our products are certified by eco-labels such as Electronic Product Environment Assessment Tool, Energy STAR, China SEPA and the China Energy Conservation Program.

Supply Chain Responsibility and Human Rights

We manage our supply chain to help reduce risk, improve product quality, achieve environmental and social goals, and improve overall performance and value creation for our customers, partners, and suppliers. We are conscious of the importance of the responsible use of our products. In an effort to prevent intended and unintended harm, we continue to consider who purchases our offerings and how they are used by, among other things, limiting features, including responsible use clauses, monitoring for risk of alternate end uses, and promoting deployment of AI with safeguards, such as user training and ongoing checks and refinement to mitigate bias and improve accuracy.

Human rights principles are embedded in how we do business, and we are committed to holding our entire value chain to high ethical standards that respect such principles. We have processes in place to enable the early detection of forced labor and have implemented due diligence procedures to monitor and help prevent human rights violations or abuses at our suppliers and in our operations. Additionally, through our Responsible Minerals Program, we work to advance the responsible sourcing of minerals used in our products and within our supply chain.

Our commitment to diversity, equity, and inclusion extends beyond our workforce and to our suppliers, as well. We believe a diverse supply chain and equity in sourcing not only creates opportunities for underrepresented and underserved communities, but also contributes to the resiliency of our supply chain and of our communities.

We are also committed to the responsible and ethical development and deployment of new technologies to advance how we live and work, and we continue to build on our existing responsible development work, particularly in relation to AI. We have an executive level AI Ethics Responsibility Committee and an operational AI Ethics Working Group, through which we aim to align the development, deployment, and use of AI with HPE's AI Ethical Principles, promoting privacy-enabled and secure, human focused, inclusive, robust, and responsible use of AI. In 2022, we refined our approach to assessing ethical AI and rolled out AI Ethical Principles training. In 2023, we further advanced this initiative by launching three new sub-committees to help us operationalize our principles for: Products (AI we develop), Processes (AI we source to use), and Partnerships (AI we source to incorporate into our solutions). In 2024, we rolled out a broader AI Governance model and developed tools to drive efficiency in the AI ethics assessment process.

While the HPE Board of Directors and all of its committees take an integrated, rather than siloed, approach to providing oversight of Living Progress matters, including environmental sustainability, supply chain responsibility, and human rights, our Nominating, Governance and Social Responsibility Committee is primarily responsible for oversight of our broader Living Progress strategy, initiatives, risks, and policies.

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Material Government Regulations

Our business activities are subject to various federal, state, local, and foreign laws and our products and services are governed by a number of rules and regulations. Costs and accruals incurred to comply with these governmental regulations are presently not material to our capital expenditures, results of operations and competitive position. Although there is no assurance that existing or future government laws applicable to our operations, services or products will not have a material adverse effect on our capital expenditures, results of operations and competitive position, we do not currently anticipate material expenditures for government regulations. Nonetheless, as discussed below, we believe that global trade and certain environmental regulations could potentially materially impact our business.

Environment

Our products and operations are, or may in the future be, subject to various federal, state, local, and foreign laws and regulations concerning the environment, including, among others, laws addressing the discharge of pollutants into the air and water; supply chain due diligence, and sustainability, environment and emissions-related reporting; the management, movement, and disposal of hazardous substances and wastes and the clean-up of contaminated sites; product compliance and safety, such as repairability, chemical composition, packaging and labeling; energy consumption of our products and services; and the manufacture and distribution of chemical substances. We proactively evaluate, and at times replace materials in our products and supply chain, taking into account, among other things, published lists of substances of concern, new and upcoming legal requirements, customer preferences and scientific analysis that indicates a potential impact to human health or the environment. We are also subject to legislation in an increasing number of jurisdictions that makes producers of electrical goods, including servers and networking equipment, subject to certain repairability requirements or financially responsible for specified collection, recycling, treatment, and disposal of past and future covered products (sometimes referred to as “product take-back legislation”). We are also subject to standards set by public and private entities related to sustainability issues such as energy consumption, carbon emissions, reusing or recycling. Finally, as climate change and other environmental-related laws, regulations, treaties, and similar initiatives and programs are adopted and implemented throughout the world, we will be required to comply or potentially face market access limitations or other sanctions, including fines. In the event our products are impacted by these laws or standards, our products could be restricted from entering certain jurisdictions or from being procured by certain governments or private companies, and we could face other sanctions, including fines. However, we believe that technology will be fundamental to finding solutions to achieve compliance with and manage those requirements, and we are collaborating with industry, business groups and governments to find and promote ways that our technology can be used to address climate change and other environmental-related issues, and to facilitate compliance with related laws, regulations and treaties. We are committed to maintaining compliance with all environmental and environmental-related laws applicable to our operations, products and services, and to reducing our environmental impact across all aspects of our business. We support this commitment with a range of comprehensive policies, including relating to environmental, health and safety, climate, water, and electronic waste; a strict environmental management of our operations and worldwide environmental programs and services; an extensive supply chain responsibility program; and an approach to ethical standards and strong governance that are the foundations of our business.

Global Trade

As a global company, the import and export of our products and services are subject to laws and regulations including international treaties, U.S. export controls and sanctions laws, customs regulations, and local trade rules around the world. Such laws, rules, and regulations may delay the introduction of some of our products or impact our competitiveness through restricting our ability to do business in certain places or with certain entities and individuals, or the need to comply with domestic preference programs, laws concerning transfer and disclosure of sensitive or controlled technology or source code, unique technical standards, localization mandates, and duplicative in-country testing and inspection requirements. The consequences of any failure to comply with domestic and foreign trade regulations could limit our ability to conduct business globally. We continue to support open trade policies that recognize the importance of integrated cross-border supply chains that will continue to contribute to the growth of the global economy and measures that standardize compliance for manufacturers to ensure that products comply with safety and security requirements.

For a discussion of the risks associated with government regulations that may materially impact us, see “Regulatory and Government Risks” within “Risk Factors” in Item 1A of Part I.

Additional Information

This Annual Report on Form 10-K may include trademarks and trade names owned by other parties, and all other such trademarks and trade names mentioned in this Annual Report on Form 10-K are the property of their respective owners.

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Information about our Executive Officers

The following are our current executive officers:

Name			Age			Position
Antonio Neri			57			President and Chief Executive Officer
Marie Myers			56			Executive Vice President, Chief Financial Officer
John F. Schultz			60			Executive Vice President, Chief Operating and Legal Officer
Kristin Major			52			Executive Vice President and Chief People Officer
Gerri A. Gold			66			Executive Vice President, President and Chief Executive Officer, HPE Financial Services
Fidelma Russo			61			Executive Vice President, Chief Technology Officer, and General Manager of Hybrid Cloud
Neil B. MacDonald			56			Executive Vice President, General Manager of Server
Philip J. Mottram			56			Executive Vice President, General Manager of Intelligent Edge
Jeremy K. Cox			47			Senior Vice President, Corporate Controller, Chief Tax Officer, and Principal Accounting Officer
Kirt P. Karros			55			Senior Vice President, Treasurer and Financial Planning & Analysis

Antonio Neri; President and Chief Executive Officer

Mr. Neri has served as our President and Chief Executive Officer since June 2017 and February 2018, respectively. Previously, he served as Executive Vice President and General Manager of our Enterprise Group from November 2015 to June 2017. Prior to that, Mr. Neri served in a similar role for HP Co.'s Enterprise Group from October 2014 to November 2015. Mr. Neri served as Senior Vice President and General Manager of the HP Servers business unit from September 2013 to October 2014 and concurrently as Senior Vice President and General Manager of the HP Networking business unit from May 2014 to October 2014. Prior to that, he served as Senior Vice President and General Manager of the HP Technology Services business unit from August 2011 to September 2013 and as Vice President, Customer Services for the HP Personal Systems Group from 2007 to August 2011, having first joined HP Co. in 1996. Since December 2017, Mr. Neri has served as a director of Elevance Health, Inc. (formerly Anthem, Inc.), a health insurance provider in the U.S.

Marie Myers; Executive Vice President, Chief Financial Officer

Ms. Myers has served as our Executive Vice President, Chief Financial Officer since January 2024, responsible for leading all aspects of our finance and strategy organizations. She partners closely with the CEO to develop and execute the long-term strategy for the Company. Prior to that, she served as the Chief Financial Officer of HP Inc. from February 2021 to January 2024, as well as numerous other leadership positions at HP Inc.: Interim Chief Financial Officer from October 2020 to February 2021, Chief Transformation Officer from June 2020 to February 2021, and Chief Digital Officer from March 2020 to October 2020. Prior to that, she served as Chief Financial Officer of UiPath, Inc., a robotic process automation company, from December 2018 to December 2019.

John F. Schultz; Executive Vice President, Chief Operating and Legal Officer

Mr. Schultz has served as our Executive Vice President, Chief Operating and Legal Officer since July 2020, responsible for overseeing all aspects of our operations and shaping our operational strategies. Prior to that, he served as Executive Vice President, Chief Legal and Administrative Officer and Secretary from December 2017 to July 2020 and as Executive Vice President, General Counsel and Secretary from November 2015 to December 2017, performing a similar role at HP Co. from April 2012 to November 2015. Prior to that, Mr. Schultz served as Deputy General Counsel for Litigation, Investigations and Global Functions at HP Co. from September 2008 to April 2012 and as a partner in the litigation practice at Morgan, Lewis & Bockius LLP, a law firm, where, among other clients, he supported HP Co. as external counsel on a variety of litigation and regulatory matters.

Kristin Major; Executive Vice President and Chief People Officer

Ms. Major has served as our Executive Vice President, Chief People Officer since February 2024, leading the global HR function, driving business growth and transformation through employee engagement; performance-led talent management; comprehensive rewards; and culture development. Prior to that, she served as Chief Talent Officer from March 2023 to January 2024, as Senior Vice President, Human Resources from January 2020 to March 2023, and as Senior Vice President, Deputy General Counsel of Global Functions and Security from December 2011 until January 2020. Before joining Hewlett Packard

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Enterprise, she served as a counsel in the labor and employment practice at Skadden, Arps, Slate, Meagher & Flom LLP, a law firm.

Gerri A. Gold; Executive Vice President, President and Chief Executive Officer, HPE Financial Services

Ms. Gold has served as Executive Vice President, President and Chief Executive Officer of HPE Financial Services since February 2023. In this role, she leads HPE Financial Services, the global financing and asset management organization that supports HPE’s edge-to-cloud strategy, and helps customers and partners accelerate their transformation. From May 2018 to February 2023, she served as the Senior Vice President and Chief Operating Officer of HPE Financial Services, and from August 2015 to May 2018, as the Vice President Global Accounts, Sales, Marketing and Managing Director Asset Management of HPE Financial Services.

Fidelma Russo; Executive Vice President, General Manager of Hybrid Cloud and Chief Technology Officer

Ms. Russo has served as our Executive Vice President, General Manager of our Hybrid Cloud business segment, and Chief Technology Officer since November 2023. Prior to that, Ms. Russo served as Executive Vice President, Chief Technology Officer from September 2021 to October 2023. Prior to joining Hewlett Packard Enterprise, Ms. Russo was Senior Vice President and General Manager of the Cloud Services business unit at VMware from May 2020 to September 2021 and the Chief Technology Officer and Executive Vice President of Global Technology & Operations at Iron Mountain, Inc. from March 2017 to May 2020. Additionally, Ms. Russo has served on the board of directors at Equinix, Inc. as a member of its audit committee since 2022.

Neil B. MacDonald; Executive Vice President, General Manager of Server

Mr. MacDonald has served as Executive Vice President and General Manager of our Server business since February 2024, responsible for overseeing the day-to-day operations and shaping the strategy of the Server business unit. Prior to that, he served as Executive Vice President and General Manager of our Compute business from March 2022 to January 2024, as Senior Vice President and General Manager of our Compute business from February 2020 to March 2022, and as Senior Vice President and General Manager of the Compute Solutions group of the then Hybrid IT business segment, from November 2018 to February 2020.

Philip J. Mottram; Executive Vice President, General Manager of Intelligent Edge

Mr. Mottram has served as Executive Vice President and General Manager of our Intelligent Edge business since March 2022. Previously, he served as the President of our Intelligent Edge business from June 2021 to March 2022. Prior to that, Mr. Mottram served as Senior Vice President and General Manager of the Communications Technology Group from April 2019 to June 2021. Before joining Hewlett Packard Enterprise, he served as the Chief Revenue Officer of Zayo Group, a communications infrastructure provider, from November 2017 to February 2019, where he was responsible for all customer-facing functions. Prior to that, Mr. Mottram served as Director of the Enterprise Business Unit of Vodafone from May 2014 to November 2017, the Chief Executive Officer of Hong Kong CSL from September 2012 to May 2014, and Executive Director of Global Sales at Telstra International from September 2010 to September 2012, as well as a variety of different operational roles at other telecommunications companies.

Jeremy K. Cox; Senior Vice President, Corporate Controller, Chief Tax Officer, and Principal Accounting Officer

Mr. Cox has served as our Senior Vice President, Corporate Controller, Chief Tax Officer, and Principal Accounting Officer since January 2024. Prior to that, he served as Senior Vice President, Interim Chief Financial Officer, Corporate Controller, Chief Tax Officer, and Principal Accounting Officer from August 2023 to January 2024, as Senior Vice President, Corporate Controller, Chief Tax Officer, and Principal Accounting Officer from July 2022 to August 2023, as Senior Vice President, Global Tax and Head of Products and Services Finance from May 2021 to July 2022, and as Senior Vice President, Global Tax, Financial Planning and Analysis, and Global Functions Finance from November 2018 to May 2021, among numerous other leadership positions. Prior to joining HP Inc. in 2008, Mr. Cox was Senior Tax Counsel for Electronic Data Systems.

Kirt P. Karros; Senior Vice President, Treasurer and Financial Planning & Analysis

Mr. Karros has served as our Senior Vice President, Treasurer and Financial Planning & Analysis since March 2024, responsible for all treasury operations and overseeing financial planning and strategy for HPE and our business units. Prior to that, he served as Senior Vice President, Treasurer and Investor Relations from May 2022 to March 2024, overseeing all treasury and investor relations-related activities. Previously, he served as our Senior Vice President, Finance and Treasurer from November 2015 to May 2022. Prior to that, Mr. Karros served in a similar role at HP Co., leading its treasury and investor relations functions.

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Available Information

Our website is located at www.hpe.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available on our website at http://investors.hpe.com, as soon as reasonably practicable after we electronically file such reports with, or furnish those reports to, the Securities and Exchange Commission. Hewlett Packard Enterprise's Corporate Governance Guidelines, Board of Directors' committee charters (including the charters of the Audit Committee, Finance and Investment Committee, HR and Compensation Committee, Technology Committee, and Nominating, Governance and Social Responsibility Committee) and code of ethics entitled “Standards of Business Conduct” are also available at that same location on our website. Stockholders may request free printed copies of these documents from:

Hewlett Packard Enterprise Company

Attention: Investor Relations

1701 East Mossy Oaks Road,

Spring, Texas 77389

http://investors.hpe.com/financial/requested-printed-reports

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ITEM 1A. Risk Factors.

You should carefully consider the following risks and other information in this Form 10-K in evaluating Hewlett Packard Enterprise. Any of the following risks could materially and adversely affect our results of operations or financial condition. The following risk factors should be read in conjunction with Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operation” and the Consolidated Financial Statements and related notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Form 10-K.

Risk Factors Summary

The following is a summary of the principal risks that could adversely affect our business, operations, and financial results.

Business and Operational Risks

•If we cannot successfully execute our go-to-market strategy, including offering our entire portfolio as-a-Service, our business, operating results, and financial performance may suffer.

•We depend on third-party suppliers, and our financial results could suffer if we fail to manage our supplier relationships properly.

•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 reputation, and adversely affect our stock price.

•Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.

•Failure to complete the Merger with Juniper Networks may adversely affect our business and our stock price.

•Failure to realize the benefits expected from the Merger with Juniper Networks could adversely affect our business or our stock price.

•Any failure by us to identify, manage, and complete acquisitions and subsequent integrations, divestitures, and other significant transactions successfully could harm our financial results, business and prospects.

•If we cannot continue to produce quality products and services, our reputation, business, and financial performance may suffer.

•In order to be successful, we must attract, retain, train, motivate, develop, and transition key employees, and failure to do so could seriously harm us.

•If we fail to manage the distribution of our products and services properly, our business and financial performance could suffer.

•Issues in the development and use of artificial intelligence may result in reputational harm, liability or impact to our results of operations.

•Changes in the macroeconomic environment have, at times, impacted and may in the future negatively impact our results of operations.

•Failure to meet responsible and sustainable business expectations or standards or achieve our Living Progress goals could adversely affect our business, results of operations, financial condition, or stock price.

•Risks arising from climate change and the transition to a lower-carbon economy may impact our business.

Industry Risks

•We operate in an intensely competitive industry, and competitive pressures could harm our business and financial performance.

International Risks

•Due to the international nature of our business, political or economic changes and the laws and regulatory regimes applying to international transactions or other factors could harm our future revenue, costs and expenses, and financial condition.

•We are exposed to fluctuations in foreign currency exchange rates.

Intellectual Property Risks

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•Our financial performance may suffer if we cannot continue to develop, license, or enforce the intellectual property rights on which our businesses depend.

•Our products and services depend in part on intellectual property and technology licensed from third parties.

•Third-party claims of intellectual property infringement, including patent infringement, are commonplace in our industry and successful third-party claims may limit or disrupt our ability to sell our products and services.

Financial Risks

•Adverse developments affecting our liquidity, capital position, borrowing costs, and access to capital markets could adversely impact our business, financial condition, and results of operations or those of the third parties with whom we do business.

•Our debt obligations may adversely affect our business and our ability to meet our obligations and pay dividends.

•The revenue and profitability of our operations have historically varied, which makes our future financial results less predictable.

•Our uneven sales cycle and supply chain disruptions make planning and inventory management difficult and future financial results less predictable.

•We make estimates and assumptions in connection with the preparation of our Consolidated Financial Statements and any changes to those estimates and assumptions could adversely affect our results of operations.

•Declaration, payment and amounts of dividends, if any, to holders of our shares will be uncertain.

Regulatory and Government Risks

•Our business is subject to various federal, state, local and foreign laws and regulations that could result in costs or other sanctions that adversely affect our business and results of operations.

•Contracts with federal, state, provincial, and local governments are subject to a number of challenges and risks that may adversely impact our business.

•Unanticipated changes in our tax provisions, the adoption of new tax legislation or exposure to additional tax liabilities could affect our financial performance.

Risks Related to Prior Separations

•The stock distribution in either or both of the completed separations of our former Enterprise Services business and our former Software segment could result in significant tax liability, and DXC Technology Company or Micro Focus International plc (as applicable) may in certain cases be obligated to indemnify us for any such tax liability imposed on us.

•We continue to face a number of risks related to our separation from HP Inc., our former parent, including those associated with ongoing indemnification obligations, which could adversely affect our financial condition and results of operations, and shared use of certain intellectual property rights, which could in the future adversely impact our reputation.

General Risks

•Our stock price has fluctuated and may continue to fluctuate, which may make future prices of our stock difficult to predict.

For a more complete discussion of the material risks facing our business, see below.

Business and Operational Risks

If we cannot successfully execute our go-to-market strategy, including offering our entire portfolio as-a-Service, our business, operating results, and financial performance may suffer.

    Our long-term strategy is focused on leveraging our portfolio of hardware, software, and services as we deliver global edge-to-cloud platform as-a-service to help customers accelerate outcomes by unlocking value from all of their data, everywhere. We provide our entire portfolio through a range of subscription and consumption-based, pay-per-use, and aaS offerings. We will also continue to provide our hardware and software in a capital expenditure and license-based model, giving our customers choices in consuming HPE products and services. Furthermore, subject to our anticipated consummation of the acquisition of Juniper Networks, Inc. (“Juniper Networks”) (the “Merger”), we will seek to offer secure, unified cloud- and AI-native networking to enhance innovation across edge to cloud. To successfully execute on these strategic pillars, we must continue to improve cost structures, align sales coverage with strategic goals, improve channel execution, and strengthen our capabilities in our areas of strategic focus, while continuing to pursue new product innovation that builds on our strategic

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capabilities in areas such as edge computing, hybrid cloud, artificial intelligence, data center networking, network security, and high-performance compute. We must make sufficient long-term investments in strategic growth areas, such as developing, obtaining, and protecting appropriate intellectual property, and commit or transition significant R&D and other resources before knowing whether our projections will reasonably reflect customer demand for our solutions. Should such efforts fail to produce actionable insights, or our offerings not perform as designed or promised, our business results and financial condition may be adversely affected. Furthermore, such incremental capital requirements may negatively impact cash flows in the near term and may require us to dedicate additional resources, including sales and marketing costs.

The process of improving our HPE GreenLake cloud offerings, enhancing existing hardware, software, and cloud-based solutions, and developing and improving the systems necessary for new and evolving data-intensive artificial intelligence-based workloads are all complex, costly, and uncertain, and any failure by us to anticipate customers’ changing needs and emerging technological trends accurately, to invest sufficiently in strategic growth areas, or to otherwise successfully execute this strategy could significantly harm our market share, results of operations, and financial performance.

Having developed a cloud platform product in HPE GreenLake and the hardware capabilities to support artificial intelligence computing, we must be able to continue integrating new features that are relevant to our customers and to scale quickly, while also managing costs and preserving margins, which means accurately forecasting volumes, mixes of products, and configurations that meet customer requirements, which we may not succeed at doing. These offerings face competition from peer companies with their own cloud platform and artificial intelligence computing offerings, and any delay in the development, production, or marketing of a new product, service, or solution could result in our offerings being late to reach the market, which could harm our competitive position. In addition, should we successfully consummate the Merger, the process of integrating and streamlining our offerings (including integrating Juniper Networks’ offerings with ours) or developing new solutions based on our respective technological portfolios may be complex, costly, time-consuming, and uncertain, and failure by us to successfully do so could adversely impact our future results of operations and financial performance. Furthermore, we anticipate needing to adapt our go-to-market structure from time to time with new sales and marketing approaches, to better align with aaS business models and to capture unique market opportunities, such as in hybrid cloud and artificial intelligence. Changing our go-to-market structure may affect employee compensation models and ultimately our ability to retain employees. There is no assurance that we will be able to 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 them.

Our HPE GreenLake solutions generally are multiyear agreements, which result in recurring revenue streams over the term of the arrangement. As customer demand for our aaS offerings increases, we have experienced, and will continue to 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 aaS offerings (for which revenue is generally recognized ratably 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. Additionally, implementing this business model also means that our historical results, especially those from before the transition, may not be indicative of future results, which may adversely affect our ability to accurately forecast our future operating results. Our aaS offerings also could subject us to increased risk of liability related to the provision of services as well as operational, technical, legal, regulatory, or other costs.

We depend on third-party suppliers, and our financial results could suffer if we fail to manage our supplier relationships properly.

Our operations depend on our ability to anticipate our needs for components, products, and services, as well as our suppliers’ abilities to deliver sufficient quantities of quality components, products, and services at reasonable prices and in time for us to meet critical schedules for the delivery of our own products and services. 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, assemble, and deliver certain solutions, problems have, from time to time in the past, arisen, and could in the future arise, in production, planning, and inventory management that could harm our business. In addition, our ongoing efforts to optimize the efficiency of our supply chain could cause supply disruptions and be more expensive, time-consuming, and resource-intensive than expected. Furthermore, certain of our suppliers have at times decided, and may in the future decide, to discontinue conducting business with us. Other supplier problems that we have faced, and could again face in the future, include component shortages, excess supply, and contractual, relational, and labor risks, each of which is described below.

•Component shortages. We have in the past experienced, and may experience again in the future, delays and shortages of certain components as a result of strong demand, supplier transitions, raw material or capacity constraints, and other problems experienced by suppliers in certain geographies and markets, resulting in insufficient supply to meet total market demand. 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. We may not be able to secure enough components at reasonable prices, of acceptable 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 from a loss of time-sensitive sales, additional freight costs incurred, or the inability to pass

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on price increases to our customers. If we cannot adequately address supply issues, we may have to reengineer some product or service offerings, which could result in further costs and delays.

•Excess supply. In order to secure components for our products or services, at times we may make advance payments to suppliers or enter into long term agreements, non-cancellable commitments, or other inventory management arrangements with vendors. In addition, we may purchase components strategically in advance of demand to take advantage of favorable pricing or to address concerns about the availability of future components. If we fail to anticipate customer demand properly, a temporary oversupply can result in excess or obsolete components (which has happened at times in the past), which has at times adversely impacted and could in the future adversely impact our business and financial performance.

•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 charges relating to inventory obsolescence.

•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. We have been exposed to various legal claims relating to the status of contingent workers in the past and could face similar claims in the future. We may be subject to shortages, oversupply or fixed contractual terms relating to contingent workers. Our ability to manage the size and cost of our contingent workforce may be subject to additional constraints imposed by local laws.

•Single-source suppliers. We obtain certain components from single-source suppliers due to technology, availability, price, quality, scale, or customization needs. 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. Replacing a single-source supplier has at times delayed, and could delay, production of some products as replacement suppliers may initially be unable to meet demand or be subject to other output limitations. For some components, such as customized components, alternative sources either may not exist or may be unable to produce the quantities of those components necessary to satisfy our production requirements. In addition, we sometimes purchase components from single-source suppliers under short-term agreements that contain favorable pricing and other terms but that may be unilaterally modified or terminated by the supplier with limited notice and with little or no penalty. The performance of such single-source suppliers under those agreements (and the renewal or extension of those agreements upon similar terms) may affect the quality, quantity, and price of our components. The loss of a single-source supplier, the deterioration of our relationship with a single-source supplier, or any unilateral modification to the contractual terms under which we are supplied components by a single-source supplier could adversely affect our business and financial performance.

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 reputation, and adversely affect our stock price.

As a leading technology firm, we are exposed to attacks from criminals, nation state actors, malicious insiders, and activist hackers (collectively, “malicious parties”) who have 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 negative impacts to HPE, nor have any of HPE’s consumers, customers, or employees informed HPE that these attacks resulted in material harm to them. While we investigate and remediate incidents, there can be no assurance that we will do so comprehensively or that the threat actor will not identify alternative means of intrusion or opportunities to otherwise utilize the information it accessed to adversely affect our business or results of operations. It is also possible that incidents may embolden other malicious actors to perpetrate future attacks that may result in material misappropriation, system disruptions or shutdowns, malicious alteration, or destruction of our confidential or personal information or that of third parties. Further, there has been an increase in the frequency and sophistication of such attacks, and we expect these activities to continue to increase, including malicious actors potentially leveraging AI to develop malicious code or sophisticated phishing attempts. Malicious parties may also be able to otherwise develop and deploy viruses, worms, ransomware, and other malicious software programs that attack our products or otherwise exploit any security vulnerabilities of our products, including within our cloud-based environments and offerings, such that we may be unable to anticipate such malicious parties’ techniques, implement adequate preventative measures, or remediate any intrusion on a timely or effective basis even if our security measures are appropriate, reasonable, and comply with applicable legal requirements. Further, cyberattacks or incidents have in the past gone, and could in the future go, undetected in our environments for a period of time, and we may discover additional impacts of earlier incidents that we believe were remediated. For example, as previously disclosed in our Form 8-K filed with the Securities and Exchange Commission on January 24, 2024, we learned in December 2023 that, beginning in May 2023, a nation-state-

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associated threat actor gained unauthorized access to and exfiltrated data from HPE’s cloud-based email and SharePoint environments. While this incident has been investigated and remediated with no material impact experienced by HPE to date, this may have nevertheless resulted in harm to our reputation and customer relationships (and may do so in the future, as well), and there can be no assurance that the threat actor will not utilize the information accessed to adversely affect our business or results of operations. 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 exposure of information.

Malicious parties may compromise our manufacturing supply chain and the systems or networks of other third parties on whom we rely, and as such, may embed malicious software or hardware in our products, thereby compromising our customers. Geopolitical tensions or conflicts, such as the ongoing conflicts between Russia and Ukraine or in the Middle East, may heighten the risk of such cyberattacks or exacerbate system vulnerabilities, considering our continued hybrid work environment and our globally dispersed operations, employees, contractors, suppliers, developers, partners, and other third parties. In addition, sophisticated hardware and operating system software and applications that we produce, procure or integrate from third parties, including those of companies we have acquired, may contain defects in design or manufacturing, including flaws that could unexpectedly interfere with the operation of the system. The costs associated with cybersecurity tools and infrastructure and competition for cybersecurity and IT talent have at times limited, and may in the future limit, our ability and the ability of third parties on whom we rely to efficiently identify, eliminate, or remediate cyber or other security vulnerabilities or problems or enact changes to minimize the attack surface of our network. Furthermore, our efforts, and the efforts of third parties on whom we rely, to address these problems, at times, have not been, and may in the future not be successful and could result in interruptions, delays, cessation of service, compromise of sensitive information, and loss of existing or potential customers, any of which may impede our sales, manufacturing, distribution or other critical functions. Additional impacts from cybersecurity incidents could include reimbursement of 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. Further, it may be difficult to determine the best way to investigate, mitigate, contain, and remediate any harm caused by a cybersecurity incident. Such efforts may not be successful, and we may make errors or fail to take necessary actions. It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for sophisticated attacks. These factors may inhibit our ability to provide prompt, full, and reliable information about the incident to our customers, partners, regulators, and the public. Additionally, to the extent we carry insurance coverage for such possibilities, we cannot be certain that any such coverage will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions, or other impacts arising from security breaches or incidents, or that such coverage will continue to be available on acceptable terms or at all.

We manage and store various proprietary information, intellectual property, and sensitive or confidential data relating to our business. In addition, our business may process, store, and transmit customer data, including commercially sensitive, government-related, and/or personal data, subject to the European General Data Protection Regulation, United Kingdom General Data Protection Regulation, and various U.S. state and foreign data security and privacy laws, which give new data privacy rights to their residents and impose significant obligations related to the handling of personal data. Compliance with data security and privacy laws is complex and costly. With our business increasingly providing aaS offerings, malicious parties could target such services, potentially resulting in an increased risk of compromise of customer or employee data resulting in regulatory exposure. Incidents involving our cyber or physical security measures or the accidental loss, inadvertent disclosure, or unapproved dissemination of proprietary information, intellectual property, or sensitive, confidential, or personal data about us, our clients, or our customers, including the potential loss or disclosure of such data as a result of fraud or other forms of deception, could expose us, our customers, or the individuals affected to a risk of loss or misuse of this information; result in regulatory fines, litigation, and potential liability for us; damage our brand and reputation; or otherwise harm our business. We also could lose existing or potential customers of services or other IT solutions or incur significant expenses in connection with our customers’ system failures or any actual or perceived security vulnerabilities in our products and services. In addition, the cost and operational consequences of managing an incident and implementing further data protection measures could be significant.

Additionally, we have at times experienced, and may experience, other security issues that are not the 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. Portions of our IT infrastructure also have experienced, and may experience, interruptions, delays, or cessations of service or produce errors in connection with systems integration or migration work that takes place from time to time. As our IT environment continues to evolve, we have, at times, been unsuccessful, and may in the future be unsuccessful, in adopting or implementing new systems and transitioning data, which could cause business disruptions and be more expensive, time-consuming, disruptive, and resource intensive. Furthermore, our data centers depend on predictable and reliable energy and networking capabilities, the cost or availability of which could be adversely affected or

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disrupted by a variety of factors, including but not limited to the effects of climate change. Such disruptions could adversely impact our ability to fulfill orders and respond to customer requests and interrupt other processes. Delayed sales, lower margins, or lost customers resulting from these events could reduce our revenue, increase our expenses, and adversely affect our reputation and stock price.

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 or such vulnerabilities may persist after issuing security patches because system software updates may occur asynchronously across our customer base. Additionally, we have acquired and may continue to acquire companies with cybersecurity vulnerabilities or different security standards, which exposes us to related cybersecurity, operational, and financial risks. Further, as our products and services in some instances are integrated with our customers' systems and processes, even if we are successful in identifying vulnerabilities, a successful attack on us could compromise customers’ IT systems and sensitive data, despite active monitoring and development of tools designed to identify and remediate such vulnerabilities. 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.

Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.

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 water shortages; telecommunications failures; materials scarcity and price volatility; terrorist acts, civil unrest, conflicts or wars; and health epidemics or pandemics. The impacts and frequency of any of the above could be further exacerbated by climate change, particularly in countries where we operate that have limited infrastructure and disaster recovery resources. While we are predominantly self-insured to mitigate the impact of most catastrophic events, the occurrence of business disruptions could, among other impacts, harm our revenue, profitability, and financial condition; adversely affect our competitive position; increase our costs and expenses; make it difficult or impossible to provide our offerings to our customers or to receive components from our suppliers; create delays and inefficiencies in our supply chain; or require substantial expenditures and recovery time in order to fully resume operations.

COVID-19大流行等公共卫生危机以及为应对此类事件而采取的措施过去对我们以及合作伙伴、客户和供应商的运营和员工队伍产生了负面影响，未来可能再次产生负面影响。此外，对此类事件经济影响的担忧不时导致金融和其他资本市场的波动加剧，对我们的股价、我们进入资本市场的能力以及我们为流动性需求提供资金的能力产生不利影响，并且可能会在未来再次发生这种情况。任何此类事件对业务运营和对我们产品需求的负面影响将取决于未来的事态发展和针对此类事件采取的行动，这些事件可能超出了我们的控制范围、高度不确定性，并且目前无法预测。

产品部件的制造、产品的最终组装和其他关键业务都集中在某些地理位置，包括美国、波多黎各、哥斯达黎加、捷克共和国、马来西亚、墨西哥、中国、台湾、韩国和新加坡。我们还依赖主要的物流枢纽，这些枢纽位于主要地区的制造设施附近，靠近HPE的分销渠道和客户。其他关键业务和我们的一些供应商位于加利福尼亚州和亚洲，靠近以地震活动而闻名的主要地震断层。如果这些地区的制造、物流或其他业务因任何原因(包括上述原因)中断，我们的业务可能会受到不利影响，就像过去在美国、波多黎各和中国发生的自然灾害和公共卫生问题一样。如果此类中断对我们的业务、运营结果、财务状况和股票价格产生不利影响，则它们还可能增加本10-K表第I部分第1A项中描述的许多其他风险.

未能完成与Juniper Networks的合并可能会对我们的业务和股价产生不利影响。

2024年1月，我们达成了一项最终协议，收购了人工智能原生网络的领先者瞻博网络公司。合并的完成取决于某些条件的满足或放弃，包括但不限于(I)Juniper Networks、HPE和Juniper Networks的股东(已于2024年4月2日完成)通过或在Juniper Networks、HPE和Juniper Networks的全资子公司茉莉收购子公司(Juniper Networks)之间通过合并协议和计划(「合并协议」)；(Ii)没有任何阻止、禁止或非法完成合并的禁令、命令或法律；(Iii)根据经修订的1976年《哈特-斯科特-罗迪诺反托拉斯法》，等待期(或延长等待期)到期或终止，并根据特定的外国反垄断法和外国投资法获得所有其他所需的批准、同意或许可，而不施加繁琐的条件(如合并协议中的定义)；及(Iv)在HPE和合并子公司实施合并的义务的情况下，截至合并结束时，没有对Juniper Networks造成重大不利影响。不能保证这些或其他结束条件将得到及时满足或根本不能得到满足。完成合并的任何延迟都可能导致我们无法实现预期的部分或全部预期收益，如果有的话。

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如果合并未完成，我们的股价可能会受到影响，反映了我们将完成合并的假设，此外，我们可能会遭受其他可能对我们的业务、运营财报和股价产生不利影响的后果，包括产生我们无法收回的巨额收购成本、负面宣传以及我们在投资界的负面印象。此外，在某些特定情况下，包括我们或Juniper Networks因未获得某些所需的监管许可或我们严重违反合并协议的条款而终止合并协议，终止后，我们将被要求向Juniper Networks支付81500万美元的终止费。

未能实现与Juniper Networks合并的预期好处可能会对我们的业务或股价产生不利影响。

我们无法保证我们将实现合并预期带来的任何重大利益，或在预期时间内实现这些利益。实现这些好处在一定程度上取决于我们成功有效地整合Juniper Networks业务的能力。这种集成将复杂且耗时，其中包括以下挑战：

•维护Juniper Networks的客户和其他重要关系，并吸引新的业务和运营关系;

•整合财务预测和控制、程序和报告周期;

•巩固和整合企业、信息技术、财务和行政基础设施;

•协调销售和营销工作，以有效定位我们的能力;

•协调和整合运营，包括我们以前未运营过的国家/地区;以及

•整合员工和相关人力资本管理体系和福利，保持员工士气并留住关键员工。

如果我们不能成功地管理这些问题和整合收购业务所固有的其他挑战，那么我们可能无法在预期时间内或根本无法实现合并的预期收益，并且我们的收入、费用、经营财报、财务状况和股价可能会受到重大不利影响。Juniper Networks的成功整合将需要管理层在与Juniper Networks的合并完成之前和之后给予高度关注，并且可能会转移管理层对我们业务和运营问题的注意力。

如果我们未能成功识别、管理和完成收购以及随后的整合、资产剥离和其他重大交易，则可能会损害我们的财务财报、业务和前景。

作为我们战略的一部分，我们可能会收购业务、剥离业务或资产、建立战略联盟和合资企业，并进行投资以进一步发展我们的业务（统称为「业务合并和投资交易」），并处理任何关闭后的问题，例如整合。与业务合并和投资交易相关的风险包括以下风险，其中任何风险都可能对我们的财务财报（包括我们的有效税率）产生不利影响：

•我们可能无法成功组合产品或服务，也无法实现任何特定业务合并和投资交易的所有预期收益，这可能会导致（1）未能执行我们的业务战略;（2）未能协调销售和营销工作以有效定位我们的能力;（3）未能留住员工、客户、分销商和供应商或吸引新的业务和运营关系;（4）意外延误或未能履行合同义务的增加，可能导致财务结果与预期不同;和（5）工资、提前退休成本、员工福利成本、消除重复设施和合同的费用、库存调整、承担的诉讼和其他责任、法律、会计和财务咨询费用，以及根据保留计划向高管和关键员工支付的费用。

•我们可能无法成功且高效地（1）整合财务预测和控制、程序和报告周期;（2）整合和整合企业、信息技术、财务和行政基础设施;（3）协调和整合运营，包括我们以前未运营过的国家/地区;（4）整合员工和相关人力资本管理系统和福利;或（5）以适当的方式解决冗余流程和职能（从而影响我们实现所有或任何预期协同效应的能力）

•我们对业务合并和投资交易进行尽职调查的能力以及评估此类尽职调查结果的能力取决于第三方或其代表所做的声明和披露或采取的行动的真实性和完整性。我们可能无法发现被收购公司的产品质量、财务披露、工作场所文化、会计实践或内部控制缺陷的重大问题，或者合理准确地估计成本、时间和其他事项所需的所有因素。

•为了完成业务合并和投资交易，我们可能会发行普通股，这可能会稀释我们的现有股东，或者我们可能会达成融资安排，这可能会影响我们的流动性和财务状况。

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•对于收购或其他组合，收购合作伙伴的网络安全和数据保护控制可能不同或不足，这可能会影响我们面临的数据安全事件，并可能增加整合业务的预期成本或时间。

•业务合并和投资交易可能会导致诉讼，这可能会影响我们的财务状况和运营财报。

•我们已经并将在与业务合并和投资交易相关而收购的某些资产的使用寿命内产生额外的折旧和摊销费用，并且，如果与业务合并和投资交易相关而收购的声誉或无形资产的价值出现减损，我们可能需要产生与这些资产的减损相关的额外重大费用。

•对于资产剥离，我们可能会在及时找到买家或以可接受的条款制定替代退出策略方面遇到困难，或者我们可能会以低于预期的价格或条款处置企业。

•资产剥离对我们收入增长的影响可能比预期更大，因为我们可能会经历比预期更大的协同效应。如果我们不以可接受的条款满足成交前条件以及必要的监管和政府批准，可能会阻止我们完成交易。处置还可能涉及对被剥离业务的持续财务参与，例如通过持续股权所有权、担保、赔偿或其他财务义务。根据这些安排，被剥离企业的财报或我们控制之外的其他情况可能会影响我们未来的财务财报。

•如果我们的董事会认为不受欢迎，我们的公司注册证书和章程可能会使收购惠普企业变得困难或阻止收购。赔偿、满足要求和空白支票股票授权等条款可能会阻止或推迟敌意收购、代理权竞争或惠普企业控制权或管理权的变更。

管理层的注意力或其他资源可能会在业务合并和投资交易期间被转移，如果我们未能成功完成或整合业务合并和投资交易以推进我们的战略目标，则可能会受到进一步影响. 另请参阅下面「与之前离职相关的风险」标题下的风险因素。

如果我们无法继续生产优质的产品和服务，我们的声誉、业务和财务表现可能会受到影响。

在开展业务的过程中，我们必须充分解决与我们的产品、服务和解决方案(无论是由我们开发的还是由我们收购的公司开发的)相关的质量问题，包括我们的工程、设计和制造流程中的缺陷和服务合同下的不令人满意的表现，以及我们产品中包含的第三方组件的缺陷，以及第三方承包商或分包商或其员工的不满意的性能甚至恶意行为。为了解决质量问题，我们与客户和供应商广泛合作，并进行产品测试，以确定问题的原因，并开发和实施适当的解决方案。然而，我们提供的产品、服务和解决方案是复杂的，我们的常规测试和质量控制努力可能不能有效地控制或检测所有质量问题或错误，特别是与第三方制造的有缺陷的组件有关的问题。如果我们无法确定原因、找到适当的解决方案或提供临时修复程序(或「补丁程序」)来解决我们产品的质量问题，我们可能会推迟向客户发货，这可能会推迟收入确认和客户付款的接收，并可能对我们的收入、现金流和盈利能力产生不利影响。此外，在产品交付后，质量问题可能需要我们维修或更换此类产品。解决质量问题可能成本高昂，并可能导致额外的保修、维修、更换和其他成本，从而对我们的财务财报产生不利影响。如果新客户或现有客户操作我们的产品有困难，或对我们的服务或解决方案不满意，我们的运营结果可能会受到不利影响，如果我们不能满足客户的期望，我们可能面临索赔。此外，质量问题，包括我们产品的实际或感知的安全性或可靠性，或解决其他数据安全问题的能力，可能会损害我们与新客户或现有客户的关系，并对我们的品牌和声誉产生不利影响，这可能会对我们的运营结果产生不利影响。

为了取得成功，我们必须吸引、保留、培训、激励、发展和过渡关键员工，否则可能会严重伤害我们。

为了取得成功，我们必须吸引、保留、培训、激励、发展和过渡合格的高管和其他关键员工，包括管理、技术、开发、销售、营销和IT职位的员工。为了在竞争激烈的市场中吸引和留住高管和其他关键员工，我们必须提供有竞争力的薪酬方案，包括现金和股权薪酬。考虑到我们捕捉网络、混合云和人工智能带来的市场机会的增长战略，这些尤其重要。针对某些高管的某些基于股权的激励奖励包含与我们的股价表现和长期财务表现相关的条件，使这些奖励的未来价值不确定。如果此类基于股权的激励奖励的预期价值没有实现，如果我们的基于股权的薪酬不再被视为有价值的福利，如果我们的总薪酬方案不是

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被视为具有竞争力，或者如果我们没有获得继续授予我们认为必要金额的股权激励奖励所需的股东批准，我们吸引、保留和激励高管和关键员工的能力可能会被削弱。

我们未能成功招聘高管和关键员工，或者失去任何高管和关键员工，都可能对我们的运营和我们执行战略的能力产生重大影响。此外，我们管理团队的变动可能会对我们的业务造成破坏，任何未能成功过渡和吸收关键新员工或晋升员工的情况都可能对我们的业务和运营结果产生不利影响。随着我们行业对高技能员工的竞争日益激烈，我们过去经历过，未来可能会经历比预期更高的员工流失率，这导致雇佣具有所需技能的新员工的成本增加，未来可能会再次出现这种情况。此外，大量或长期的人员流动或修订的招聘优先顺序可能会对我们的运营和文化以及我们成功维持流程和程序的能力产生负面影响，包括由于历史、技术和其他专业知识的损失。这些吸引和留住必要人才的风险可能会因劳动力限制而加剧，例如可能削弱招聘技术和专业人才能力的移民政策，以及影响员工工资和福利的通胀压力。此外，由于我们的收购(包括合并)而导致的员工和业务的整合可能会带来挑战，这可能会对我们留住和招聘对我们未来成功至关重要的人员的能力产生负面影响。

如果我们未能正确管理产品和服务的分销，我们的业务和财务表现可能会受到影响。

我们使用各种分销方法在世界各地销售我们的产品和服务，包括直接和间接向最终用户销售。成功管理我们的直接和间接渠道努力的互动，以接触我们的产品和服务的各个潜在客户群是一个复杂的过程。此外，由于每种分销方式都有不同的风险和毛利率，因此我们未能在产品和服务的交付模式中实现最有利的平衡可能会对我们的收入和毛利率产生不利影响，从而对我们的盈利能力产生不利影响。

由于分销渠道冲突或渠道合作伙伴的财务状况疲软，我们的财务财报可能会受到重大不利影响。我们的运营财报可能会因我们的各种分销渠道之间可能出现的任何冲突或任何联盟或分销安排的损失或恶化而受到不利影响。此外，我们的一些批发分销商可能财务资源不足，可能无法承受业务状况的变化，包括经济疲软、行业整合和市场趋势。我们的分销渠道合作伙伴尚未偿还大量未受抵押品或信用保险覆盖的贸易应收账款。如果分销商的财务状况、信贷市场借贷资金的能力或运营减弱，间接销售的收入可能会受到影响，我们的分销可能会中断。

我们的库存管理很复杂，因为我们继续通过分销商销售大量产品。我们必须有效管理自有库存和渠道库存，特别是在向分销商的销售方面，这涉及预测需求和定价挑战。分销商过去曾在产品短缺期间调整订单，将来也可能会这样做，除了在库存过高时取消订单或因预期新产品而推迟订单外。分销商还可能会根据我们产品和竞争对手产品的供应以及最终用户需求的季节性波动调整订单。如果我们的库存过剩或过时，我们可能不得不降低价格并减记库存，而且过去曾多次这样做。此外，我们使用间接分销渠道可能会限制我们快速调整价格以及应对价格变化的意愿或能力。

人工智能的开发和使用中的问题可能会导致声誉损害、责任或对我们的运营结果产生影响。

我们相信，人工智能的激增，特别是与我们支持人工智能工作负载的产品和解决方案相关的产品和解决方案，将对我们行业的客户偏好和市场动态产生重大影响，我们在这个领域有效竞争的能力将对我们的财务财报至关重要。我们目前将人工智能能力整合到某些产品中，并制造旨在支持人工智能能力的硬件，我们对此类能力和制造流程的研究和持续开发仍在继续。我们已经投入了大量资源，并预计将继续投入大量资源来建设和支持这些能力和制造流程的开发，如果我们的人工智能相关产品未能按预期运行，或与竞争产品一样好，或以其他方式不能满足客户需求，或者如果我们无法像竞争对手一样有效地将与人工智能相关的产品推向市场，我们可能无法收回对人工智能的投资，我们的竞争地位可能会受到损害，我们的业务和声誉可能会受到不利影响。

与许多创新一样，人工智能带来了风险、挑战和意想不到的后果，可能会影响其采用，从而影响我们的业务和整体战略。虽然我们在部署之前审查拟议的实施和用例，但我们可能并不总是识别人工智能功能或产品的风险或缺陷，市场的反应可能会与我们预期的不同，这可能会影响我们的运营结果。人工智能算法和训练方法可能存在缺陷。我们或其他人的人工智能开发或部署实践无效或不充分可能导致损害

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接受人工智能解决方案或对个人或社会造成伤害。人工智能系统的这些缺陷和其他故障可能会使我们受到竞争损害、监管行动、法律责任以及品牌或声誉损害。如果我们启用或提供因对人权、隐私、就业或其他社会、经济或政治问题的影响而引起争议的人工智能解决方案，我们可能会遇到竞争、品牌或声誉损害或法律和/或监管行动。此外，纳入人工智能会带来诉讼风险和不合规风险以及未知的合规成本，因为人工智能是一种新兴技术，其法律和监管格局尚未完全成熟，可能因司法管辖区而异，造成复杂的合规问题(包括违反知识产权或隐私权或法律或滥用个人数据的潜在责任)。虽然新的人工智能倡议、法律和法规正在涌现和发展，但它们最终将是什么样子仍然不确定，我们遵守它们的义务可能会带来巨大的成本，对我们的业务产生负面影响，或者完全限制我们将某些人工智能能力整合到我们的产品中的能力。此类法规对我们客户对人工智能功能的渴望以及对我们产品的需求产生的影响可能会对我们的运营结果产生负面影响。

此外，利用人工智能能力潜在地改进内部功能和运营带来了进一步的风险和挑战。虽然我们的目标是在道德上使用人工智能，并试图确定和缓解使用人工智能带来的伦理或法律问题，但我们可能无法在问题出现之前成功地识别或解决问题。使用人工智能支持业务运营存在与数据隐私和安全相关的固有风险，如有意、无意或无意地传输专有或敏感信息，以及与实施和维护人工智能工具有关的挑战，如为此类支持开发和维护适当的数据集。此外，依赖人工智能而没有足够的保障措施来做出某些商业决策可能会带来额外的运营漏洞，因为它会影响我们与客户、合作伙伴和供应商的关系；通过基于底层数据中的缺陷产生不准确的结果；或者其他意外的结果。

宏观经济环境的变化有时会影响并可能在未来对我们的经营财报产生负面影响。

宏观经济状况的变化有时会影响并可能在未来影响消费者和企业支出，因此，我们的客户因多种原因推迟或取消了支出，未来也可能推迟或取消支出，这些原因包括但不限于信贷和股票市场的波动、负面金融消息和/或收入或资产价值的下降，所有这些都可能对对我们产品的需求产生不利影响和/或导致我们产品价格的变化。对我们产品的需求、财务状况和经营结果已经并可能在未来再次产生不利影响的其他因素包括通货膨胀、经济增长放缓或经济衰退、劳动力市场状况、医疗成本、获得信贷的机会、消费者信心以及其他影响消费者和企业支出行为的宏观经济因素。这些变化可能会迅速发生，我们可能无法迅速做出反应来防止或限制我们的损失或风险敞口。此外，其他宏观经济发展，如政府刺激或稳定经济的努力、国际冲突、贸易争端、制裁、国际关税上升(包括美国和中国之间的关税以及从各国进口到美国的商品的关税上升)，有时直接或间接地影响并可能在未来以不利的方式影响我们的业务，例如影响我们的客户、供应商和与我们有业务往来或依赖的其他第三方的财务状况和运营，从而影响他们履行与我们达成的协议规定的义务的能力。持续的通胀在最近几个季度对我们的业务造成了负面影响，未来也可能再次出现这种情况。企业对全球经济信心的普遍减弱和相关的下降，或政府或企业支出的削减，有时会导致现有或潜在客户减少他们的it预算，或者无法为数据存储-脑机产品提供资金，这导致他们推迟、减少或取消购买我们的产品，或者不向我们付款，或者推迟向我们支付以前购买的产品和服务的费用，所有这些情况在未来可能会再次发生。.

未能满足负责任和可持续的业务期望或标准或实现我们的生活进步目标可能会对我们的业务、运营财报、财务状况或股价产生不利影响.

监管机构和利益攸关方越来越关注可持续性和企业责任问题。鉴于我们对可持续和负责任的业务的承诺，我们通过我们的生活进步战略积极管理这些问题，并制定并公开宣布了某些目标，我们未来可能会完善甚至进一步扩大这些目标。这些目标反映了我们目前的计划和愿望，是基于现有的数据和估计，并不能保证我们能够实现这些目标。此外，我们基于我们目前认为合理的预期、假设或第三方信息可能采取的行动或声明可能随后被确定为错误或受到误解。解决可持续性和公司责任问题的举措可能代价高昂，而且可能不会产生预期的效果。不断变化的利益相关者期望以及我们管理这些问题和实现目标的努力和能力带来了许多运营、监管、声誉、财务、法律和其他风险，其中任何风险都可能超出我们的控制范围，或可能对我们的业务产生不利影响，包括对我们的股票价格。此外，与新出现的法律和报告要求相关的会计准则和与气候有关的披露以及遵守新出现的条例的相关成本也存在不确定性。

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我们未能或被认为未能实现我们的生活进步目标、保持负责任和可持续的业务实践，或遵守不断变化的监管或利益相关者期望的新兴可持续发展法规，可能会损害我们的声誉，对我们吸引和留住客户和人才的能力产生不利影响，并使我们面临来自投资界和执法部门更严格的审查a任务。我们的声誉也可能因为我们的利益相关者对我们在某些可持续发展和企业责任相关问题上的行动或不行动的看法而受到损害，或者因为他们可能不同意我们的目标和倡议，其中任何一项都可能导致我们面临与我们在此类问题上的行动或不行动相关的审查、诉讼或特定各方的其他市场准入限制。对我们声誉的损害和品牌资产的损失可能会减少对我们产品和服务的需求，从而对我们未来的财务财报产生不利影响，并需要额外的资源来重建我们的声誉。

气候变化和向低碳经济转型产生的风险可能会影响我们的业务。

气候变化是一种风险倍增，可能会增加自然灾害的频率和严重程度，从而可能影响我们在全球的业务运营以及供应商和客户的业务运营。我们的公司总部位于得克萨斯州的斯普林市，那里遭受洪水、飓风和其他极端天气的影响，我们的部分研发活动位于加利福尼亚州，那里遭受干旱条件和灾难性的野火，每一项都会影响我们员工的健康和安全。在加利福尼亚州，为了减轻野火风险，电力公用事业公司有时会定期部署，未来也可能定期部署公共安全断电装置，这会影响我们的设施和社区的电力可靠性。位于美国、中东、中国和印度的某些地点暴露在极端高温和水压力下，这可能会危及我们员工的健康和福祉，从而影响我们的运营。虽然我们寻求通过选址、基础设施技术投资、业务连续性规划和稳健的环境计划来降低业务风险，包括与气候变化相关的风险，但这可能需要我们招致巨额成本，而且我们可能无法成功做到这一点，因为无论在哪里开展业务，都存在固有的与气候相关的风险。此外，气候变化可能会增加自然灾害的发生率和严重性，从而减少自然灾害的这些负面影响的可获得性或增加保险成本。

对气候变化的日益关注也可能导致过渡风险，例如与碳减排有关的努力和支出、客户偏好的变化，或因法规和法律要求的变化而产生的合规风险。我们已经观察到，客户偏好的变化导致对可持续解决方案、产品和服务的需求增加。虽然到目前为止，我们一直在将这些趋势整合到我们的业务和销售战略中，但我们未来可能无法成功做到这一点。此外，不断变化的客户偏好可能会导致我们产生额外的成本，在研发上投入更多资金，或对其他业务进行其他更改以响应此类需求，这些可能无法成功实施，如果是这样，可能会对我们的财务财报产生不利影响。随着电网脱碳，我们还可能面临更高的电价，以及符合某些环境监管门槛的供应或组件成本上升，这可能会影响我们的利润率或我们产品的定价。如果我们不能有效地管理这些和其他过渡风险，客户对我们的解决方案、产品和服务的需求可能会减少，我们的盈利能力可能会受到影响。

行业风险

我们经营的行业竞争激烈，竞争压力可能会损害我们的业务和财务财报。

我们有能力为客户实施解决方案，预测并响应技术的快速和持续变化(例如与云、人工智能和安全相关的产品，这些产品都在不断发展)，并开发新的服务产品或将技术改进融入我们的产品中，以满足当前和潜在客户的需求，以及不断发展的行业标准，这对我们的竞争力和成功至关重要。我们在业务的所有领域都面临着来自众多不同竞争对手的激烈竞争，我们的竞争对手已经瞄准了我们的关键市场细分市场，并预计将继续瞄准我们的关键细分市场。我们的竞争主要基于技术、创新、性能、价格、质量、可靠性、品牌、声誉、分销、产品和服务范围、产品的易用性、客户关系、客户培训、服务和支持、安全性以及我们IT基础设施产品的可用性。如果我们的产品、服务、支持和成本结构不能使我们在这些标准的基础上成功竞争，我们的运营结果和业务前景可能会受到损害。

我们拥有庞大的产品和服务组合，必须在我们所有的产品和服务中配置我们的财务、人员和其他资源，同时与那些投资组合较小或专门从事我们一个或多个产品或服务线的公司竞争。因此，与竞争对手相比，我们在某些业务领域的投资可能会更少，而我们的竞争对手可能会比分配给我们的产品和服务的资源更多的财务、技术和营销资源可供他们使用。如果我们不充分投资于新技术，成功适应行业发展和不断变化的需求，并以足够的速度和规模发展和扩大我们的业务，以跟上我们服务的市场的需求，我们可能无法发展和保持竞争优势，并执行我们的增长战略，这将对我们的业务、运营结果和财务状况产生不利影响。行业整合还可能通过创造更大、更同质化和潜在更强大的竞争来影响竞争

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我们运营所在市场的竞争对手。此外，我们的竞争对手可能会通过与我们现有或潜在客户或供应商达成独家安排来影响我们的业务。

在某些领域与我们建立垂直关系的公司可能成为或成为我们在其他领域的竞争对手。此外，与我们有垂直关系的公司也可能收购或与我们的竞争对手建立关系，这可能会减少他们与我们的业务。如果我们无法有效管理与垂直合作伙伴的这些复杂关系，我们的业务和运营财报可能会受到不利影响。

我们面临着激烈的价格竞争，并且可能会继续这样做。由于通货膨胀以及供应链和制造成本上升，我们过去曾提高许多产品和服务的价格，以维持或提高我们的收入和毛利率，并且未来可能会再次这样做。此外，在我们竞争的一些低成本市场中拥有更大影响力的竞争对手，或者能够在供应有限期间获得更好的定价、更有利的合同条款和条件或更有利的产品和零部件分配的竞争对手，可能能够提供比我们能够提供的更低的价格。我们的现金流、运营财报和财务状况可能会受到这些和其他全行业定价压力的不利影响。

由于我们的商业模式基于提供创新和高质量的产品和服务，因此我们在研发上的收入可能比我们的一些竞争对手投入更多。如果我们不能及时按比例降低成本结构（研发费用除外）以应对竞争性的价格压力，我们的盈利能力可能会受到不利影响。此外，如果我们的定价和产品的其他方面没有足够的竞争力，或者如果我们的产品决策出现不利反应，我们可能会失去某些领域的市场份额，这可能会对我们的财务表现和业务前景产生不利影响。

即使我们能够维持或增加特定产品的市场份额，其财务表现也可能会下降，因为该产品处于成熟的行业或细分市场或包含正在过时的技术。由于与我们的产品执行类似功能的其他类型产品的竞争加剧，财务财报可能会下降。

国际风险

由于我们业务的国际性，政治或经济变化以及适用于国际交易的法律和监管制度或其他因素可能会损害我们未来的收入、成本和费用以及财务状况。

我们的业务和财务表现在很大程度上取决于全球经济状况，以及我们竞争的市场对技术硬件、软件和服务的需求，以及对这些市场的持续准入。经济疲软和不确定性以及动荡的通胀环境限制了网络和企业基础设施的支出。这在过去对我们的产品、服务和解决方案的需求产生了不利影响，影响了我们的财务状况和运营结果，所有这些都可能在未来再次发生。过去，由于坏账准备增加以及潜在商誉和资产减值费用(以及其他财务影响)而导致支出增加，使我们更难管理库存和准确预测收入、毛利率、现金流和支出，并可能在未来再次产生此类影响。这些因素，包括这种情况可能持续多久等，可能会对我们的产品和服务的需求的均衡性或需求量产生负面影响，可能导致类似上述的影响，尽管无法准确预测此类影响的确切程度。

经济疲软和不确定性可能会导致我们的支出与我们的预期大不相同。任何影响银行体系和金融市场的金融动荡，或任何重大的金融服务机构倒闭，都可能对我们的国库运营产生负面影响，因为在市场波动和中断时期，这些各方的财务状况可能会在没有事先通知的情况下迅速恶化。根据利率、借贷成本、货币汇率、对冲活动成本和衍生工具公允价值的变化，利息和其他费用已经并可能继续与预期相差很大。很难预测这类事件对我们、我们的第三方合作伙伴、我们的客户或更广泛的经济市场的影响，这些市场一直并将继续高度依赖政府和企业应对宏观经济事件的行动，以及这些行动的有效性。这些行动已经并可能进一步影响我们为各种投资机会寻求资金的能力、愿望或时机。经济低迷还可能导致重组行动和相关费用。此外，美国联邦政府支出的减少可能会限制接受美国政府资助的组织对我们的产品、服务和解决方案的需求，并可能对美国的宏观经济状况产生负面影响，这可能会进一步减少对我们的产品、服务和解决方案的需求。

我们的业务和财务财报也可能受到美国贸易政策、美国出口管制和制裁、美国有关进口的法规以及与全球贸易相关的国际法律和法规变化的不利影响。美国政府当前的贸易政策包括对某些外国商品征收关税，包括信息和通信-半导体技术产品。这些措施大幅增加了进口到美国的某些商品的成本。因此，我们的业务过去曾受到材料价格被迫上涨的影响，这反过来又导致

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我们的产品价格上涨，从而限制了我们产品的需求或降低了利润率，所有这些都可能在未来不时地再次影响我们。此外，美国的贸易伙伴可能会采取自己的贸易政策，使我们向这些国家出口产品变得更加困难或成本更高。同样，与某些出口有关的法规的变化，包括经济制裁，已经导致出口延迟，并阻止我们，并在未来可能阻止我们向某些地点或客户完全出口产品，这在某些情况下已经影响，并可能在未来影响我们的财务财报。此外，与外国直接投资相关的要求的变化可能会增加我们在某些司法管辖区开展业务的成本，阻止我们将产品运往特定国家或市场，影响我们获得有利零部件条款的能力，增加我们的运营成本，或导致处罚或限制。虽然我们有旨在促进遵守全球贸易法律和世界各地制度的政策和程序，但此类措施可能不能保证遵守。

2024财年，美国以外的销售额约占我们净收入的64%。因此，除了已经披露的因素外，我们未来的业务和财务表现可能会受到各种国际因素的影响，包括：

•由于不稳定或地缘政治条件变化，包括军事或政治冲突，例如俄罗斯与乌克兰之间或中东地区持续冲突造成的冲突，造成持续的不确定性（其潜在的升级或地理扩张可能会加剧本报告中确定的其他风险），或中美关系（除其他外，这可能会影响某些合同的可执行性或某些付款的时间和形式）;

•通货膨胀压力过去有所增加，未来可能会增加材料、供应和服务的成本，包括与我们有业务往来的第三方的成本;

•不利或不确定的宏观经济状况，包括不断变化的利率环境以及对潜在全球经济衰退或衰退的担忧，这些在过去有时减缓了客户对我们产品和服务的需求，并且可能在未来再次出现这种情况;

•网络安全、隐私和数据主权问题，这可能会导致外国客户不愿意购买美国的产品和服务-基于技术的公司;

•更长的收款周期和客户财务不稳定，这可能会影响我们收取应收账款并从而确认收入的能力;

•当地劳动条件和法规，包括特定供应商和OEM面临的当地劳动问题，或可能对我们获取技术和专业人才产生不利影响的移民和劳动法政策的变化;

•管理我们地理上分散的劳动力，这需要并且在未来可能需要产生成本，以促进无缝的劳动力连接并遵守多个司法管辖区不断变化的法律、法规和工人权利委员会;

•不同的技术标准或客户要求，这要求我们承担额外的开发和生产成本来修改或调整我们的产品，并且将来可能会再次这样做;

•本地含量和制造要求，这已经影响并可能进一步影响我们向这些市场销售的能力;

•与将收入汇回受限制国家/地区相关的困难以及税法的变化，这给我们的运营财报和财务财报带来了不确定性;以及

•货运成本波动、运输和接收能力的限制以及我们产品和货物进出重要地理点的运输和运输基础设施的其他干扰，这些情况不时对我们的运营财报和满足客户需求的能力产生不利影响，并且其中任何一种情况都可能在未来产生不利影响。

上述某些因素过去曾扰乱了我们的产品和零部件制造以及位于美国以外的主要供应商、客户或供应商的运营，并对其产生了不利影响，并且未来可能再次发生这种情况。例如，我们依赖亚洲的供应商进行产品组装和制造，其运营受当地劳动法和其他要求的约束。其产出的任何损失或限制或无法运营都可能对我们及时提供产品和服务的能力产生不利影响，这反过来又会对我们的财务财报产生负面影响。

此外，俄罗斯和乌克兰之间持续的冲突以及美国实施的贸易制裁，欧盟（「欧盟」）和其他国家的应对措施对该地区的业务和财务表现产生了负面影响。HPE将继续按计划退出俄罗斯和白俄罗斯的剩余业务;然而，我们无法保证此类退出将是高效或不间断的，这可能会对我们的运营费用产生负面影响。

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我们实施旨在促进遵守世界各地反腐败法的政策、程序和培训，包括美国《反海外腐败法》和英国贿赂法。然而，此类措施可能无法保证合规性，我们的员工和与我们合作的第三方可能会采取违反此类政策或此类反腐败法的行动。此外，在许多外国国家，特别是发展中经济体国家，人们可能会从事反腐败法禁止的商业行为。违反此类法律可能会导致严厉的刑事或民事制裁和处罚，并且我们可能会承担可能对我们的业务、经营财报和财务状况产生不利影响的这些和其他责任。

我们面临外币汇率波动的风险。

以美元以外的货币（包括欧元、日元和英镑）开展业务不时会产生不利影响，并且可能在未来对我们以美元表示的财报产生不利影响。货币波动导致我们在受影响司法管辖区的产品和服务销售发生变化。外币汇率波动不时对我们的收入确认和收入增长产生不利影响，并可能在未来时期对我们的收入确认和收入增长产生不利影响。此外，货币变化可能会对我们实施提价的能力、我们产品在美国以外国家/地区的销售利润率以及包括从美国以外供应商获得的零部件在内的产品销售利润率产生不利影响。

我们不时使用指定为现金流对冲的远期合同和期权来防范外币汇率风险，并可能在未来继续这样做。我们对冲的有效性取决于我们准确预测未来现金流的能力，这在我们的产品和服务需求不确定以及汇率高度波动的时期尤其困难。由于波动性和货币变化等因素，我们可能会因对冲活动而遭受重大损失。此外，我们的某些或所有对冲活动可能无效、可能到期且无法更新或可能无法抵消货币变化造成的任何或多部分不利财务影响。与对冲活动相关的损失也可能影响我们的收入，并在较小程度上影响我们的销售成本和财务状况。

知识产权风险

如果我们无法继续开发、许可或执行我们业务所依赖的知识产权，我们的财务财报可能会受到影响。

我们依靠美国的专利、版权、商标、商业秘密和其他知识产权法律，以及其他国家和地区的类似法律，以及与我们的员工、客户、供应商和其他各方达成的协议，在我们销售、提供或以其他方式在我们的运营中使用的产品和服务中建立和维护知识产权。然而，我们的知识产权不时会受到挑战、侵犯或规避，任何此类权利都可能被进一步挑战、宣布无效、侵权或规避，或者此类知识产权可能不足以让我们利用当前的市场趋势或以其他方式提供竞争优势。此外，某些国家的法律并不像美国法律那样保护专有权。因此，在某些司法管辖区，我们可能无法充分保护我们的专有技术免受未经授权的第三方复制或使用；这也可能对我们销售产品或服务的能力和我们的竞争地位产生不利影响。此外，知识产权法或其解释的改变可能会影响我们保护和维护我们的知识产权的能力，增加专利申请或相关执法行动的起诉成本和不确定性，并削弱我们的知识产权资产所赋予的价值和竞争优势。

监控和检测对我们知识产权的任何未经授权的访问、使用或披露都很复杂，我们无法确定我们所实施的保护措施将完全防止滥用。我们执行知识产权的能力受到诉讼风险以及这些权利在某些国家的保护和可执行性的不确定性的影响。如果我们寻求执行我们的知识产权，我们可能会被指控这些权利无效或不可执行，并且其他人可能会对我们提出反诉，这可能会对我们的业务产生负面影响。知识产权的有效保护成本高昂且难以维持，无论是在申请和维护成本方面，还是在捍卫和执行这些权利的成本方面。

我们的产品和服务部分依赖于第三方许可的知识产权和技术。

我们的许多业务和许多产品都依赖于由第三方开发或授权的关键技术。例如，我们的许多软件产品都是使用第三方授权的软件组件或其他知识产权开发的，包括通过专有和开源许可证。这些第三方软件组件可能会过时、有缺陷或与我们产品的未来版本不兼容，我们与第三方的关系可能恶化或终止，或者我们与第三方的协议可能到期或终止。我们可能面临与许可方的法律或商业纠纷，这可能威胁或导致入站许可关系中断。为了继续遵守我们的许可条款，我们必须仔细监控和管理我们对第三方软件组件的使用，包括专有和开源许可条款，这些条款可能要求无偿或以不受欢迎的条款许可或公开披露我们的知识产权。此外，我们未来可能无法以可接受的条款或允许我们的产品保持竞争力的条款向我们提供其中一些许可证。我们无法以有利的条件获得许可证或权利，可能会对我们的业务产生实质性影响，包括我们的财务状况和运营结果。在……里面

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此外，由于合并或收购，我们可能会收购知识产权，但须承担对第三方的许可义务，其他第三方可能会获得我们部分知识产权的许可，或者我们的业务可能会受到此类交易之前未实施的某些限制。由于第三方许可的可用性和成本取决于第三方是否愿意按照我们要求的条款与我们打交道，因此向我们的竞争对手提供许可的第三方可能根本拒绝向我们提供许可，或者拒绝以与我们竞争对手同等有利的条款向我们提供许可。因此，我们可能会失去这些知识产权方面的竞争优势，或者我们可能会被要求达成代价高昂的安排以终止或限制这些权利。

第三方知识产权侵权索赔（包括专利侵权）在我们的行业中很常见，成功的第三方索赔可能会限制或扰乱我们销售产品和服务的能力。

第三方可能会声称我们或由我们赔偿的客户侵犯或以其他方式侵犯了他们的知识产权。专利主张实体经常以获取侵权和解为目的购买知识产权资产。此外，收购可能会增加我们对这些与使用知识产权相关的风险的敞口；不仅我们对此类技术的开发过程或防范侵权风险的谨慎程度较低，而且只有在我们获得了在我们收购之前未被主张的技术后，第三方才可能提出侵权和类似的索赔。如果我们不能以合理的条款许可或更换涉嫌侵犯知识产权的产品，我们的运营可能会受到不利影响。此外，与我们使用、开发和部署人工智能及人工智能系统和解决方案相关的知识产权的有效性和可执行性也存在不确定性。我们使用人工智能技术，无论是我们为内部或客户使用案例创建的，还是以其他方式从外部来源整合到我们的产品中，都可能导致侵犯第三方知识产权，并可能要求我们产生巨额费用来修改我们的解决方案和流程，或以其他方式参与努力以保持遵守法律。即使我们认为知识产权主张没有法律依据，但它们可能会耗费时间和成本，并可能转移管理层的注意力和资源，使其不再专注于我们的业务。知识产权侵权索赔还可能要求我们重新设计受影响的产品、停止某些产品供应、达成代价高昂的和解或许可协议、支付代价高昂的损害赔偿金，或者面临禁止我们进口、营销或销售某些产品的临时或永久禁令。即使我们达成协议，赔偿我们的此类费用，赔偿方也可能无法或不愿意履行其对我们的合同义务。

金融风险

影响我们的流动性、资本状况、借贷成本和资本市场准入的不利事态发展可能会对我们的业务、财务状况和运营财报或与我们有业务往来的第三方的业务、财务状况和运营财报产生不利影响。

我们目前在穆迪投资者服务公司、标准普尔评级服务公司和惠誉评级服务公司保持投资级信用评级。尽管目前有这些投资级信用评级，但我们可能会因为各种原因而下调我们的信用评级，包括但不限于与我们已经产生并预计将承担与合并有关的大量债务的原因。任何此类评级下调都可能增加我们可能产生的任何债务下的借款成本，危及我们以我们可以接受的条款产生债务的能力，降低我们的商业票据的市场容量，或要求根据我们的衍生品合同发布额外的抵押品。此外，借贷成本增加，包括信用评级下调所产生的成本，可能会降低我们融资业务的竞争力。不能保证我们将能够维持我们的信用评级，我们信用评级的任何额外的实际或预期的变化或降级，包括任何宣布我们的评级正在接受审查以进行降级，都可能对我们的流动性、资本状况和进入资本市场的机会产生负面影响。

此外，金融部门和资本市场的波动和中断，以及其他对宏观经济状况产生负面影响或导致宏观经济状况不稳定或波动的事件，如利率变化，过去不时影响，未来也可能影响我们的流动性、资本状况和进入资本市场的机会。我们的总流动资金部分取决于循环信贷安排和我们的其他融资协议下的资金可获得性。如果任何贷款人未能从我们的循环信贷安排或我们的其他融资安排中为未来的提取提供资金，可能会减少我们可用于运营的现金数量和用于未来需求的额外资本。这些事件的未来影响目前是未知的，也很难预测，可能会对我们、我们的客户、金融机构、交易对手或与我们有业务往来的其他人产生不利影响，进而可能对我们当前和/或预计的业务运营、财务状况和我们的运营结果产生不利影响。

我们完成合并的义务不受融资条件的限制，因此，可能会受到超出我们控制范围的事件的影响，例如收到监管批准的时间。此外，我们最近发行的部分债务包含特殊的强制赎回条款，如果我们不在2025年10月之前完成合并，我们可能会被要求赎回某些系列此类债务，这将导致解决其他融资需求的灵活性降低。

我们的债务义务可能会对我们的业务以及我们履行义务和支付股息的能力产生不利影响。

除了我们当前的总携带债务外，我们未来还可能承担额外的债务。为了完成合并，我们承担了大量债务，并计划承担进一步的债务。这种集体

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债务数额可能会对我们和我们的投资者产生重要的不利后果，包括要求我们的大部分运营现金流支付本金和利息;使履行其他义务变得更加困难;增加我们债务未来信用评级下调的风险，这可能会增加未来债务成本并限制未来债务融资的可用性;增加我们对一般不利经济和行业状况的脆弱性;减少可用于资助资本支出和其他企业目的以及发展我们的业务的现金流;限制我们规划或应对业务和行业变化的灵活性;并限制我们根据需要借入额外资金或利用出现的商业机会、支付现金股息或回购普通股的能力。

虽然联储局已开始降息并表示打算继续降息，但宏观经济环境可能会发生变化，导致此类行动（包括世界各地的央行）推迟或逆转，这可能会导致长期的高利率环境并影响我们以合理价格承担债务的能力或我们进一步承担债务的愿望。如果我们承担额外债务，上述风险可能会增加，包括需要额外的预期现金流来偿还我们的债务。此外，我们未来运营业务的实际现金需求可能会高于预期。我们来自运营的现金流可能不足以偿还未偿债务或偿还到期的未偿债务，而且我们可能无法借钱、出售资产或以可接受的条款筹集资金，或者根本无法筹集资金来偿还或再融资我们的债务。

我们运营的收入和盈利能力历来各不相同，这使得我们未来的财务财报难以预测。

我们的收入、毛利率和利润因我们不同的产品和服务、不同的客户群体和不同的地理市场而不同，因此，未来可能会与我们的历史财报不同。我们的收入取决于对我们产品和服务的总体需求，这种需求很难准确预测，不时变化，在我们的产品组合中可能不均衡，并受到整个行业或更广泛的宏观经济市场动态的影响，所有这些在过去都对我们的业务和财务状况产生了不利影响，未来也可能再次产生不利影响。此外，客户合同或订单的大小不同、客户对已交付订单的接受度、时间以及此类订单的取消和/或取消预订(由于各种原因，包括但不限于未能满足条款和合规问题，无论是由我们还是客户发起的)在我们的投资组合中可能不均衡，有时会影响，未来可能会影响我们的渠道、预订和我们确认收入的能力(如果有影响的话)(特别是涉及我们的人工智能产品的合同和订单)。这些变数在过去曾对我们的财务表现产生负面影响，未来可能会再次如此。我们的客户或潜在客户推迟或减少可自由支配的IT支出已经造成并在未来可能对我们的产品和服务的需求产生实质性的不利影响，这可能导致收入大幅下降。例如，我们看到我们的投资组合和地区的需求不均衡地疲软，这种情况可能会继续下去，因为某些客户和行业消化之前的大订单所需的时间比预期的要长。此外，我们一些业务的收入下降可能会影响我们其他业务的收入，因为我们可能会失去交叉销售机会。任何给定时期的总体毛利率和盈利能力部分取决于该时期净收入所反映的产品、服务、客户和地域组合。

此外，中美关系，以及任何一个国家可能采取的任何后续行动，都可能会使我们的运营结果和该地区的财务表现发生显着差异。合同义务的可执行性以及中国付款的时间和形式可能存在额外的不确定性。

竞争、诉讼、调查、我们无法转嫁给客户的零部件和制造成本增加、零部件供应中断以及其他影响我们业务的风险可能会对我们的整体毛利率和盈利能力产生重大影响。我们的固定成本结构和毛利率在业务部门和产品组合之间的差异，不时导致并可能导致未来季度或年度运营利润的大幅波动。此外，由于我们与进入这些市场相关的投资和当地定价压力，较新的地理市场机会可能利润相对较低，我们可能难以建立和维护必要的运营基础设施，以支持与其中一些市场相关的高增长率。市场趋势、行业变化、竞争压力、产品商品化、零部件或运输成本增加、监管影响和其他因素已不时导致，并可能在未来导致特定时期内某些部门的收入减少或毛利率压力，这可能导致我们的业务调整。此外，我们应对业务面临的挑战的努力可能会增加我们财务财报的可变性水平，因为我们能够从这些努力中实现收益的速度可能会因时期而异。

我们不平衡的销售周期和供应链中断使得规划和库存管理变得困难，未来的财务财报也更难预测。

在我们的一些业务中，我们的季度销售额定期反映出一种模式，即每个季度总销售额中不成比例的比例出现在季度末。这种不平衡的销售模式使得预测每个财政期间的收入、盈利、运营现金流和营运资金变得困难，增加了我们季度财报和财务状况意外变化的风险，并给我们的库存管理和物流系统带来压力。如果预测需求远大于订单，则可能存在库存过剩;或者，如果

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如果订单大幅超出预期需求，我们可能无法履行每个季度收到的所有订单，并且此类订单可能会被取消，所有这些情况我们在过去不时经历过，将来可能会再次发生。根据季度发生的时间，系统故障、零部件定价变动、零部件短缺或全球物流中断等事态发展过去对我们的库存水平和运营财报产生了不利影响，并且可能在未来对我们的库存水平和运营财报产生了不利影响，其方式与受影响的季度天数不成比例。我们的产品销售经历了一些季节性趋势，这也导致并且可能在未来产生我们的季度财报和财务状况的变化。许多创造和影响季节性趋势的因素都超出了我们的控制范围。

Separately, periodic supply chain shortages and constraints have, in some instances, resulted in, and may result in, increases to the costs of production of our hardware products that we have, at times, not been able to, and may, in the future, not be able to pass on to our customers. We have, in some instances, responded to such constraints by committing to higher inventory purchases and balances relative to our historical positions in order to secure manufacturing capacity, components to fulfill orders, or both. While these measures have been taken to shorten lead times to deliver products to customers, they may also result in excess or obsolete components in the future if the demand for our products is less than we anticipate or orders are cancelled, which could adversely affect our business and financial performance.

We make estimates and assumptions in connection with the preparation of our Consolidated Financial Statements and any changes to those estimates and assumptions could adversely affect our results of operations.

In connection with the preparation of our Consolidated Financial Statements, we use certain estimates and assumptions based on historical experience and other factors. Our most critical accounting estimates are described in the section entitled “Management's Discussion and Analysis of Financial Condition and Results of Operations.” In addition, as discussed in Note 1, “Overview and Summary of Significant Accounting Policies—Use of Estimates” and Note 17, “Litigation, Contingencies, and Commitments” to our Consolidated Financial Statements in Item 8 of Part II, we make certain estimates, including decisions related to provisions for legal proceedings and other contingencies. While we believe that these estimates and assumptions are reasonable under the circumstances, they are subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could adversely affect our results of operations.

Declaration, payment and amounts of dividends, if any, to holders of our shares will be uncertain.

Our board of directors will have the discretion to determine whether any dividends on our common stock will be declared, when dividends, if any, are declared, and the amount of such dividends. We expect that such determination would be based on a number of considerations, including our results of operations and capital management plans, availability of funds, our access to capital markets, as well as industry practice, and other factors deemed relevant by our board of directors.

此外，于2024年9月13日，我们发行了30,000,000股7.625%C系列强制性可转换优先股，股息率为7.625%，每股清算优先权为50美元(「优先股」)。在支付股息方面，优先股优先于我们的普通股。只要优先股的任何股份仍未发行，除非优先股所有先前股息期的累积及未付股息已悉数申报及支付，或已申报及预留供支付，否则吾等不得宣布、支付或预留优先股以下的普通股或任何其他类别或系列股票的任何股息以供支付。优先股的股息是可自由支配和累积的。优先股的持有者只有在我们的董事会宣布时，才能获得其股票的股息。如果优先股的股息尚未宣布并支付相当于六个或更多季度股息期的股息，无论是否连续，优先股持有人与拥有类似投票权的任何其他系列平价股票的持有人一起，将有权投票选举两名额外的董事进入我们的董事会。选举更多董事进入我们的董事会的权利将稀释我们的股东在我们董事会中的代表性，并可能对我们普通股的市场价格产生不利影响。当宣布派发季度股息并留出供全数支付时，优先股持有人选举这两名额外董事的权利将终止，这两名董事的任期将立即终止，组成本公司董事会的董事人数将相应减少。与优先股相关的其他风险包含在日期为2024年9月10日的招股说明书附录中。

监管和政府风险

我们的业务受到各种联邦、州、地方和外国法律和法规的约束，这可能会导致成本或其他制裁，从而对我们的业务和运营财报产生不利影响。

我们遵守各种美国（联邦、州和地方）以及外国法律和法规。法律和法规可能会发生变化，要求我们修改我们的业务模式和目标，或通过限制现有活动和产品、使其承受不断上升的成本或彻底禁止它们来影响我们的投资回报。例如，由于有关负责任和可持续商业实践的法律和法规，我们面临着与产品设计、安全和合规相关的日益复杂性;受监管、危险和稀缺材料的使用;危险物质和废物的管理、移动和处置;与运营相关的相关能源消耗和效率

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产品、服务和解决方案的使用；产品和其他材料的运输和运输；供应链尽职调查；适应和缓解气候变化；温室气体排放；与可持续性有关的法规和报告要求；以及产品及其部件在使用结束或使用寿命结束时的再利用、回收和/或处置以及相关的业务或财务责任。我们硬件收入的很大一部分来自国际销售。当前环境法律要求的任何变化都可能增加我们在国际上开展业务的成本，并影响我们从欧盟、美国、中国、印度和/或其他提出或采用类似环境法律要求的国家/地区获得的硬件收入。此外，世界各地正在提议、通过和实施其他与可持续性报告相关的法律、法规、条约和类似的举措和计划，如果我们违反或根据环境或某些可持续性相关法律承担责任，或者如果我们的产品不符合此类法律或市场准入要求，可能导致失去市场准入或限制在这些市场提供的产品，或者我们的客户可能拒绝购买我们的产品，并且我们可能会产生成本或面临其他制裁，例如限制我们的产品进入某些司法管辖区、罚款和/或民事或刑事制裁。环境法规还可能影响能源的可获得性和成本，或与能源消耗相关的排放，这可能会增加我们的制造成本和/或拥有IT基础设施的供电和冷却成本。

此外，我们的业务受到越来越多涉及隐私和信息安全的法律法规的约束，包括人工智能的使用。特别是，我们面临着日益复杂的全球监管环境和美国各州法律的拼凑，增加了满足这些监管要求以及应对潜在的安全和数据事件的风险。AAS服务的增加还可能受到各种隐私法(包括欧盟的一般数据保护条例)下的数据本地化和国际数据传输要求的影响。鉴于我们在印度的大量员工和运营，《数字个人数据保护法》(于2023年8月获得批准)已经并可能继续对我们施加额外的限制和合规成本。此外，利用人工智能的工具的快速开发和部署也导致政府考虑和实施对人工智能的监管，即使是不涉及个人数据的人工智能，这正在影响并可能进一步影响我们产品中人工智能功能的使用和纳入以及我们客户对此类产品的需求。我们已经收到了与我们已经经历或未来可能经历的人工智能使用网络安全和数据事件有关的询问，并可能受到要求、索赔、诉讼、监管调查和其他询问(包括来自美国或外国政府当局的询问)。如果我们违反或根据与隐私或安全或人工智能使用相关的法律或法规承担责任，我们可能会招致巨额成本，或面临潜在的监管罚款、民事或刑事制裁、第三方索赔和声誉损害。我们实际或被认为未能遵守与这些主题相关的适用法律和法规或其他义务，可能会使我们对客户、数据主体、供应商、业务合作伙伴、员工和其他人承担责任，导致法律和/或监管行动，可能损害我们的声誉或可能以其他方式对我们的业务造成实质性损害，任何这些都可能对我们的业务、经营财报和财务状况产生不利影响。

我们拥有大量业务和资产的司法管辖区，例如美国，中国、印度和欧盟，每个人都已经并将继续对其国内经济的许多方面施加重大影响，包括但不限于公平竞争、税收实践、反腐败、反垄断、负责任采购和人权（包括冲突矿物的使用）、价格管制和国际贸易，这些已经并可能继续对我们的业务运营和财务状况产生不利影响。

与联邦、州、省和地方政府的合同面临着一系列挑战和风险，可能对我们的业务产生不利影响。

我们与联邦、州、省和地方政府客户的合同受各种政府采购法律法规、必要的合同条款以及与合同形成、管理和履行有关的其他要求以及当地内容、制造、信息安全和安全要求的约束。任何违反政府合同法律法规或合同条款的行为都可能导致施加各种民事和刑事处罚，其中可能包括终止合同、没收利润、暂停付款和罚款、三倍损害赔偿金以及暂停未来政府合同。此外，基础监管要求的变化可能会增加合规成本和风险，这些变化在我们运营的地区有所不同。此类失败还可能对我们的业务造成声誉损害。此外，在美国，我们将继续受到私人代表政府就我们的政府合同提起的Qui诉讼。如果我们被停职或被取消政府工作资格，或者如果我们竞争新政府合同的能力受到不利影响，我们的财务财报可能会受到影响。

政府合同给我们的销售工作带来了额外的挑战和风险。政府对我们产品和服务的需求和支付可能会受到公共部门预算周期和资金授权的影响，包括与政府长期关闭、资金减少或延误对公共部门对我们产品和服务的需求产生不利影响。此类事态发展可能会导致我们的政府客户出现重大付款延误、付款减少或终止合同，这可能会影响我们的运营财报和财务状况。这些还可能对我们合作的政府承包商的运营财报和财务状况产生不利影响

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开展业务。这可能会导致这些政府承包商无法履行与我们签订的合同规定的义务。

我们的税收规定的意外变化、新税收立法的采用或额外税务负债的风险可能会影响我们的财务表现。

我们在美国和许多外国司法管辖区都要缴纳所得税和其他税。我们的纳税义务受到我们在公司间交易中对库存、服务、许可证、资金和其他项目收取的金额的影响。我们在不同的司法管辖区接受持续的税务审计。税务机关可能不同意我们的跨公司收费、跨司法管辖区转移定价或其他事项，并可能因此评估额外税款。不能保证我们将准确预测这些审计的结果，审计结果最终支付的金额可能与我们以前包括在所得税支出中的金额有很大不同，因此可能对我们的税收拨备、净收入和现金流产生重大影响。此外，我们未来的有效税率可能会受到收购、我们经营结构的变化、不同法定税率国家收益组合的变化、递延税项资产和负债估值的变化、税法的变化以及在我们的纳税申报单准备过程中发现新信息的不利影响。我们递延税项资产的账面价值取决于我们未来产生应税收入的能力。

The Organization for Economic Co-operation and Development (“OECD”), 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%. To date, 43 countries have enacted portions, or all, of the OECD proposal and a further 22 countries have drafted, or have announced an intent to draft, legislation enacting the proposed rules. Where enacted, the rules begin to be effective for us in fiscal 2025. Under US GAAP, the OECD Pillar Two rules are considered an alternative minimum tax, and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax. As a result, there was no impact to our fiscal 2024 results. The adoption and effective dates of these rules may vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income taxes. We currently do not expect a material impact to our fiscal 2025 results.

During fiscal 2019, we executed a Termination and Mutual Release Agreement which terminated our Tax Matters Agreement with HP Inc. Because we now have limited indemnity rights from HP Inc., we potentially bear more economic risk for certain potential unfavorable tax assessments.

Risks Related to Prior Separations

The stock distribution in either or both of the completed separations of our former Enterprise Services business and our former Software segment could result in significant tax liability, and DXC Technology Company or Micro Focus International plc (as applicable) may in certain cases be obligated to indemnify us for any such tax liability imposed on us.

The completed separations and mergers of our former Enterprise Services business with DXC Technology Company (“DXC”) (the “Everett Transaction” or “Everett”) and our Software Segment with Micro Focus International plc (“Micro Focus”) (the “Seattle Transaction” or “Seattle”) were conditioned upon the receipt of an opinion from outside counsel regarding the qualification of (i) the relevant distribution and related transactions as a “reorganization” within the meaning of Sections 368(a), 361 and 355 of the Internal Revenue Code of 1986 (the “Code”) and (ii) the relevant merger as a “reorganization” within the meaning of Section 368(a) of the Code. While the Seattle Transaction generally qualified for tax-free treatment for us, Seattle SpinCo and Micro Focus, the acquisition of Seattle SpinCo by Micro Focus resulted in the recognition of gain (but not loss) for U.S. persons who received Micro Focus American Depositary Shares in the Software separation.

外部律师的每个意见均基于并依赖于(其中包括)某些事实和假设，以及我们、Everett SpinCo和CSC或我们、西雅图SpinCo和Micro Focus(视情况适用)的某些陈述、声明和承诺。如果这些陈述、陈述或承诺中的任何一项是不准确或不完整的，或者如果任何一方违反了相关分居文件中的任何公约，律师的相关意见可能无效，其中达成的结论可能受到损害。尽管有律师的意见，但如果国税局(「国税局」)确定律师的相关意见所依据的任何事实、假设、陈述、陈述或承诺是虚假的或已被违反，或如果国税局不同意律师的意见的结论，则可确定其中一项或两项分配应被视为应税交易。律师的意见对国税局没有约束力，也不能保证国税局不会坚持相反的立场。

如果Everett SpinCo或Seattle SpinCo（如适用）的分销以及某些相关交易未能符合《守则》第355条和第368（a）（1）（D）条规定的美国联邦所得税一般免税交易的资格，一般而言，我们将确认应税收益，就像我们出售了Everett SpinCo或Seattle SpinCo的股票一样，在按其公平市场价值进行应税销售时，我们在相关分配中收到Everett SpinCo股份或Seattle SpinCo股份的股东将纳税，就像他们收到了与该股份公平市场价值相等的应税分配一样。

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我们从美国国税局获得了关于与我们的企业服务业务和软件部门分离相关的某些美国联邦所得税问题的私人信函裁决。这些裁决得出结论，就美国联邦所得税而言，这些分离中的某些交易通常是免税的。除其他事项外，美国国税局私人信函裁决的结论基于我们授权的各种事实假设和我们向美国国税局提出的陈述。如果这些假设或陈述中的任何一项是不准确或不完整的，则美国国税局私人信函裁决的有效性可能会受到影响。尽管如上所述，我们因前企业服务业务和软件部门的完全分离而产生了某些税收成本，包括由于我们以前的企业服务业务和软件部门在多个非美国司法管辖区完全分离而产生的非美国税费，这些司法管辖区在法律上没有规定免税分离，这可能是实质性的。如果我们之前的企业服务业务或软件部门的完全分离(包括因预期分离而进行的某些内部交易)被确定为美国联邦所得税的应税对象，我们，我们的股东，需要缴纳美国联邦所得税和/或DXC和/或Micro Focus，可能会产生巨额的美国联邦所得税负担。

我们继续面临与惠普公司分离相关的一系列风险，我们的前母公司，包括与持续赔偿义务相关的公司，这可能会对我们的财务状况和运营财报产生不利影响，以及共享某些知识产权，这可能会在未来对我们的声誉产生不利影响。

关于我们于2015年11月1日从HP Inc.分离(「分离」)，Hewlett Packard Enterprise和HP Inc.签订了多项协议，确定分离后两家公司之间的资产和负债分配，幷包括与负债和义务相关的任何必要赔偿。在这些协议中，HP Inc.同意赔偿我们的某些债务，我们同意赔偿HP Inc.的某些债务，包括旨在让我们的业务义务和债务承担财务责任的交叉赔偿，以及HP Inc.与HP Inc.的S业务的义务和债务的财务责任。我们可能有义务就分离协议下的某些债务向HP Inc.全额赔偿，或者HP Inc.可能无法完全覆盖同一分离协议下对我们的赔偿义务。这些风险中的每一个都可能对我们的业务、财务状况、运营结果和现金流产生负面影响。

此外，分离的条款还包括许可证和其他安排，以规定在两家企业的运营中对知识产权的某些持续使用。例如，惠普企业和惠普公司通过联合品牌控股结构。保留持续使用传统惠普和惠普品牌的某些变体的能力。由于持续共享使用传统品牌，行为或事件可能会对惠普公司的声誉产生不利影响。也可能对我们的声誉产生不利影响。

General Risks

Our stock price has fluctuated and may continue to fluctuate, which may make future prices of our stock difficult to predict.

Investors should not rely on recent or historical trends to predict future stock prices, financial condition, results of operations, or cash flows. Our stock price, like that of other technology companies, can be volatile and can be affected by, among other things, speculation, coverage, or sentiment in the media or the investment community; the announcement and anticipated timing of new, planned or contemplated products, services, technological innovations, acquisitions, divestitures, or other significant transactions by us or our competitors; developments in our as-a-service business model; our perceived progress in integrating acquired companies; our quarterly financial results and comparisons to estimates by the investment community or financial outlook provided by us; the financial results and business strategies of our competitors; inflation; market volatility or downturns caused by outbreaks, epidemics, pandemics, geopolitical tensions or conflicts, or other macroeconomic dynamics; developments relating to pending investigations, claims, and disputes; or the timing and amount of our share repurchases. General or industry specific market conditions or stock market performance or domestic or international macroeconomic and geopolitical factors unrelated to our performance also may affect the price of our stock. Volatility in the price of our securities could result in the filing of securities class action litigation matters, which could result in substantial costs and the diversion of management time and resources.

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ITEM 1B. Unresolved Staff Comments.

None.

ITEM 1C. Cybersecurity.

Risk Management and Strategy

Our Cybersecurity and Digital Risk Management (“CDRM”) organization, under the leadership of a Global Chief Information Security Officer (“Global CISO”), operates a cybersecurity program that is designed to help us assess, identify, manage, and mitigate risks relating to cybersecurity threats and incidents. We design our cybersecurity standards, policies, processes and controls to operate in an integrated manner, leveraging applicable industry standards and security frameworks, including the NIST Cybersecurity Framework, as guides in supporting our ability to perform such functions.

CDRM manages our cybersecurity program, including by fostering collaboration with partners across business units and functional areas to identify and assess material cybersecurity threats, evaluate their severity, and explore ways to mitigate and manage such risks. Business units and functional areas are responsible for managing risks and implementing our policies and standards within the respective business unit or function. Compliance with our policies and standards is assessed by CDRM in conjunction with our internal audit function, through periodic cybersecurity audits.

As part of our cybersecurity program, we maintain a Cyber Risk Management Program that seeks to address key risk management concepts, including mission and vision, escalation path for risk mitigation, risk assessments, and risk treatment. We do so by conducting a variety of planning and preparedness activities, including employing monitoring tools to identify suspicious or anomalous activity, vulnerabilities, or signs of compromise across our networks, systems, and data. We utilize data from attack surface management tools to produce a prioritized set of vulnerabilities for remediation. We also require mandatory cybersecurity training for employees and periodically conduct Company-wide phishing simulations.

To aide in assessing material risks from cybersecurity threats, our enterprise risk management (“ERM”) program incorporates cybersecurity risks as part of its process to assess overall risk of the Company. The ERM organization supports management by facilitating a semi-annual risk assessment, which documents the priority and status of these risks and aligns them with our strategic mitigation efforts. ERM is structured using a framework based on guidance from the Committee of Sponsoring Organizations of the Treadway Commission on Enterprise Risk Management Integrating Strategy with Performance.

Within CDRM, our Cybersecurity Defense Center (“CDC”) has established policies, processes, and controls that are designed to monitor, detect, investigate, respond to, and escalate management of cybersecurity threats and incidents. If we experience a cybersecurity incident, the CDC activates an incident response plan, which includes processes to enable us to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with applicable legal obligations and mitigate brand and reputational harm. Based on initial investigation into such incident’s impact to the Company, the actor(s) involved, and other factors, the CDC assigns a severity level to an incident, which dictates the escalation path for a given incident. For incidents rising to higher levels of severity, the Cyber Governance and Incident Disclosure Committee, a cross-functional committee spanning cybersecurity, IT, legal, finance, enterprise risk management, and compliance teams, assesses the severity and potential materiality of such incidents and, as appropriate, escalates to designated members of our senior management for further assessment, response, and remediation. Additionally, we have established a Cyber Crisis Management Team, responsible for addressing and responding to the most severe cyber incidents. If warranted, senior management notifies the Audit Committee and/or the full Board of Directors, as appropriate. Throughout this process, the CDC continues to investigate the incident and, as its understanding of the incident evolves, updates its severity assessment, as necessary.

We engage third-party security experts, assessors, and consultants, as appropriate, to assess our cybersecurity risk management processes; support our ongoing certification efforts; help identify areas for continued focus, improvement, and compliance; and support incident response functions, to the extent necessary, all of which support our cybersecurity program. From time to time, we conduct third-party-administered, as well as internally administered, tabletop exercises, which simulate cybersecurity threats, to assess our existing cybersecurity infrastructure and incident response processes. We also periodically conduct offensive security assessments and vulnerability tests, and continuously monitor our computing environments to gain visibility into our security posture and detect vulnerabilities, abnormalities, or signs of compromise.

In addition to monitoring risks from threats to our own assets, we administer third-party risk management practices that endeavor to help identify and manage supply chain and vendor risk arising from some of our key suppliers and other service provider organizations. We do so in a variety of ways, such as gathering information on third parties’ cybersecurity programs and controls, performing due diligence, undertaking cybersecurity reviews and/or audits, and/or mandating certain contractual requirements, such as notification of cybersecurity incidents.

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Governance

Our Global CISO, who reports to our Chief Operating and Legal Officer (“COLO”), has principal management-level responsibility for our cybersecurity program, which includes assessing and managing our cybersecurity risks, along with developing and implementing cybersecurity processes, policies, and controls that are used for managing cybersecurity risk across the Company. Our Global CISO is supported by the CISO of Cyber Defense and the CISO of Cyber Governance – both of whom have extensive experience in private sector cybersecurity roles – and a team of cybersecurity professionals with relevant educational and industry experience. The Global CISO periodically meets with the Cyber Governance and Incident Disclosure Committee, our enterprise risk management function and chief-level executives to discuss cybersecurity risks, as well as related mitigation and remediation activities. The CDC monitors the prevention, detection, investigation, mitigation, response to, and remediation of cybersecurity incidents, and regularly reports to our CISO of Cyber Defense, who then subsequently reports to the Global CISO.

Our Board of Directors is responsible for overseeing cybersecurity risk, primarily through the Audit Committee. Cybersecurity reviews by the Audit Committee and the Board of Directors are scheduled to occur at least quarterly and annually, respectively, or more frequently, as deemed necessary or advisable. Such presentations to the Audit Committee and Board of Directors, as applicable, are made by our COLO and Global CISO and address topics such as cybersecurity threats, incidents, risks, results from internal and third-party assessments, progress towards risk-mitigation goals, the functioning of our incident response program, and regulatory developments. At times, the Audit Committee may receive additional cybersecurity risk reviews from other members of management and/or internal cybersecurity experts on certain of our key business segments and products. The Audit Committee regularly reports to our Board of Directors regarding the committee’s oversight of such cybersecurity matters. Additionally, the COLO and Global CISO may provide ad hoc updates to the Board of Directors and/or the Audit Committee if necessitated by a security incident or other significant developments.

HPE, like all organizations operating in the technology landscape, faces significant and persistent cybersecurity risks. To date, no risks from cybersecurity threats, including as a result of any previous cybersecurity incident, have materially affected us, including our business strategy, results of operations, or financial condition. Notwithstanding our cybersecurity program, we may not be successful in identifying a cybersecurity risk or preventing or mitigating a cybersecurity incident or vulnerability, which if realized, could reasonably likely materially affect us. Additional information on the cybersecurity risks we face can be found in the section titled “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K.

Our prior Global CISO departed HPE at the end of October 2024. We have identified a successor, who will join HPE in January 2025, previously served in relevant leadership positions at other public and private companies, and will bring over two decades of technology experience spanning information security and IT, including serving as CISO at other large companies. In the interim, our CDRM organization has been and will be led by our CISO of Cyber Defense and CISO of Cyber Governance, both reporting directly to our COLO.

ITEM 2. Properties.

As of October 31, 2024, we owned or leased approximately 11 million square feet of space worldwide, which included 3 million square feet of vacated space. A summary of the Company's operationally utilized space is provided below.

			截至2024年10月31日
			拥有						租赁						总计
			（平方英尺，单位：百万）
行政和支助			2						4						6
（百分比）			33		%				67		%				100		%
核心数据中心、制造工厂、研发设施和仓库运营			1						1						2
（百分比）			50		%				50		%				100		%
总			3						5						8
（百分比）			37		%				63		%				100		%

我们相信，我们现有的物业状况良好，适合我们开展业务。我们的服务器、混合云和智能边缘部门几乎全部或部分利用我们的所有资产。

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主要执行办事处

我们的主要执行办事处，包括全球总部，位于美利坚合众国德克萨斯州斯普林市1701 East Mossy Oaks Road，Spring，Texas，77389。

产品开发、服务和制造

我们的主要产品开发、服务、制造和惠普实验室设施的位置如下：

美洲 波多黎各-Aguadilla   美国-阿尔法雷塔、安多弗、奇佩瓦福尔斯、科罗拉多斯普林斯、柯林斯堡、休斯顿、米尔皮塔斯、罗斯维尔、圣克拉拉、斯普林、桑尼维尔						欧洲、中东、非洲   英国- 厄斯金
亚太    中国- 北京    印度- 班加罗尔  日本- 东京 新加坡—新加坡 台湾—台北

项目3.法律诉讼。

有关此项目的信息可参阅第二部分第8项合并财务报表的注释17「诉讼、或有事项和承诺」，该内容通过引用并入本文。

项目4.矿山安全披露。

不适用。

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第二部分

项目5.注册人普通股市场、相关股东事项和发行人购买股票证券。

市场信息

惠普企业的普通股在纽约证券交易所上市，股票代码为「HPE」。

持有者

截至2024年12月9日，惠普企业普通股记录在册的股东共有43，102名。

分红

2024财年，我们向普通股持有者支付了每股普通股0.13美元的季度股息。2024年12月5日，我们宣布向截至2024年12月20日营业结束时记录在案的股东派发每股普通股0.13美元的季度股息，将于2025年1月16日支付。

我们还宣布向截至2024年11月15日营业结束时的记录持有人派发7.625% C系列强制性可转换优先股（「优先股」）每股0.82604167美元的现金股息，该股息已于2024年12月1日支付。

未来我们的普通股和优先股的任何股息的支付，以及支付的时间和金额，都由我们的董事会全权决定。我们董事会关于支付股息的决定将取决于许多因素，例如我们的财务状况、收益、资本要求、偿债义务、我们债务中的限制性契约、行业惯例、法律要求、监管限制，以及我们董事会认为相关的其他因素。我们支付股息的能力将取决于我们持续从运营中产生现金的能力，以及我们进入资本市场的机会。此外，只要我们的优先股的任何股份仍未发行，普通股(或优先股之前的任何其他类别的股票)的股息不得宣派或支付，除非优先股所有已发行股息期的所有累积和未支付的股息已全部以现金、我们的普通股或其组合的形式宣布和支付，或我们的普通股已就优先股的所有已发行股份预留足够的现金或股份用于支付该等股息。我们不能保证在未来任何时期我们都会继续派发股息。

发行人购买股票证券

2024财年第四季度						购买并结算的股份总数						每股平均支付价格						作为公开宣布的计划或计划的一部分购买的股份总数						根据计划或计划可能购买的股票的大致美元价值
						单位：千，每股金额除外
第1个月（2024年8月）						115						$	19.84					115						$	861,886
第2个月（2024年9月）						—						—						—						861,886
第3个月（2024年10月）						2,363						20.35						2,363						$	813,792
总计						2,478						$	20.33					2,478

2015年10月13日，公司董事会批准了一项授权30亿美元的股份回购计划，并分别于2016年5月24日、2017年10月16日和2018年2月21日更新了300亿美元、50亿美元和25亿美元的额外股份回购授权。该计划没有具体的到期日期，授权在公开市场或私人交易中进行回购。当存在足够的流动性并且股票交易相对于估计内在价值有折扣时，公司可以选择回购股票。截至2024年10月31日，该公司剩余授权约8亿美元用于未来股票回购。

股票表现图表和累积总回报

下图显示了累计总股东回报率、标准普尔500指数和标准普尔信息技术指数的比较。该图表涵盖2019年10月31日至2024年10月31日期间。该图表假设2019年10月31日对股票或指数投资100美元（以及此后的股息再投资）。

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下图中的比较基于历史数据，并不指示或旨在预测我们普通股的未来表现。

			10/2019						10/2020						10/2021						10/2022						10/2023						10/2024
Hewlett Packard Enterprise			$	100.00					$	54.88					$	96.26					$	96.84					$	107.55					$	140.18
S&P 500指数			$	100.00					$	109.70					$	156.75					$	133.82					$	147.36					$	203.35
标准普尔信息技术指数			$	100.00					$	134.47					$	197.56					$	157.53					$	206.12					$	311.72

项目6. [保留]

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项目7.管理层对财务状况和经营结果的讨论和分析。

出于本管理层对财务状况和经营财报的讨论和分析（「MD & A」）部分的目的，我们使用术语「惠普企业」、「HPE」、「公司」、「我们」和「我们的」来指代惠普企业公司。

该表格10-k的这一部分一般讨论2024财年和2023财年项目以及2024财年和2023财年之间的同比比较。未包含在该表格10-k中的2022财年项目的讨论以及2023财年与2022财年之间的同比比较可在公司2023年10月31日表格10-k年度报告的「第二部分第7项，管理层对财务状况和经营结果的讨论和分析」中找到。已于2023年12月22日向SEC提交，可在SEC网站www.sec.gov.上查看。

我们打算随后讨论我们的财务状况和经营结果，以提供信息，帮助读者了解我们的合并财务报表、这些财务报表中某些关键项目的逐年变化以及导致这些变化的主要因素，以及某些会计原则、政策和估计如何影响我们的合并财务报表。本讨论应与我们的合并财务报表和本文件其他地方出现的相关注释一起阅读。

本次MD & A组织如下：

•趋势和不确定性。 讨论管理层已知的重大事件和不确定性，例如供应链限制（尽管有所放松）的混合宏观经济环境、我们投资组合的需求不均衡、新技术的需求和采用增加、保守（尽管正在复苏）的客户消费环境、持续的通货膨胀、外汇压力、最近的税收动态以及即将与Juniper Networks，Inc.合并。（「Juniper Networks」）。

•执行概述。 对我们的业务的讨论、对我们的财务财报和影响公司的其他亮点的总结，包括非GAAP财务措施，以便为MD & A的其余部分提供背景信息。

•关键会计政策和估计。 讨论我们认为对于理解我们报告的财务财报中包含的假设和判断很重要的会计政策和估计。

•运营结果。 讨论综合层面的经营财报后，讨论分部层面的经营财报。

•流动性和资本资源。 分析我们的现金流、财务状况、流动性以及现金需求和承诺的变化。

•GAAP与非GAAP调整.每项非GAAP财务指标均与最直接可比的GAAP财务指标进行了核对。本节还讨论了非GAAP财务措施的使用、有用性和经济实质，以及与使用非GAAP财务措施相关的实质限制以及这些限制的补偿。

趋势和不确定性

2024财年，不断变化的宏观经济环境对需求的影响持续存在，某些重大事态发展对我们的运营产生了以下影响：

技术进步： 我们观察到市场趋势和需求（不同细分和规模的客户）倾向于人工智能（「AI」）、混合云、边缘计算、数据安全功能和相关产品。由于更多设备的激增，边缘数据量持续增长。为了管理边缘数据的增长，各地对统一云体验的需求也在增长。随着数据的丰富，有机会开发具有强大计算能力的人工智能工具，从捕获的数据中提取见解和价值。对人工智能的需求不断增加也导致了竞争格局的变化。我们的主要竞争对手和新兴竞争对手正在通过集成的产品和解决方案扩大其产品和服务范围，并施加越来越大的竞争压力。我们预计这些市场动态和趋势将在长期内持续下去。

宏观经济不确定性： 不断变化的宏观经济环境的影响一直在影响整个行业的需求，因为客户需要更长的时间才能完成之前的订单，并且对可自由支配的IT支出采取了更保守的方法。这导致我们的产品组合和地区的需求不平衡，特别是对于我们的某些硬件产品，因为客户将投资重点放在基础设施现代化上，例如迁移到基于云的

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

产品，包括我们自己的产品。我们预计这种混合的宏观经济环境将在很大程度上持续下去（尽管略有缓解），并可能限制短期收入增长。

供应链：在2024财年，我们遇到了某些组件的供应链限制，包括图形处理单元(「GPU」)和加速处理单元，但自那以来已有所缓解，部分原因是供应增加以及材料和物流成本降低。由于货运网络的快运和整体运费成本下降，物流成本从以前的较高水平下降。事实上，我们的库存水平一直高于正常水平，这主要是由于客户过渡到下一代GPU，我们的供应提前于需求，以及客户对人工智能相关订单的接受时间更长；我们预计中期内这一趋势将继续下去。我们已经经历了，并预计将继续经历投入组件成本上升和具有竞争力的定价环境，这可能会影响我们的财务财报。我们计划通过持续有纪律的成本和定价管理来缓解这些动态的影响。

经常性收入和消费模型： 我们继续加强我们的核心服务器和面向存储的产品，并扩展我们在HPE GreenLake云上的产品，以提供我们的整个产品组合即服务（「aaS」），并成为我们客户和合作伙伴的边缘到云公司。我们预计这种灵活的消费模式将继续加强我们的客户关系并促进经常性收入的增长。

外币风险： 我们在全球拥有庞大的业务，一半以上的收入来自美国以外的地区。因此，我们的财务财报可能会受到外币汇率波动的影响，尤其是在最近一段时期。我们采用全面的对冲策略，旨在减轻外汇波动随着时间的推移的影响，并在可能的情况下调整定价，以进一步最大限度地减少外汇影响。

最近的税务发展：由38个国家(包括美国)组成的国际组织经济合作暨发展组织(「经合组织」)建议修改多项沿用已久的税务原则，即把全球最低企业税率定为15%的《第二支柱框架》。到目前为止，已有43个国家颁布了经合组织提案的部分或全部内容，另有22个国家起草了或宣布有意起草立法，以制定拟议的规则。一旦颁布，这些规则将于2025财年开始对我们生效。根据美国公认会计原则，经济合作与发展组织支柱二规则被视为替代最低税额，因此递延税项不会根据未来最低税额的估计影响予以确认或调整。因此，我们的2024财年财报没有受到影响。这些规则的采纳和生效日期可能因国家而异，可能会增加税收的复杂性和不确定性，并可能对我们的所得税拨备产生不利影响。我们目前预计2025财年的财报不会受到实质性影响。

美国国税局(IRS)正在对2017财年至2022年的美国联邦所得税申报单进行审计。在2023财年，美国国税局发布了2017、2018和2019年与公司间转移定价相关的拟议调整通知(NOPA)。在2024财年第一季度，美国国税局发布了一份收入代理报告，最终确定了他们对相同问题和相同财年的NOPA的立场。然而，我们不同意美国国税局的调整，并认为我们在纳税申报单上采取的立场更有可能基于技术优势而获胜，并继续与美国国税局进行和解谈判。在2024财年第三季度，我们向美国国税局提交了一份正式的和解方案，以促进审计的结束，并记录了12200美元的未确认税收优惠准备金增加万。准备金增加的影响几乎完全被估值津贴的发放所抵消，对2024财年所得税支出的净影响并不大。美国国税局2017年至2019年财政年度的审计可能在未来12个月内完成，与这些年相关的现有未确认税收优惠可能在未来12个月内减少高达35800美元万，其中大部分涉及对带有全额估值津贴的外国税收抵免的调整或公司间特许权使用费收入确认的时间，这两者都不会影响公司的有效税率。

其他趋势和不确定性： 的影响 贸易 保护措施，包括提高关税和贸易壁垒、政府政策和国际贸易安排的变化、地缘政治波动（包括中东持续冲突）和全球宏观经济挑战（包括中美关系），可能会影响我们的运营、财务表现以及在一些非美国市场开展业务的能力。 我们监控并寻求通过调整制造、供应链和分销网络来减轻这些风险。

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

即将与瞻博网络公司合并：1月9日，2024，吾等订立最终协议及合并计划(「合并协议」)，根据该协议，吾等将以每股40美元的全现金交易(「合并」)收购瞻博网络，相当于约140美元亿的股权价值。2024年4月2日，瞻博网络的股东批准了这笔交易。预期交易的资金将来自银行银团的优先无抵押延迟提取定期贷款、本公司出售予紫光国际科技有限公司(「Unis」)的税后收益占H3C科技有限公司(「H3C」)已发行股本总额的30%、本公司于2024年9月发行的优先无抵押票据及优先股的净收益(包括偿还到期债务后)(详见附注15，综合财务报表第II部分第8项「股东权益」)，以及资产负债表上的现金。交易的完成仍然取决于收到监管部门的批准和满足其他惯例的完成条件。

有关合并的更多信息，请参阅注释10，“收购和处置“第二部分第8项的合并财务报表，以及有关与合并相关的风险的进一步讨论，请参阅本年度报告第一部分第1A项中题为「风险因素」的部分10-k表格。

上述合并、合并协议的采用以及由此设想的交易的摘要并不声称是完整的，而是受合并协议全文的约束，并受合并协议全文的约束，该全文作为附件2.1提交给我们的当前报告，表格8-k于2024年1月10日提交给美国证券交易委员会。

以下高管概览、运营财报和流动性讨论和分析比较了财政 2024 对财政 2023，除非另有说明。除非另有说明，否则资本资源和现金需求和承诺部分列出了截至2024年10月31日的信息。

执行概览

净收入301亿美元，增长3.4% （按固定汇率计算增长3.3%）主要是由于服务器部门的平均单价（「AUPs」）较高，而智能边缘部门的销量和产品组合效应较低。由于智能边缘部门收入下降以及服务器部门低利润率产品的增加，毛利率为32.8%（或99亿美元），较上年同期下降2.3个百分点。的营业利润率 7.3% 与上年同期相比相对持平。

财务财报

下表总结了我们的合并GAAP财务财报：

			截至10月31日的财年，
			2024						2023						变化
			单位：百万，每股金额除外
净收入			$	30,127					$	29,135					3.4%
毛利			$	9,878					$	10,239					(3.5)%
毛利率			32.8		%				35.1		%				（2.3）分
运营收益			$	2,190					$	2,089					4.8%
营业利润率			7.3		%				7.2		%				0.1pts
归属于HPE的净利润			$	2,579					$	2,025					27.4%
归属于普通股股东的净利润			2,554						2,025						26.1%
稀释后归属于普通股股东的每股净收益(1)			1.93						1.54						$0.39
经营现金流			$	4,341					$	4,428					$(87)

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

下表总结了我们的综合非GAAP财务财报：

			截至10月31日的财年，
			2024						2023						变化
			单位：百万，每股金额除外
固定货币净收入			$	30,107					$	29,135					3.3%
非美国通用会计准则毛利润			$	9,893					$	10,273					(3.7)%
非GAAP毛利率			32.8		%				35.3		%				（2.5）分
非GAAP运营收益			$	3,168					$	3,145					0.7%
非GAAP营业利润率			10.5		%				10.8		%				（0.3）分
归属于HPE的非GAAP净利润			$	2,655					$	2,832					(6.3)%
归属于普通股股东的非GAAP净利润			2,630						2,832						(7.1)%
非GAAP稀释后归属于普通股股东的每股净利润(1)			1.99						2.15						$(0.16)
自由现金流			$	2,297					$	2,238					$59

(1)为了计算稀释后的净每股收益，优先股股息被加回归属于普通股股东的净利润中，稀释加权平均股计算假设优先股在发行时或报告期开始时已转换。

每项非GAAP财务指标均与本文中最直接可比的GAAP财务指标进行了核对。请参阅本MD & A中包含的「GAAP与非GAAP调整」部分了解这些对账，讨论非GAAP财务措施的用途、有用性和经济实质，以及讨论与使用非GAAP财务措施相关的实质限制以及这些限制的补偿。

年化收入运行率（「ARR」）

随着HPE GreenLake云服务的加入，我们转向aaS的强劲势头得以延续。随着我们构建HPE GreenLake云，我们的ARR组合变得越来越丰富，这正在改善我们的利润率。我们将继续积极投资HPE GreenLake云服务，以提供真正的云体验和运营模式，无论是在边缘、本地还是跨多个云。

ARR代表所有净HPE GreenLake云服务收入、相关金融服务收入（包括经营租赁的租金收入和融资租赁的利息收入）以及软件即服务（「Saas」）、软件消费收入和其他a-as产品的年化收入，在一个季度内确认并乘以四。我们相信，ARR是一个指标，可以让管理层更好地了解和强调我们Saas业务的潜在未来绩效。我们还相信，ARR为投资者提供了更高的财务信息以及财务和运营决策中使用的绩效指标的透明度，并允许投资者「通过管理层的眼睛」看到我们的财报。我们使用ARR作为性能指标。ARR应独立于净收入来看待，而不是与净收入相结合。

ARR没有任何标准化的定义，因此不太可能与其他公司提出的类似标题的指标进行比较。ARR不是预测，用于计算ARR的报告期末的有效合同可能会也可能不会被我们的客户延长或续签。

下表列出了我们的ARR：

			截至10月31日的财年，
			2024						2023
			以百万美元
ARR			$	1,938					$	1,304
同比增速			49		%				39		%

ARR同比增长49%，主要是由于我们的混合云、服务器和智能边缘部门的增长，这是由于客户安装基础不断扩大、HPE GreenLake Flex解决方案、服务器即服务器即服务器和智能边缘即服务器活动范围不断扩大。

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

股东的资本回报

向股东返还资本仍然是我们资本配置框架的重要组成部分，该框架也包括战略投资。我们相信，我们现有的现金和现金等值物余额，以及商业票据和其他短期流动性安排，足以满足我们的营运资金需求、资本资产购买、股息、债务偿还以及与我们现有业务相关的其他流动性需求。截至2024年10月31日，我们的现金、现金等值物和限制性现金为151亿美元，而截至2023年10月31日为46亿美元，增加了105亿美元。

关键会计政策和估计

我们的合并财务报表是根据美国公认会计原则（「GAAP」）编制的，该原则要求我们做出影响资产、负债、净收入和费用的报告金额以及或有负债的披露的估计、判断和假设。适用于我们合并财务报表的重要会计政策摘要和近期会计公告摘要载于第二部分第8项合并财务报表附注1「重要会计政策概述和摘要」中。如果会计政策所包含的估计或假设的性质受到与高度不确定的事项相关的重大判断的影响，并且这些估计和假设的变化合理可能对我们的合并财务报表产生重大影响，则会计政策被视为至关重要。

估计和判断基于历史经验、预测事件以及我们认为在当时情况下合理的各种其他假设。根据不同的假设或条件，估计和判断可能会有所不同。我们持续评估我们的估计和判断。

我们相信，以下会计政策对于描述我们的财务状况和运营结果至关重要，需要管理层做出最困难、最主观或最复杂的判断。

收入确认

我们与客户签订的合同可能包括产品和服务的组合，从而导致包含硬件和软件产品和/或各种服务的多项履行义务的安排。

我们的大部分收入来自产品和服务的销售以及相关的支持和维护，当承诺的产品或服务的控制权以交易价格转让给客户时，或在此时确认该收入。交易价格根据可变对价进行调整，可变对价可能在与客户、合作伙伴和分销商的合同中提供，可能包括回扣、基于数量的折扣、价格保护和其他激励计划。

在确定交易价格时应用了重大判断，因为我们可能需要在收入确认时估计可变对价。在确定要确认的收入金额时，我们估计这些程序的预期使用情况，应用预期值或最有可能的估计，并在每个报告期随着实际使用情况可用而更新估计。可变对价仅在收入可能不会发生重大逆转的情况下确认。在确定交易价格时，我们还考虑客户的退货权（如适用）。

为了确认已转让控制权的产品和服务的收入，我们将合同的交易价格按相对独立售价（「SPP」）基础分配到履行义务之间。对于作为捆绑销售的产品和服务，STP通常不可直接观察，并要求公司根据管理层判断通过考虑内部利润率目标、定价策略、市场/竞争条件、历史盈利能力数据以及其他可观察输入等可用数据来估计STP。对于某些产品和服务，公司根据在类似情况下单独销售给类似客户时的可观察价格建立SCP。该公司为其产品和服务建立了STP范围，并定期重新评估它们。

收益税

我们根据可能与所得税申报表中反映的最终状况不同的估计和假设计算本期和递延税拨备。我们根据通常在下一财年第三或第四季度提交的纳税申报表调整当前和递延税款拨备。

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

我们使用我们预计差异将逆转的年度生效的已颁布税率，就资产和负债税基与其报告金额之间的暂时差异的预期税务后果确认递延所得税资产和负债。

我们记录估值津贴，以将递延所得税资产减少到我们更有可能实现的金额。在确定估值津贴的需求时，我们考虑未来市场增长、预测盈利、未来应税收入来源、我们经营所在司法管辖区的盈利组合以及审慎可行的税务规划策略。为了让我们实现我们的递延所得税资产，我们必须能够在递延所得税资产根据适用税法到期之前在其所在的司法管辖区产生足够的、具有适当性质的应税收入。

我们的有效税率包括某些未分配海外收益和基本差异的影响，我们没有为这些收益和基本差异缴纳美国联邦税，因为我们计划无限期地将此类收益和基本差异再投资到美国境外。我们将汇出非无限期再投资的收益。已提供递延美国州收入和外国预扣税的美国子公司，其中已累积超额现金并且当我们确定这对业务运营、税收或现金管理原因。

我们在美国和其他大约80个国家和地区缴纳所得税，在这些司法管辖区中的许多国家，我们都要接受例行的企业所得税审计。我们相信，我们对纳税申报单的立场是完全支持的，但税务机关可能会对这些立场提出质疑，经相关税务机关审查后，这些立场可能不会完全持续。因此，我们的所得税拨备包括旨在满足这些挑战可能导致的评估的金额。确定这些潜在评估的所得税拨备并记录相关影响需要管理层的判断和估计。审计结果最终支付的金额可能与我们以前计入所得税拨备的金额存在重大差异，因此可能对我们的税款、净收益和现金流拨备产生重大影响。我们对不确定税务状况的应计主要是由于有关我们国际业务的税务处理的不确定性，包括不同司法管辖区之间的收入分配、公司间交易和相关利息，以及被收购公司的不确定税收状况。关于收入税的进一步讨论，请参阅合并财务报表第二部分第8项附注6「收入税」。

商誉

我们每年在第四季度的第一天，或每当有事件或情况表明善意的账面值可能无法收回时，都会在报告单位层面审查善意的损失。我们被允许进行定性评估，以确定是否有必要进行量化善意损害测试。

截至2024年10月31日，我们的善意报告单元与第二部分第8项合并财务报表附注2「分部信息」中确定的报告分部一致，但服务器除外，该报告单元包含两个报告单元：计算和高性能计算-脑机与人工智能（「HW & AI」）和企业投资及其他，包含两个报告单元：咨询和专业服务以及传统通信-半导体和媒体解决方案。

在进行善意减损测试时，我们将每个报告单位的公允价值与其公允价值进行比较。如果报告单位的公允价值低于其公允价值，则存在损害。

估计报告单位的公允价值在性质上是判断的，涉及使用重大估计和假设。我们使用公允价值的权重来估计我们报告单位的公允价值，公允价值的权重主要来自收益法，其次是市场法。根据收益法，报告单位的公允价值是根据管理层对经营财报的短期和长期预测的贴现现金流量分析得出的。这一分析包括关于收入增长率、预期营业利润率以及基于市场状况和客户接受度的预期未来现金流的时间安排的重要假设。所使用的贴现率是基于可比上市公司的加权平均资本成本，经与业务特定特征相关的相关风险以及与报告单位执行预计现金流的能力相关的不确定性调整后得出。根据市场法，公允价值基于营收的市盈率和来自经营和投资特征与报告单位相似的可比上市公司的收益的市盈率。我们根据这些上市公司与报告单位的可比性水平，对从市场法得出的公允价值进行权衡。当市场可比资料不具意义或不可用时，我们采用收益法估计报告单位的公允价值。此外，我们在将共享资产和负债分配给个别报告单位时作出若干判断和假设，以确定每个报告单位的账面金额。

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

年度亲善损害审查

我们于2024财年第四季度第一天进行的年度善意减损分析并未导致任何减损费用。我们报告单位的公允价值超过其公允价值的差额约为各自公允价值的8%至198%。为了评估我们报告单位的估计公允价值在善意减损测试中的敏感性，我们对每个报告单位的公允价值进行假设10%的下降。根据假设下降10%的结果，除了高性能计算-脑机和人工智能和混合云之外，所有报告单位的公允价值都超出了其公允价值。

截至2024年10月31日，HW & AI报告部门的声誉为20亿美元，截至年度测试日，公允价值超出其公允价值11%。主要受模型构建者的人工智能需求的推动，高性能计算-脑机和人工智能业务正在以非常快的速度增长，但由于图形处理器占解决方案的很大一部分，因此定价非常有竞争力，利润率有限。随着人工智能在企业和主权客户领域的增长以及直接液体冷却等关键战略差异化因素，我们相信随着时间的推移，人工智能有持续增长的潜力。

中期善意损害审查

2024年9月，HPE将H3 C已发行股本总额的30%出售给UNIS。对H3 C的股权投资主要使计算和混合云报告部门受益。出售后，我们于2024年9月30日对计算和混合云报告单元进行了中期善意减损分析。这些报告单位的公允价值超出其公允价值的差额（Compute）为6%，混合云为5%。我们还对Compute和Hybrid Cloud的公允价值进行了假设10%的下降，并指出两者的公允价值均未超出其公允价值的金额。

截至2024年10月31日，Compute报告部门的声誉为82亿美元，截至2024年9月30日中期测试日，公允价值超出公允价值6%。计算业务本质上是周期性的。在过去的几年里，数字化转型推动了基础设施现代化的投资增加。然而，在当前的宏观经济和通胀环境下，客户选择性地投资，从而实现了适度的单位增长和有竞争力的定价。Compute业务继续专注于占领市场份额，同时保持营业利润率，利用其强大的UPC Gen 11产品组合。

截至2024年10月31日，混合云报告部门的声誉为48亿美元，截至2024年9月30日中期测试日，公允价值超出公允价值5%。尽管混合云业务正处于积极的轨道上，但我们正在管理该业务的销售模式转型和产品转型。我们的产品模型转型是通过HPE Alletra转向更加云原生的软件定义平台。将这一增长转化为收入和营业收入需要时间，因为可评级软件和服务等高利润率业务的更多组合将在未来时期被推迟和确认。

我们于2023年11月1日根据影响截至该日报告单位组成的组织变化进行的2024年中期善意减损测试并未导致任何减损费用。

行动的结果

从历史上看，我们国际业务的收入占我们总净收入的大部分，我们预计将继续占到大部分。因此，我们的收入增长已经受到影响，我们预计将继续受到外币汇率波动的影响。为了提供一个评估财报的框架，剔除外币波动的影响，我们在不变货币基础上列出收入的同比百分比变化，假设外币汇率与上一年同期相比没有变化，也没有根据外币汇率变化对重新定价或需求的影响进行调整。按不变货币计算的这一收入变化的计算方法是：(A)使用上年外币汇率换算成美元的本年度收入除以(B)上年同期收入。提供这些信息是为了在不受外币汇率波动影响的情况下查看收入，这与管理层评估我们的收入结果和趋势的方式是一致的。这种不变的货币披露是在GAAP基础上收入同比百分比变化的基础上提供的，而不是作为替代。其他公司可能会以不同的方式计算和定义类似标签的项目，这可能会限制这一措施在进行比较时的有效性。

47

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

Results of operations in dollars and as a percentage of net revenue were as follows:

			截至10月31日的财年，
			2024												2023												2022
			美元						占收入的百分比						美元						占收入的百分比						美元						占收入的百分比
			以百万美元
净收入			$	30,127					100.0		%				$	29,135					100.0		%				$	28,496					100.0		%
销售成本（不包括下文单独列出的摊销）			20,249						67.2		%				18,896						64.9		%				18,990						66.6		%
毛利			9,878						32.8		%				10,239						35.1		%				9,506						33.4		%
研发			2,246						7.5		%				2,349						8.1		%				2,045						7.2		%
销售，一般和行政			4,871						16.2		%				5,160						17.7		%				4,941						17.3		%
无形资产摊销			267						0.9		%				288						1.0		%				293						1.0		%
商誉减值			—						—		%				—						—		%				905						3.2		%
转型成本			93						0.3		%				283						1.0		%				473						1.7		%
灾难费用			7						—		%				1						—		%				48						0.2		%
购置、处置和其他相关费用			204						0.6		%				69						0.1		%				19						0.1		%
运营收益			2,190						7.3		%				2,089						7.2		%				782						2.7		%
利息和其他，净额			(117)						(0.4)		%				(104)						(0.3)		%				(121)						(0.4)		%
出售股权收益			733						2.4		%				—						0.1		%				—						—		%
股权收益			147						0.5		%				245						0.8		%				215						0.8		%
税前盈利			2,953						9.8		%				2,230						7.8		%				876						3.1		%
税款准备金			(374)						(1.2)		%				(205)						(0.7)		%				(8)						(0.1)		%
归属于HPE的净利润			2,579						8.6		%				2,025						7.0		%				868						3.0		%
优先股股息			(25)						(0.1)		%				—						—		%				—						—		%
归属于普通股股东的净利润			$	2,554					8.5		%				$	2,025					7.0		%				$	868					3.0		%

2024财年与2023财年相比

净收入

2024财年，净收入总额为301亿美元，增加99200万美元，即3.4%（按固定汇率计算增加3.3%）。美国净收入增加52100万美元（增幅5.0%）至109亿美元，来自美国境外的净收入增加47100万美元（增幅2.5%）至192亿美元。

按分部划分的加权净收入变化组成部分如下：

			截至10月31日的财年，
			2024						2023
			百分点
服务器			6.4						(3.9)
混合云			(0.4)						0.9
智能边缘			(2.9)						5.3
金融服务			0.1						0.5
企业投资及其他			0.1						(0.1)
总分部			3.3						2.7
消除分部间净收入和其他			0.1						(0.5)
HPE总数			3.4						2.2

48

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

2024财年与2023财年相比

从分部角度来看，导致净收入总额变化的主要因素总结如下：

•服务器净收入增加184400万美元，增幅12.8%，主要是由于AUPs上升

•混合云净收入减少10700万美元，即1.9%，主要是由于AUPs下降

•智能边缘净收入下降84700万美元，降幅15.7%，主要是由于销量下降和产品组合效应

•金融服务净收入增加3200万美元，增幅0.9%，主要是由于金融收入增加

•企业投资和其他净收入增加2900万美元，增幅2.9%，主要是由于咨询和专业服务（「A & PS」）的收入增长

2023财年与2022财年相比

从分部角度来看，导致净收入总额变化的主要因素总结如下：

•服务器净收入下降111100万美元，即7.2%，主要是由于服务器单位数量下降和不利的货币波动

•混合云净收入增加26000万美元，增幅5.0%，主要是由於单位销量增加

•智能边缘净收入增加152200万美元，增幅39.5%，主要是由于AUPs以及销量和产品组合效应的增加

•金融服务净收入增加14100万美元，增幅为4.2%，主要是由于平均经营租赁增加的租金收入增加以及利率环境上升导致融资租赁的融资收入增加

•企业投资和其他净收入减少2700万美元，即2.7%，主要由于不利的货币波动

毛利

2024财年总毛利率为32.8%，较上年同期下降2.3个百分点。这一下降主要是由于智能边缘部门的收入下降以及服务器部门低利润率产品的增加。

业务费用

研究与开发（“R & D”）

研发费用减少10300万美元，即4.4%，主要原因是软件成本资本化，对这一变化贡献了4.2个百分点。

Selling, general and administrative (“SG&A”)

SG & A费用减少了28900万美元，即5.6%，主要是由于员工成本下降（贡献了3.3个百分点）、差旅和营销费用下降以及咨询费用下降（两者都贡献了1.4个百分点）。

转型计划和成本

Our transformation programs consist of the Cost Optimization and Prioritization Plan (launched in 2020) and the HPE Next Plan (launched in 2017).

转型成本 减少了19，000万美元，即67.1%，原因是本期费用减少，因为这些计划的主要内容已在2023财年末基本完成。进一步讨论，请参阅第二部分第8项合并财务报表注3「转型计划」。

购置、处置和其他相关费用

收购、处置和其他相关费用增加了13500万美元或195.7%，主要是由于与即将收购Juniper Networks相关的成本。

49

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

利息和其他，净额

利息和其他净费用增加1300万美元或12.5%，主要是由于出售某些投资的收益减少以及本年度和上一年的不利货币波动，包含审计和解带来的税收补偿收入。这一增长被本年度净利息费用减少和股权投资亏损减少部分抵消。

出售股权收益

2024年9月4日，公司将H三通信-半导体已发行股本总额的30%出售给UNIS。我们继续拥有在稍后日期出售H三C已发行股本剩余19%的选择权。就此次出售而言，我们录得股权出售收益73300万美元。

股权收益

2024财年，股权收益减少9800万美元或40%，主要是由于华三集团净利润下降以及处置华三集团已发行股本总额的30%，部分被本期基差摊销费用下降所抵消。

税款准备金

2024财年和2023财年，我们记录的所得税费用分别为37400万美元和20500万美元，分别反映了12.7%和9.2%的有效税率。由于我们在全球较低税收司法管辖区的业务的某些收益相关的优惠税率，我们的有效税率通常与美国联邦法定税率21%不同，但也可能受到本财年离散税收调整的重大影响。在所列期间，对我们的有效税率影响最大的税率优惠司法管辖区包括波多黎各和新加坡。

2024财年，我们记录了与当年离散项目相关的净所得税费用4300万美元。这些金额主要包括：

•H3 C剥离收益产生的10400万美元净所得税费用，其中包括21500万美元的美国和外国所得税费用，被释放与之前剥离相关的不确定税收优惠的11100万美元所得税优惠所抵消，部分被抵消

•与转型成本以及收购、处置和其他相关费用相关的5400万美元所得税优惠，

•与股票薪酬相关的净超额税收优惠为1100万美元。

2023财年，我们记录了与当年离散项目相关的净所得税优惠13100万美元。这些金额主要包括：

•与转型成本以及收购、处置和其他相关费用相关的10400万美元所得税优惠，以及

•与股票薪酬相关的净超额税收优惠为1900万美元。

分部资料

惠普企业的组织结构基于首席运营决策者（即首席执行官）用来评估、查看和运营我们的业务运营的许多因素，其中包括但不限于客户群以及产品和技术的同质性。这些部门基于该组织结构和惠普企业管理层审查的信息，以评估部门结果。

每个分部的产品和服务描述以及与分部相关的其他相关信息可在第二部分第8项合并财务报表注释2「分部信息」中找到。

50

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

分部财报

以下概述了我们2024财年与2023财年按细分的主要财务指标：

			HPE 综合						服务器												混合云						智能边缘						金融服务						企业 投资及其他
			百万美元，每股金额除外
净收入(1)			$	30,127					$	16,205											$	5,386					$	4,532					$	3,512					$	1,014
同比变化%			3.4%						12.8%												(1.9)%						(15.7)%						0.9%						2.9%
运营收益（损失）(2)			$	2,190					$	1,818											$	245					$	1,115					$	316					$	(25)
运营收益（亏损）占净收入的百分比			7.3%						11.2%												4.5%						24.6%						9.0%						(2.5)%
同比变化百分点			0.1		pts				(1.5)		pts										0.3		pts				(0.4)		pts				0.9		pts				5.3		pts

(1)HPE合并净收入不包括部门间净收入。

(2)分部运营收益不包括某些未分配的企业成本和抵消、股票补偿费用、无形资产摊销、善意减损、转型成本、灾难费用、与剥离相关的退出成本以及收购、处置和其他相关费用。

服务器

			截至10月31日的财年，
			2024						2023						2022						2024年vs 2023年 更改百分比						2023年与2022年%变化
			以百万美元
净收入			$	16,205					$	14,361					$	15,472					12.8		%				(7.2)		%
运营收益			$	1,818					$	1,830					$	1,958					(0.7)		%				(6.5)		%
运营收益占净收入的百分比			11.2		%				12.7		%				12.7		%

2024财年与2023财年相比

服务器净收入增加184400万美元，按实际美元和固定货币计算，增幅为12.8%，主要是由于产品收入增加181200万美元，增幅为16.7%。产品收入的增长主要是由于AUPs增加至176900万美元，即16.3%。

Server earnings from operations as a percentage of net revenue decreased 1.5 percentage points primarily due to an increase in costs of products as a percentage of net revenue, moderated by a decrease in operating expenses as a percentage of net revenue. The increase in costs of products as a percentage of net revenue was primarily due to higher mix of lower margin products and competitive pricing pressure. The decrease in operating expenses as a percentage of net revenue was primarily due to lower total operating expenses as a result of cost containment measures.

Fiscal 2023 compared with fiscal 2022

服务器净收入减少111100万美元，即7.2%（按固定汇率计算减少3.5%），主要是由于产品收入减少106100万美元，即8.9%。产品收入下降主要是由于服务器单位销量下降128100万美元（即10.7%）以及不利的货币波动45800万美元（即3.8%）。由于下一代产品中具有更复杂组件架构的服务器配置的销量增加，AUPs增加了68300万美元（5.7%），缓解了产品收入的下降。

服务器运营收入占净收入的比例保持相对平稳。

51

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

混合云

			截至10月31日的财年，
			2024						2023						2022						2024年vs 2023年 更改百分比						2023年vs 2022年 更改百分比
			以百万美元
净收入			$	5,386					$	5,493					$	5,233					(1.9)		%				5.0		%
运营收益			$	245					$	232					$	468					5.6		%				(50.4)		%
运营收益占净收入的百分比			4.5		%				4.2		%				8.9		%

2024财年与2023财年相比

混合云净收入下降 增长10700万美元，即1.9% （按固定汇率计算下降2.0%）主要是由于AUPs下降，部分被单位成交量的增加所抵消。混合云产品收入减少26700万美元，即8.1%，主要是由于私有云和存储产品带动的AUPs下降83100万美元，即25.2%，部分被私有云和存储产品带动的单位销量增长54300万美元或16.5%所抵消。混合云服务收入增加了16000万美元（即7.3%），主要是由于私有云和基础设施Saas的带动下，单位销量增加了27500万美元（即12.5%）。这一增长被10700万美元（即4.9%）的较低澳元部分抵消。

与去年同期相比，混合云运营利润占净收入的比例保持相对持平。

2023财年与2022财年相比

混合云净收入增加26000万美元，即5.0%（按固定汇率计算增加8.2%），主要是由於单位销量增加，但部分被不利的货币波动和AUPs下降所抵消。混合云产品收入增加18000万美元，即5.8%，主要是由于私有云和基础设施Saas的带动下，单位销量增加37100万美元，即11.9%。产品收入的增长受到不利货币波动13000万美元（4.2%）以及AUPs下降3900万美元（1.3%）的抑制。混合云服务收入增加了8000万美元，即3.8%，主要是由于私有云和基础设施Saas的带动下，单位销量增加了17800万美元，即8.4%。服务收入的增长被澳元下降4，300万美元或2.0%以及不利的货币波动4，000万美元或1.9%部分抵消。

由于销售产品成本占净收入的百分比上升以及运营费用占净收入的百分比上升，混合云运营收益占净收入的百分比下降了4.7个百分点。产品和服务成本占净收入百分比的增加主要是由于GreenLake Flex Solutions交易利润率下降和存储订阅收入下降。营业费用占净收入百分比的增加主要是由于不利的货币波动。

智能边缘

			截至10月31日的财年，
			2024						2023						2022						2024年vs 2023年 更改百分比						2023年vs 2022年 更改百分比
			以百万美元
净收入			$	4,532					$	5,379					$	3,857					(15.7)		%				39.5		%
运营收益			$	1,115					$	1,343					$	542					(17.0)		%				147.8		%
运营收益占净收入的百分比			24.6		%				25.0		%				14.1		%

52

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目录表

HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

2024财年与2023财年相比

Intelligence Edge净收入减少84700万美元，即15.7%（按固定汇率计算减少15.9%）。产品收入下降105000万美元，即23.9%，主要原因是销量和产品组合效应下降87600万美元，即19.9%，AUPs下降18300万美元，即4.2%。由于需求疲软，产品收入下降的主要原因是交换产品和无线局域网产品。服务净收入增加20300万美元，增幅为20.6%，主要得益于我们的Saas和附加支持服务产品。

Intelligence Edge运营利润占净收入的比例下降0.4个百分点，主要是由于运营费用占净收入的比例上升，部分被产品和服务成本占净收入的比例下降所抵消。运营费用占净收入的比例增加，主要是由于净收入下降规模、与收购相关的员工成本增加以及为增强绿湖Aruba产品而进行的投资。产品和服务成本占净收入的百分比下降主要是由于有利的收入组合和成本控制措施。

2023财年与2022财年相比

Intelligence Edge净收入增加152200万美元，即39.5%（按固定汇率计算增长42.5%）。产品收入增长139600万美元，即46.5%，主要得益于AUPs上涨128400万美元（即42.8%），销量和产品组合效应为21700万美元（即7.2%），受不利货币波动10600万美元（即3.5%）的影响。产品收入增长由交换机和无线局域网产品主导，这受益于供应可用性的改善以及本期初订单水平的提高。服务净收入增加12700万美元，增幅为14.8%，主要得益于我们的Saas和附加支持服务产品。

Intelligence Edge运营利润占净收入的比例增加了10.9个百分点，主要是由于产品和服务成本占净收入的比例以及运营费用占净收入的比例下降。产品和服务成本占净收入的百分比下降主要是由于供应链成本下降，而利润率较高的支持服务收入组合的减少减缓了下降的速度。运营费用占净收入的百分比下降主要是由于我们的成本控制措施。

金融服务

			截至10月31日的财年，
			2024						2023						2022						2024年vs 2023年 更改百分比						2023年vs 2022年 更改百分比
			以百万美元
净收入			$	3,512					$	3,480					$	3,339					0.9		%				4.2		%
运营收益			$	316					$	281					$	387					12.5		%				(27.4)		%
运营收益占净收入的百分比			9.0		%				8.1		%				11.6		%

2024财年与2023财年相比

FS净收入增加3200万美元，即0.9%（按固定汇率计算增加0.6%），主要是由于利率较高环境下平均融资租赁较高以及有利的货币波动带来的财务收入增加，部分被平均经营租赁较低的租金收入和资产管理租赁收购收入减少所抵消。

尽管服务成本占净收入的百分比和运营费用占净收入的百分比相对持平，但FS运营利润占净收入的百分比增加了0.9个百分点。

2023财年与2022财年相比

FS净收入增加14100万美元，即4.2%（按固定货币计算增加5.4%），主要是由于平均经营租赁较高的租金收入增加以及利率环境上升导致的融资租赁融资收入增加，部分被资产管理收入减少所抵消，主要是二手资产销售减少和不利的货币波动。

FS运营利润占净收入的百分比下降了3.5%个百分点，主要是由于服务成本占净收入的百分比上升，而运营费用占净收入的百分比则为

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

相对平坦。服务成本占净收入百分比的增加主要是由于借贷成本上升和折旧费用上升的综合作用，但部分被坏账费用下降所抵消。

融资量

			截至10月31日的财年，
			2024						2023						2022
			以百万
融资量			$	6,616					$	6,412					$	6,252

融资量（指向客户提供的设备和相关软件和服务（包括公司间活动）的融资金额）与上年同期相比，2024财年增加了3.2%。这一增长主要是由于HPE产品销售和服务融资增加，部分被第三方产品销售和服务融资减少所抵消。

投资组合资产和比率

FS业务模式是资产密集型的，并使用某些内部指标来衡量其相对于其他金融服务公司的表现，包括源自我们内部管理报告系统的分部资产负债表。用于得出FS金额的会计政策与公司使用的会计政策基本相同。然而，分部余额中反映的公司间贷款和某些账户在我们的合并财务报表中消除。

来自FS分部资产负债表的投资组合资产和比率如下：

			截至10月31日
			2024						2023
			以百万美元
融资应收账款，毛额			$	9,647					$	8,814
经营租赁下的净设备			3,632						4,100
公司间设备交易的资本化利润(1)			396						263
公司间租赁(1)			119						109
总投资组合资产			13,794						13,286
坏账准备(2)			177						178
经营租赁设备储备			30						36
总储量			207						214
净投资组合资产			$	13,587					$	13,072
准备金覆盖			1.5		%				1.6		%
债务与权益比率(3)			7.0x						7.0x

(1)公司间活动在合并中被消除。

(2)应收融资账款的信用损失备抵包括短期和长期部分。

(3)负债受益FS包括为分部报告目的被视为债务的公司间股权、公司间债务以及与FS及其子公司相关的借款和融资相关活动。截至2024年10月31日和2023年10月31日，FS受益的债务总额分别为118亿美元和116亿美元，是通过应用假设的债务与权益比率确定的，管理层认为该比率与其他类似融资公司的比率相当。2024年10月31日和2023年10月31日的FS股权分别为17亿美元和170亿美元。

截至2024年10月31日和2023年10月31日，FS净现金和现金等值物余额分别为53300万美元和70000万美元。

截至2024年10月31日，净投资组合资产较2023年10月31日增长3.9%。这一增长通常是由于本期新融资量超过了投资组合径流，以及有利的货币波动。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

FS坏账费用包括一般准备金、特定准备金以及销售型、直接融资和经营租赁的核销。FS在2024财年、2023财年和2022财年分别记录了5700万美元、5900万美元和8200万美元的净坏账费用。

企业投资及其他

			截至10月31日的财年，
			2024						2023						2022						2024年vs 2023年 更改百分比						2023年vs 2022年 更改百分比
			以百万美元
净收入			$	1,014					$	985					$	1,012					2.9		%				(2.7)		%
运营亏损			$	(25)					$	(77)					$	(26)					67.5		%				(196.2)		%
运营损失占净收入的百分比			(2.5)		%				(7.8)		%				(2.6)		%

2024财年与2023财年相比

企业投资和其他净收入增加2900万美元，即2.9%（按固定汇率计算增加4.3%），主要是由于A & PS的收入增长，部分被不利的货币波动所抵消。

企业投资和其他运营损失占净收入的百分比下降5.3 age积分 主要是由于我们的成本控制措施导致服务成本占净收入的百分比下降，以及由于净收入增长规模和总运营费用下降，运营费用占净收入的百分比下降。

2023财年与2022财年相比

企业投资和其他净收入减少2700万美元，即2.7%（按固定汇率计算增加2.1%），主要原因是不利的货币波动。

企业投资和其他运营亏损占净收入的比例增加了5.2个百分点，主要是由于服务成本占净收入的比例增加，而运营费用占净收入的比例保持相对平稳。服务成本占净收入的百分比增加，主要是由于净收入下降规模以及不利的货币波动和费用增加导致服务成本增加。

流动资金及资本资源

当前概况

我们使用运营产生的现金作为我们流动性的主要来源。我们相信，内部产生的现金流总体上将足以支持我们的运营业务、资本支出、产品开发计划、收购和处置活动，包括法律和解、重组活动、转型成本、赔偿、到期债务、利息支付和所得税支付，以及任何未来的投资、股票回购和股东股息支付。我们预计，如有必要，我们将通过进入资本市场、发行商业票据以及通过各种国内外金融机构提供的信贷安排借款来补充这种短期流动资金。然而，在某些商业、市场和经济条件下，我们进入资本市场的机会可能会受到限制，我们的借贷成本可能会增加。我们预期所提供的资金，包括与Juniper Networks即将合并有关的债务资金、发行优先股所得款项和出售H3C已发行股本总额30%的所得款项，以及我们从业务产生的现金，连同我们进入资本市场的渠道，将足以满足我们至少未来12个月的流动资金需求(包括完成Juniper Networks交易的对价支付)和此后可预见的未来。本行的流动资金会受到不同风险的影响，包括第1A项「风险因素」一节所指的风险及第7A项「有关市场风险的量化及定性披露」一节所指的市场风险。

截至2024年10月31日，我们的现金余额存放在世界各地的多个地点，其中大量现金余额存放在美国。我们利用各种规划和融资策略，努力确保我们在全球范围内随时随地提供现金。

在美国境外持有的金额通常用于支持我们非美国的流动性需求。从美国联邦税收的角度来看，美国境外持有的金额通常不征税，但可能取决于州收入或

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

外国预扣税。如果当地限制阻碍公司间有效的资金转移，我们的目的是将现金余额保留在美国境外，并通过持续现金流、外部借款或两者结合满足流动性需求。我们预计汇回美国境外持有的资金的限制或潜在税收不会对我们的整体流动性、财务状况或运营财报产生重大影响。

根据董事会之前授权的股份回购计划，在2024财年，我们回购并结算了总计15000万美元的金额。截至2024年10月31日，我们还有约8亿美元的剩余授权用于未来的股票回购。有关我们股份回购计划的更多信息，请参阅第二部分第8项合并财务报表附注15「股东权益」。

2024年5月23日，我们宣布计划将通信-半导体技术集团（「CTG」）业务剥离给和兴达科技。CTG属于我们的传播和媒体解决方案业务，该业务在企业投资和其他部门报告。此次剥离包括CTG产品组合中基于平台的软件解决方案部分，包括系统集成、网络应用程序、数据智能和业务支持系统组。截至2024年10月31日，拟出售的资产和负债已在我们的合并资产负债表中列为持作出售的资产和负债。2024年12月1日，我们完成了CTG的处置。我们收到净收益21，000万美元，预计将确认约23，000万美元的收益。

2024年1月9日，我们签订了合并协议，根据协议，恒隆将以每股40美元的全现金交易收购瞻博网络，相当于约140亿美元的股权价值亿。这笔交易获得了两家公司董事会的一致批准。2024年4月2日，瞻博网络的股东批准了这笔交易。交易的完成仍然取决于收到监管部门的批准和满足其他惯例的完成条件。关于合并，我们签订了一份承诺函，根据该承诺书，我们获得了花旗全球市场公司、摩根大通银行和瑞穗银行的承诺，将提供140亿美元的优先无担保延迟提取定期贷款安排，其中包括110亿美元的364天期贷款和30亿美元的三年期贷款，但须符合惯例条件(「定期贷款承诺函」)。2024年9月，我们发行了90亿美元的优先无担保票据和15亿美元的优先股，我们打算利用这些净收益为收购瞻博网络的部分代价提供资金，并用于其他一般公司用途，其中可能包括偿还HPE、瞻博网络及其各自子公司的某些债务。此外，为进一步履行定期贷款承诺函，我们与摩根大通银行、花旗银行和瑞穗银行签订了约120亿美元的优先无担保延迟提取定期贷款安排的定期贷款协议，其中包括约90亿美元的364天期贷款(在收到并应用我们出售给UNIS的约20美元亿的税后收益后，根据惯例条件，这部分金额从最初承诺的110亿美元亿减少)和30亿美元的三年期贷款。此后，我们在收到并运用上述发行优先无抵押票据和优先股的若干收益后，进一步将364天定期贷款项下的承诺减少至10亿美元。除非先前终止，否则364天定期贷款及三年期定期贷款项下的承担将于(I)Juniper外部日期(定义见该等定期贷款协议)后五个营业日、(Ii)收购Juniper Networks完成之时而没有根据任何一项定期贷款协议提供任何借款的情况下终止，及(Iii)HPE根据其条款以书面终止合并协议，两者中较早者终止。关于前述364天定期贷款和三年期定期贷款的签订，我们于2024年9月12日终止了定期贷款承诺书。

2024年9月，我们发行了3000万股优先股，每股面值0.01美元，总收购价格为15亿美元，减去发行成本3800万美元。截至2024年10月31日，优先股已发行3000万股。我们打算如上所述使用这些净收益。有关我们优先股的更多信息，请参阅第二部分第8项合并财务报表附注15「股东权益」。

根据截至2016年5月1日(最近一次于2022年10月28日修订)的相关附属公司、UNI及H3C之间的股东协议，吾等于2022年12月30日向UNI发出通知，行使吾等以现金代价向UNI认购吾等持有的全部H3C股份的权利，该等股份占H3C已发行股本总额的49%。2023年5月26日，我们的相关子公司与Unis签订了认沽股份购买协议，Unis同意通过我们的子公司购买我们持有的所有H3C股份。于2024年5月24日，吾等相关附属公司与Unis订立(I)经修订及重订认沽股份购买协议，根据该协议，吾等相关附属公司将于2024年8月31日前以约21亿的税前现金代价向Unis出售H3C总已发行股本的30%(「出售交易」)，及(Ii)与Unis订立后续安排协议，据此，于出售交易完成后，吾等有关附属公司将拥有向Unis出售认沽期权及

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

UNIS将拥有认购期权，从我们的相关子公司购买H3 C已发行股本总额的19%，税前现金对价约为14亿美元。日 月至36日日 销售交易后一个月。上述第（i）和（ii）条中提到的交易加在一起，修改了有关通过子公司出售我们持有的所有H三股份的上述安排，并须遵守某些宽限期和监管机构批准。2024年9月4日，根据与UNIS签订的修订和重述的看跌股票购买协议，我们收到了21亿美元的税前对价（税后20亿美元），与向UNIS出售H3 C已发行股本总额的30%有关。

流动性

我们的现金、现金等值物、受限制现金、债务总额和可用借贷资源如下：

			截至10月31日，
			2024						2023						2022
			以百万
现金、现金等值物和限制现金			$	15,105					$	4,581					$	4,763
总债务			18,246						12,355						12,465
可用借贷资源(1)			6,009						6,588						6,161
商业票据计划(2)			5,101						5,071						5,208
未承诺的信贷额度(3)			$	908					$	1,517					$	953

    

(1)不包括收购Juniper Networks的融资承诺。该融资项下的最大总承诺为40亿美元，然而，截至2024年10月31日，该融资项下没有未偿余额。

（2） 商业票据计划和循环信贷工具的最高借款总额为57.5亿美元。

（3） 未承诺信贷额度的最大总容量为15亿美元，其中6亿美元主要用于发放银行担保。

下表代表管理层审查现金流量的方式：

			截至10月31日的财年，
			2024						2023						2022
			以百万
经营活动提供的净现金			$	4,341					$	4,428					$	4,593
投资活动所用现金净额			(53)						(3,284)						(2,087)
融资活动提供（用于）的净现金			6,283						(1,362)						(1,796)
汇率变化对现金、现金等值物和限制现金的影响			(47)						36						(279)
现金、现金等值物和受限制现金的变化			$	10,524					$	(182)					$	431
自由现金流			$	2,297					$	2,238					$	1,794

经营活动

经营活动提供的净现金减少 增加了8700万美元 与2023财年相比，2024财年。减少主要是由于可变薪酬的现金支付增加、应收融资的不利影响以及运营产生的现金减少。与去年同期相比，流动资本有利减缓了这一下降。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

我们的运营资本指标和现金转化影响如下：

			截至10月31日，
			2024						2023						2022
应收账款（「DSO」）未偿销售天数			38						43						47
库存供应天数（「多斯」）			120						87						88
应付账款（「DPO」）中未付采购天数			(170)						(134)						(149)
现金转换周期			(12)						(4)						(14)

现金转换周期是DSO和IOS之和减去DPO。可能导致特定时期现金转换周期不同的项目包括但不限于业务组合的变化、付款条件的变化（包括向客户或供应商延长的付款期限）、客户或供应商提前或延迟的发票付款、应收账款代理的范围、季节性趋势、收入确认的时间和期内库存采购，商品成本和收购活动的影响。

DSO衡量应收账款未偿还的平均天数。DSO的计算方法是将期末应收账款（扣除可疑账款拨备）除以净收入的90天平均值。与2023财年相应的三个月期间相比，本期DSO减少5天主要是由于早期收款量增加。

多斯衡量从采购到销售我们的产品的平均天数。NOS的计算方法是将期末库存除以90天平均销售成本。与2023财年相应的三个月期间相比，本期IOS增加了33天，主要是由于战略性采购关键零部件以支持人工智能系统的增长而导致库存水平上升。

DPO衡量应付账款余额未清的平均天数。DPO的计算方法是将期末应付账款除以90天平均销售成本。与2023财年相应的三个月相比，本期DPO增加了36天，主要是由于库存采购增加。

投资活动

与2023财年同期相比，2024财年投资活动使用的净现金减少了32亿美元。这一减少主要是由于UNIS出售H3 C总已发行股本30%的收益21亿美元，与业务收购相关的净付款减少6亿美元，净金融抵押品活动中使用的现金减少2亿美元，以及房地产、厂房和设备以及软件资产的投资减少（扣除销售收益2亿美元），与上年同期相比。

融资活动

与2023财年同期相比，2024财年融资活动提供的净现金增加了76亿美元。这主要是由于债务发行收益增加（扣除发行成本）65亿美元，优先股发行收益（扣除发行成本）15亿美元，股票回购减少3亿美元，部分被偿还债务增加6亿美元所抵消。与上年同期相比。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

自由现金流

自由现金流量（「FCF」）指运营现金流量减去净资本支出（不动产、厂房和设备（「PP & E」）以及软件资产投资减去出售PP & E的收益），并根据汇率波动对现金、现金等值物和限制现金的影响进行调整。与2023财年同期相比，FCF增加了1亿美元。这主要是由于与上年同期相比，净资本支出有所下降。有关FCF的更多信息，请参阅本MD & A中题为「GAAP与非GAAP调整」的部分。

有关经营资产和负债对现金流量影响的更多信息，请参阅第二部分第8项合并财务报表注7「资产负债表详情」。

资本资源

债务水平

			截至10月31日，
			2024						2023						2022
			以百万美元
短期债务			$	4,742					$	4,868					$	4,612
长期债务			$	13,504					$	7,487					$	7,853
加权平均利率			5.4		%				5.4		%				4.0		%

我们维持通过考虑几个因素而建立的债务水平，包括现金流预期、运营的现金需求、投资计划(包括收购)、股票回购活动、我们的资本成本和目标资本结构。我们维持一个循环信贷安排和两个商业票据计划，即「母公司计划」，一家全资子公司维持第三个计划。2024年9月，我们终止了2021年12月签订的优先无担保循环信贷安排，并签订了新的优先无担保循环信贷安排，贷款总额承诺为52.5亿美元，为期五年。该承诺包括(I)47.5亿美元的即时可用承诺和(Ii)Juniper Networks收购完成后可用的5亿美元承诺，以及Juniper Networks与完成Juniper Networks收购相关的信贷协议的再融资。自2023年10月31日以来，我们的商业票据计划没有任何变化。

如上所述，我们还参与了两项高级无担保延期提款贷款安排，其中包括10亿美元的364天期贷款和30亿美元的三年期贷款，具体取决于习惯条件。除非事先终止，否则364天定期贷款和三年期定期贷款的承诺将在（i）Juniper Outer日后五个工作日（最早）终止（如此类定期贷款协议中的定义），（ii）在没有根据任何一项定期贷款协议提供任何借款资金的情况下完成对Juniper Networks的收购，以及（iii）HPE根据其条款以书面形式终止合并协议。

2023年12月，我们向美国证券交易委员会提交了一份货架登记声明，允许我们随时不定期出售一份或多份发行、债务证券、优先股、普通股、认购证、存托股票、购买合同、担保或由任何这些证券组成的单位。

2024财年的重要融资和流动性活动如下：

债务发行：

•2024年9月，我们发行了（i）2026年9月25日到期的12.5亿美元4.45%优先票据，（ii）2027年9月25日到期的125亿美元4.40%优先票据，（iii）2029年10月15日到期的17.5亿美元4.55%优先票据，（iv）2031年10月15日到期的125亿美元4.85%优先票据，（v）2034年10月15日到期的20亿美元5.00%优先票据，和（vi）2054年10月15日到期的15亿美元5.60%优先票据。

•2024年6月，我们分六批发行了8.18亿美元的资产支持债务证券，加权平均利率为5.593%，最终到期日为2032年4月。

•2024年1月，我们分六批发行了7.96亿美元的资产支持债务证券，加权平均利率为5.476%，最终到期日为2031年11月。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

债务偿还：

•2024年10月，我们利用债务的平价看涨期权赎回了40000万美元的6.102%优先票据，原到期日为2026年4月1日，没有赎回处罚。

•2024年10月，我们在原到期日偿还了16亿美元的5.90%优先票据。

•2024年4月，我们在原到期日偿还了10亿美元的1.45%优先票据。

•2024财年，我们偿还了169100万美元的未偿还资产支持债务证券。

我们的加权平均利率反映了期内借款的平均有效利率，并反映了利率掉期的影响。有关利率掉期的更多信息，请参阅第二部分第8项合并财务报表注释13「金融工具」。

有关我们可用借贷资源以及经营资产和负债对现金流量影响的更多信息，分别参见合并财务报表第二部分第8项附注14「借款」和附注7「资产负债表详情」。

现金需求和承诺

长期债务和债务利息支付

截至2024年10月31日，我们长期债务（包括资产支持债务证券）的未来本金支付义务总计176亿美元，其中40亿美元将在一年内到期。截至2024年10月31日，我们的融资租赁义务（包括利息）为4200万美元，其中700万美元将在一年内到期。有关我们债务的更多信息，请参阅第二部分第8项合并财务报表注释14「借款」。

截至2024年10月31日，与我们长期债务相关的未来利息支付估计约为76亿美元，其中9亿美元预计将在一年内到期。我们使用利率掉期来减轻固定利率债务因利率变化而产生的公允价值变化的风险，或对冲与可变利率债务相关的利息支付中现金流的可变性。截至2024年10月31日，我们未偿利率掉期的影响已纳入长期债务未来利息支付的计算中。

经营租赁义务

我们作为承租人就办公楼、数据中心、车辆和航空等资产签订了各种租赁。截至2024年10月31日，扣除分包租金收入后的经营租赁义务总计17亿美元，其中2.86亿美元将在一年内到期。有关我们租赁的更多信息，请参阅第二部分第8项合并财务报表注释8「租赁作为应收账款会计处理」。

无条件购买义务

我们的无条件采购义务主要与库存采购、软件维护和支持服务以及其他项目有关。无条件购买义务不包括可取消且不受处罚的协议。截至2024年10月31日，无条件购买义务总计13亿美元，其中5.56亿美元将在一年内到期。有关我们无条件购买义务的更多信息，请参阅第二部分第8项合并财务报表注释17「诉讼、或有事项和承诺」。

退休福利计划资金

2024财年，我们预计将向非美国养老金计划缴款18900万美元。我们的政策是为养老金计划提供资金，以至少满足地方政府和税务当局等各当局制定的最低缴款要求。对我们的养老金和退休后福利计划的预期缴款和付款不被视为合同义务，因为它们不代表合同现金流出，因为它们取决于可能导致广泛结果的众多因素。有关我们的退休和退休后福利计划的更多信息，请参阅第二部分第8项合并财务报表注释4「退休和退休后福利计划」。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

重组计划

截至2024年10月31日，我们预计未来与我们批准的重组计划相关的现金支付约为1.85亿美元，其中包括预计将在2025财年支付的8000万美元和预计将在此后支付的1.05亿美元。重组活动的付款不被视为合同义务，因为它们不代表合同现金流出，并且这些付款的时间存在不确定性。有关我们重组活动的更多信息，请参阅第二部分第8项合并财务报表注释3「转型计划」。

不确定税务状况

截至2024年10月31日，我们有约18600万美元的记录负债以及与不确定的税务状况相关的相关利息和罚款，这可能导致现金支付。这些负债以及相关利息和罚款包括预计将在一年内支付的200万美元。对于剩余金额，由于与该等税务事宜相关的不确定性，我们无法合理估计何时可能与税务机关进行现金结算。这些义务的支付将通过与税务当局的结算产生。有关我们不确定税务状况的更多信息，请参阅第二部分第8项合并财务报表注释6「收益税」。

表外安排

作为我们持续业务的一部分，我们没有参与与未合并实体或金融合作伙伴关系产生重大关系的交易，例如通常被称为结构性金融或特殊目的实体的实体，旨在促进表外安排或其他合同范围狭窄或有限目的。

我们有第三方循环短期融资安排，旨在满足某些客户的流动资金需求。有关我们的第三方循环短期融资安排的更多信息，请参阅第二部分第8项合并财务报表注释7「资产负债表详情」。

GAAP与非GAAP的调整

下表提供了所示期间各项非GAAP财务指标与最直接可比的GAAP财务指标的对账：

GAAP毛利润和毛利率与非GAAP毛利润和毛利率的对账。

			截至10月31日的财年，
			2024												2023
			美元						% 收入						美元						% 收入
			以百万
GAAP净收入			$	30,127					100.0		%				$	29,135					100.0		%
GAAP销售成本			20,249						67.2		%				18,896						64.9		%
GAAP毛利润			9,878						32.8		%				10,239						35.1		%
非gaap调整
基于股票的补偿费用			49						0.1		%				47						0.2		%
灾难恢复			(43)						(0.1)		%				(13)						—		%
与资产剥离相关的退出成本			9						—		%				—						—		%
非美国通用会计准则毛利润			$	9,893					32.8		%				$	10,273					35.3		%

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

运营中的GAAP利润和运营利润率与非GAAP运营中的利润和运营利润率的对账。

			截至10月31日的财年，
			2024												2023
			美元						% 收入						美元						% 收入
			以百万
GAAP运营收益			$	2,190					7.3		%				$	2,089					7.2		%
非GAAP调整：
无形资产摊销			267						0.9		%				288						1.0		%
转型成本			93						0.3		%				283						1.0		%
灾难恢复			(51)						(0.2)		%				(12)						—		%
基于股票的补偿费用			430						1.4		%				428						1.5		%
与资产剥离相关的退出成本			35						0.1		%				—						—		%
购置、处置和其他相关费用			204						0.7		%				69						0.2		%
非GAAP运营收益			$	3,168					10.5		%				$	3,145					10.8		%

GAAP净收益和稀释每股净收益与非GAAP净收益和稀释每股净收益的对账。

			截至10月31日的财年，
			2024												2023
			美元						稀释每股净收益						美元						稀释每股净收益
			以百万美元
归属于HPE的GAAP净利润			$	2,579					$	1.93					$	2,025					$	1.54
非GAAP调整：
无形资产摊销			267						0.20						288						0.22
转型成本			93						0.07						283						0.22
灾难恢复			(51)						(0.04)						(12)						(0.01)
基于股票的补偿费用			430						0.32						428						0.33
与资产剥离相关的退出成本			35						0.03						—						—
购置、处置和其他相关费用			204						0.16						69						0.05
出售股权收益			(733)						(0.55)						—						—
股权调整			(107)						(0.08)						18						0.01
股权投资损失，净			13						0.01						40						0.03
税收调整			(95)						(0.07)						(255)						(0.20)
其他调整(1)			20						0.01						(52)						(0.04)
归属于HPE的非GAAP净利润(2)			2,655						1.99						2,832						2.15
优先股股息			(25)												—
归属于普通股股东的非GAAP净利润			$	2,630											$	2,832

（1） 其他调整包括非服务净定期福利成本和税收补偿以及其他调整。

（2） 为了计算非GAAP稀释净每股收益，优先股股息被加回归属于普通股股东的非GAAP净利润中，稀释加权平均股计算假设优先股在发行时或报告期开始时已转换。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

经营活动提供的净现金与自由现金流的对账。

			截至10月31日的财年，
			2024						2023						2022
			以百万
经营活动提供的净现金			$	4,341					$	4,428					$	4,593
不动产、厂房和设备以及软件资产投资			(2,367)						(2,828)						(3,122)
出售不动产、厂房和设备的收益			370						602						602
汇率变化对现金、现金等值物和限制现金的影响			(47)						36						(279)
自由现金流			$	2,297					$	2,238					$	1,794

非GAAP财务指标的使用

提出的非GAAP财务指标包括在不变货币基础上的净收入(包括业务部门)、非GAAP毛利、非GAAP运营收益、非GAAP运营利润率(非GAAP运营收益占净收入的百分比)、非GAAP税率、非GAAP净收益、非GAAP稀释后每股净收益以及FCF。这些非GAAP财务计量不是按照美国公认的会计原则计算的，也不是作为美国公认的会计原则的替代。按不变货币计算，与净营收最直接可比的是净营收。公认会计准则衡量与非公认会计准则毛利最直接的可比性是毛利。GAAP衡量与非GAAP毛利率最直接可比的指标是毛利率。GAAP衡量与非GAAP运营收益最直接的可比性是运营收益。与非GAAP运营利润率(非GAAP运营收益占净收入的百分比)最直接可比的指标是运营利润率(运营收益占净收入的百分比)。与非GAAP所得税税率最直接可比的是GAAP衡量标准是所得税税率。GAAP衡量标准与非GAAP净收益最直接的可比性是净收益。GAAP衡量标准与非GAAP稀释后每股净收益最直接的可比性是稀释后每股净收益。GAAP衡量标准与FCF最直接的可比性是运营现金流。

我们相信，除了相关的GAAP措施之外，提供上述非GAAP措施可以为我们财务和运营决策中使用的信息提供更大的透明度，并使我们合并财务报表的读者能够「通过管理层的眼睛」查看我们的财务财报。我们进一步相信，提供这些信息可以为投资者提供补充观点，以了解我们的历史和未来运营财报，并评估管理层用于评估和衡量此类财报的方法和信息的有效性。披露这些非GAAP财务指标还有助于将我们的经营财报与同一行业中其他公司的财报进行比较，这些公司通过可以以类似方式计算的非GAAP财务指标补充其GAAP财报。

非GAAP财务指标的经济实质

按固定货币计算的净收入假设可比上年同期使用的汇率没有变化。这项措施帮助投资者评估我们过去和未来的表现，不受汇率的影响，由于我们一半以上的收入来自美国以外的地区，我们相信将以下提及的项目排除在非GAAP财务指标为管理层和我们的投资者提供了对我们综合财务财报的补充视图，并在没有我们成本的情况下呈现业务的财务财报不认为这反映了我们的持续经营结果。排除这些项目可能会对等效的GAAP指标和现金流产生重大影响，从而限制此类非GAAP财务指标作为分析工具的使用。有关更多信息，请参阅下面的「使用非GAAP财务措施的限制补偿」部分。

非GAAP毛利润和非GAAP毛利率的定义不包括与初始直接成本摊销、基于股票的补偿费用和灾难费用相关的费用。管理层排除每个项目的原因请参阅下文：

•基于股票的补偿费用包括根据授予日期该等奖励的估计公允价值授予的股权奖励。尽管基于股票的薪酬是向我们员工提供的关键激励措施，但为了计算这些非GAAP指标，我们排除了这些费用，主要是因为它们是非现金费用，而且我们的内部基准分析了许多行业参与者和同行提出的非GAAP财务指标的证据，不包括基于股票的薪酬费用。

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HEWLETt Packard企业公司和子公司

管理层的讨论与分析

财务状况及经营财报（续）

•Disaster recoveries include direct costs or recovery of these costs related to the exit of the Company’s businesses in Russia and Belarus. Hewlett Packard Enterprise excludes disaster recoveries from these non-GAAP measures as the specific net recoveries are non-recurring charges and not indicative of the operational performance of our business.

•与资产剥离相关的退出成本包括与某些处置活动相关的费用。2024年5月23日，HPE宣布计划剥离公司的CTG业务，该业务已于2024年12月1日完成。我们认为这次剥离是一个独立事件。我们排除了这些成本，因为这些费用是非经常性退出成本，以消除该业务的滞留成本。此外，我们的内部基准分析了许多行业参与者和同行提出了不包括这些费用的非GAAP财务指标的证据。

Non-GAAP earnings from operations and non-GAAP operating profit margin consist of earnings from operations or earnings from operations as a percentage of net revenue excluding the items mentioned above and charges relating to the amortization of intangible assets, transformation costs and acquisition, disposition and other related charges. In addition to the items previously explained above, management excludes these items for the following reasons:

•We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating these non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude these charges for the purpose of calculating these non-GAAP measures, primarily because they are noncash expenses and our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding intangible asset amortization. Although this does not directly affect our cash position, the loss in value of intangible assets over time can have a material impact on the equivalent GAAP earnings measure.

•Transformation costs represent net costs related to the (i) HPE Next Plan and (ii) Cost Optimization and Prioritization Plan and include restructuring charges, program design and execution costs, costs incurred to transform our IT infrastructure, net gains from the sale of real estate and any impairment charges on real estate identified as part of the initiatives. We exclude these costs as they are discrete costs related to two specific transformation programs that were announced in 2017 and 2020, respectively, as multi-year programs necessary to transform the business and IT infrastructure following material divestiture transactions in 2017 and in response to COVID-19 and an evolving product portfolio in fiscal 2020. The primary elements of the HPE Next and the Cost Optimization and Prioritization Plan have been substantially completed by October 31, 2023. The exclusion of the transformation program costs from our non-GAAP financial measures as stated above is to provide a supplemental measure of our operating results that does not include material HPE Next Plan and Cost Optimization and Prioritization Plan costs as we do not believe such costs to be reflective of our ongoing operating cost structure. Further as our transformation costs for these plans have materially fluctuated since 2017, have been materially declining since 2021 and we do not expect to incur material transformation costs related to these programs beyond fiscal 2024, we believe non-GAAP measures excluding these costs are useful to management and investors for comparing operating performance across multiple periods.

•We incur costs related to our acquisition, disposition and other related charges. The charges are direct expenses, such as professional fees and retention costs, most of which are treated as non-cash or non-capitalized expenses. For fiscal 2024, these charges were driven by costs associated with the pending merger with Juniper Networks and the acquisition of Morpheus Data, in addition to prior acquisitions of Axis, Athonet and OpsRamp. For fiscal 2023, these charges were driven by acquisitions of Axis, Zerto, OpsRamp and Athonet. Charges may also include expenses associated with disposal activities including legal and arbitration settlements in connection with certain dispositions. We consider these acquisitions and divestitures to be discrete events. We exclude these costs as these expenses are inconsistent in amount and frequency and are significantly impacted by the timing and nature of our acquisitions and divestitures. In addition, our internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding these charges.

Non-GAAP net earnings and non-GAAP diluted net earnings per share consist of net earnings or diluted net earnings per share excluding those same charges mentioned above, as well as other items such as adjustments for equity interests, gain or loss on equity investments, other adjustments, and adjustments for taxes. The Adjustments for taxes line item includes certain income tax valuation allowances and separation taxes, the impact of tax reform, structural rate adjustment, excess tax benefit from stock-based compensation, and adjustments for additional taxes or tax benefits associated with each non-GAAP item. In addition to the items previously explained, management excludes these items for the following reasons:

•During the six months ended April 30, 2024, we stopped reporting H3C earnings in our non-GAAP results due to the planned divestiture of the H3C investment. Per the terms of the original Put Share Purchase Agreement, we weren’t anticipating receiving dividends from this investment prospectively. However, on May 24, 2024, we entered into an

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

经修订及重订认沽股份购买协议及有关后续安排的协议，载于综合财务报表第II部分第8项附注19「股权」所述，两者均与UNI订立，综合起来修订先前于原有认沽股份购买协议所载有关上述出售的安排。2024年9月4日，我们剥离了H3C总已发行股本的30%，这导致了73300美元的万收益，并计入了2024财年出售股权的调整收益。我们继续拥有在稍后日期出售H3C全部已发行股本剩余19%的选择权。对于2024财年下半年，股权调整包括完成剥离H3C总已发行股本的30%。所有呈列的期间均包括摊销我们投资的基础差额。对于2023财年，这一调整还包括我们从H3C计入的无形资产减值费用部分。我们认为，剔除这些用于计算非公认会计准则财务指标的金额有助于评估我们目前的经营财报。

•We exclude gains and losses (including impairments) on our non-marketable equity investments because we do not believe they are reflective of normal continuing business operations. These adjustments are reflected in Interest and other, net in the Consolidated Statements of Earnings. We believe eliminating these adjustments for the purposes of calculating non-GAAP measures facilitates the evaluation of our current operating performance.

•我们采用结构性长期预测非公认会计原则所得税税率，以提供中期报告期间的一致性，并消除与我们的经营结构没有直接关系的项目的影响，这些项目在规模、频率和时间上可能会有所不同。在预测这一长期增长率时，我们评估了三年的财务预测。预计税率假设在三年预测期内不会增加收购，并考虑了其他因素，包括我们预期的税收结构、我们在不同司法管辖区的税收状况以及我们运营的主要司法管辖区实施的主要立法目前的影响。对于2024财年，我们使用了15%的预测非GAAP所得税税率，这反映了当前可用的信息以及其他因素和假设。对于2023财年，我们使用了14%的非GAAP所得税税率。由于各种原因，非GAAP所得税税率可能会发生变化，包括快速变化的全球税收环境、我们的地理收益组合的重大变化(包括收购活动)，或者我们战略或业务运营的其他变化。我们将酌情重新评估其长期利率。我们认为，为了计算非公认会计准则衡量标准而进行这些调整，有助于对我们目前的经营财报进行补充评估，并与过去的经营财报进行比较。

FCF定义为运营现金流量减去净资本支出（PP & E和软件资产投资减去出售PP & E的收益），并根据汇率波动对现金、现金等值物和限制现金的影响进行调整。FCF并不代表本期现金的总增加或减少。我们的管理层和投资者可以使用FCF来确定可用于投资我们业务的现金金额、回购股票和其他目的，以及评估我们的历史和未来流动性。

使用非GAAP财务措施的限制补偿

这些非GAAP财务指标作为分析工具存在局限性，不应孤立地考虑这些指标或作为GAAP下报告的结果分析的替代品。依赖这些非GAAP财务指标的一些局限性是，它们可能会对等效的GAAP盈利指标和现金流产生重大影响，其他公司可能会以不同的方式计算它们（出于比较目的限制这些指标的有用性），并且可能无法反映某些资产价值损失的全部经济影响。

我们主要依赖我们的GAAP财报并仅使用非GAAP财务指标作为补充，来弥补使用非GAAP财务指标的这些限制。我们还提供每个非GAAP财务指标与本财年和前期最直接可比的GAAP财务指标的对账，并鼓励投资者仔细审查这些对账。

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项目7A。关于市场风险的定量和定性披露。

在正常业务过程中，我们面临可能影响我们的财务状况和经营财报的外币汇率和利率风险。我们针对这些市场风险的风险管理策略可能包括使用衍生金融工具。我们仅使用衍生品合同来管理现有的基础风险敞口。因此，我们不会将衍生品合约用于投机目的。下文概述了我们的风险、风险管理策略和敏感性分析，该分析估计了每项风险的公允价值变化的影响。

未来的实际损益可能与敏感性分析存在重大差异，敏感性分析基于外币汇率和利率变动的时间和金额、我们在变化时的实际风险敞口和衍生品，以及衍生品对冲相关风险的有效性。

外币汇率风险

我们面临着销售承诺、预期销售、预期购买以及以美元以外货币计价的资产和负债固有的外币汇率风险。我们在全球范围内以约40种货币进行业务交易，其中2024财年对我们业务最重要的外币是欧元、日元和印度卢比。对于大多数货币来说，我们是外币的净接受者，因此受益于美元疲软，但也受到美元相对于外币走强的不利影响。即使我们是外币净接收国，如果单独考虑，美元疲软也可能会对某些费用数据产生不利影响。

我们结合使用远期合约和不时被指定为现金流对冲的期权，以防范我们预测的净收入中固有的外币汇率风险，以及销售成本、运营费用和以美元以外货币计价的公司间贷款的风险。此外，当债务以外币计价时，我们可以使用掉期将外币本金和利息义务转换为以美元计价的金额，以管理外币汇率变化的风险敞口。我们还使用其他未被指定为对冲工具的衍生品，主要由远期合约组成，以对冲外汇资产负债表的风险敞口。或者，我们可以选择不对冲与我们的外汇敞口相关的风险，主要是如果这种敞口作为以同一货币计价的抵销金额的自然对冲，或者如果货币太难或太贵而无法对冲。

截至2024年10月31日和2023年10月31日，我们使用建模技术进行了敏感性分析，该技术衡量假设外币汇率相对于美元发生10%的不利变动而引起的公允价值变化，所有其他变量保持不变。分析涵盖我们所有被基础风险抵消的外币衍生品合约。我们在进行敏感性分析时使用的外币汇率分别基于2024年10月31日和2023年10月31日有效的市场汇率。敏感性分析表明，假设外币汇率出现10%的不利变动，将分别导致2024年10月31日和2023年10月31日的外汇公允价值损失4，400万美元和4，800万美元。

Interest rate risk

We also are exposed to interest rate risk related to debt we have issued, our debt investment portfolio and net portfolio assets of our Financial Services segment. We issue long-term debt in either U.S. dollars or foreign currencies based on market conditions at the time of financing.

我们经常使用利率和/或货币掉期来修改与债务相关的市场风险敞口，以实现基于美元的浮动或固定利息费用。掉期交易通常涉及将固定利息支付换成浮动利息支付。然而，在我们认为额外的固定利率债务有益的情况下，我们可能会选择终止之前执行的掉期，或将某些浮动利息支付换成固定利息。

截至2024年10月31日和2023年10月31日，我们使用建模技术进行了敏感性分析，该技术测量了整个收益率曲线上利率水平假设10%的不利变动所引起的公允价值变化，所有其他变量保持不变。分析涵盖我们的债务、债务投资、净投资组合资产和利率掉期。分析使用债务、债务投资、净投资组合资产和利率掉期的实际或大致到期日。使用的贴现率分别基于2024年10月31日和2023年10月31日生效的市场利率。敏感性分析表明，假设利率发生10%的不利变动将导致我们的债务、债务投资和净投资组合资产（扣除利率掉期）的公允价值损失分别为2.33亿美元和4100万美元。10月31日2024年和2023年。

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.

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ITEM 8. Financial Statements and Supplementary Data.

Table of Contents

			页面
独立注册会计师事务所的报告 （PCAOb ID： 42)			68
管理层关于财务报告内部控制的报告			71
综合盈利报表			72
综合全面收益表			73
综合资产负债表			74
综合现金流量表			75
合并股东权益表			76
综合财务报表附注			78
注1：重要会计政策概述和摘要			78
注2：分部信息			88
注3：转型计划			91
注4：退休和退休后福利计划			92
注5：股票补偿			99
注6：收益税			101
注7：资产负债表详情			106
注8：租赁作为发票会计			110
注9：租赁作为出租人会计			111
注10：收购和处置			115
注11：善意和无形资产			117
注12：公允价值			119
注13：金融工具			122
注14：借款			127
注15：股东权益			130
注16：每股净收益			132
注17：诉讼、意外情况和承诺			133
注18：保证和赔偿			135
注19：股权			137

Unless otherwise stated or the context otherwise indicates, all references in this Annual Report on Form 10-K to “HPE,” or “the Company” mean Hewlett Packard Enterprise Company and its consolidated subsidiaries.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Hewlett Packard Enterprise Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Hewlett Packard Enterprise Company and subsidiaries (“the Company”) as of October 31, 2024 and 2023, 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, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended October 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of October 31, 2024, 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 19, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. 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 separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

						Valuation of goodwill
Description of the matter						At October 31, 2024, the Company’s goodwill was $18 billion, of which $4.8 billion related to the Hybrid Cloud 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 Hybrid Cloud reporting unit was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting unit. In particular, the fair value estimates of the Hybrid Cloud reporting unit was sensitive to significant assumptions, such as the terminal revenue growth rate and operating margin, which are affected by expectations about future market or economic conditions.

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我们在审计中如何处理这一问题						吾等对本公司商誉减值审核程序的控制措施，包括对上述重大假设的控制措施，已取得了解、评估设计及测试其运作成效。 为了测试公司混合云报告部门的估计公允价值，我们执行了审计程序，其中包括评估方法和测试上文讨论的重大假设和公司在分析中使用的基础数据。我们将管理层使用的重大假设与当前的行业和经济趋势进行了比较，并评估了公司商业模式、产品组合和其他因素的变化是否会影响重大假设。我们评估了管理层估计的历史准确性，并对重大假设进行了敏感性分析，以评估假设变化将导致报告单位公允价值的变化。 此外，我们还测试了管理层对所有报告单位的公允价值与公司市值的核对情况。我们邀请我们的估值专业人员评估估值方法在公司年度减值测试中的应用。
						可变对价的估计
有关事项的描述						如合并财务报表附注1所述，在扣除管理层对可变对价的估计后，公司确认向客户销售的收入，其中可能包括向客户、合作伙伴和分销商提供的各种回扣、基于数量的折扣、价格保护和其他激励计划。估计可变对价在合并资产负债表的其他应计负债中列报，截至2024年10月31日总额为10亿。审计与返点相关的可变对价的估计，特别是在智能边缘部门，由于管理层对这些计划的预期使用情况的估计涉及的不确定性程度，因此是复杂和判断的。
我们如何解决 我们审计中的问题						我们获得了了解，评估了设计，并测试了对公司估计返点过程的控制的操作有效性，包括对上述重大假设的控制。 为了测试公司对可变对价的确定，我们执行了审计程序，其中包括评估方法、测试上文讨论的重要假设以及测试公司在分析中使用的基础数据的完整性和准确性。我们将重大假设与公司的历史经验进行了比较，以得出2024年10月31日与产品在分销渠道中保留相关的返点的预期，并将其与管理层记录的金额进行了比较。此外，我们检查了基本协议，并将公司分析中使用的激励费率与合同费率进行了比较。我们通过将以前对回扣负债的估计与后续期间的实际付款金额进行比较，评估了管理层估计的历史准确性。

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2014.

德克萨斯州休斯顿

2024年12月19日

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独立注册会计师事务所报告

致惠普企业公司股东和董事会

关于财务报告内部控制的看法

我们根据特雷德韦委员会赞助组织委员会发布的《内部控制综合框架》（2013年框架）（COSO标准）中制定的标准，对惠普企业公司及其子公司截至2024年10月31日的财务报告内部控制进行了审计。我们认为，截至2024年10月31日，惠普企业公司及其子公司（「公司」）根据COSO标准，在所有重大方面对财务报告保持了有效的内部控制。

我们还根据上市公司会计监督委员会的标准进行了审计（美国）（PCAOB）、公司截至2024年10月31日和2023年10月31日的合并资产负债表、截至2024年10月31日止三年各年的相关合并收益表、综合收益表、股东权益表和现金流量表，且相关注释和我们日期为2024年12月19日的报告对此表达了无保留的意见。

意见基础

公司管理层负责维持对财务报告的有效内部控制，并负责对财务报告内部控制的有效性进行评估，该评估包含在随附的管理层关于财务报告内部控制的报告中。我们的责任是根据我们的审计对公司财务报告的内部控制发表意见。我们是一家在PCAOb注册的公共会计师事务所，根据美国联邦证券法以及美国证券交易委员会和PCAOb的适用规则和法规，我们必须对公司保持独立性。

我们按照PCAOb的标准进行审计。这些标准要求我们计划和执行审计，以合理保证是否在所有重大方面维持了对财务报告的有效内部控制。

我们的审计包括了解财务报告内部控制，评估存在重大缺陷的风险，根据评估的风险测试和评估内部控制的设计和运营有效性，以及执行我们认为必要的其他程序。我们相信我们的审计为我们的意见提供了合理的基础。

财务报告内部控制的定义和局限性

公司对财务报告的内部控制是一个程序，旨在根据公认的会计原则，为财务报告的可靠性和为外部目的编制财务报表提供合理保证。公司对财务报告的内部控制包括下列政策和程序：(1)关于保存合理详细、准确和公平地反映公司资产的交易和处置的记录；(2)提供合理的保证，即交易被记录为必要的，以便按照公认的会计原则编制财务报表，公司的收入和支出仅根据公司管理层和董事的授权进行；(三)提供合理保证，防止或及时发现可能对财务报表产生重大影响的未经授权收购、使用或处置公司资产。

由于其固有的局限性，财务报告的内部控制可能无法防止或发现错误陈述。此外，对未来时期有效性的任何评估的预测都可能面临这样的风险：控制可能因条件变化而变得不充分，或者对政策或程序的遵守程度可能会恶化。

/s/安永会计师事务所

德克萨斯州休斯顿

2024年12月19日

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管理层关于财务报告内部控制的报告

惠普企业管理层负责建立和维护对惠普企业财务报告的充分内部控制。惠普企业对财务报告的内部控制是一个旨在根据美国公认会计原则对财务报告的可靠性和为外部目的编制财务报表提供合理保证的过程。惠普企业对财务报告的内部控制包括以下政策和程序：(I)与保持合理详细、准确和公平地反映惠普企业资产的交易和处置的记录有关；(Ii)提供合理保证，即交易被记录为必要的，以便根据公认的会计原则编制财务报表，并且惠普企业的收入和支出仅根据惠普企业管理层和董事的授权进行；以及(Iii)就防止或及时发现可能对财务报表产生重大影响的未经授权获取、使用或处置惠普企业资产提供合理保证。

由于其固有的局限性，财务报告的内部控制可能无法防止或发现错误陈述。此外，对未来时期有效性的任何评估的预测都可能面临这样的风险：控制可能因条件变化而变得不充分，或者对政策或程序的遵守程度可能会恶化。

惠普企业管理层利用特雷德威委员会赞助组织委员会（COSO）在内部控制综合框架（2013年框架）中规定的标准，评估了截至2024年10月31日惠普企业对财务报告的内部控制的有效性。根据惠普企业管理层的评估，我们确定惠普企业对财务报告的内部控制于2024年10月31日有效。惠普企业截至2024年10月31日财务报告内部控制的有效性已由惠普企业的独立注册会计师事务所安永会计师事务所审计，如前页的报告所述。

/s/安东尼奥·F. Neri						/s/玛丽·迈尔斯
安东尼奥·F Neri 总裁与首席执行官 （首席执行官）						玛丽·迈尔斯 执行副总裁兼首席财务官 （首席财务官）
2024年12月19日						2024年12月19日

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综合盈利报表

			截至10月31日的财年，
			2024						2023						2022
			单位：百万，每股金额除外
净收入：
产品			$	18,587					$	18,100					$	17,794
服务			10,872						10,488						10,219
融资收益			668						547						483
总净营收			30,127						29,135						28,496
成本和费用：
产品成本（不包括下文单独列出的摊销）			12,961						11,958						12,463
服务成本（不包括下文单独显示的摊销）			6,793						6,555						6,217
融资成本			495						383						310
研发			2,246						2,349						2,045
销售，一般和行政			4,871						5,160						4,941
无形资产摊销			267						288						293
商誉减值			—						—						905
转型成本			93						283						473
灾难费用			7						1						48
购置、处置和其他相关费用			204						69						19
总成本和支出			27,937						27,046						27,714
运营收益			2,190						2,089						782
利息和其他，净额			(117)						(104)						(121)
出售股权收益			733						—						—
股权收益			147						245						215
税前盈利			2,953						2,230						876
税款准备金			(374)						(205)						(8)
归属于HPE的净利润			2,579						2,025						868
优先股股息			(25)						—						—
归属于普通股股东的净利润			$	2,554					$	2,025					$	868
归属于普通股股东的每股净收益：
基本			$	1.95					$	1.56					$	0.67
稀释			$	1.93					$	1.54					$	0.66
用于计算每股净收益的加权平均股票：
基本			1,309						1,299						1,303
稀释			1,337						1,316						1,322

随附附注是该等合并财务报表的组成部分。

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综合全面收益表

			截至10月31日的财年，
			2024						2023						2022
			以百万
归属于HPE的净利润			$	2,579					$	2,025					$	868
其他税前综合收入（损失）
可供出售证券的未实现净收益（亏损）变化：
期内产生的未实现净收益（损失）			8						1						(16)
			8						1						(16)
现金流对冲未实现（损失）净收益变化：
期内产生的未实现（损失）净收益			(115)						(177)						1,025
净亏损（收益）重新分类为收益			16						116						(978)
			(99)						(61)						47
固定福利计划未实现部分的变化：
期内产生的未实现净收益（损失）			34						(99)						(315)
精算净损失和既往服务福利摊销			136						144						155
削减、定居和其他			2						3						5
			172						48						(155)
累积翻译调整的变化：
期内产生的净亏损			(23)						(32)						(146)
净亏损重新分类为收益			32						—						—
			9						(32)						(146)
其他税前综合收入（损失）			90						(44)						(270)
税收福利			17						58						87
其他综合收入（损失），扣除税款			107						14						(183)
综合收益			$	2,686					$	2,039					$	685

The accompanying notes are an integral part of these Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Consolidated Balance Sheets

			截至10月31日
			2024						2023
			单位：百万，面值和股票除外
资产
流动资产：
现金及现金等价物			$	14,846					$	4,270
应收账款，扣除备抵			3,550						3,481
融资应收账款，扣除备抵			3,870						3,543
库存			7,810						4,607
持作出售资产			1						—
其他流动资产			3,380						3,047
流动资产总额			33,457						18,948
不动产、厂房和设备，净值			5,664						5,989
长期融资应收账款和其他资产			12,616						11,377
股权投资			929						2,197
商誉			18,086						17,988
无形资产，净值			510						654
总资产			$	71,262					$	57,153
负债和股东权益
当前负债：
应付票据和短期借款			$	4,742					$	4,868
应付账款			11,064						7,136
员工薪酬福利			1,356						1,724
收入税			284						155
递延收入			3,904						3,658
应计重组			61						180
持有待售的负债			32						—
其他应计负债			4,530						4,161
流动负债总额			25,973						21,882
长期债务			13,504						7,487
其他非流动负债			6,905						6,546
承付款和或有事项
股东权益
HPE股东权益：
7.625% C系列强制可转换优先股，美元0.01 面值（30,000,000 已于2024年10月31日发出且未偿还）			—						—
普通股，美元0.01 面值（9,600,000,000 授权股份; 1,297,258,235和1,282,630,405 分别于2024年10月31日和2023年10月31日已发行和未偿还）			13						13
额外实收资本			29,848						28,199
累计赤字			(2,068)						(3,946)
累计其他综合损失			(2,977)						(3,084)
HPE股东权益总额			24,816						21,182
非控股权益			64						56
股东权益总额			24,880						21,238
负债和股东权益总额			$	71,262					$	57,153

随附附注是该等合并财务报表的组成部分。

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综合现金流量表

			截至10月31日的财年，
			2024						2023						2022
			以百万
经营活动产生的现金流：
归属于HPE的净利润			$	2,579					$	2,025					$	868
将归属于HPE的净利润调整为运营活动提供的净现金：
折旧及摊销			2,564						2,616						2,480
商誉减值			—						—						905
基于股票的补偿费用			430						428						391
库存和信用损失拨备			175						230						262
重组费用			33						242						214
收益递延税			(64)						(67)						(249)
股权收益			(147)						(245)						(215)
出售股权收益			(733)						—						—
从股权投资方收到的股息			43						200						197
其他，净			149						31						310
扣除收购后，经营资产和负债的变化：
应收账款			(83)						577						(186)
应收款项融资			(909)						(607)						694
库存			(3,358)						400						(713)
应付账款			3,927						(1,655)						1,707
收入税			190						(34)						150
重组			(164)						(275)						(334)
其他资产及负债			(291)						562						(1,888)
经营活动提供的净现金			4,341						4,428						4,593
投资活动的现金流：
不动产、厂房和设备以及软件资产投资			(2,367)						(2,828)						(3,122)
出售不动产、厂房和设备的收益			370						602						602
购买投资			(16)						(15)						(55)
到期和出售投资的收益			2,149						9						262
已发布的金融抵押品			(1,020)						(1,443)						(148)
收到的金融抵押品			978						1,152						374
与业务收购相关的付款，扣除收购现金			(147)						(761)						—
投资活动所用现金净额			(53)						(3,284)						(2,087)
融资活动产生的现金流：
原期限低于90天的短期借款，净值			(31)						(47)						100
债务收益，扣除发行成本			11,245						4,725						3,296
偿还债务			(5,475)						(4,887)						(3,992)
衍生品对冲债务的现金结算			—						(7)						(8)
与股票奖励活动相关的净付款			(84)						(106)						(53)
发行收益 7.625% C系列强制可转换优先股，扣除发行成本			1,462						—						—
普通股回购			(150)						(421)						(512)
支付给非控股权益的现金股息，扣除缴款			(8)						—						(6)
支付给股东的现金股息			(676)						(619)						(621)
融资活动提供（用于）的净现金			6,283						(1,362)						(1,796)
汇率变化对现金、现金等值物和限制现金的影响			(47)						36						(279)
现金、现金等值物和受限制现金的变化			10,524						(182)						431
年初现金、现金等值物和限制性现金			4,581						4,763						4,332
期末现金、现金等值物和限制性现金			$	15,105					$	4,581					$	4,763
补充现金流披露：
已付所得税，扣除退款			$	248					$	307					$	107
已付利息费用			$	772					$	677					$	453

随附附注是该等合并财务报表的组成部分。

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合并股东权益表

			普通股												优先股
单位为百万，但股数为千			股份数量						面值						数量 7.625% C系列强制可转换债券 股份									借记资本公积						累计赤字						积累 其他 全面 损失						股权 应占 到 公司						非 控制 利益						总计 股权
2021年10月31日余额			1,294,634						$	13					—									$	28,470					$	(5,597)					$	(2,915)					$	19,971					$	46					$	20,017
归属于HPE的净利润																														868												868						5						873
其他全面亏损																																				(183)						(183)						—						(183)
全面收益																																										685						5						690
基于股票的补偿费用																								391																		391												391
与员工股票计划归属相关的预扣税																								(111)																		(111)												(111)
与员工股票计划和其他相关的普通股发行			21,346																					54																		54						2						56
普通股回购			(34,943)																					(505)																		(505)												(505)
宣布的现金股息（美元0.48 每股普通股）																														(621)												(621)						(8)						(629)
2022年10月31日余额			1,281,037						$	13					—									$	28,299					$	(5,350)					$	(3,098)					$	19,864					$	45					$	19,909
归属于HPE的净利润																														2,025												2,025						11						2,036
其他全面收益																																				14						14						—						14
全面收益																																										2,039						11						2,050
基于股票的补偿费用																								428																		428												428
与员工股票计划归属相关的预扣税																								(165)																		(165)												(165)
与员工股票计划和其他相关的普通股发行			28,684																					56						(2)												54												54
普通股回购			(27,091)																					(419)																		(419)												(419)
宣布的现金股息（美元0.48 每股普通股）																														(619)												(619)												(619)
2023年10月31日余额			1,282,630						$	13					—									$	28,199					$	(3,946)					$	(3,084)					$	21,182					$	56					$	21,238

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			普通股												优先股
单位为百万，但股数为千			股份数量						面值						数量 7.625% C系列强制可转换债券 股份									借记资本公积						累计赤字						积累 其他 全面 损失						股权 应占 到 公司						非 控制 利益						总计 股权
2023年10月31日余额			1,282,630						$	13					—									$	28,199					$	(3,946)					$	(3,084)					$	21,182					$	56					$	21,238
归属于HPE的净利润																														2,579												2,579						16						2,595
其他全面收益																																				107						107						—						107
全面收益																																										2,686						16						2,702
基于股票的补偿费用																								430																		430												430
与员工股票计划归属相关的预扣税																								(145)																		(145)												(145)
与7.625% C系列强制可转换优先股相关发行的股票															30,000									1,462																		1,462												1,462
与员工股票计划和其他相关的普通股发行			22,385																					52						—												52												52
普通股回购			(7,757)																					(150)																		(150)												(150)
应计/申报的优先股股息（美元0.83 每股优先股）																														(25)												(25)												(25)
宣布的现金股息（美元0.52 每股普通股）																														(676)												(676)						(8)						(684)
2024年10月31日余额			1,297,258						$	13					30,000									$	29,848					$	(2,068)					$	(2,977)					$	24,816					$	64					$	24,880

随附附注是该等合并财务报表的组成部分。

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综合财务报表附注

注1： 重要会计政策概述和摘要

背景

惠普企业公司（「惠普企业」、「HPE」或「公司」）是一家全球技术领导者，专注于开发智能解决方案，使客户能够从边缘到云无缝捕获、分析数据并对其采取行动。惠普企业通过推动新的业务模式、创造新的客户和员工体验以及提高当今和未来的运营效率，使客户能够加快业务成果。惠普企业的客户范围从中小企业到大型全球企业和政府实体。

列报基础和合并原则

合并财务报表根据美国公认会计原则（「GAAP」）编制。

随附的合并财务报表包括公司及其子公司和联属公司的账目，公司拥有控制性财务权益或作为主要受益人。公司合并业务内的所有公司间交易和账户均已消除。

该公司合并可变利益实体（「VIE」），其中已确定该公司是该实体运营的主要受益人。主要受益人是既有权指导对VIE经济表现影响最大的活动，又有义务吸收损失或获得对VIE可能重要的VIE利益的权利的一方。在评估公司是否是主要受益人时，公司通过考虑实体的目的和设计以及实体旨在创造并转嫁给其可变利益持有人的风险来评估其指导VIE最重要活动的权力。该公司还评估其在VIE中的经济利益。

公司根据权益会计法核算对有能力施加重大影响但不持有控股权的公司的投资，公司将其在合并收益表中的股权收益中的收入或损失比例记录。

非控股权益在合并资产负债表中作为股东权益总额的单独组成部分呈列。非控股权益应占净利润记录在综合收益表的利息和其他净额中，并且不会单独呈列，因为它们在所呈列的任何期间都不重要。

细分调整

自2024财年初起生效，为使分部财务报告更贴合其业务结构，本公司成立两新的可报告细分市场，混合云和服务器。混合云包括历史存储部门、HPE Greenlake Flex Solutions(通过HPE Greenlake云提供灵活的即服务(AAS)IT基础设施，之前在计算和高性能计算-脑机与人工智能(「HPC&AI」)部门报告)、私有云和软件(之前在企业投资和其他部门报告)。服务器部分结合了之前单独报告的Compute和HPC&AI部分，并对现在在混合云中报告的某些产品线进行了调整。此外，之前在HPC和AI部门的财务财报中报告的某些产品和服务被转移到混合云部门中报告，而Athonet业务和通信-半导体和媒体解决方案(CMS)业务的某些组件(以前都在公司投资和其他部门的财务财报中报告)被转移到智能边缘部门中报告。

因此，该公司2024财年的组织结构包括以下部门：（i）服务器;（ii）混合云;（iii）智能边缘;（iv）金融服务;（v）企业投资和其他。该公司开始在这种重新调整的部门结构下进行报告，从2024财年第一季度财报开始，该财报包含在截至2024年1月31日的财年10-Q表格季度报告中。 这些变化对惠普企业之前报告的合并净收入、净利润、每股净利润（「每股收益」）或总资产没有影响。

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合并财务报表附注（续）

俄罗斯/乌克兰冲突

针对俄罗斯与乌克兰之间的冲突以及美国实施的相关制裁，欧盟和其他国家，该公司确定无法再维持其在俄罗斯和白俄罗斯的业务，并一直在有序、有管理地退出其在这些国家的剩余业务。2022财年，公司税前费用总额为美元161 百万美元主要与融资和贸易应收账款、员工遣散费和废弃资产的预期信用损失有关，美元99 其中百万已计入融资成本，美元12 百万服务成本和美元50 合并收益表中的灾难费用为百万美元。

预算的使用

编制财务报表要求管理层作出估计、判断和假设，这些估计、判断和假设会影响综合财务报表和附注中报告的金额。估计数在每个期间进行评估和更新，以反映当前信息，包括与收入确认、基于股票的薪酬、定期福利净成本、重组应计项目、税项准备、递延税项计值准备、预期信贷损失准备、库存准备金以及商誉、无形资产和其他长期资产的减值评估有关的信息。本公司认为，这些估计、判断和假设在目前情况下是合理的，并受到重大不确定性的影响，其中一些是本公司无法控制的。如果这些估计中的任何一项发生变化，可能会对公司的经营财报产生不利影响。在不同的假设或条件下，实际结果可能与这些估计值大不相同。

外币折算

该公司主要使用美元作为其功能货币。以非美国货币计价的资产和负债按货币资产和负债的当前汇率和非货币资产和负债的历史汇率重新计量为美元。以非美国货币计价的净收入、成本和支出按该期间的平均汇率以美元记录。本公司在综合收益表中计入利息和其他净额外币重新计量的损益，以及在确认套期收入时在净收入中计入现金流量对冲的损益。某些非美国子公司将当地货币指定为其功能货币，公司在资产负债表日将其资产和负债折算为美元作为换算调整，并将其计入综合资产负债表中累计的其他全面亏损的组成部分。

收入确认

当双方均提供书面批准并承诺履行、各方权利（包括付款条款）均已确定、合同具有商业实质且可能收取对价时，公司将与客户签订的合同进行会计核算。

该公司与客户签订的合同通常包括产品和服务的组合，从而产生了包含硬件和软件产品和/或各种服务的多项履约义务的安排。公司确定每种产品或服务是否不同，以便确定合同中的履约义务，并在不同的履约义务之间分配合同交易价格。根据客户是否可以单独或与其他随时可用的资源一起受益于产品或服务，以及将产品或服务转让给客户的承诺是否可与合同中的其他义务分开识别，安排是不同的。该公司将其硬件、永久软件许可证、服务安排和软件即服务(「Saas」)归类为不同的绩效义务。定期软件许可代表多项义务，其中包括软件许可和软件维护。在公司提供硬件或软件的交易中，它通常是本金，并按毛数记录销售商品的收入和成本。

公司的大部分收入来自产品和服务的销售以及相关的支持和维护，当承诺的产品或服务的控制权转移给客户时，或在将承诺的产品或服务的控制权转移给客户时，确认该收入的金额反映了公司预期有权获得的对价，以换取这些产品或服务。与客户、合作伙伴和分销商的合同中提供的可变对价可能包括回扣、基于数量的折扣、价格保护和其他激励计划。可变对价在合同开始时估计，并在每个报告期末随着额外信息的可用而更新，并且仅在收入可能不会发生重大逆转的情况下确认。

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合并财务报表附注（续）

一旦客户有使用产品的合同权利，控制权的转移就发生了，通常是在交付时，所有权和损失风险转移到客户身上。随着时间的推移，当客户在合同期限内获得好处时，也可能会发生维护和服务控制权的转移。公司的硬件和永久软件许可证是不同的财报义务，收入在控制权转移时预先确认。定期软件许可证包括多个履行义务，其中定期许可证在控制权转移时预先确认，相关软件维护收入在提供服务和软件更新时在合同期限内按比例确认。Saas安排有一个明显的履行义务，随着时间的推移，随着时间的推移，客户使用服务时按比例确认的收入将满足这一义务。在产品销售方面，该公司将运输和搬运的对价按毛数计入产品销售净额。收入是扣除任何相关销售税后入账的。

公司以相对独立售价（「SCP」）将合同的交易价格分配到履行义务中。对于作为捆绑销售的产品和服务，STP通常不可直接观察，并要求公司根据管理层判断通过考虑内部利润率目标、定价策略、市场/竞争条件、历史盈利能力数据以及其他可观察输入等可用数据来估计STP。对于某些产品和服务，公司根据在类似情况下单独销售给类似客户时的可观察价格建立SCP。该公司为其产品和服务建立了STP范围，并定期重新评估它们。

在确定交易价格时应用判断，因为公司在确定要确认的收入金额时可能需要估计可变对价。可变考虑可能包括各种回扣、基于数量的折扣、价格保护以及向客户、合作伙伴和分销商提供的其他激励计划。在确定要确认的收入金额时，公司会应用预期值或最有可能的估计来估计这些程序的预期使用情况，并在每个报告期随着实际使用情况可用而更新估计。公司在确定交易价格时还考虑客户的退货权（如适用）。

合约结余

应收账款和合同资产

应收账款是指公司无条件转让给客户的产品或服务换取对价的权利。合同资产是一种以换取转让给客户的产品或服务的对价权利，其条件是时间流逝以外的其他因素。当对价权利成为无条件时，记录应收账款。

公司的合同资产包括未开票应收账款，这些应收账款在公司提前确认收入时记录。未开票应收账款通常与服务已履行且控制权已转移的服务合同有关，但向客户开出的发票须受未来里程碑计费或其他合同付款时间表的约束。公司将未开票应收账款归类为应收账款。

合约负债

合同责任是公司已从客户处收到对价或到期金额的向客户转让产品或服务的义务。公司的合同负债主要包括递延收入和客户保证金、押金。当向客户开具发票的金额超过因履行义务且承诺产品或服务的控制权尚未转移至客户而可确认的收入时，则记录递延收入。递延收入主要是为尚未确认收入的产品（硬件/软件）支持合同、咨询项目和产品销售预先开具发票的金额。客户保证金、押金主要是在公司完成合同义务之前从客户收到的付款。随着客户接受里程碑的实现，公司将确认收入并减少合同负债金额。

与客户签订合同的成本

如果公司希望收回与客户签订合同的增量成本，主要是销售佣金，该公司将这些成本资本化。作为实际权宜之计，公司选择将期限为一年或以下的合同所产生的获得合同的成本计入费用。使用的典型摊销期范围从 两至五年.公司定期审查资本化的销售佣金成本是否存在可能的损失。获得合同的资本化成本摊销包括在销售、一般和管理费用中。有关更多信息，请参阅注7「资产负债表详情」。

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合并财务报表附注（续）

运输和处理

该公司将与运输和搬运相关的费用计入产品成本中。

股票补偿

基于股票的补偿费用基于奖励的计量日期公允价值，并且仅对那些预计满足服务和绩效归属条件的奖励确认。仅具有服务条件的股票期权和限制性股票单位的股票补偿费用在授予的必要服务期内以直线法确认。对于同时具有服务条件和财报或市场条件的股票期权和限制性股票单位，费用在奖励的必要服务期内按分级归属基础确认。基于股票的补偿费用根据基于服务的奖励的总授予水平确定，对于具有绩效和/或市场状况的奖励，根据个人归属份额水平确定。没收率是根据历史经验估算的。

退休和退休后计划

该公司拥有各种固定福利、其他缴费型和非缴费型、退休和退休后计划。这些计划的成本和义务取决于各种假设。主要假设主要与贴现率、死亡率、薪酬水平的预期增长和计划资产的预期长期回报有关。这些假设因计划而异，所使用的加权平均费率见注4「退休和退休后福利计划」。

折现率假设是基于期限与预期福利支付期相似的优质固定收益证券的当前投资收益率。死亡率有助于预测计划参与者的预期寿命，并基于对该计划的历史人口统计研究。薪酬水平假设的预期增长反映了长期实际经验和未来预期。计划资产的预期长期回报是根据资产配置、历史投资组合结果、历史资产相关性和管理层对每一资产类别的预期回报来确定的。在任何会计年度，计划资产的实际回报和预期长期回报之间可能会出现重大差异。从历史上看，计划资产的实际回报和预期长期回报之间的差异是由于目标或实际资产分配的变化、相对于预期长期财报的短期财报的变化，在较小程度上是由于目标投资分配和实际投资分配之间的差异、与预期相比的福利支付时间以及旨在实现资产分配变化或对冲某些投资或负债风险的衍生品的使用。

The following table provides the impact changes in the weighted-average assumptions of discount rates, the expected increase in compensation levels and the expected long-term return on plan assets would have had on the net periodic benefit cost for fiscal 2024:

			Change in basis  points						Change in Net Periodic Benefit Cost
									In millions
Assumptions:
Discount rate			(25)						$	17
Expected increase in compensation levels			25						3
Expected long-term return on plan assets			(25)						$	25

The Company generally amortizes unrecognized actuarial gains and losses on a straight-line basis over the average remaining estimated service life or, in the case of closed plans, life expectancy of participants. In limited cases, actuarial gains and losses are amortized using the corridor approach.

Advertising

制作广告的成本在制作过程中发生时计入费用。当广告首次投放时，传播广告的成本将计入费用。广告费用总计约为美元117 百万美元173 百万美元179 2024财年、2023财年和2022财年分别为百万。

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合并财务报表附注（续）

重组

该公司的转型计划包括对批准的重组计划收取的费用。重组费用包括裁撤一定数量员工的遣散费、腾出设施和整合运营的基础设施费用以及合同取消成本。这些重组行动要求管理层估计裁员和强化提前退休计划的遣散费和其他员工离职成本的时间和金额、冗余或过时资产的公允价值、租赁和合同取消以及其他退出成本的价值。该公司根据估计的员工离职人数以及场地关闭和整合计划记录重组费用。在这些行动下，当福利可能会支付并且金额可以合理估计时，公司应计遣散费和其他员工离职费用。在确定遣散费应计费用时使用的比率是根据现有计划、历史经验和谈判解决办法确定的。有关公司重组行动的完整说明，请参阅附注3「转型计划」中的讨论。

Taxes on Earnings

公司使用预计将逆转的差异当年有效的已颁布税率，就资产和负债税基与其报告金额之间的暂时差异的预期税务后果确认递延所得税资产和负债。

该公司记录了一项估值准备金，以将递延税项资产减少到更有可能变现的金额。在决定是否需要估值津贴时，本公司会考虑未来的市场增长、预测的盈利、未来的应税收入来源、本公司所在司法管辖区的盈利组合，以及审慎和可行的税务筹划策略。倘若本公司确定本公司未来极有可能无法全部或部分变现其递延税项资产，本公司将提高估值拨备，并在作出该决定的期间确认相应的收益支出。同样，如果本公司后来确定递延税项资产更有可能变现，本公司将冲销先前确认的估值准备的适用部分。为了使公司实现递延税项资产，公司必须能够在递延税项资产根据适用税法到期之前，在递延税项资产所在的司法管辖区产生足够的适当性质的应税收入。

The Company records accruals for uncertain tax positions when the Company believes that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The provision for income taxes includes the effects of adjustments for uncertain tax positions as well as any related interest and penalties. The Company recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in Provision for taxes in the Consolidated Statements of Earnings.

The Company is subject to the Global Intangible Low Taxed Income (“GILTI”) tax in the U.S. The Company elected to treat taxes on future GILTI inclusions in U.S. taxable income as a current period expense when incurred.

Allowance for Doubtful Accounts

Accounts Receivable

The allowance for expected credit losses related to accounts receivable is comprised of a general reserve and a specific reserve. The Company may record a specific reserve for individual accounts when the Company becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position. If there are additional changes in circumstances related to the specific customer, the Company further adjusts estimates of the recoverability of receivables. The Company maintains an allowance for credit losses for all other customers based on a variety of factors, including the financial condition of customers and the length of time receivables are past due. These qualitative factors are subjective and require a degree of management judgment. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. The Company establishes an allowance for expected credit losses related to accounts receivable, including unbilled receivables.

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Notes to Consolidated Financial Statements (Continued)

Financing Receivable

The allowance for expected credit losses related to financing receivables is comprised of a general reserve and a specific reserve. The Company establishes a specific reserve for financing receivables with identified exposures, such as customer defaults, bankruptcy or other events, that make it unlikely the Company will recover its investment. For individually evaluated receivables, the Company determines the expected cash flow for the receivable, which includes consideration of estimated proceeds from disposition of the collateral and calculates an estimate of the potential loss and the probability of loss. For those accounts where a loss is considered probable, the Company records a specific reserve. The Company maintains a general reserve using a credit loss model on a regional basis and bases such percentages on several factors, including consideration of historical credit losses and portfolio delinquencies, trends in the overall weighted-average risk rating of the portfolio, current economic conditions, and forward-looking information, including reasonable and supportable forecasts. The Company excludes accounts evaluated as part of the specific reserve from the general reserve analysis. The Company generally writes off a receivable or records a specific reserve when a receivable becomes 180 days past due, or sooner if the Company determines that the receivable is not collectible.

Non-Accrual and Past-Due Financing Receivables

The Company considers a financing receivable to be past due when the minimum payment is not received by the contractually specified due date. The Company generally places financing receivables on non-accrual status, which is the suspension of interest accrual, and considers such receivables to be non-performing at the earlier of the time at which full payment of principal and interest becomes doubtful or the receivable becomes 90 days past due. Subsequently, the Company may recognize revenue on non-accrual financing receivables as payments are received, which is on a cash basis, if the Company deems the recorded financing receivable to be fully collectible; however, if there is doubt regarding the ultimate collectability of the recorded financing receivable, all cash receipts are applied to the carrying amount of the financing receivable, which is the cost recovery method. In certain circumstances, such as when the Company deems a delinquency to be of an administrative nature, financing receivables may accrue interest after becoming 90 days past due. The non-accrual status of a financing receivable may not impact a customer's risk rating. After all of a customer's delinquent principal and interest balances are settled, the Company may return the related financing receivable to accrual status.

Concentrations of Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and restricted cash, investments, receivables from trade customers and contract manufacturers, financing receivables and derivatives.

The Company maintains cash, cash equivalents and restricted cash, investments, derivatives, and certain other financial instruments with various financial institutions. These financial institutions are located in many different geographic regions, and the Company's policy is designed to limit exposure from any particular institution. As part of its risk management processes, the Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company has not sustained material credit losses from instruments held at these financial institutions. The Company utilizes derivative contracts to protect against the effects of foreign currency and interest rate exposures. Such contracts involve the risk of non-performance by the counterparty, which could result in a material loss. For more details on the collateral program, see Note 13, “Financial Instruments.”

Credit risk with respect to accounts receivable from trade customers and financing receivables is generally diversified due to the large number of entities comprising the Company's customer base and their dispersion across many different industries and geographic regions. The Company performs ongoing credit evaluations of the financial condition of its customers and may require collateral, such as letters of credit and bank guarantees, in certain circumstances. As of October 31, 2024 and 2023 no single customer accounted for more than 10% of the Company's receivable from trade customers and financing receivables.

Restricted Cash

Restricted cash is included within Other current assets in the accompanying Consolidated Balance Sheets and is primarily related to cash received under the Company's collateral securities agreements for its derivative instruments and cash restricted under the fixed-term securitization program for the issuance of asset-backed debt securities.

Inventory

The Company values inventory at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out basis. At each reporting period, the Company assesses the value of its inventory

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and writes down the cost of inventory to its net realizable value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts, market conditions, technological changes, product life-cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If in any period the Company anticipates a change in those factors to be less favorable than its previous estimates, additional inventory write-downs may be required and could materially impact gross margin. The write down for excess or obsolescence is charged to the provision of inventory, which is a component of Cost of Products and Cost of Services in the Consolidated Statements of Earnings. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Property, Plant and Equipment, net

The Company states property, plant and equipment at cost less accumulated depreciation. The Company capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives are five to 40 years for buildings and improvements and three to 15 years for machinery and equipment. The Company depreciates leasehold improvements over the life of the lease or the asset, whichever is shorter. The Company depreciates equipment held for lease over the initial term of the lease to the equipment's estimated residual value. The estimated useful lives of assets used solely to support a customer services contract generally do not exceed the term of the customer contract. On retirement or disposition, the asset cost and related accumulated depreciation are removed from the Consolidated Balance Sheets with any gain or loss recognized in the Consolidated Statements of Earnings.

The Company capitalizes certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software. The Company amortizes capitalized internal use software costs using the straight-line method over the estimated useful lives of the software, generally from three to five years.

Leases

Lessee Accounting

The Company enters into various leases as a lessee for assets including office buildings, data centers, vehicles, and aviation. The Company determines if an arrangement is a lease at inception. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Upon lease commencement, the Company records a lease liability for the obligation to make lease payments and right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term in the Consolidated Balance Sheets. The lease liability is measured at commencement date based on the present value of lease payments not yet paid over the lease term and the Company's incremental borrowing rate. As most of the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate which approximates the rate at which the Company would borrow, on a secured basis, in the country where the lease was executed. The ROU asset is based on the lease liability, adjusted for lease prepayments, lease incentives received, and the lessee's initial direct costs. Fixed payments are included in the recognition of ROU assets and liabilities, while non-lease components, such as maintenance or utility charges are expensed as incurred. The Company has agreements with lease and non-lease components that are accounted for separately and not included in its leased assets and corresponding liabilities for the majority of the Company's lease agreements. The Company allocates consideration to the lease and non-lease components using their relative standalone values. 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.

For finance leases, the ROU asset is amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the lease liability is recorded separately using the interest method. For operating leases, lease expense is generally recognized on a straight-line basis over the lease term.

Lessor Accounting

The Company's lease offerings are non-cancelable and the payment schedule primarily consists of fixed payments. Variable payments that are based on an index are included in lease receivables. The Company allocates consideration amongst lease components and non-lease components on a relative standalone selling price basis, when lease arrangements include multiple performance obligations. At the end of the lease term, the Company allows the client to either return the equipment, purchase the equipment or renew the lease based on mutually agreed upon terms.

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The Company retains a residual position in equipment through lease and finance agreements which is equivalent to an estimated market value. The residual amount is established prior to lease inception, based upon estimated equipment values at end of lease using product road map trends, historical analysis, future projections and remarketing experience. The Company's residual amounts are evaluated at least annually to assess the appropriateness of the carrying values. Any anticipated declines in specific future residual values that are considered to be other-than-temporary would be recorded in current earnings. The Company is able to optimize the recovery of residual values by selling equipment in place, extending lease arrangements on a fixed term basis, entering into a monthly usage rental term beyond the initial lease term, and selling lease returned equipment in the secondary market. The contractual lease agreement also identifies return conditions that ensures the leased equipment will be in good operating condition upon return minus any normal wear and tear. During the residual review process, product changes, product updates, as well as market conditions are reviewed and adjustments if other than temporary are made to residual values in accordance with the impact of any such changes. The remarketing sales organization closely manages the sale of equipment lease returns to optimize the recovery of outstanding residual by product.

Business Combinations

The Company includes the results of operations of acquired businesses in the Company's consolidated results prospectively from the date of acquisition. The Company allocates the fair value of purchase consideration to the assets acquired including in-process research and development (“IPR&D”), liabilities assumed, and non-controlling interests in the acquired entity based on their fair values at the acquisition date. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. The excess of the fair value of purchase consideration over the fair value of the assets acquired, liabilities assumed and non-controlling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired company and the Company and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition-related expenses and post-acquisition restructuring costs are recognized separately from the business combination and are expensed as incurred.

Goodwill

The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. 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 elects to perform a quantitative test for all of its reporting units as part of its annual goodwill impairment assessment in the fourth quarter of each fiscal year.

In the quantitative assessment, the Company estimates the fair value of its reporting units using a weighting of fair values derived most significantly from the income approach, and to a lesser extent, the market approach. Under the income approach, the Company estimates the fair value of a reporting unit based on the present value of estimated future cash flows covering discrete forecast periods as well as terminal value determinations. The Company prepares cash flow projections based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The Company bases the discount rate on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting unit's ability to execute on the projected cash flows. Under the market approach, the Company estimates fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. The Company weights the fair value derived from the market approach commensurate with the level of comparability of these publicly traded companies to the reporting unit. When market comparables are not meaningful or not available, the Company estimates the fair value of a reporting unit using only the income approach.

If the fair value of a reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than its carrying amount, goodwill is impaired. The goodwill impairment loss is measured as the excess of the reporting unit's carrying value over its fair value (not to exceed the total goodwill allocated to that reporting unit).

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Intangible Assets and Long-Lived Assets

The Company reviews intangible assets with finite lives, long-lived assets and ROU assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. For lease assets such circumstances would include a decision to abandon the use of all or part of an asset, or subleases that do not fully recover the costs of the associated lease. The Company assesses the recoverability of assets based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If the undiscounted future cash flows are less than the carrying amount, the asset is impaired. The Company measures the amount of impairment loss, if any, as the difference between the carrying amount of the asset and its fair value using an income approach or, when available and appropriate, using a market approach. The Company amortizes intangible assets with finite lives using the straight-line method over the estimated economic lives of the assets, ranging from one to ten years. Intangible assets purchased as part of an acquisition are included in Intangible assets, net in the Consolidated Balance Sheets. All other separately purchased intangible assets are included in Long-term financing receivables and other assets in the Consolidated Balance Sheets.

Software development costs related to the development of new product offerings are capitalized subsequent to the establishment of technological feasibility, which is demonstrated by the completion of a detail program design or working model. Software development costs are included in Intangible assets, net in the Consolidated Balance Sheets. The Company amortizes capitalized costs on a straight-line basis over the estimated useful life of products, which is generally three years.

Equity Method Investments

Investments and ownership interests are accounted for under equity method accounting if the Company has the ability to exercise significant influence, but does not have a controlling financial interest. The Company records its interest in the net earnings of its equity method investees, along with adjustments for unrealized profits or losses on intra-entity transactions and amortization of basis differences, within Earnings from equity interests in the Consolidated Statements of Earnings. Profits or losses related to intra-entity sales with its equity method investees are eliminated until realized by the investor or investee. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are generally amortized over the lives of the related assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment. The Company records its interest in the net earnings of its equity method investments based on the most recently available financial statements of the investees.

The carrying amount of the investment in equity interests is adjusted to reflect the Company's interest in net earnings, dividends received and other-than-temporary impairments. The Company reviews for impairment whenever factors indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the Consolidated Statements of Earnings.

Equity Securities Investments

Equity securities investments with readily determinable fair values (other than those accounted for under the equity method or those that result in consolidation of the investee) are measured at fair value and any changes in fair value are recognized in Interest and other, net in the Consolidated Statements of Earnings. For equity investments without readily determinable fair values, the Company may elect to apply the measurement alternative or the fair value option. Under the measurement alternative investments are measured at cost, less impairment, and adjusted for qualifying observable price changes on a prospective basis. The Company reviews for impairment at each reporting period, assessing factors such as deterioration of earnings, adverse change in market/industry conditions, the ability to operate as a going concern, and other factors which indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the Consolidated Statements of Earnings. The Company elects the fair value option when it believes that it best reflects the underlying economics of the investment. These investments may be valued using third-party pricing services at each reporting date with changes in fair value recorded as a component of Interest and other, net in the Consolidated Statements of Earnings.

Debt Securities Investments

Debt securities are generally considered available-for-sale and are reported at fair value with unrealized gains and losses, net of applicable taxes, recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Realized gains and losses for available-for-sale securities are calculated based on the specific identification method and included in Interest and other, net in the Consolidated Statements of Earnings. The Company monitors its investment portfolio for potential impairment on a quarterly basis. When the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be due to credit-related factors, the Company recognizes the impairment using an allowance for credit loss in

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Interest and other, net, in the Consolidated Statements of Earnings, while the impairment that is not credit related is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets.

Derivatives

The Company uses derivative financial instruments, primarily forwards, swaps, and, at times, options, to manage a variety of risks, including risks related to foreign currency and interest rate exposures. The Company does not use derivative financial instruments for speculative purposes.

The Company receives fair value to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. When prices in active markets are not available for an identical asset or liability, the Company generally uses industry standard valuation models to measure the fair value of derivative positions. Such measurements involve projecting future cash flows and discounting the future amounts to present value using market based observable inputs, including interest rate curves, Company and counterparty credit risk, foreign currency exchange rates, and forward and spot prices. In the absence of such data, the Company will use internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. The determination of fair value often involves significant judgments about assumptions such as determining an appropriate discount rate that factors in both risk and liquidity premiums, identifying the similarities and differences in market transactions, weighting those differences accordingly and then making the appropriate adjustments to those market transactions to reflect the risks specific to the asset or liability being valued.

For a further discussion of fair value measurements and derivative instruments, refer to Note 12, “Fair Value” and Note 13, “Financial Instruments,” respectively.

Contingencies

The Company is involved in various lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a liability for contingencies when it believes it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not record gain contingencies until realized. See Note 17, “Litigation, Contingencies, and Commitments,” for a full description of the Company's contingencies.

Warranties

The Company accrues the estimated cost of product warranties at the time of recognizing revenue. The Company's standard product warranty terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers. The estimated warranty obligation is based on contractual warranty terms, repair costs, product call rates, average cost per call, current period product shipments and ongoing product failure rates, as well as specific product class failure outside of the Company's baseline experience. Warranty terms generally range from one to five years for parts and labor, depending upon the product. For certain networking products, the Company offers a lifetime warranty. Over the last three fiscal years, the annual warranty expense has averaged approximately 1.1% of annual net product revenue. Refer to Note 7, “Balance Sheet Details,” for additional information.

Recently Enacted Accounting Pronouncements

In November 2024, the FASB issued guidance to provide disaggregated expense disclosures in the Consolidated Financial Statements. The Company is required to adopt the guidance for its annual period ending October 31, 2028 and all interim periods thereafter, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In December 2023, the FASB issued guidance to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance in the first quarter of fiscal 2026, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The Company will adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter. The Company does not expect the adoption of this guidance to have a significant impact on its Consolidated Financial Statements.

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Note 2: Segment Information

Hewlett Packard Enterprise's operations are organized into five segments for financial reporting purposes: Server, Hybrid Cloud, Intelligent Edge, Financial Services (“FS”), and Corporate Investments and Other. Hewlett Packard Enterprise's organizational structure is based on a number of factors that the Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, uses to evaluate, view and run the Company's business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The five segments are based on this organizational structure and information reviewed by Hewlett Packard Enterprise's management to evaluate segment results. A summary of the types of products and services within each segment is as follows:

Server consists of general-purpose servers for multi-workload computing and workload-optimized servers to deliver the best performance and value for demanding applications, and integrated systems comprised of software and hardware designed to address High-Performance Computing and Supercomputing (including exascale applications), Artificial Intelligence (“AI”), Data Analytics, and Transaction Processing workloads for government and commercial customers globally. This portfolio of products includes the secure and versatile HPE ProLiant Rack and Tower servers; HPE Synergy, a composable infrastructure for traditional and cloud-native applications; HPE Scale Up Servers product lines for critical applications, including large enterprise software applications and data analytics platforms; HPE Edgeline servers; HPE Cray EX; HPE Cray XD (formerly known as HPE Apollo); and HPE NonStop. Server offerings also include operational and support services sold with systems and as standalone services.

Hybrid Cloud offers a wide variety of cloud-native and hybrid solutions across storage, private cloud and the infrastructure SaaS space. Storage includes data storage and data management offerings with the HPE Alletra Storage portfolio; unstructured data solutions and analytics for AI; data protection and archiving; and storage networking. It also includes AIOps-driven intelligence with HPE InfoSight and HPE CloudPhysics. In private cloud, the HPE GreenLake offerings include new cloud-native offerings and capabilities for virtual machines, containers, and bare metal; a full suite of private cloud offerings that enable customers to self-manage or choose a fully managed experience; and a portfolio of world-class AI infrastructure delivered aaS. This segment also provides self-service private cloud on-demand with HPE GreenLake for Private Cloud Business Edition. Infrastructure software includes monitoring and observability for day two operations and beyond through the Company’s acquisition of OpsRamp and unified data access through HPE Ezmeral Data Fabric and analytics suite, which helps move and transform data for use in AI and other applications. Hybrid Cloud segment also includes data lifecycle management and protection through its suite of offerings, including Zerto Disaster Recovery.

Intelligent Edge offers wired and wireless local area networks, campus, branch, and data center switching, software-defined wide-area-networks, private and public cellular network software, network security, and associated services that enable secure connectivity for businesses of any size. The HPE Aruba Networking product portfolio includes hardware products such as Wi-Fi access points, switches, and gateways. The HPE Aruba Networking software and services portfolio includes cloud-based management, network management, network access control, software-defined wide-area networking, network security, analytics and assurance, location services software, private and public cellular core software, and professional and support services, as well as aaS and consumption models through the HPE GreenLake cloud for the Intelligent Edge portfolio of products. Intelligent Edge offerings are consolidated in the edge service platform, which takes a cloud-native approach that provides customers with a unified framework to meet their connectivity, security, and financial needs across campus, branch, data center, and remote worker environments.

Financial Services provides flexible investment solutions, such as leasing, financing, IT consumption, utility programs, and asset management services for customers that facilitate unique technology deployment models and the acquisition of complete IT solutions, including hardware, software, and services from Hewlett Packard Enterprise and others. FS also supports financial solutions for on-premise flexible consumption models, such as the HPE GreenLake cloud.

Corporate Investments and Other includes the Advisory and Professional Services (“A & PS”) business, which primarily offers consultative-led services, HPE and partner technology expertise and advice, implementation services as well as complex solution engagement capabilities; CMS, which primarily offers software and related services to the telecommunications industry; and Hewlett Packard Labs, which is responsible for research and development.

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Segment Policy

Hewlett Packard Enterprise derives the results of its business segments directly from its internal management reporting system. The accounting policies that Hewlett Packard Enterprise uses to derive segment results are substantially the same as those the consolidated company uses. The CODM measures the performance of each segment based on several metrics, including earnings from operations. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each of the segments.

Segment revenue includes revenues from sales to external customers and intersegment revenues that reflect transactions between the segments on an arm's-length basis. Intersegment revenues primarily consist of sales of hardware and software that are sourced internally and, in the majority of the cases, are financed as operating leases by FS to the Company's customers. Hewlett Packard Enterprise's consolidated net revenue is derived and reported after the elimination of intersegment revenues from such arrangements.

Financing cost in the Consolidated Statements of Earnings reflects interest expense on borrowing and funding-related activity associated with FS and its subsidiaries, and debt issued by Hewlett Packard Enterprise for which a portion of the proceeds benefited FS.

Hewlett Packard Enterprise does not allocate to its segments certain operating expenses, which it manages at the corporate level. These unallocated operating costs include certain corporate costs and eliminations, stock-based compensation expense, amortization of intangible assets, impairment of goodwill, transformation costs, disaster recovery/charges, divestiture related exit costs, and acquisition, disposition and other related charges. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not reviewed by the CODM.

Segment Operating Results

			Server												Hybrid Cloud						Intelligent Edge						Financial Services						Corporate Investments and Other						Total
			In millions
Fiscal 2024
Net revenue			$	15,931											$	5,172					$	4,501					$	3,509					$	1,014					$	30,127
Intersegment net revenue			274												214						31						3						—						522
Total segment net revenue			$	16,205											$	5,386					$	4,532					$	3,512					$	1,014					$	30,649
Segment earnings (loss) from operations			$	1,818											$	245					$	1,115					$	316					$	(25)					$	3,469
Fiscal 2023
Net revenue			$	13,926											$	5,396					$	5,362					$	3,466					$	985					$	29,135
Intersegment net revenue			435												97						17						14						—						563
Total segment net revenue			$	14,361											$	5,493					$	5,379					$	3,480					$	985					$	29,698
Segment earnings (loss) from operations			$	1,830											$	232					$	1,343					$	281					$	(77)					$	3,609
Fiscal 2022
Net revenue			$	15,137											$	5,173					$	3,849					$	3,326					$	1,011					$	28,496
Intersegment net revenue			335												60						8						13						1						417
Total segment net revenue			$	15,472											$	5,233					$	3,857					$	3,339					$	1,012					$	28,913
Segment earnings (loss) from operations			$	1,958											$	468					$	542					$	387					$	(26)					$	3,329

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The reconciliation of segment operating results to Consolidated Statement of Earnings results was as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Net Revenue:
Total segments			$	30,649					$	29,698					$	28,913
Elimination of intersegment net revenue			(522)						(563)						(417)
Total consolidated net revenue			$	30,127					$	29,135					$	28,496
Earnings Before Taxes:
Total segment earnings from operations			$	3,469					$	3,609					$	3,329
Unallocated corporate costs and eliminations			(301)						(464)						(303)
Stock-based compensation expense			(430)						(428)						(391)
Amortization of initial direct costs			—						—						(4)
Amortization of intangible assets			(267)						(288)						(293)
Impairment of goodwill			—						—						(905)
Transformation costs			(93)						(283)						(473)
Disaster recovery (charges)			51						12						(159)
Divestiture related exit costs			(35)						—						—
Acquisition, disposition and other related charges			(204)						(69)						(19)
Interest and other, net			(117)						(104)						(121)
Gain on sale of equity interest			733						—						—
Earnings from equity interests			147						245						215
Total earnings before provision for taxes			$	2,953					$	2,230					$	876

Major Customers

The Company had two distributors which represented approximately 14% and 11% of the Company's total net revenue in fiscal 2024, primarily within the Intelligent Edge and Server segments. The Company had one customer, which is a distributor, that represented 11% of the Company's total net revenue in fiscal 2023, primarily within the Intelligent Edge and Server segments. No single customer represented 10% or more of the Company's total net revenue in fiscal year 2022.

Geographic Information

Net revenue by country is based upon the sales location that predominately represents the customer location. For each of the fiscal years of 2024, 2023 and 2022, other than the U.S., no country represented more than 10% of the Company's net revenue.

Net revenue by geographic region was as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Americas
U.S.			$	10,890					$	10,369					$	9,425
Americas excluding U.S.			2,345						2,208						1,964
Total Americas			13,235						12,577						11,389
Europe, Middle East and Africa			10,189						10,151						10,292
Asia Pacific and Japan			6,703						6,407						6,815
Total consolidated net revenue			$	30,127					$	29,135					$	28,496

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Notes to Consolidated Financial Statements (Continued)

Property, plant and equipment, net by country in which the Company's operates was as follows:

			As of October 31
			2024						2023
			In millions
U.S.			$	2,616					$	2,803
Other countries			3,048						3,186
Total property, plant and equipment, net			$	5,664					$	5,989

Note 3: Transformation Programs

Transformation programs are comprised of the Cost Optimization and Prioritization Plan and the HPE Next Plan. During the third quarter of fiscal 2020, the Company launched the Cost Optimization and Prioritization Plan which focuses on realigning the workforce to areas of growth, a new hybrid workforce model called Edge-to-Office, real estate strategies and simplifying and evolving the Company’s product portfolio strategy. The transformation costs predominantly related to labor restructuring, non-labor restructuring, IT investments, design and execution charges and real estate initiatives. The primary elements of the Cost Optimization and Prioritization Plan were completed by the end of fiscal 2024.

During the third quarter of fiscal 2017, the Company launched the HPE Next Plan to put in place a purpose-built company designed to compete and win in the markets where it participates. Through this program, the Company is simplifying the operating model, and streamlining its offerings, business processes and business systems to improve its strategy execution. The primary elements of the HPE Next Plan were completed by the end of fiscal 2024.

Cost Optimization and Prioritization Plan

The components of the transformation costs relating to the Cost Optimization and Prioritization Plan were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Program management			$	2					$	9					$	27
IT costs			13						26						26
Restructuring charges			32						226						201
Total			$	47					$	261					$	254

HPE Next Plan

The components of transformation costs relating to HPE Next Plan were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Program management			$	1					$	—					$	7
IT costs			47						91						184
Restructuring charges			1						16						13
Gains on real estate sales			—						(85)						(8)
Impairment on real estate assets			—						—						11
Other			—						3						13
Total			$	49					$	25					$	220

Restructuring Plans

On May 19, 2020, the Company's Board of Directors approved a restructuring plan in connection with the Cost Optimization and Prioritization Plan which primarily related to labor restructuring and real estate site exits under non-labor restructuring. The changes to the workforce varied by country, based on business needs, local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.

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Notes to Consolidated Financial Statements (Continued)

On October 16, 2017, the Company's Board of Directors approved a restructuring plan in connection with the HPE Next Plan, and on September 20, 2018, the Company's Board of Directors approved a revision to that restructuring plan. Headcount exits under the HPE Next Plan were substantially complete as of October 31, 2020. Other restructuring actions primarily related to infrastructure were substantially complete as of October 31, 2022.

Restructuring activities related to the Company's employees and infrastructure under the Cost Optimization and Prioritization Plan and HPE Next Plan are presented in the table below:

			Cost Optimization and Prioritization Plan												HPE Next Plan
			Employee Severance						Infrastructure and other						Employee Severance						Infrastructure and other
			In millions
Liability as of October 31, 2023			$	152					$	127					$	6					$	27
Charges			30						2						—						1
Cash payments			(113)						(38)						(5)						(7)
Non-cash items			(2)						3						(1)						2
Liability as of October 31, 2024			$	67					$	94					$	—					$	23
Total costs incurred to date as of October 31, 2024			$	823					$	563					$	1,267					$	271
Total expected costs to be incurred as of October 31, 2024			$	823					$	563					$	1,267					$	271

The current restructuring liability related to the transformation programs, reported in the Consolidated Balance Sheets as of October 31, 2024 and 2023, was $61 million and $180 million, respectively, in Accrued restructuring, and $17 million and $22 million, respectively, in Other accrued liabilities. The non-current restructuring liability related to the transformation programs, reported in Other non-current liabilities in the Consolidated Balance Sheets as of October 31, 2024 and 2023 was $106 million and $110 million, respectively.

Note 4: Retirement and Post-Retirement Benefit Plans

Defined Benefit Plans

The Company sponsors defined benefit pension plans worldwide, the most significant of which are the United Kingdom (“UK”) and Germany plans. The pension plan in the UK is closed to new entrants, and the plan was frozen October 31, 2024. This plan provides benefits based on final pay and years of service and generally requires contributions from members. The German pension program that is open to new hires consists of cash balance plans that provide employer credits as a percentage of pay, certain employee pay deferrals and employer matching contributions. There also are previously closed German pension programs that include cash balance and final average pay plans. These previously closed pension programs comprise the majority of the pension obligations in Germany. 

Post-Retirement Benefit Plans

The Company sponsors retiree health and welfare benefit plans, the most significant of which is in the U.S. Generally, employees hired before August 2008 are eligible for employer credits under the Hewlett Packard Enterprise Retirement Medical Savings Account Plan (“RMSA”) upon attaining age 45. Employer credits to the RMSA available after September 2008 are provided in the form of matching credits on employee contributions made to a voluntary employee beneficiary association. Upon retirement, employees may use these employer credits for the reimbursement of certain eligible medical expenses.

Defined Contribution Plans

The Company offers various defined contribution plans for U.S. and non-U.S. employees. The Company’s defined contribution expense was approximately $206 million in fiscal 2024 and 2023, and $196 million in fiscal 2022. U.S. employees are automatically enrolled in the Hewlett Packard Enterprise Company 401(k) Plan (“HPE 401(k) Plan”), when they meet eligibility requirements, unless they decline participation. The HPE 401(k) Plan’s quarterly employer matching contributions are 100% of an employee’s contributions, up to a maximum of 4% of eligible compensation.

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Notes to Consolidated Financial Statements (Continued)

Pension Benefit Expense

The Company's net pension and post-retirement benefit costs that were directly attributable to the eligible employees, retirees and other former employees of Hewlett Packard Enterprise and recognized in the Consolidated Statements of Earnings for fiscal 2024, 2023 and 2022 are presented in the table below.

			For the fiscal years ended October 31,
			2024						2023						2022						2024						2023						2022
			Defined Benefit Plans																		Post-Retirement Benefit Plans
			In millions
Service cost			$	49					$	53					$	78					$	1					$	1					$	1
Interest cost(1)			408						386						154						9						8						4
Expected return on plan assets(1)			(550)						(539)						(450)						(4)						(2)						(2)
Amortization and Deferrals(1):
Actuarial loss (gain)			148						160						167						(4)						(6)						(2)
Prior service benefit			(8)						(10)						(10)						—						—						—
Net periodic benefit cost (credit)			47						50						(61)						2						1						1
Settlement loss and special termination benefits(1)			4						6						5						—						—						—
Total net benefit cost (credit)			$	51					$	56					$	(56)					$	2					$	1					$	1

(1)These non-service components were included in Interest and other, net in the Consolidated Statements of Earnings.

The weighted-average assumptions used to calculate the net benefit cost (credit) in the table above for fiscal 2024, 2023 and 2022 were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022						2024						2023						2022
			Defined Benefit Plans																		Post-Retirement Benefit Plans
Discount rate used to determine benefit obligation			4.4		%				3.9		%				1.3		%				6.5		%				6.0		%				3.0		%
Discount rate used to determine service cost			4.7		%				4.2		%				1.7		%				6.1		%				5.7		%				2.7		%
Discount rate used to determine interest cost			4.4		%				3.9		%				1.1		%				6.4		%				5.9		%				2.6		%
Expected increase in compensation levels			2.9		%				3.0		%				2.6		%				—						—						—
Expected long-term return on plan assets			5.5		%				5.1		%				3.2		%				5.3		%				4.3		%				3.3		%
Interest crediting rate(1)			2.4		%				2.4		%				2.5		%				5.3		%				4.3		%				2.7		%

(1)The average assumed interest credited for HPE's cash balance plans and post-retirement plans, as applicable.

To estimate the service and interest cost components of net periodic benefit cost for defined benefit plans that use the yield curve approach, which represent substantially all of the Company's defined benefit plans, the Company has elected to use a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

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Funded Status

The funded status of the plans was as follows:

			As of October 31,
			2024						2023						2024						2023
			Defined Benefit Plans												Post-Retirement Benefit Plans
			In millions
Change in fair value of plan assets:
Fair value—beginning of year			$	9,879					$	9,915					$	68					$	60
Reimbursement of benefit payments(1)			(90)						(82)						—						—
Actual return on plan assets			1,207						(315)						5						4
Employer contributions			172						179						4						6
Participant contributions			26						24						6						7
Benefits paid			(509)						(449)						(7)						(9)
Settlement			(18)						(29)						—						—
Currency impact			340						636						—						—
Fair value—end of year			$	11,007					$	9,879					$	76					$	68
Change in benefit obligation:
Projected benefit obligation—beginning of year			$	9,362					$	9,517					$	148					$	138
Addition/deletion of plans(2)			—						1						—						—
Service cost			49						53						1						1
Interest cost			408						386						9						8
Participant contributions			26						24						6						7
Actuarial loss (gain)			613						(756)						7						3
Benefits paid			(509)						(449)						(7)						(9)
Plan amendments			4						—						—						—
Settlement			(18)						(29)						—						—
Special termination benefits			2						2						—						—
Currency impact			319						613						(2)						—
Projected benefit obligation—end of year(3)			$	10,256					$	9,362					$	162					$	148
Funded status at end of year			$	751					$	517					$	(86)					$	(80)
Accumulated benefit obligation			$	10,130					$	9,233					$	—					$	—

(1)For benefit payments reimbursed to HPE from the German Contractual Trust Arrangements.

(2)Includes the addition/deletion of plans resulting from acquisitions.

(3)HPE divested $13 million in projected benefit obligation and $7 million in assets due to the Communications Technology Group (“CTG”) divestiture that occurred on December 1, 2024.

For the year ended October 31, 2024, the benefit obligation increased from $9.4 billion to $10.3 billion primarily due to the effects of decreasing discount rates. The increase was partially offset by benefits paid which reduced benefit obligations. Pension assets increased from $9.9 billion to $11.0 billion as assets performed better than expected. The increase was partially offset by benefits paid from plan assets.

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Notes to Consolidated Financial Statements (Continued)

The weighted-average assumptions used to calculate the projected benefit obligations were as follows:

			As of October 31,
			2024						2023						2024						2023
			Defined Benefit Plans												Post-Retirement Benefit Plans
Discount rate			3.8		%				4.4		%				5.6		%				6.5		%
Expected increase in compensation levels			2.6		%				2.9		%				—						—
Interest crediting rate			2.5		%				2.4		%				4.8		%				5.3		%

The net amounts recognized for defined benefit and post-retirement benefit plans in the Company's Consolidated Balance Sheets were as follows:

			As of October 31,
			2024						2023						2024						2023
			Defined Benefit Plans												Post-Retirement Benefit Plans
			In millions
Non-current assets			$	1,555					$	1,313					$	—					$	—
Current liabilities			(52)						(51)						(6)						(8)
Non-current liabilities			(752)						(745)						(80)						(72)
Funded status at end of year			$	751					$	517					$	(86)					$	(80)

The following table summarizes the pre-tax net actuarial loss and prior service benefit recognized in accumulated other comprehensive loss for the defined benefit plans, activity for the post-retirement benefit plans were immaterial:

			As of October 31, 2024
			Defined Benefit Plans
			In millions
Net actuarial loss			$	2,478
Prior service benefit			14
Total recognized in accumulated other comprehensive loss			$	2,492

Defined benefit plans with projected benefit obligations exceeding the fair value of plan assets were as follows:

			As of October 31,
			2024						2023
			In millions
Aggregate fair value of plan assets			$	506					$	1,969
Aggregate projected benefit obligation			$	1,212					$	2,765

Defined benefit plans with accumulated benefit obligations exceeding the fair value of plan assets were as follows:

			As of October 31,
			2024						2023
			In millions
Aggregate fair value of plan assets			$	2,274					$	1,969
Aggregate accumulated benefit obligation			$	3,076					$	2,675

Fair Value of Plan Assets

The Company pays the U.S. defined benefit plan obligations when they come due since these plans are unfunded. The table below sets forth the fair value of non-U.S. defined benefit plan assets by asset category within the fair value hierarchy as of October 31, 2024 and 2023.

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			As of October 31, 2024																								As of October 31, 2023
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
			In millions
Asset Category:
Equity Securities
U.S.			$	654					$	60					$	—					$	714					$	543					$	12					$	—					$	555
Non-U.S.			125						190						—						315						110						212						—						322
Debt securities
Corporate			—						1,526						—						1,526						—						1,277						—						1,277
Government(1)			—						4,768						—						4,768						—						3,883						—						3,883
Other(2)			—						465						745						1,210						—						661						799						1,460
Alternative investments
Private Equity(3)			—						6						276						282						—						5						41						46
Hybrids(4)			—						365						197						562						—						358						177						535
Hybrids at NAV(5)																					307																								358
Common Contractual Funds at NAV(6)
Equities at NAV																					1,053																								988
Fixed Income at NAV																					508																								471
Emerging Markets at NAV																					275																								284
Alternative investments at NAV																					1																								1
Real Estate Funds(7)			3						303						264						570						20						327						237						584
Insurance Group Annuity Contracts			—						93						21						114						—						88						20						108
Cash and Cash Equivalents			157						194						—						351						222						93						—						315
Other(8)			9						154						—						163						17						23						—						40
Obligation to return cash received from repurchase agreements(1)			—						(1,712)						—						(1,712)						—						(1,348)						—						(1,348)
Total			$	948					$	6,412					$	1,503					$	11,007					$	912					$	5,591					$	1,274					$	9,879

(1)Repurchase agreements, primarily in the UK, represent the plans’ short-term borrowing to hedge against interest rate and inflation risks. Investments in approximately $2.0 billion and $2.3 billion of government bonds collateralize this short-term borrowing at October 31, 2024 and 2023, respectively. The plans have an obligation to return the cash after the term of the agreements. Due to the short-term nature of the agreements, the outstanding balance of the obligation approximates fair value.

(2)Includes funds that invest primarily in asset-backed securities, mortgage-backed securities, collateralized loan obligations, and/or private debt investments. Primary valuation techniques for level 3 investments include discounted cash flows and broker quotes and/or third-party pricing services. Significant unobservable inputs include yields which are determined by considering the market yield of comparable public debt instruments adjusted for estimated losses to reflect where the expected recovery rate would be less than 100%, discount rates, and internal rate of return (IRR). The yields ranged from 6% to 21%, with the weighted average around 10%. In the prior year, the yields ranged from 6% to 22%, with the weighted average around 10%. The discount rates ranged from 3% to 5%, with the weighted average around 4%. In the prior year, the discount rates ranged from 4% to 5%, with the weighted average around 4%. The IRR ranged from 1% to 38%, with the main weighted average around 9%. In the prior year, the IRR ranged from 5% to 21%, with the main weighted average around 10%. Generally, an increase in yield and discounted rates may result in a decrease in the fair value of certain investments.

(3)Includes funds, primarily in the UK, held in non-marketable, limited partnership interests which invest in a broad range of infrastructure and infrastructure-related assets. Primary valuation techniques for level 3 investments include the market, income or cost approach. Significant unobservable inputs include discount rate and EV/EBITDA multiples. Discount rates ranged from 8% to 13%, with the weighted average around 10%. The EV/EBITDA multiples ranged from 6.5x to 37.9x, with the weighted average ranging from 9.2x to 36.3x. Generally, an increase in discount rates may result in a decrease in the fair value of certain investments. The EV/EBITDA ratio generally indicates the number of times investors are willing to pay for a company's EBITDA valuation.

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(4)Includes funds, primarily in the UK, that invest in both private and public equities, as well as emerging markets across all sectors. The funds also hold fixed income and derivative instruments to hedge interest rate and inflation risk. In addition, the funds include units in transferable securities, collective investment schemes, money market funds, asset-backed income, cash, and deposits. Primary valuation techniques for level 3 investments include discounted cash flows and book value or net asset value. Significant unobservable inputs include discount rates. The discount rates ranged from 3% to 38%, with the weighted average around 17%. In the prior year, the discount rates ranged from 3% to 28%, with the weighted average around 14%. Generally, an increase in discount rates may result in a decrease in the fair value of certain investments.

(5)Includes a pooled fund in the UK, that seeks a rate of return with direct or indirect linkage to UK inflation by investing in vehicles including bonds, long lease property, income strips, asset-backed securities, and index linked assets. Units are available for subscription on the first business day of each calendar month at net asset value. There are no redemption restrictions or future commitments on these investments.

(6)Common Contractual Funds are investment arrangements in which institutional investors pool their assets. Units may be acquired in four different sub-funds focused on equities, fixed income, alternative investments, and emerging markets. Each sub-fund is invested in accordance with the fund's investment objective and units are issued in relation to each sub-fund. While the sub-funds are not publicly traded, the custodian strikes a net asset value either once or twice a month, depending on the sub-fund. There are no redemption restrictions or future commitments on these investments.

(7)Includes funds, primarily in Germany, that invest in a diversified portfolio of European real estate assets exposed to logistics real estate properties, food retailing properties, residential and commercial properties, and properties under development. Primary valuation techniques for level 3 investments include the income capitalization approach and cost approach. Significant unobservable inputs include rental yield and IRR. The rental yield rates ranged from 4% to 7%, with the weighted average around 5%. In the prior year, the rental yield rates ranged from 4% to 6%, with the weighted average around 4%. The IRR ranged from 0% to 4%, with the main weighted average around 1%. In the prior year, the IRR ranged from 5% to 8%, with the main weighted average around 7%. Generally, an increase in rental yield rates may result in a decrease in the fair value of certain investments. A higher IRR generally signifies a greater fair value as it implies a greater potential rate of return over the life of an investment.

(8)Includes life insurance investment policies, unsettled transactions, and derivative instruments. As of October 31, 2024, the derivative instruments include synthetic equity swaps held by the UK plans with equity exposure of $396 million.

As of October 31, 2024 post-retirement benefit plan assets of $76 million were invested in publicly traded registered investment entities of which $61 million are classified within Level 1 and $15 million within Level 2 of the fair value hierarchy. As of October 31, 2023 post-retirement benefit plan assets of $68 million were invested in publicly traded registered investment entities of which $55 million are classified within Level 1 and $13 million within Level 2 of the fair value hierarchy.

Changes in fair value measurements of Level 3 investments for the non-U.S. defined benefit plans were as follows:

			For the fiscal year ended October 31, 2024
									Alternative Investments
			Debt-Other						Private Equity						Hybrids						Real Estate Funds						Insurance Group Annuities												Total
									In millions
Balance at beginning of year			$	799					$	41					$	177					$	237					$	20											$	1,274
Actual return on plan assets:
Relating to assets held at the reporting date			27						(3)						6						(14)						1												17
Relating to assets sold during the period			—						4						—						(1)						—												3
Purchases, sales, and settlements			(81)						234						14						42						—												209
Balance at end of year			$	745					$	276					$	197					$	264					$	21											$	1,503

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			For the fiscal year ended October 31, 2023
									Alternative Investments
			Debt-Other						Private Equity						Hybrids						Real Estate Funds						Insurance Group Annuities						Other						Total
			In millions
Balance at beginning of year			$	932					$	46					$	182					$	164					$	21					$	1					$	1,346
Actual return on plan assets:
Relating to assets held at the reporting date			72						(8)						2						(6)						(1)						—						59
Relating to assets sold during the period			—						3						—						—						—						—						3
Purchases, sales, and settlements			(205)						—						(7)						79						—						(1)						(134)
Balance at end of year			$	799					$	41					$	177					$	237					$	20					$	—					$	1,274

The following is a description of the valuation methodologies used to measure plan assets at fair value.

Investments in publicly traded equity securities are valued using the closing price on the measurement date as reported on the stock exchange on which the individual securities are traded. For corporate, government backed debt securities, and some other investments, fair value is based on observable inputs of comparable market transactions. The valuation of certain real estate funds, insurance group annuity contracts and alternative investments, such as limited partnerships and joint ventures, may require significant management judgment and involves a level of uncertainty. The valuation is generally based on fair value as reported by the asset manager and adjusted for cash flows, if necessary. In making such an assessment, a variety of factors are reviewed by management, including, but are not limited to, the timeliness of fair value as reported by the asset manager and changes in general economic and market conditions subsequent to the last fair value reported by the asset manager. The use of different techniques or assumptions to estimate fair value could result in a different fair value measurement at the reporting date. Cash and cash equivalents includes money market funds, which are valued based on cost, which approximates fair value. Other than those assets that have quoted prices from an active market, investments are generally classified in Level 2 or Level 3 of the fair value hierarchy based on the lowest level input that is significant to the fair value measure in its entirety. Investments measured using net asset value as a practical expedient are not categorized within the fair value hierarchy.

Plan Asset Allocations

The weighted-average target and actual asset allocations across the benefit plans at the respective measurement dates for the non-U.S. defined benefit plans were as follows:

			Defined Benefit Plans
									Plan Assets
			2024 Target Allocation						2024						2023
Public equity securities									21.4		%				21.8		%
Private/hybrid equity securities									10.5		%				9.5		%
Real estate and other(1)									6.7		%				6.3		%
Equity-related investments(1)			41.7		%				38.6		%				37.6		%
Debt securities			57.3		%				58.2		%				59.2		%
Cash and cash equivalents			1.0		%				3.2		%				3.2		%
Total			100.0		%				100.0		%				100.0		%

(1)     Included in Real estate and other investments are synthetic equity swaps with equity exposure of $396 million, which is held in the UK plans as of October 31, 2024.

For the Company's post-retirement benefit plans, approximately 80% of the plan assets are invested in cash and cash equivalents and approximately 20% in multi-asset credit investments which consists primarily of investment grade credit, emerging market debt and high yield bonds.

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Investment Policy

The Company's investment strategy is to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. The majority of the plans’ investment managers employ active investment management strategies with the goal of outperforming the broad markets in which they invest. Risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. A number of the plans’ investment managers are authorized to utilize derivatives for investment or liability exposures, and the Company may utilize derivatives to effect asset allocation changes or to hedge certain investment or liability exposures.

Asset allocation decisions are typically made by an independent board of trustees for the specific plan. Investment objectives are designed to generate returns that will enable the plan to meet its future obligations. In some countries, local regulations may restrict asset allocations, typically leading to a higher percentage of investment in fixed income securities than would otherwise be deployed. The Company reviews the investment strategy and provides a recommended list of investment managers for each country plan, with final decisions on asset allocation and investment managers made by the board of trustees or investment committees for the specific plan.

Basis for Expected Long-Term Rate of Return on Plan Assets

The expected long-term rate of return on plan assets reflects the expected returns for each major asset class in which the plan invests and the weight of each asset class in the target mix. Expected asset returns reflect the current yield on government bonds, risk premiums for each asset class and expected real returns, which considers each country’s specific inflation outlook. Because the Company’s investment policy is to employ primarily active investment managers who seek to outperform the broader market, the expected returns are adjusted to reflect the expected additional returns, net of fees.

Employer Contributions and Funding Policy

During fiscal 2024, the Company contributed approximately $172 million to its non-U.S. pension plans and paid $4 million to cover benefit claims under the Company’s post-retirement benefit plans.

During fiscal 2025, the Company expects to contribute approximately $189 million to its non-U.S. pension plans and an additional $1 million to cover benefit payments to U.S. non-qualified plan participants. In addition, the Company expects to pay approximately $6 million to cover benefit claims for its post-retirement benefit plans. The Company's policy is to fund its pension plans so that it makes at least the minimum contribution required by various authorities including local government and taxing authorities.

Estimated Future Benefits Payments

As of October 31, 2024, estimated future benefits payments for the Company's retirement plans were as follows:

Fiscal year			Defined Benefit Plans						Post-Retirement Benefit Plans
			In millions
2025			$	609					$	10
2026			554						11
2027			568						11
2028			592						12
2029			609						13
Next five fiscal years to October 31, 2034			$	3,114					$	72

Note 5: Stock-Based Compensation

On April 14, 2021 (the “Approval Date”), shareholders of the Company approved the Hewlett Packard Enterprise Company 2021 Stock Incentive Plan (the “2021 Plan”) that replaced the Company’s 2015 Stock Incentive Plan (the “2015 Plan”). The 2021 Plan provides for the grant of various types of awards including restricted stock awards, stock options and performance-based awards. These awards generally vest over 3 years from the grant date. The maximum number of shares as of the Approval Date that may be delivered to the participants under the 2021 Plan shall not exceed 7 million shares, plus 35.8 million shares that were available for grant under the 2015 Plan and any awards granted under the 2015 Plan prior to the

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Approval Date that were cash-settled, forfeited, terminated, or lapsed after the Approval Date. On April 5, 2022, April 5, 2023 and April 10, 2024, shareholders of the Company approved amendments to the 2021 Plan thereby increasing the overall number of shares available for issuance by 15 million shares, 18 million shares, and 22 million shares, respectively. As of October 31, 2024, the Company had remaining authorization of 38.5 million shares under the 2021 Plan.

Stock-Based Compensation Expense

Stock-based compensation expense and the resulting tax benefits were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Stock-based compensation expense			$	430					$	428					$	391
Income tax benefit			(96)						(92)						(75)
Stock-based compensation expense, net of tax			$	334					$	336					$	316

Stock-based compensation expense as presented in the table above is recorded within the following cost and expense lines in the Consolidated Statements of Earnings.

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Cost of sales			$	49					$	47					$	46
Research and development			158						161						143
Selling, general and administrative			223						220						202
Stock-based compensation expense			$	430					$	428					$	391

Employee Stock Purchase Plan

Effective November 1, 2015, the Company adopted the Hewlett Packard Enterprise Company 2015 Employee Stock Purchase Plan (“ESPP”). The total number of shares of Company's common stock authorized under the ESPP was 80 million. The ESPP allows eligible employees to contribute up to 10% of their eligible compensation to purchase Hewlett Packard Enterprise's common stock. The ESPP provides for a discount not to exceed 15% and an offering period up to 24 months. The Company currently offers 6-month offering periods during which employees have the ability to purchase shares at 95% of the closing market price on the purchase date. No stock-based compensation expense was recorded in connection with those purchases, as the criteria of a non-compensatory plan were met.

Restricted Stock Units

Restricted stock units have forfeitable dividend equivalent rights equal to the dividend paid on common stock. Restricted stock units do not have the voting rights of common stock, and the shares underlying restricted stock units are not considered issued and outstanding upon grant. The fair value of the restricted stock units is the closing price of the Company's common stock on the grant date of the award. The Company expenses the fair value of restricted stock units ratably over the period during which the restrictions lapse.

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The following table summarizes restricted stock unit activity for the year ended October 31, 2024:

			Shares						Weighted-Average Grant Date Fair Value Per Share
			In thousands
Outstanding at beginning of year			54,389						$	15
Granted and replacement awards for acquisitions			29,930						16
Vested			(25,245)						15
Forfeited/canceled			(3,461)						16
Outstanding at end of year			55,613						$	16

The total grant date fair value of restricted stock awards vested for Company employees in fiscal 2024, 2023, and 2022 was $348 million, $319 million and $262 million, respectively. As of October 31, 2024, there was $342 million of unrecognized pre-tax stock-based compensation expense related to unvested restricted stock units, which the Company expects to recognize over the remaining weighted-average vesting period of 1.3 years.

Performance Restricted Units

The Company issues performance stock units (“PSU”) that vest on the satisfaction of service and performance conditions. The fair value of the PSUs is the closing price of the Company's common stock on the grant date of the award. The Company also issues performance-adjusted restricted stock units (“PARSU”) that vest only on the satisfaction of service, performance and market conditions. The Company estimates the fair value of PARSUs subject to performance-contingent vesting conditions using the Monte Carlo simulation model. The expenses associated with these performance restricted units were not material for any of the periods presented.

Stock Options

Stock options granted under the Plan are generally non-qualified stock options, but the Plan permits some options granted to qualify as incentive stock options under the U.S. Internal Revenue Code. The exercise price of a stock option is equal to the closing price of the Company's common stock on the option grant date. The majority of the stock options issued by the Company contain only service vesting conditions. The Company has also issued performance-contingent stock options that vest only on the satisfaction of both service and market conditions. The Company did not issue stock options in fiscal 2024, 2023, and 2022. The expenses associated with stock options were not material for any of the periods presented.

The Company utilizes the Black-Scholes-Merton option pricing formula to estimate the fair value of stock options subject to service-based vesting conditions. The Company estimates the fair value of stock options subject to performance-contingent vesting conditions using a combination of a Monte Carlo simulation model and a lattice model, as these awards contain market conditions.

Note 6: Taxes on Earnings

Provision for Taxes

The domestic and foreign components of Net earnings (loss) from operations before taxes were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
U.S.			$	765					$	(1,105)					$	(1,138)
Non-U.S.			2,188						3,335						2,014
			$	2,953					$	2,230					$	876

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The Provision for taxes on Net earnings from operations were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
U.S. federal taxes:
Current			$	8					$	—					$	12
Deferred			(120)						(88)						(98)
Non-U.S. taxes:
Current			415						256						288
Deferred			44						23						(143)
State taxes:
Current			15						16						(43)
Deferred			12						(2)						(8)
			$	374					$	205					$	8

The differences between the U.S. federal statutory income tax rate and the Company's effective tax rate were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
U.S. federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal tax benefit			0.4		%				0.9		%				2.8		%
Lower rates in other jurisdictions, net			(1.3)		%				(4.4)		%				(0.9)		%
Valuation allowance			(1.3)		%				(2.8)		%				(31.5)		%
U.S. permanent differences			(4.0)		%				(1.5)		%				6.0		%
U.S. R&D credit			(1.8)		%				(2.1)		%				(5.1)		%
Uncertain tax positions			(0.3)		%				(2.0)		%				(15.6)		%
Goodwill impairment			—		%				—		%				21.5		%
Other, net			—		%				0.1		%				2.7		%
			12.7		%				9.2		%				0.9		%

The jurisdictions with favorable tax rates that had the most significant impact on the Company's effective tax rate in the periods presented include Puerto Rico and Singapore.

In fiscal 2024, the Company recorded $43 million of net income tax charges related to various items discrete to the year. These amounts primarily included $104 million of income tax charges resulting from the gain on the partial disposition of H3C Technologies Co., Limited (“H3C”), which included $215 million of U.S. and foreign income tax charges offset by $111 million of income tax benefit for the release of an uncertain tax benefit related to the prior divestiture, partially offset by $54 million of income tax benefits related to transformation costs, and acquisition, disposition and other related charges and $11 million of net excess tax benefits related to stock-based compensation.

In fiscal 2023, the Company recorded $131 million of net income tax benefits related to various items discrete to the year. These amounts primarily included $104 million of income tax benefits related to transformation costs, and acquisition, disposition and other related charges and $19 million of net excess tax benefits related to stock-based compensation.

In fiscal 2022, the Company recorded $454 million of net income tax benefits related to various items discrete to the year. These amounts primarily included $150 million of income tax benefits related to releases of foreign valuation allowances, $99 million of income tax benefits related to transformation costs, and acquisition, disposition and other related charges, $43 million of income tax benefits related to the settlement of U.S. tax audit matters, $42 million of income tax benefits related to the release of U.S. passive foreign tax credit valuation allowances, $30 million of income tax benefits related to the change in pre-separation tax liabilities, primarily those for which the Company shared joint and several liability with HP Inc. and for which the Company was indemnified by HP Inc., $27 million of income tax benefits related to the utilization of capital losses which had a full valuation allowance, $12 million of income tax benefits as a result of the fiscal 2021 U.S. tax return filing primarily

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from the decrease in GILTI, and $11 million of net income tax benefits related to settlements and ongoing discussions in foreign tax audit matters.

As a result of certain employment actions and capital investments the Company has undertaken, income from manufacturing and services in certain countries is subject to reduced tax rates through 2039. The gross foreign income tax benefits attributable to these actions and investments were $356 million ($0.27 diluted net EPS) in fiscal 2024, $857 million ($0.65 diluted net EPS) in fiscal 2023, and $832 million ($0.63 diluted net EPS) in fiscal 2022. Refer to Note 16, “Net Earnings Per Share” for details on shares used to compute diluted net EPS.

Uncertain Tax Positions

A reconciliation of unrecognized tax benefits is as follows:

			As of October 31,
			2024						2023						2022
			In millions
Balance at beginning of year			$	672					$	674					$	2,131
Increases:
For current year's tax positions			60						67						81
For prior years' tax positions			116						20						41
Decreases:
For prior years' tax positions			(113)						(2)						(48)
Statute of limitations expiration			(4)						(4)						(12)
Settlements with taxing authorities			(7)						(83)						(1,491)
Settlements related to joint and several positions indemnified by HP Inc.			—						—						(28)
Balance at end of year			$	724					$	672					$	674

Up to $344 million, $354 million and $386 million of the Company's unrecognized tax benefits at October 31, 2024, 2023 and 2022, respectively, would affect its effective tax rate if realized in their respective periods. During the first quarter of fiscal 2022, the Company effectively settled with the U.S. Internal Revenue Service (“IRS”) for fiscal 2016, primarily contributing to the reduction in the Company's unrecognized tax benefits of $1.5 billion, which was predominantly related to the timing of intercompany royalty revenue recognition which does not affect the Company’s effective tax rate.

The Company recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in Provision for taxes in the Consolidated Statements of Earnings. The Company recognized $2 million of interest expense and $25 million and $55 million of interest income in fiscal 2024, 2023, and 2022, respectively. As of October 31, 2024 and 2023, the Company had accrued $58 million and $56 million, respectively, for interest and penalties in the Consolidated Balance Sheets.

The Company is subject to income tax in the U.S. and approximately 80 other countries and is subject to routine corporate income tax audits in many of these jurisdictions.

The Company engages in continuous discussion and negotiation with taxing authorities regarding tax matters in various jurisdictions. The Company is no longer subject to U.S. federal tax audits for years prior to 2017. The IRS is conducting audits of the Company's fiscal 2017 through 2022 U.S. federal income tax returns. During fiscal 2023, the IRS issued notices of proposed adjustments (“NOPAs”) for fiscal 2017, 2018, and 2019 relating to HPE’s intercompany transfer pricing. During the first quarter of fiscal 2024, the IRS issued a Revenue Agent Report (“RAR”) finalizing their position on the NOPAs for the same issues and same fiscal years. However, HPE disagreed with the IRS’ adjustments and believes the positions taken on its tax returns are more likely than not to prevail on technical merits, and has continued with settlement discussions with the IRS. During the third quarter of fiscal 2024, the Company submitted a formal settlement offer to the IRS to facilitate the closing of the audit and recorded increased reserves for unrecognized tax benefits of $122 million. The impact of the increase in reserves is almost entirely offset with a valuation allowance release, and the net impact to income tax expense for fiscal 2024 was not material. It is reasonably possible that the IRS audit for fiscal 2017 through 2019 may be concluded in the next 12 months, and it is reasonably possible that existing unrecognized tax benefits related to these years may be reduced by an amount up to $358 million within the next 12 months, the majority of which relates to adjustments to foreign tax credits that carry a full valuation

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allowance or to the timing of intercompany royalty revenue recognition, neither of which affects the Company’s effective tax rate.

With respect to major state and foreign tax jurisdictions, the Company is no longer subject to tax authority examinations for years prior to 2005. However, it is reasonably possible that certain foreign tax issues may be concluded in the next 12 months, including issues involving resolution of certain intercompany transactions and other matters. The Company believes it is reasonably possible that its existing unrecognized tax benefits may be reduced by an amount up to $6 million within the next 12 months.

The Company believes it has provided adequate reserves for all tax deficiencies or reductions in tax benefits that could result from federal, state and foreign tax audits. The Company regularly assesses the likely outcomes of these audits in order to determine the appropriateness of the Company's tax provision. The Company adjusts its uncertain tax positions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular audit. However, income tax audits are inherently unpredictable and there can be no assurance that the Company will accurately predict the outcome of these audits. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in the Provision for taxes and therefore the resolution of one or more of these uncertainties in any particular period could have a material impact on net earnings or cash flows.

The Company has not provided for U.S. federal and state income and foreign withholding taxes on $9.3 billion of undistributed earnings and basis differences from non-U.S. operations as of October 31, 2024 because the Company intends to reinvest such earnings indefinitely outside of the U.S. Determination of the amount of unrecognized deferred tax liability related to these earnings and basis differences is not practicable. The Company will remit non-indefinitely reinvested earnings of its non-U.S. subsidiaries for which deferred U.S. state income and foreign withholding taxes have been provided where excess cash has accumulated and the Company determines that it is advantageous for business operations, tax or cash management reasons.

Deferred Income Taxes

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.

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The significant components of deferred tax assets and deferred tax liabilities were as follows:

			As of October 31,
			2024						2023
			In millions
Deferred tax assets:
Loss and credit carryforwards(1)			$	5,692					$	5,936
Inventory valuation			78						90
Intercompany prepayments			192						325
Warranty			45						49
Employee and retiree benefits			162						184
Restructuring			27						52
Deferred revenue			799						658
Intangible assets			251						107
Capitalized R&D			81						44
Lease liabilities			253						209
Other			262						196
Total deferred tax assets			7,842						7,850
Valuation allowance(1)			(5,204)						(5,428)
Total deferred tax assets net of valuation allowance			2,638						2,422
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries			(229)						(190)
ROU assets			(236)						(192)
Fixed assets			(150)						(102)
Total deferred tax liabilities			(615)						(484)
Net deferred tax assets and liabilities			$	2,023					$	1,938

(1)Fiscal 2023 amounts have been reclassified to conform to the current period presentation.

Deferred tax assets and liabilities included in the Consolidated Balance Sheets are as follows:

			As of October 31,
			2024						2023
			In millions
Deferred tax assets			$	2,396					$	2,264
Deferred tax liabilities			(373)						(326)
Deferred tax assets net of deferred tax liabilities			$	2,023					$	1,938

As of October 31, 2024, the Company had $269 million, $2.9 billion and $20.1 billion of federal, state and foreign net operating loss carryforwards, respectively. Amounts included in state and foreign net operating loss carryforwards will begin to expire in 2025; federal net operating losses can carry forward indefinitely. The Company has provided a valuation allowance of $145 million and $3.8 billion for deferred tax assets related to state and foreign net operating losses carryforwards, respectively. As of October 31, 2024, the Company also had $20 million, $81 million, and $91 million of federal, state, and foreign capital loss carryforwards, respectively. Amounts included in federal and state capital loss carryforwards will begin to expire in 2028; foreign capital losses can carry forward indefinitely. The Company has provided a valuation allowance of $5 million and $27 million for deferred tax assets related to state and foreign capital loss carryforwards, respectively.

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As of October 31, 2024, the Company had recorded deferred tax assets for various tax credit carryforwards as follows:

			Carryforward						Valuation Allowance						Initial Year of Expiration
			In millions
U.S. foreign tax credits			$	648					$	(648)					2027
U.S. research and development and other credits			230						—						2029
Tax credits in state and foreign jurisdictions			197						(177)						2028
Balance at end of year			$	1,075					$	(825)

Total valuation allowances decreased by $224 million in fiscal 2024, primarily as a result of the utilization of certain non-U.S. loss carryforwards which had full valuation allowances, the impact on fully valued U.S. foreign tax credits as a result of the change in uncertain tax benefits, the recording of valuation allowances on certain non-U.S. tax credits, and the release of certain foreign valuation allowances.

Tax Matters Agreement and Other Income Tax Matters

In connection with the completed separations and mergers of the former Enterprise Services business with DXC Technology Company (“DXC”) (the “Everett Transaction” or “Everett”) and the Software Segment with Micro Focus International plc (“Micro Focus”) (the “Seattle Transaction” or “Seattle”), the Company entered into a DXC Tax Matters Agreement with DXC and a Micro Focus Tax Matters Agreement with Micro Focus, respectively. See Note 18, “Guarantees and Indemnifications,” for a description of the DXC Tax Matters Agreement and Micro Focus Tax Matters Agreement.

Note 7: Balance Sheet Details

Cash, Cash Equivalents and Restricted Cash

			As of October 31,
			2024						2023
			In millions
Cash and cash equivalents			$	14,846					$	4,270
Restricted cash			259						311
Total			$	15,105					$	4,581

Accounts Receivable, Net

			As of October 31,
			2024						2023
			In millions
Accounts receivable			$	3,236					$	3,254
Unbilled receivable			324						264
Allowances			(10)						(37)
Total			$	3,550					$	3,481

The allowance for doubtful accounts related to accounts receivable and changes therein were as follows:

			As of October 31,
			2024						2023						2022
			In millions
Balance at beginning of year			$	37					$	25					$	23
Provision for credit losses			41						29						25
Adjustments to existing allowances, including write offs			(68)						(17)						(23)
Balance at end of year			$	10					$	37					$	25

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The Company has third-party revolving short-term financing arrangements intended to facilitate the working capital requirements of certain customers. The Company recorded an obligation of $62 million, $80 million and $88 million in Notes payable and short-term borrowings in its Consolidated Balance Sheets as of October 31, 2024, 2023 and 2022, respectively, related to the trade receivables sold and collected from the third-party for which the revenue recognition was deferred. For arrangements involving an element of recourse, the fair value of the recourse obligation is measured using market data from similar transactions and reported as a current liability in Other accrued liabilities in the Consolidated Balance Sheets.

The activity related to Hewlett Packard Enterprise's revolving short-term financing arrangements was as follows:

			As of October 31,
			2024						2023						2022
			In millions
Balance at beginning of period(1)			$	83					$	163					$	336
Trade receivables sold			3,098						4,097						4,130
Cash receipts			(3,190)						(4,185)						(4,292)
Foreign currency and other			9						8						(11)
Balance at end of period(1)			$	—					$	83					$	163

(1)Beginning and ending balances represent amounts for trade receivables sold but not yet collected.

Inventory

			As of October 31,
			2024						2023
			In millions
Purchased parts and fabricated assemblies			$	5,441					$	2,940
Finished goods			2,369						1,667
Total			$	7,810					$	4,607

Property, Plant and Equipment, net

			As of October 31,
			2024						2023
			In millions
Land			$	66					$	66
Buildings and leasehold improvements			1,696						1,521
Machinery and equipment, including equipment held for lease			10,392						10,382
Gross property, plant and equipment			12,154						11,969
Accumulated depreciation			(6,490)						(5,980)
Property, plant and equipment, net(1)			$	5,664					$	5,989

(1)This balance includes $593 million and $606 million of internal use software, net as of October 31, 2024 and 2023, respectively.

Depreciation expense was $2.3 billion in fiscal 2024 and 2023, respectively, and $2.2 billion in 2022.

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Long-Term Financing Receivables and Other Assets

			As of October 31,
			2024						2023
			In millions
Financing receivables, net			$	5,583					$	5,028
Deferred tax assets			2,396						2,264
Prepaid pension			1,555						1,313
ROU assets			1,408						980
Other			1,674						1,792
Total			$	12,616					$	11,377

Supplier Financing Arrangements

The Company enters into supplier financing arrangements with external financial institutions. Under these arrangements, suppliers can choose to settle outstanding payment obligations at a discount. The Company holds no economic interest in suppliers' participation, nor does it provide guarantees or pledge assets under these arrangements. Invoices are settled with the financial institutions based on the original supplier payment terms. These arrangements do not alter the Company's rights and obligations towards suppliers, including scheduled payment terms. Liabilities associated with the funded participation in these arrangements, are presented within Accounts Payable on the Consolidated Balance Sheets, amounted to $466 million, and $295 million as of October 31, 2024 and October 31, 2023, respectively.

Other Accrued Liabilities

			As of October 31,
			2024						2023
			In millions
Sales and marketing programs			$	1,032					$	1,070
Value-added and property taxes			922						786
Contract manufacturer liabilities			505						71
Customer deposits			289						392
Operating lease liabilities			261						194
Warranty			150						167
Collateral payable			90						207
Other			1,281						1,274
Total			$	4,530					$	4,161

Other Non-Current Liabilities

			As of October 31,
			2024						2023
			In millions
Deferred revenue			$	3,578					$	3,281
Operating lease liabilities			1,309						966
Pension, post-retirement, and post-employment			859						841
Deferred tax liabilities			373						326
Taxes on earnings			163						233
Other			623						899
Total			$	6,905					$	6,546

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Warranties

The Company's aggregate product warranty liabilities and changes therein were as follows:

			As of October 31,
			2024						2023						2022
			In millions
Balance at beginning of year			$	318					$	360					$	327
Charges			173						184						238
Adjustments related to pre-existing warranties			(5)						(18)						(2)
Settlements made			(185)						(208)						(203)
Balance at end of year(1)			$	301					$	318					$	360

(1)The Company included the current portion in Other accrued liabilities, and amounts due after one year in Other non-current liabilities in the accompanying Consolidated Balance Sheets.

Contract Liabilities and Remaining Performance Obligations

Contract liabilities consist of deferred revenue and customer deposits. A summary of contract liabilities were as follows:

						As of October 31,
						2024						2023
			Location			In millions
Customer deposits			Other accrued liabilities			$	289					$	392
Customer deposits - non-current			Other non-current liabilities			7						144
Total customer deposits						$	296					$	536
Deferred revenue			Deferred revenue			$	3,904					$	3,658
Deferred revenue - non-current			Other non-current liabilities			3,578						3,281
Total deferred revenue						$	7,482					$	6,939

In fiscal 2024, approximately $3.5 billion of revenue was recognized relating to contract liabilities recorded as of October 31, 2023.

Revenue allocated to remaining performance obligations represents contract work that has not yet been performed and does not include contracts where the customer is not committed. Remaining performance obligations estimates are subject to change and are affected by several factors, including contract terminations, changes in the scope of contracts, adjustments for revenue that has not materialized and adjustments for currency. As of October 31, 2024, the aggregate amount of deferred revenue, was $7.5 billion. The Company expects to recognize approximately 50% of this balance over fiscal 2025 with the remainder to be recognized thereafter. The Company receives payments in advance of completion of its contractual obligations, these payments are considered customer deposits. As customer acceptance milestones are met, the Company will recognize revenue and reduce the amount of contract liabilities. As of October 31, 2024, the aggregate amount of customer deposits was $296 million. The Company expects to recognize $289 million over fiscal 2025 and the remaining balance thereafter.

Costs to obtain a Contract

As of October 31, 2024, the current and non-current portions of the capitalized costs to obtain a contract were $88 million and $136 million, respectively. As of October 31, 2023, the current and non-current portions of the capitalized costs to obtain a contract were $86 million and $138 million, respectively. The current and non-current portions of the capitalized costs to obtain a contract were included in Other current assets, and Long-term financing receivables and other assets, respectively, in the Consolidated Balance Sheets. In fiscal 2024, 2023, and 2022 the Company amortized $106 million, $94 million, and $83 million, respectively, of the capitalized costs to obtain a contract which are included in Selling, general and administrative expense in the Consolidated Statements of Earnings.

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Notes to Consolidated Financial Statements (Continued)

Note 8: Accounting for Leases as a Lessee

Components of lease cost included in the Consolidated Statement of Earnings were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Operating lease cost			$	259					$	200					$	197
Finance lease cost			3						4						5
Sublease rental income			(26)						(23)						(27)
Total lease cost			$	236					$	181					$	175

The ROU assets and lease liabilities for operating and finance leases included in the Consolidated Balance Sheets were as follows:

									As of October 31,
			Balance Sheet Classification						2024						2023
									In millions
Operating Leases
ROU Assets			Long-term financing receivables and other assets						$	1,408					$	980
Lease Liabilities:
Operating lease liabilities – current			Other accrued liabilities						261						194
Operating lease liabilities – non-current			Other non-current liabilities						1,309						966
Total operating lease liabilities									$	1,570					$	1,160
Finance Leases
Finance lease ROU Assets:			Property, plant and equipment, net
Gross finance lease ROU assets									$	26					$	26
Less: Accumulated depreciation									(16)						(14)
Net finance lease ROU assets									$	10					$	12
Lease Liabilities:
Finance lease liabilities – current			Notes payable and short-term borrowings						$	6					$	5
Finance lease liabilities – non-current			Long-term debt						32						38
Total finance lease liabilities									$	38					$	43
Total ROU assets									$	1,418					$	992
Total lease liabilities									$	1,608					$	1,203

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Notes to Consolidated Financial Statements (Continued)

The weighted-average remaining lease term and the weighted-average discount rate for the operating and finance leases were as follows:

			As of October 31,
			2024												2023
			Operating Leases						Finance Leases						Operating Leases						Finance Leases
Weighted-average remaining lease term (in years)			6.7						5.5						7.2						6.5
Weighted-average discount rate			4.4		%				3.5		%				3.8		%				3.5		%

Supplemental cash flow information related to leases was as follows:

									For the fiscal years ended October 31,
			Cash Flow Statement Activity						2024						2023						2022
									In millions
Cash outflows from operating leases			Net cash used in operating activities						$	274					$	219					$	214
ROU assets obtained in exchange for new operating lease liabilities			Non-cash activities						$	627					$	251					$	195

The following tables shows the future payments on the Company's operating and finance leases:

			As of October 31, 2024
			Operating Leases						Finance Leases
Fiscal year			In millions
2025			$	321					$	7
2026			296						7
2027			281						7
2028			249						8
2029			201						8
Thereafter			468						4
Total future lease payments			$	1,816					$	41
Less: imputed interest			(246)						(3)
Total lease liabilities			$	1,570					$	38

Note 9: Accounting for Leases as a Lessor

Financing Receivables

Financing receivables represent sales-type and direct-financing leases of the Company and third-party products. These receivables typically have terms ranging from two to five years and are usually collateralized by a security interest in the underlying assets. Financing receivables also include billed receivables from operating leases. The allowance for credit losses represents future expected credit losses over the life of the receivables based on past experience, current information and forward-looking economic considerations. The components of financing receivables were as follows:

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Notes to Consolidated Financial Statements (Continued)

			As of October 31,
			2024						2023
			In millions
Minimum lease payments receivable			$	10,266					$	9,363
Unguaranteed residual value			599						438
Unearned income			(1,218)						(987)
Financing receivables, gross			9,647						8,814
Allowance for credit losses			(194)						(243)
Financing receivables, net			9,453						8,571
Less: current portion			(3,870)						(3,543)
Amounts due after one year, net			$	5,583					$	5,028

As of October 31, 2024, scheduled maturities of the Company's minimum lease payments receivable were as follows:

			As of October 31, 2024
Fiscal year			In millions
2025			$	4,282
2026			2,977
2027			1,747
2028			892
2029			277
Thereafter			91
Total undiscounted cash flows			$	10,266
Present value of lease payments (recognized as finance receivables)			$	9,048
Difference between undiscounted cash flows and discounted cash flows			$	1,218

Sale of Financing Receivables

The Company enters into arrangements to transfer the contractual payments due under certain financing receivables to third-party financial institutions. For the fiscal years ended October 31, 2024 and 2023, the Company sold $93 million and $237 million, respectively, of financing receivables.

Credit Quality Indicators

Due to the homogeneous nature of its leasing transactions, the Company manages its financing receivables on an aggregate basis when assessing and monitoring credit risk. Credit risk is generally diversified due to the large number of entities comprising the Company's customer base and their dispersion across many different industries and geographic regions. The Company evaluates the credit quality of an obligor at lease inception and monitors that credit quality over the term of a transaction. The Company assigns risk ratings to each lease based on the creditworthiness of the obligor and other variables that augment or mitigate the inherent credit risk of a particular transaction and periodically updates the risk ratings when there is a change in the underlying credit quality. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the term of the lease, and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits.

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Notes to Consolidated Financial Statements (Continued)

The credit risk profile of gross financing receivables, based on internal risk ratings as of October 31, 2024, presented on amortized cost basis by year of origination was as follows:

			As of October 31, 2024
			Risk Rating
			Low						Moderate						High
Fiscal Year			In millions
2024			$	2,630					$	1,120					$	19
2023			1,804						948						54
2022			1,128						665						46
2021			440						317						52
2020 and prior			158						193						73
Total			$	6,160					$	3,243					$	244

The credit risk profile of gross financing receivables, based on internal risk ratings as of October 31, 2023, presented on amortized cost basis by year of origination was as follows:

			As of October 31, 2023
			Risk Rating
			Low						Moderate						High
Fiscal Year			In millions
2023			$	2,100					$	1,196					$	31
2022			1,681						1,052						51
2021			868						645						57
2020			336						285						35
2019 and prior			155						223						99
Total			$	5,140					$	3,401					$	273

Accounts rated low risk typically have the equivalent of a Standard & Poor's rating of BBB– or higher, while accounts rated moderate risk generally have the equivalent of BB+ or lower. The Company classifies accounts as high risk when it considers the financing receivable to be impaired or when management believes there is a significant near-term risk of impairment. The credit quality indicators do not reflect any mitigation actions taken to transfer credit risk to third parties.

Allowance for Credit Losses

The allowance for credit losses for financing receivables as of October 31, 2024, 2023, and 2022, and the respective changes for the twelve months then ended were as follows:

			As of October 31,
			2024						2023						2022
			In millions
Balance at beginning of period			$	243					$	325					$	228
Provision for credit losses(1)			50						58						177
Adjustment to the existing allowance			(4)						—						(10)
Write-offs			(95)						(140)						(70)
Balance at end of period			$	194					$	243					$	325

(1)     Fiscal 2022 included a provision of $99 million related to expected credit losses due to the Company's exit from its Russia and Belarus businesses.

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Notes to Consolidated Financial Statements (Continued)

Non-Accrual and Past-Due Financing Receivables

The following table summarizes the aging and non-accrual status of gross financing receivables:

			As of October 31,
			2024						2023
			In millions
Billed:(1)
Current 1-30 days			$	334					$	320
Past due 31-60 days			29						30
Past due 61-90 days			12						13
Past due > 90 days			79						100
Unbilled sales-type and direct-financing lease receivables			9,193						8,351
Total gross financing receivables			$	9,647					$	8,814
Gross financing receivables on non-accrual status(2)			$	214					$	227
Gross financing receivables 90 days past due and still accruing interest(2)			$	82					$	81

(1)Includes billed operating lease receivables and billed sales-type and direct-financing lease receivables.

(2)Includes billed operating lease receivables and billed and unbilled sales-type and direct-financing lease receivables.

Operating Leases

Operating lease assets included in Property, plant and equipment, net in the Consolidated Balance Sheets were as follows:

			As of October 31,
			2024						2023
			In millions
Equipment leased to customers			$	6,669					$	7,019
Accumulated depreciation			(3,037)						(2,919)
Total			$	3,632					$	4,100

As of October 31, 2024, minimum future rentals on non-cancelable operating leases related to leased equipment were as follows:

			As of October 31, 2024
Fiscal year			In millions
2025			$	1,696
2026			962
2027			339
2028			36
2029			3
Thereafter			1
Total			$	3,037

If a lease is classified as an operating lease, the Company records lease revenue on a straight-line basis over the lease term. At commencement of an operating lease, initial direct costs are deferred and are expensed over the lease term on the same basis as the lease revenue is recorded.

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Notes to Consolidated Financial Statements (Continued)

The following table presents amounts included in the Consolidated Statements of Earnings related to lessor activity:

									For the fiscal years ended October 31,
			Location						2024						2023						2022
									In millions
Interest income from sales-type leases and direct financing leases			Financing income						$	668					$	547					$	483
Lease income from operating leases			Services						2,344						2,407						2,296
Total lease income									$	3,012					$	2,954					$	2,779

Variable Interest Entities

The Company has issued asset-backed debt securities under a fixed-term securitization program to private investors. The asset-backed debt securities are collateralized by the U.S. fixed-term financing receivables and leased equipment in the offering, which is held by a Special Purpose Entity (“SPE”). The SPE meets the definition of a Variable Interest Entity (“VIE”) and is consolidated, along with the associated debt, into the Consolidated Financial Statements as the Company is the primary beneficiary of the VIE. The SPE is a bankruptcy-remote legal entity with separate assets and liabilities. The purpose of the SPE is to facilitate the funding of customer receivables and leased equipment in the capital markets.

The Company's risk of loss related to securitized receivables and leased equipment is limited to the amount by which the Company's right to receive collections for assets securitized exceeds the amount required to pay interest, principal, and fees and expenses related to the asset-backed securities.

The following table presents the assets and liabilities held by the consolidated VIE as of October 31, 2024 and 2023, which are included in the Consolidated Balance Sheets. The assets in the table below include those that can be used to settle the obligations of the VIE. Additionally, general creditors do not have recourse to the assets of the VIE.

			As of October 31,
			2024						2023
Assets held by VIE:			In millions
Other current assets			$	189					$	145
Financing receivables
Short-term			$	872					$	764
Long-term			$	1,079					$	983
Property, plant and equipment, net			$	1,033					$	1,214
Liabilities held by VIE:
Notes payable and short-term borrowings, net of unamortized debt issuance costs			$	1,433					$	1,392
Long-term debt, net of unamortized debt issuance costs			$	965					$	1,082

For the year ended October 31, 2024, financing receivables and leased equipment transferred via securitization through the SPE were $1.2 billion and $0.6 billion, respectively. For the fiscal year ended October 31, 2023, financing receivables and leased equipment transferred via securitization through the SPE were $0.8 billion and $0.7 billion, respectively.

Note 10: Acquisitions and Dispositions

Acquisitions and Disposition in fiscal 2024

On August 30, 2024, the Company completed the acquisition of Morpheus Data, a pioneer in software for hybrid cloud management and platform operations. Morpheus Data’s results of operations were included within the Hybrid Cloud segment. The acquisition date fair value consideration of $147 million primarily consisted of cash paid for outstanding common stock. The Company is amortizing the intangible assets on a straight-line basis over an estimated weighted-average useful life of 4 years. The purchase price allocations for the Morpheus Data acquisition, described below, reflect various preliminary fair value estimates and analysis, including preliminary work performed by third-party valuation specialists, of certain tangible assets and

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Notes to Consolidated Financial Statements (Continued)

liabilities acquired, the valuation of intangible assets acquired, certain legal matters, income and non-income based taxes, and residual goodwill, which are subject to change within the measurement period.

The following table presents the aggregate estimated fair value of the assets acquired and liabilities assumed, including those items that are still pending allocations, for the acquisition completed during fiscal 2024:

			In millions
Goodwill			$	98
Amortizable intangible assets			68
Net liabilities assumed			(19)
Total fair value consideration			$	147

Pending Merger with Juniper Networks, Inc.

On January 9, 2024, the Company entered into a definitive merger agreement under which HPE will acquire Juniper Networks, Inc. (“Juniper Networks”) in an all-cash transaction for $40.00 per share, representing an equity value of approximately $14 billion. The transaction was unanimously approved by the boards of directors of both companies. On April 2, 2024, Juniper Networks shareholders approved the transaction. The transaction is expected to be funded based on senior unsecured delayed draw term loans from a syndicate of banks, the post-tax proceeds from the Company’s sale to UNIS of 30% of the total issued share capital of H3C, the net proceeds (including after repayments of maturing debt) of its September 2024 issuances of senior unsecured notes and 7.625% Series C Mandatory Convertible Preferred Stock (the “Preferred Stock”), and cash on the balance sheet. Refer to Note 14, “Borrowings,” and Note 15, “Stockholders' Equity,” for additional information. The closing of the transaction remains subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

Disposition of CTG

On May 23, 2024, HPE announced plans to divest the CTG business to HCLTech. CTG is included in the Communications and Media Solutions business, which is reported in the Corporate Investments and Other segment. This divestiture includes the platform-based software solutions portions of the CTG portfolio, including systems integration, network applications, data intelligence, and the business support systems groups. As of October 31, 2024, assets and liabilities to be sold have been presented in the Consolidated Balance Sheets as assets and liabilities held for sale. On December 1, 2024, the Company completed the disposition of CTG. The Company received net proceeds of $210 million and expect to recognize a gain of approximately $230 million.

Acquisitions in fiscal 2023

During fiscal 2023, the Company completed five acquisitions. The purchase price allocations for the acquisitions described below reflect various fair value estimates and analysis, including work performed by third-party valuation specialists, of certain tangible assets and liabilities acquired, the valuation of intangible assets acquired, certain legal matters, income and non-income based taxes, and residual goodwill, which were subject to change within the measurement period. Measurement period adjustments were recorded in the reporting period in which the estimates were finalized and adjustment amounts were determined.

The pro forma results of operations, revenue and net income subsequent to the acquisition dates have not been presented as they were not material to the Company's consolidated results of operations, either individually or in the aggregate. Goodwill, which represents the excess of the purchase price over the net tangible and intangible assets acquired, was not deductible for tax purposes.

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Notes to Consolidated Financial Statements (Continued)

The following table presents the aggregate estimated fair value of the assets acquired and liabilities assumed, including those items that are still pending allocations, for the acquisitions completed during fiscal 2023:

			In millions
Goodwill			$	585
Amortizable intangible assets			209
Net tangible assets assumed			46
Total fair value consideration			$	840

On May 2, 2023, the Company completed the acquisition of OpsRamp, an IT operations management company that monitors, observes, automates, and manages IT infrastructure, cloud resources, workloads, and applications for hybrid and multi-cloud environments, including the leading hyperscalers. OpsRamp’s results of operations were included within the Corporate Investments and Other segment. The acquisition date fair value consideration of $307 million primarily consisted of cash paid for outstanding common stock. In connection with this acquisition, the Company recorded approximately $217 million of goodwill, and $84 million of intangible assets. The Company is amortizing the intangible assets on a straight-line basis over an estimated weighted-average useful life of 5 years.

On March 15, 2023, the Company completed the acquisition of Axis Security, a cloud security provider, enabling the Company to expand its edge-to-cloud security capabilities by offering a unified Secure Access Services Edge solution to meet the increasing demand for integrated networking and security solutions delivered aaS. Axis Security's results of operations were included within the Intelligent Edge segment. The acquisition date fair value consideration of $412 million primarily consisted of cash paid for outstanding common stock. In connection with this acquisition, the Company recorded approximately $311 million of goodwill, and $71 million of intangible assets. The Company is amortizing the intangible assets on a straight-line basis over an estimated weighted-average useful life of 5 years.

Acquisitions in fiscal 2022

The Company did not have any acquisitions during fiscal 2022.

Note 11: Goodwill and Intangible Assets

Goodwill

Goodwill and related changes in the carrying amount by reportable segment were as follows:

			Server												Hybrid Cloud						Intelligent Edge						Financial Services						Corporate Investments & Other									Total
Balance at October 31, 2023(1)			$	10,220											$	4,716					$	2,908					$	144					$	—								$	17,988
Goodwill from acquisitions			—												98						—						—						—									98
Goodwill adjustments			—												(1)						1						—						—									—
Balance at October 31, 2024(1)			$	10,220											$	4,813					$	2,909					$	144					$	—								$	18,086

(1)Goodwill is net of accumulated impairment losses of $1.9 billion. Of this amount, $1.7 billion relates to the HPC & AI reporting unit of which $815 million was recorded during the fourth quarter of fiscal 2022. The Hybrid Cloud reporting unit has an accumulated impairment loss of $90 million related to the former Software reporting unit which was also recorded during the fourth quarter of fiscal 2022.

2024 Interim and Annual Goodwill Impairment Reviews

As of October 31, 2024, the Company’s reporting units with goodwill are consistent with the reportable segments identified in Note 2, “Segment Information” to the Consolidated Financial Statements in Item 8 of Part II, with the exception of Server, which contains two reporting units: Compute and HPC & AI, and Corporate Investments and Other which contains two reporting units: Advisory and Professional Services, and legacy Communications and Media Solutions.

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Notes to Consolidated Financial Statements (Continued)

During fiscal 2024, the Company performed the following goodwill impairment tests, none of which resulted in goodwill impairment:

•Impairment test performed as of November 1, 2023 based on organizational changes impacting the composition of reporting units as of that date;

•Annual goodwill impairment test, which was performed as of the first day of the fourth quarter of fiscal 2024. The excess of fair value over carrying amount for the reporting units ranged from approximately 8% to 198% of the respective carrying amounts and;

•Interim goodwill impairment test as of September 30, 2024 for Compute and Hybrid Cloud reporting units.

In September 2024, HPE sold 30% of the total issued share capital of H3C. The equity investment in H3C primarily benefits the Compute and Hybrid Cloud reporting units. Subsequent to the sale, on September 30, 2024, the Company performed an interim impairment analysis for Compute and Hybrid Cloud reporting units. The excess of fair value over carrying amount for these reporting units was 6% for Compute and 5% for Hybrid Cloud.

The Compute reporting unit has goodwill of $8.2 billion as of October 31, 2024, and excess of fair value over carrying value of 6% as of the September 30, 2024 interim test date. The Compute business is cyclical in nature. Over the last several years, digital transformation drove increased investment to modernize infrastructure. However, in the current macroeconomic and inflationary environment, customers have invested selectively resulting in moderate unit growth and competitive pricing. The Compute business continues to focus on capturing market share while maintaining operating margin, leveraging its strong portfolio of ProLiant Gen11 products.

The Hybrid Cloud reporting unit has goodwill of $4.8 billion as of October 31, 2024, and excess of fair value of 5% as of the September 30, 2024 interim test date. Although the Hybrid Cloud business is on a positive trajectory, the Company is managing both a sales model transition and product transition within this business. The Company’s product model transition is to a more cloud-native, software-defined platform with HPE Alletra. Translating this growth to revenue and operating income will take time because a greater mix of high margin business such as ratable software and services, are deferred and recognized in future periods.

2023 and 2022 Annual Goodwill Impairment Reviews

The Company’s fiscal 2023 annual impairment test did not result in any impairment charges.

The Company’s fiscal 2022 annual goodwill impairment analysis resulted in impairment charges for goodwill related to the HPC & AI reporting unit and former Software reporting unit (which is now part of the Hybrid Cloud reporting unit). There was no impairment of goodwill for other reporting units.

The decline in the fair value of the HPC & AI reporting unit below its carrying value resulted from changes in expected future cash flows due to the continuation of supply chain constraints, and other operational challenges as well as an increase in cost of capital. As a result, a goodwill impairment charge of $815 million was recorded in the fourth quarter of fiscal 2022. The decline in the fair value of the former Software reporting unit resulted primarily from a decline in market multiples. As a result, a goodwill impairment charge of $90 million was recorded in the fourth quarter of fiscal 2022.

Intangible Assets

			As of October 31, 2024																		As of October 31, 2023
			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
			In millions
Customer contracts, customer lists and distribution agreements			$	219					$	(70)					$	149					$	357					$	(177)					$	180
Developed and core technology and patents			747						(443)						304						1,162						(711)						451
Trade name and trademarks			6						(5)						1						146						(123)						23
Capitalized software development costs			56						—						56						—						—						—
Total intangible assets			$	1,028					$	(518)					$	510					$	1,665					$	(1,011)					$	654

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Notes to Consolidated Financial Statements (Continued)

For fiscal 2024, the decrease in gross intangible assets was primarily due to $761 million of intangible assets which became fully amortized and were eliminated from gross intangible assets and accumulated amortization, partially offset by $68 million of intangible assets related to acquisitions and $56 million related to capitalized software development costs.

As of October 31, 2024, the weighted-average remaining useful lives of the Company's finite-lived intangible assets were as follows:

			Weighted-Average Remaining Useful Lives
			In years
Customer contracts, customer lists and distribution agreements			5
Developed and core technology and patents			3
Trade name and trademarks			1
Capitalized software development costs			3

As of October 31, 2024, estimated future amortization expense related to finite-lived intangible assets was as follows:

Fiscal year			In millions
2025			$	152
2026			128
2027			95
2028			50
2029			30
Thereafter			5
Total(1)			$	460

(1)This table does not include $50 million of software development costs that are in-progress and not amortizable.

Note 12: Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

The Company uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.

Level 3—Unobservable inputs for assets or liabilities.

The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs. For the fiscal years ended October 31, 2024 and 2023, there were no transfers between levels within the fair value hierarchy.

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Notes to Consolidated Financial Statements (Continued)

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis:

			As of October 31, 2024																								As of October 31, 2023
			Fair Value Measured Using																								Fair Value Measured Using
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
			In millions
Assets
Cash Equivalents and Investments:
Time deposits			$	—					$	601					$	—					$	601					$	—					$	905					$	—					$	905
Money market funds			12,639						—						—						12,639						1,672						—						—						1,672
Equity investments			—						—						88						88						—						—						135						135
Foreign bonds			—						102						1						103						1						95						1						97
Other debt securities(1)			—						—						14						14						—						—						22						22
Derivative instruments:
Foreign exchange contracts			—						299						—						299						—						464						—						464
Total assets			$	12,639					$	1,002					$	103					$	13,744					$	1,673					$	1,464					$	158					$	3,295
Liabilities
Derivative instruments:
Interest rate contracts			$	—					$	58					$	—					$	58					$	—					$	151					$	—					$	151
Foreign exchange contracts			—						103						—						103						—						152						—						152
Other derivatives			—						2						—						2						—						2						—						2
Total liabilities			$	—					$	163					$	—					$	163					$	—					$	305					$	—					$	305

(1)Available-for-sale debt securities with carrying values that approximate fair value.

Valuation Techniques

Cash Equivalents and Investments: The Company holds time deposits, money market funds, debt securities primarily consisting of corporate and foreign government notes and bonds. The Company values cash equivalents using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt and equity investments was based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data. Equity and other securities include investments in marketable and non-marketable securities. In evaluating non-marketable securities for impairment or observable price changes, the Company uses valuation techniques using the best information available, and may include quoted market prices, market comparables and discounted cash flow projections.

Derivative Instruments: The Company uses forward contracts, interest rate and total return swaps to hedge certain foreign currency and interest rate exposures. The Company uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, the Company and counterparties' credit risk, foreign currency exchange rates, and forward and spot prices for currencies and interest rates. See Note 13, “Financial Instruments,” for a further discussion of the Company's use of derivative instruments.

Other Fair Value Disclosures

Short-Term and Long-Term Debt: The Company estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering its own credit risk. The portion of the Company's debt that is hedged is reflected in the Consolidated Balance Sheets as an amount equal to the debt's carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. As of October 31, 2024, the estimated fair value of the Company's short-term and long-term debt was $18.3 billion and the carrying value was $18.2 billion. As of October 31, 2023, the estimated fair value of the Company's short-term

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and long-term debt was $12.2 billion and the carrying value was $12.4 billion. If measured at fair value in the Consolidated Balance Sheets, short-term and long-term debt would be classified in Level 2 of the fair value hierarchy.

Other Financial Instruments: For the balance of the Company's financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in other accrued liabilities, the carrying amounts approximate fair value due to their short-term nature. If measured at fair value in the Consolidated Balance Sheets, these other financial instruments would be classified in Level 2 or Level 3 of the fair value hierarchy.

Non-Recurring Fair Value Measurements

Equity Investments without Readily Determinable Fair Value: Equity investments are recorded at cost and measured at fair value, when they are deemed to be impaired or when there is an adjustment from observable price changes. For fiscal 2024, the Company recorded a net unrealized gain of $34 million. For fiscal 2023 and 2022, the Company recorded net unrealized losses of $45 million and $17 million, respectively, which included impairments of $50 million and $24 million for the same respective periods. These amounts are reflected in Interest and other, net in the Consolidated Statements of Earnings. If measured at fair value in the Consolidated Balance Sheets, these would generally be classified in Level 3 of the fair value hierarchy. These adjustments are based on observable price changes for certain equity investments without readily determinable fair value. For investments still held as of October 31, 2024, the cumulative upward adjustments for observable price changes was $82 million and cumulative downward adjustments for observable price changes and impairments was $88 million. Refer to Note 13 “Financial Instruments,” for further information about equity investments.

Non-Financial Assets: The Company's non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at cost. The Company records ROU assets based on the lease liability, adjusted for lease prepayments, lease incentives received and the lessee's initial direct costs. Fair value adjustments are made to these non-financial assets in the period an impairment charge is recognized.

In fiscal 2023 and 2022, the Company recorded a net ROU asset impairment charge of $18 million and $5 million, respectively, in Transformation costs in the Consolidated Statements of Earnings as the carrying value of certain ROU assets exceeded its fair value. If measured at fair value in the Consolidated Balance Sheets, these would generally be classified in Level 3 of the fair value hierarchy.

In the fourth quarter of fiscal 2022, the Company recorded a goodwill impairment charge of $905 million associated with the HPC & AI reporting unit and the Software reporting unit within the Corporate Investments and Other segment. The fair value of the Company's reporting units was classified in Level 3 of the fair value hierarchy due to the significance of unobservable inputs developed using company-specific information. For more information on the goodwill impairment, see Note 11, “Goodwill and Intangible Assets.”

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Note 13: Financial Instruments

Cash Equivalents and Available-for-Sale Debt Investments

Cash equivalents and available-for-sale debt investments were as follows:

			As of October 31, 2024																		As of October 31, 2023
			Cost						Gross Unrealized Gains/(Losses)												Fair Value						Cost						Gross Unrealized Gains/(Losses)												Fair Value
			In millions
Cash Equivalents:
Time deposits			$	601					$	—											$	601					$	905					$	—											$	905
Money market funds			12,639						—												12,639						1,672						—												1,672
Total cash equivalents			13,240						—												13,240						2,577						—												2,577
Available-for-sale Debt Investments:
Foreign bonds			101						2												103						100						(3)												97
Other debt securities			8						6												14						19						3												22
Total available-for-sale debt investments			109						8												117						119						—												119
Total cash equivalents and available-for-sale debt investments			$	13,349					$	8											$	13,357					$	2,696					$	—											$	2,696

All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of October 31, 2024 and 2023, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. Interest income related to cash, cash equivalents and debt securities was approximately $197 million, $127 million and $39 million in fiscal 2024, 2023 and 2022, respectively. Time deposits were primarily issued by institutions outside the U.S. as of October 31, 2024 and 2023. The estimated fair value of the available-for-sale debt investments may not be representative of values that will be realized in the future.

Contractual maturities of investments in available-for-sale debt securities were as follows:

			As of October 31, 2024
			Amortized Cost						Fair Value
			In millions
Due in more than five years			109						117
			$	109					$	117

Equity Investments

Non-marketable equity investments in privately held companies are included in Long-term financing receivables and other assets in the Consolidated Balance Sheets. These non-marketable equity investments are carried either at fair value or under measurement alternative. Measurement alternative equity investments are recorded at cost and measured at fair value when they are deemed to be impaired or when there is an adjustment from observable price changes.

The carrying amount of those non-marketable equity investments accounted for under the fair value option was $88 million and $135 million as of October 31, 2024 and 2023, respectively. For fiscal 2024, he Company recorded a net unrealized loss of $47 million on these investments. For fiscal 2023 and 2022, the Company recorded net unrealized gains of $9 million and $86 million, respectively on these investments. These amounts are reflected in Interest and other, net in the Consolidated Statements of Earnings. In fiscal 2022, the Company sold $165 million of these investments.

The carrying amount of those non-marketable equity investments accounted for under the measurement alternative was $200 million and $145 million as of October 31, 2024 and 2023, respectively. For fiscal 2024, the Company recorded a net unrealized gain of $34 million. For fiscal 2023 and 2022, the Company recorded net unrealized losses of $45 million and $17 million, respectively, which included impairments of $50 million and $24 million for the same respective periods. These amounts are reflected in Interest and other, net in the Consolidated Statements of Earnings.

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Derivative Instruments

The Company is a global company exposed to foreign currency exchange rate fluctuations and interest rate changes in the normal course of its business. As part of its risk management strategy, the Company uses derivative instruments, primarily forward contracts, interest rate swaps and total return swaps to hedge certain foreign currency, interest rate and, to a lesser extent, equity exposures. The Company's objective is to offset gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting the fair value of assets and liabilities. The Company does not have any leveraged derivatives and does not use derivative contracts for speculative purposes. The Company may designate its derivative contracts as fair value hedges, cash flow hedges or hedges of the foreign currency exposure of a net investment in a foreign operation (“net investment hedges”). Additionally, for derivatives not designated as hedging instruments, the Company categorizes those economic hedges as other derivatives. Derivative instruments are recognized at fair value in the Consolidated Balance Sheets. The change in fair value of the derivative instruments is recognized in the Consolidated Statements of Earnings or Consolidated Statements of Comprehensive Income depending upon the type of hedge as further discussed below. The Company classifies cash flows from its derivative programs with the activities that correspond to the underlying hedged items in the Consolidated Statements of Cash Flows.

As a result of its use of derivative instruments, the Company is exposed to the risk that its counterparties will fail to meet their contractual obligations. To mitigate counterparty credit risk, the Company has a policy of only entering into derivative contracts with carefully selected major financial institutions based on their credit ratings and other factors, and the Company maintains dollar risk limits that correspond to each financial institution's credit rating and other factors. The Company's established policies and procedures for mitigating credit risk include reviewing and establishing limits for credit exposure and periodically reassessing the creditworthiness of its counterparties. Master netting agreements also mitigate credit exposure to counterparties by permitting the Company to net amounts due from the Company to a counterparty against amounts due to the Company from the same counterparty under certain conditions.

To further mitigate credit exposure to counterparties, the Company has collateral security agreements, which allows the Company to hold collateral from, or require the Company to post collateral to counterparties when aggregate derivative fair values exceed contractually established thresholds which are generally based on the credit ratings of the Company and its counterparties. If the Company's credit rating falls below a specified credit rating, the counterparty has the right to request full collateralization of the derivatives' net liability position. Conversely, if the counterparty's credit rating falls below a specified credit rating, the Company has the right to request full collateralization of the derivatives' net liability position. Collateral is generally posted within two business days. The fair value of the Company's derivatives with credit contingent features in a net liability position was $23 million and $108 million at October 31, 2024 and 2023, respectively, most of which were fully collateralized within two business days.

Under the Company's derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting the Company that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect the Company's financial position or cash flows as of October 31, 2024 and 2023.

Fair Value Hedges

The Company issues long-term debt in U.S. dollars based on market conditions at the time of financing. The Company may enter into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in interest rates by achieving a primarily U.S. dollar LIBOR-based floating interest rate which was replaced with SOFR starting in July of fiscal 2023. The swap transactions generally involve principal and interest obligations for U.S. dollar-denominated amounts. Alternatively, the Company may choose not to swap fixed for floating interest payments or may terminate a previously executed swap if it believes a larger proportion of fixed-rate debt would be beneficial. When investing in fixed-rate instruments, the Company may enter into interest rate swaps that convert the fixed interest payments into variable interest payments and may designate these swaps as fair value hedges.

For derivative instruments that are designated and qualify as fair value hedges, the Company recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.

Cash Flow Hedges

The Company uses forward contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted net revenue and, to a lesser extent, cost of sales, operating expenses, and intercompany loans denominated in currencies other than the U.S. dollar. The Company's foreign currency cash flow hedges mature generally

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within twelve months; however, forward contracts associated with sales-type and direct-financing leases and intercompany loans extend for the duration of the lease or loan term, which can extend up to five years.

For derivative instruments that are designated and qualify as cash flow hedges, and as long as they remain highly effective, the Company records the changes in fair value of the derivative instrument in Accumulated other comprehensive loss as a separate component of equity in the Consolidated Balance Sheets and subsequently reclassifies these amounts into earnings in the same financial statement line item when the hedged transaction is recognized.

In connection with the Company’s pending acquisition of Juniper Networks and related debt issuances, the Company entered into interest rate locks for an aggregate notional amount of $2.6 billion. These contracts were settled in fiscal 2024, the Company recognized a loss of $42 million in accumulated other comprehensive income.

Net Investment Hedges

The Company uses forward contracts designated as net investment hedges to hedge net investments in certain foreign subsidiaries whose functional currency is the local currency. The Company records the changes in the fair value of the hedged items in cumulative translation adjustment as a separate component of equity in the Consolidated Balance Sheets.

Other Derivatives

Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. The Company also uses total return swaps, based on equity or fixed income indices, to hedge its executive deferred compensation plan liability.

For derivative instruments not designated as hedging instruments, the Company recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.

Hedge Effectiveness

For interest rate swaps designated as fair value hedges, the Company measures hedge effectiveness by offsetting the change in fair value of the hedged items with the change in fair value of the derivative. For forward contracts designated as cash flow or net investment hedges, the Company measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates.

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Fair Value of Derivative Instruments in the Consolidated Balance Sheets

The gross notional and fair value of derivative instruments in the Consolidated Balance Sheets were as follows:

			As of October 31, 2024																														As of October 31, 2023
									Fair Value																														Fair Value
			Outstanding Gross Notional						Other Current Assets						Long-Term Financing Receivables and Other Assets						Other Accrued Liabilities						Long-Term Other Liabilities						Outstanding Gross Notional						Other Current Assets						Long-Term Financing Receivables and Other Assets						Other Accrued Liabilities						Long-Term Other Liabilities
			In millions
Derivatives Designated as Hedging Instruments
Fair Value Hedges:
Interest rate contracts			$	2,500					$	—					$	—					$	58					$	—					$	2,500					$	—					$	—					$	—					$	151
Cash Flow Hedges:
Foreign currency contracts			7,809						107						59						31						25						8,247						252						104						33						23
Net Investment Hedges:
Foreign currency contracts			1,986						38						44						12						13						1,972						39						46						34						23
Total derivatives designated as hedging instruments			12,295						145						103						101						38						12,719						291						150						67						197
Derivatives Not Designated as Hedging Instruments
Foreign currency contracts			5,528						46						5						18						4						6,786						20						3						23						16
Other derivatives			147						—						—						2						—						100						—						—						2						—
Total derivatives not designated as hedging instruments			5,675						46						5						20						4						6,886						20						3						25						16
Total derivatives			$	17,970					$	191					$	108					$	121					$	42					$	19,605					$	311					$	153					$	92					$	213

Offsetting of Derivative Instruments

The Company recognizes all derivative instruments on a gross basis in the Consolidated Balance Sheets. The Company's derivative instruments are subject to master netting arrangements and collateral security arrangements. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under collateral security agreements. The information related to the potential effect of the Company's use of the master netting agreements and collateral security agreements were as follows:

			As of October 31, 2024
			In the Consolidated Balance Sheets
			(i)						(ii)						(iii) = (i)–(ii)						(iv)						(v)									(vi) = (iii)–(iv)–(v)
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amount Offset						Net Amount Presented						Derivatives						Financial Collateral									Net Amount
			In millions
Derivative assets			$	299					$	—					$	299					$	138					$	90		(1)						$	71
Derivative liabilities			$	163					$	—					$	163					$	138					$	27		(2)						N/A

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			As of October 31, 2023
			In the Consolidated Balance Sheets
			(i)						(ii)						(iii) = (i)–(ii)						(iv)						(v)												(vi) = (iii)–(iv)–(v)
																					Gross Amounts Not Offset
			Gross Amount Recognized						Gross Amount Offset						Net Amount Presented						Derivatives						Financial Collateral												Net Amount
			In millions
Derivative assets			$	464					$	—					$	464					$	196					$	207					(1)						$	61
Derivative liabilities			$	305					$	—					$	305					$	196					$	103					(2)						$	6

(1)Represents the cash collateral posted by counterparties as of the respective reporting date for the Company's asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.

(2)Represents the collateral posted by the Company in cash or through the re-use of counterparty cash collateral as of the respective reporting date for the Company's liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date. As of October 31, 2024, $27 million of collateral posted was entirely through the re-use of counterparty collateral. As of October 31, 2023, of the $103 million of collateral posted, $56 million was in cash and $47 million was through the re-use of counterparty collateral.

The amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges were as follows:

			Carrying Amount of the Hedged Assets/ (Liabilities)												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/ (Liabilities)
			As of October 31,												As of October 31,
			2024						2023						2024						2023
			In millions												In millions
Notes payable and short-term borrowings			$	(2,440)					$	—					$	58					$	—
Long-term debt			$	—					$	(2,345)					$	—					$	151

The pre-tax effect of derivative instruments in cash flow and net investment hedging relationships recognized in Other Comprehensive Income (“OCI”) were as follows:

			Gains (Losses) Recognized in OCI on Derivatives
			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Derivatives in Cash Flow Hedging Relationship
Foreign exchange contracts			$	(73)					$	(177)					$	1,025
Interest rate locks			(42)						—						—
Derivatives in Net Investment Hedging Relationship
Foreign exchange contracts			25						(76)						99
Total			$	(90)					$	(253)					$	1,124

As of October 31, 2024, the Company expects to reclassify an estimated net accumulated other comprehensive gain of approximately $20 million, net of taxes, to earnings in the next twelve months along with the earnings effects of the related forecasted transactions associated with cash flow hedges.

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Effect of Derivative Instruments on the Consolidated Statements of Earnings

The following table represents the pre-tax effect of derivative instruments on total amounts of income and expense line items presented in the Consolidated Statements of Earnings in which the effects of fair value hedges, cash flow hedges and derivatives not designated as hedging instruments are recorded:

			Gains (Losses) Recognized in Income
			For the fiscal years ended October 31,
			2024												2023												2022
			Net Revenue						Interest and Other, net						Net Revenue						Interest and Other, net						Net Revenue						Interest and Other, net
			In millions
Total net revenue and interest and other, net			$	30,127					$	(117)					$	29,135					$	(104)					$	28,496					$	(121)
Gains (Losses) on Derivatives in Fair Value Hedging Relationships:
Interest Rate Contracts
Hedged items			—						(93)						—						(27)						—						273
Derivatives designated as hedging instruments			—						93						—						27						—						(273)
Gains (Losses) on Derivatives in Cash Flow Hedging Relationships:
Foreign Exchange Contracts
Amount of gains (losses) reclassified from accumulated other comprehensive income into income			59						(75)						28						(144)						388						590
Gains (Losses) on Derivatives not Designated as Hedging Instruments:
Foreign exchange contracts			—						38						—						(97)						—						287
Other derivatives			—						—						—						(8)						—						(3)
Total gains (losses)			$	59					$	(37)					$	28					$	(249)					$	388					$	874

Note 14: Borrowings

Notes Payable and Short-Term Borrowings

Notes payable and short-term borrowings, including the current portion of long-term debt, were as follows:

			As of October 31,
			2024												2023
			Amount Outstanding						Weighted-Average Interest Rate						Amount Outstanding						Weighted-Average Interest Rate
			Dollars in millions
Current portion of long-term debt(1)			$	3,969					7.6		%				$	4,022					4.8		%
Commercial paper			649						3.7		%				679						4.1		%
Notes payable to banks, lines of credit and other			124						5.0		%				167						4.6		%
Total notes payable and short-term borrowings			$	4,742											$	4,868

(1)As of October 31, 2024, the Current portion of long-term debt, net of discount and issuance costs, included $1.4 billion associated with the current portion of the Company issued asset-backed debt securities.

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Long-Term Debt

			As of October 31,
			2024						2023
			In millions
Hewlett Packard Enterprise Unsecured Senior Notes
$1,250 issued at discount to par at a price of 99.996% in September 2024 at 4.45%, due September 25, 2026, interest payable semi-annually on March 25 and September 25 of each year			$	1,250					$	—
$1,250 issued at discount to par at a price of 99.953% in September 2024 at 4.40%, due September 25, 2027, interest payable semi-annually on March 25 and September 25 of each year			1,249						—
$1,750 issued at discount to par at a price of 99.894% in September 2024 at 4.55%, due October 15, 2029, interest payable semi-annually on April 15 and October 15 of each year			1,748						—
$1,250 issued at discount to par at a price of 99.908% in September 2024 at 4.85%, due October 15, 2031, interest payable semi-annually on April 15 and October 15 of each year			1,249						—
$2,000 issued at discount to par at a price of 99.078% in September 2024 at 5.00%, due October 15, 2034, interest payable semi-annually on April 15 and October 15 of each year			1,982						—
$1,500 issued at discount to par at a price of 98.086% in September 2024 at 5.60%, due October 15, 2054, interest payable semi-annually on April 15 and October 15 of each year			1,471						—
$250 issued at premium to par at a price of 100.452% in June 2023 at 5.90%, due October 1, 2024, interest payable semi-annually on April 1 and October 1 of each year			—						251
$550 issued at discount to par at a price of 99.887% in June 2023 at 5.25%, due July 1, 2028, interest payable semi-annually on January 1 and July 1 of each year			550						549
$400 issued at discount to par at a price of 99.997% in March 2023 at 6.102%, due April 1, 2026, interest payable semi-annually on April 1 and October 1 of each year			—						400
$1,300 issued at discount to par at a price of 99.934% in March 2023 at 5.90%, due October 1, 2024, interest payable semi-annually on April 1 and October 1 of each year			—						1,299
$1,000 issued at discount to par at a price of 99.883% in July 2020 at 1.45%, due April 1, 2024, interest payable semi-annually on April 1 and October 1 of each year			—						1,000
$750 issued at discount to par at a price of 99.820% in July 2020 at 1.75%, due April 1, 2026, interest payable semi-annually on April 1 and October 1 of each year			750						749
$2,500 issued at discount to par at a price of 99.725% in October 2015 at 4.90%, due October 15, 2025, interest payable semi-annually on April 15 and October 15 of each year			2,499						2,499
$750 issued at discount to par at a price of 99.942% in October 2015 at 6.20%, due October 15, 2035, interest payable semi-annually on April 15 and October 15 of each year			750						750
$1,500 issued at discount to par at a price of 99.932% in October 2015 at 6.35%, due October 15, 2045, interest payable semi-annually on April 15 and October 15 of each year			1,499						1,499
Hewlett Packard Enterprise Asset-Backed Debt Securities
$818 issued in June 2024, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.59%, payable monthly from July 2024			700						—
$796 issued in January 2024, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.48%, payable monthly from February 2024			583						—
$612 issued in September 2023, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 6.40%, payable monthly from October 2023 with a stated final maturity of July 2031			373						596
$643 issued in March 2023 and April 2023, in five tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.59%, payable monthly from April 2023 with a stated final maturity of April 2028			257						483
$651 issued in October 2022, in five tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.55%, payable monthly from November 2022 with a stated final maturity date of August 2029			191						393
$747 issued in May 2022, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 3.68%, payable monthly from July 2022 with a stated final maturity date of March 2030			148						367
$1,000 issued in January 2022, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 1.51%, payable monthly from March 2022 with a stated final maturity date of November 2029			124						391
$753 issued in June 2021, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 0.58%, payable monthly from August 2021 with a stated final maturity date of March 2029			26						147
$1,000 issued in March 2021, in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 0.49%, payable monthly from April 2021 with a stated final maturity date of March 2031			—						102
Other, including finance lease obligations, at 1.6%-6.3%, due in calendar years 2024-2030(1)			208						215
Fair value adjustment related to hedged debt			(58)						(151)
Unamortized debt issuance costs			(76)						(30)
Less: current portion			(3,969)						(4,022)
Total long-term debt			$	13,504					$	7,487

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(1)Other, including finance lease obligations included $14 million and $36 million as of October 31, 2024 and 2023, respectively, of borrowing- and funding-related activity associated with FS and its subsidiaries that are collateralized by receivables and underlying assets associated with the related finance and operating leases. For both the periods presented, the carrying amount of the assets approximated the carrying amount of the borrowings.

Interest expense on borrowings recognized in the Consolidated Statements of Earnings was as follows:

									For the fiscal years ended October 31,
			Location						2024						2023						2022
									In millions
Financing interest			Financing cost						$	495					$	383					$	211
Interest expense			Interest and other, net						282						326						260
Total interest expense									$	777					$	709					$	471

As disclosed in Note 13, “Financial Instruments,” the Company used interest rate swaps to mitigate the exposure of its fixed rate debt to changes in fair value resulting from changes in interest rates, or hedge the variability of cash flows in the interest payments associated with its variable-rate debt. Interest rates on long-term debt in the table above have not been adjusted to reflect the impact of any interest rate swaps.

Commercial Paper

Hewlett Packard Enterprise maintains two commercial paper programs, “the Parent Programs,” and a wholly-owned subsidiary maintains a third program. The Parent Program in the U.S. provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $4.75 billion. The Parent Program outside the U.S. provides for the issuance of commercial paper denominated in U.S. dollars, euros or British pounds up to a maximum aggregate principal amount of $3.0 billion or the equivalent in those alternative currencies. The combined aggregate principal amount of commercial paper outstanding under those two programs at any one time cannot exceed the $4.75 billion as authorized by Hewlett Packard Enterprise's Board of Directors. In addition, the Hewlett Packard Enterprise subsidiary's euro Commercial Paper/Certificate of Deposit Program provides for the issuance of commercial paper in various currencies of up to a maximum aggregate principal amount of $1.0 billion. As of October 31, 2024 and 2023, no borrowings were outstanding under the Parent Programs. As of October 31, 2024 and 2023, $649 million and $679 million, respectively, were outstanding under the subsidiary’s program.

Revolving Credit Facility

In September 2024, the Company terminated its prior senior unsecured revolving credit facility that was entered into in December 2021, and entered into a new senior unsecured revolving credit facility with an aggregate lending commitment of $5.25 billion for a period of five years. The commitment comprised of (i) $4.75 billion of commitments available immediately and (ii) $500 million of commitments available from and subject to the closing of the Juniper Networks acquisition and refinancing of Juniper Networks’ credit agreement in connection with the closing of the Juniper Networks acquisition. As of October 31, 2024 and 2023, no borrowings were outstanding under either credit facilities.

Uncommitted Credit facility

On September 21, 2023, the Company entered into a five-year agreement with Societe Generale for an uncommitted short-term cash advance facility in the principal amount of up to $500 million. As of October 31, 2024, no borrowings were outstanding under this credit facility.

Juniper Networks Acquisition Committed Financing

In connection with HPE’s signing a definitive agreement to acquire Juniper Networks in January 2024 (the “Merger Agreement”), HPE entered into a commitment letter whereby HPE obtained a commitment from Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A. and Mizuho Bank, Ltd. for a $14.0 billion senior unsecured delayed draw term loan facility, comprised of an $11.0 billion 364-day tranche and a $3.0 billion three-year tranche, subject to customary conditions (the “Term Loan Commitment Letter”).

In September 2024, HPE issued $9.0 billion of senior unsecured notes. In addition, in furtherance of the Term Loan Commitment Letter, the Company entered into term loan agreements with JPMorgan Chase Bank, N.A, Citibank, N.A., and

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Mizuho Bank, Ltd. for approximately $12.0 billion of senior unsecured delayed draw term loan facilities, comprised of an approximately $9.0 billion 364-day tranche and a $3.0 billion three-year tranche, subject to customary conditions. The Company has since further reduced the commitments under the 364-day term loan to $1.0 billion. Unless previously terminated, commitments under both the 364-day term loan and the three-year term loan will terminate upon the earliest of (i) five business days after the Juniper Outside Date (as defined in such term loan agreements), (ii) the occurrence of the closing of the acquisition of Juniper Networks without the funding of any borrowings under either of the term loan agreements, and (iii) the termination of the Merger Agreement by HPE in writing in accordance with its terms. As of October 31, 2024, no borrowings were outstanding and HPE paid $42 million of financing fees.

In connection with the entry into the aforementioned 364-day term loan and the three-year term loan, on September 12, 2024, HPE terminated the Term Loan Commitment Letter.

Future Maturities of Borrowings

As of October 31, 2024, aggregate future maturities of the Company's borrowings at face value (excluding a fair value adjustment related to hedged debt of $58 million, a net discount of $53 million and unamortized debt issuance costs of $76 million), including finance lease obligations were as follows:

Fiscal year			In millions
2025			$	4,032
2026			2,710
2027			1,545
2028			612
2029			1,758
Thereafter			7,003
Total			$	17,660

Note 15: Stockholders' Equity

The components of accumulated other comprehensive loss, net of taxes as of October 31, 2024 and changes during fiscal 2024 were as follows:

			Net unrealized gains on available-for-sale securities						Net unrealized gains (losses) on cash flow hedges						Unrealized components of defined benefit plans						Cumulative translation adjustment						Accumulated other comprehensive loss
			In millions
Balance at beginning of period			$	—					$	61					$	(2,507)					$	(638)					$	(3,084)
Other comprehensive income (loss) before reclassifications			8						(115)						34						(23)						(96)
Reclassifications of losses into earnings			—						16						138						32						186
Tax benefit (provision)			—						22						(7)						2						17
Balance at end of period			$	8					$	(16)					$	(2,342)					$	(627)					$	(2,977)

The components of accumulated other comprehensive loss, net of taxes as of October 31, 2023 and changes during fiscal 2023 were as follows:

			Net unrealized  (losses) gains on available-for-sale securities						Net unrealized gains (losses) on cash flow hedges						Unrealized components of defined benefit plans						Cumulative translation adjustment						Accumulated other comprehensive loss
			In millions
Balance at beginning of period			$	(1)					$	109					$	(2,596)					$	(610)					$	(3,098)
Other comprehensive income (loss) before reclassifications			1						(177)						(99)						(32)						(307)
Reclassifications of losses into earnings			—						116						147						—						263
Tax benefit			—						13						41						4						58
Balance at end of period			$	—					$	61					$	(2,507)					$	(638)					$	(3,084)

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The components of accumulated other comprehensive loss, net of taxes as of October 31, 2022 and changes during fiscal 2022 were as follows:

			Net unrealized gains (losses) on available-for-sale securities						Net unrealized gains (losses) on cash flow hedges						Unrealized components of defined benefit plans						Cumulative translation adjustment						Accumulated other comprehensive loss
			In millions
Balance at beginning of period			$	15					$	81					$	(2,545)					$	(466)					$	(2,915)
Other comprehensive (loss) income before reclassifications			(16)						1,025						(315)						(146)						548
Reclassifications of (gains) losses into earnings			—						(978)						160						—						(818)
Tax (provision) benefit			—						(19)						104						2						87
Balance at end of period			$	(1)					$	109					$	(2,596)					$	(610)					$	(3,098)

7.625% Series C Mandatory Convertible Preferred Stock

In September 2024, the Company issued 30 million shares of 7.625% Series C Mandatory Convertible Preferred Stock, par value $0.01 per share (the “Preferred Stock”), for an aggregate purchase price of $1.5 billion, less issuance costs of $38 million. As of October 31, 2024, 30 million shares of the Preferred Stock were outstanding.

Unless converted earlier in accordance with its terms, each share of Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be September 1, 2027, into between 2.5352 shares and 3.1056 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to September 1, 2027.

Holders of shares of Preferred Stock have the option to convert all or any portion of their shares of Preferred Stock at any time. The conversion rate applicable to any early conversion may, in certain circumstances, be increased to compensate holders of the Preferred Stock for unpaid accumulated dividends as described in the Certificate of Designations.

If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to September 1, 2027, then holders of the Preferred Stock will be entitled to convert all or any portion of their Preferred Stock at the Fundamental Change Conversion Rate, into between 1.9200 shares and 3.1056 shares of common stock, in all cases, subject to customary anti-dilution adjustments described in the Certificate of Designations, for a specified period of time and to also receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments. The Preferred Stock is not subject to redemption at the Company’s option.

Dividends

The stockholders of HPE common stock are entitled to receive dividends when and as declared by the Board of Directors. The Company’s ability to pay dividends will depend on many factors, such as its financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in its debt, industry practice, legal requirements, regulatory constraints, and other factors that the Board of Directors deems relevant. Furthermore, so long as any share of its Preferred Stock remains outstanding, no dividend on shares of common stock (or any other class of stock junior to the Preferred Stock) shall be declared or paid unless all accumulated and unpaid dividends for all preceding dividend periods for the Preferred Stock have been declared and paid in full in cash, shares of the Company’s common stock or a combination thereof, or a sufficient sum of cash or number of shares of its common stock has been set apart for the payment of such dividends, on all outstanding shares of the Preferred Stock. Dividends declared were $0.52 and $0.48 per common share in fiscal 2024 and 2023, respectively.

On December 05, 2024, the Company declared a regular cash dividend of $0.13 per share on the Company's common stock, payable on January 16, 2025, to the stockholders of record as of the close of business on December 20, 2024.

Dividends on the Preferred Stock will be payable on a cumulative basis when, as and if declared by the Board of Directors, or an authorized committee thereof, at an annual rate of 7.625% on the liquidation of preference of $50.00 per share. The Company may pay declared dividends in cash or, subject to certain limitations, in shares of its common stock or in any combination of cash and shares of its common stock on March 1, June 1, September 1 and December 1 of each year,

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commencing on December 1, 2024, and ending on, and including, September 1, 2027. The Company has declared a cash dividend of $0.82604167 per share of its 7.625% Series C Mandatory Convertible Preferred Stock, which was paid on December 1, 2024, to holders of record as of the close of business on November 15, 2024.

Share Repurchase Program

On October 13, 2015, the Board of Directors approved a share repurchase program with a $3.0 billion authorization, which was refreshed with additional share repurchase authorizations of $3.0 billion, $5.0 billion and $2.5 billion on May 24, 2016, October 16, 2017 and February 21, 2018, respectively. This program, which does not have a specific expiration date, authorizes repurchases in the open market or in private transactions.

In fiscal 2024, the Company repurchased and settled a total of 7.8 million shares under its share repurchase program through open market repurchases, which included 0.2 million shares that were unsettled open market repurchases as of October 31, 2023. Additionally, the Company had unsettled open market repurchases of 0.1 million shares as of October 31, 2024. Shares repurchased during the fiscal 2024 were recorded as a $150 million reduction to stockholders' equity. As of October 31, 2024, the Company had a remaining authorization of approximately $0.8 billion for future share repurchases.

In fiscal 2023, the Company repurchased and settled a total of 27.2 million shares under its share repurchase program through open market repurchases, which included 0.3 million shares that were unsettled open market repurchases as of October 31, 2022. Additionally, the Company had unsettled open market repurchases of 0.2 million shares as of October 31, 2023. Shares repurchased during the fiscal 2023 were recorded as a $0.4 billion reduction to stockholders' equity.

Note 16: Net Earnings Per Share

The Company calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period.

The reconciliations of the numerators and denominators of each of the basic and diluted net EPS calculations were as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions, except per share amounts
Numerator:
Net earnings attributable to common stockholders - Basic			$	2,554					$	2,025					$	868
Plus: 7.625% Series C mandatory convertible preferred stock dividends			25						—						—
Net earnings - Diluted			$	2,579					$	2,025					$	868
Denominator:
Weighted-average shares used to compute basic net EPS			1,309						1,299						1,303
Dilutive effect of employee stock plans(1)			18						17						19
Dilutive effect of 7.625% Series C mandatory convertible preferred stock(1)			10						—						—
Weighted-average shares used to compute diluted net EPS			1,337						1,316						1,322
Net earnings per share attributable to common stockholders:
Basic			$	1.95					$	1.56					$	0.67
Diluted			$	1.93					$	1.54					$	0.66
Anti-dilutive weighted-average stock awards(2)			—						—						2

(1)The impact of dilutive effect of employee stock plans is calculated under the treasury stock method, and the impact of dilutive effect of the 7.625% Series C Mandatory Convertible Preferred Stock is calculated under the if-converted method.

(2)The Company excludes shares potentially issuable under employee stock plans that could dilute basic net EPS in the future from the calculation of diluted net earnings per share, as their effect, if included, would have been anti-dilutive for the periods presented.

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Note 17: Litigation, Contingencies, and Commitments

Hewlett Packard Enterprise is involved in various lawsuits, claims, investigations and proceedings including those consisting of intellectual property, commercial, securities, employment, employee benefits, and environmental matters, which arise in the ordinary course of business. In addition, as part of the Separation and Distribution Agreement (the “Separation and Distribution Agreement”) entered into in connection with Hewlett Packard Enterprise’s spin-off from HP Inc. (formerly known as “Hewlett-Packard Company”) (the “Separation”), Hewlett Packard Enterprise and HP Inc. agreed to cooperate with each other in managing certain existing litigation related to both parties' businesses. The Separation and Distribution Agreement included provisions that allocate liability and financial responsibility for pending litigation involving the parties, as well as provide for cross-indemnification of the parties against liabilities to one party arising out of liabilities allocated to the other party. The Separation and Distribution Agreement also included provisions that assign to the parties responsibility for managing pending and future litigation related to the general corporate matters of HP Inc. arising prior to the Separation. Hewlett Packard Enterprise records a liability when it believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both the probability of having incurred a liability and the estimated amount of the liability. Hewlett Packard Enterprise reviews these matters at least quarterly and adjusts these liabilities to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other updated information and events pertaining to a particular matter. Litigation is inherently unpredictable. However, Hewlett Packard Enterprise believes it has valid defenses with respect to legal matters pending against us. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. Hewlett Packard Enterprise believes it has recorded adequate provisions for any such matters and, as of October 31, 2024, it was not reasonably possible that a material loss had been incurred in connection with such matters in excess of the amounts recognized in its financial statements.

Litigation, Proceedings and Investigations

Ross and Rogus v. Hewlett Packard Enterprise Company. On November 8, 2018, a putative class action complaint was filed in the Superior Court of California, County of Santa Clara alleging that HPE pays its California-based female employees “systemically lower compensation” than HPE pays male employees performing substantially similar work. The complaint alleges various California state law claims, including California’s Equal Pay Act, Fair Employment and Housing Act, and Unfair Competition Law, and seeks certification of a California-only class of female employees employed in certain “Covered Positions.” The parties subsequently reached an agreement to resolve this class action. The terms of the settlement are reflected in Plaintiff’s Motion for Preliminary Approval of Class Action Settlement and Certification of Settlement Class, which was filed with the Court on September 26, 2022. On November 3, 2022, the Court granted Plaintiff’s motion and preliminarily approved the terms of the class settlement, which defines the settlement class as all “[w]omen actively employed in California by Defendant at any point from November 1, 2015, through the date of Preliminary Approval” who were employed in a covered job code. The settlement class excludes certain individuals, including those who previously executed an arbitration agreement with HPE or an agreement that resulted in a release or waiver of claims. On April 28, 2023, the Court granted Plaintiffs’ Motion for Final Approval of the Class Action Settlement and Certification of the Settlement Class. On February 6, 2024, the Court entered final judgment, approving the settlement and dismissing the action.

India Directorate of Revenue Intelligence Proceedings. On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued notices to Hewlett-Packard India Sales Private Ltd (“HP India”), a subsidiary of HP Inc., seven HP India employees and one former HP India employee alleging that HP India underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $370 million, plus penalties. On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related notices affirming duties and penalties against HP India and the named individuals for approximately $386 million. On April 20, 2012, the Commissioner issued an order on the spare parts-related notice affirming duties and penalties against HP India and certain of the named individuals for approximately $17 million. HP India filed appeals of the Commissioner’s orders before the Customs Tribunal. The Customs Department filed cross-appeals before the Customs Tribunal. On October 27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner's orders. The Customs Tribunal rejected HP India's request to return the matter to the Commissioner on procedural grounds. The hearings before the Customs Tribunal were subsequently delayed, have been postponed on several occasions since 2014, and have not yet been rescheduled.

ECT Proceedings. In January 2011, the postal service of Brazil, Empresa Brasileira de Correios e Telégrafos (“ECT”), notified a former subsidiary of HP Inc. in Brazil (“HP Brazil”) that it had initiated administrative proceedings to consider whether to suspend HP Brazil's right to bid and contract with ECT related to alleged improprieties in the bidding and contracting processes whereby employees of HP Brazil and employees of several other companies allegedly coordinated their bids and fixed results for three ECT contracts in 2007 and 2008. In late July 2011, ECT notified HP Brazil it had decided to

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apply the penalties against HP Brazil and suspend HP Brazil's right to bid and contract with ECT for five years, based upon the evidence before it. In August 2011, HP Brazil appealed ECT's decision. In April 2013, ECT rejected HP Brazil's appeal, and the administrative proceedings were closed with the penalties against HP Brazil remaining in place. In parallel, in September 2011, HP Brazil filed a civil action against ECT seeking to have ECT’s decision revoked. HP Brazil also requested an injunction suspending the application of the penalties until a final ruling on the merits of the case, which was denied. HP Brazil appealed the denial of its request for injunctive relief to the intermediate appellate court, which issued a preliminary ruling denying the request for injunctive relief but reducing the length of the sanctions from five to two years. HP Brazil appealed that decision and, in December 2011, obtained a ruling staying enforcement of ECT's sanctions until a final ruling on the merits of the case. HP Brazil expects a resolution of the decision on the merits to take several years.

Forsyth, et al. vs. HP Inc. and Hewlett Packard Enterprise. This purported class and collective action was filed on August 18, 2016 in the United States District Court for the Northern District of California, against HP Inc. and Hewlett Packard Enterprise (collectively, “Defendants”) alleging Defendants violated the Federal Age Discrimination in Employment Act (“ADEA”), the California Fair Employment and Housing Act, California public policy and the California Business and Professions Code by terminating older workers and replacing them with younger workers. Plaintiffs seek to certify a nationwide collective action under the ADEA comprised of individuals aged 40 years and older who had their employment terminated by an HP entity pursuant to a work force reduction (“WFR”) plan. Plaintiffs also seek to certify a class under California law consisting of all persons 40 years or older employed by Defendants in the state of California and terminated pursuant to a WFR plan on or after August 18, 2012. On April 14, 2021, Plaintiffs’ Motion for Conditional Class Certification was granted. The conditionally certified collective action consists of all individuals who had their employment terminated by Defendants pursuant to a WFR Plan on or after November 1, 2015, and who were 40 years or older at the time of such termination. The collective action excludes all individuals who signed a Waiver and General Release Agreement or an Agreement to Arbitrate Claims. The parties have reached an agreement to resolve this matter. Plaintiffs filed a Motion for Preliminary Approval of the Class Action and Collective Action Settlement on September 21, 2023. On November 3, 2023, the Court issued an order granting preliminary approval to the Class Action and Collective Action Settlement. On March 29, 2024, the Court granted Final Approval to the settlement following a Fairness Hearing on the parties’ Motion for Final Approval. Judgment has been entered by the Court and the matter is now closed.

Q3 Networking Litigation. On September 21 and September 22, 2020, Q3 Networking LLC filed complaints against HPE, Aruba Networks, Commscope and Netgear in the United States District Court for the District of Delaware and the United States International Trade Commission (“ITC”). Both complaints allege infringement of four patents, and the ITC complaint defines the “accused products” as “routers, access points, controllers, network management servers, other networking products, and hardware and software components thereof.” The ITC action was instituted on October 23, 2020. The District of Delaware action has been stayed pending resolution of the ITC action. On December 7, 2021, the Administrative Law Judge issued his initial determination finding no violation of section 337 of the Tariff Act. On May 3, 2022, the ITC issued its Notice of Final Determination, affirming the initial determination and terminating the investigation. On June 18, 2022, Q3 Networking filed a petition for review of the ITC ruling with the United States Court of Appeals for the Federal Circuit. On May 10, 2024, the United States Court of Appeals for the Federal Circuit affirmed the ITC’s ruling in favor of HPE and Aruba Networks. Q3 Networking has not sought further review of the Federal Circuit’s ruling and HPE considers the matter closed.

R2 Semiconductor Patent Litigation. In November 2022, R2 Semiconductor, Inc. (“R2”) filed a lawsuit in the Dusseldorf Regional Court in Germany against Intel Deutschland GmbH, Hewlett-Packard GmbH, and other Intel customers. R2 asserts that one European patent is infringed by certain Intel processors and the HPE products that contain those Intel processors. On February 7, 2024, the Dusseldorf Regional Court ruled in R2’s favor, issuing an injunction that, if enforced by R2, would prevent the sale in Germany of any products with infringing Intel processors, and require HPE to correspond with its direct customers in Germany requesting return of the products with infringing Intel processors. The injunction would remain in place unless the ruling is overturned on appeal, the patent is invalidated by the German Federal Patent Court, or the matter is resolved by the parties. On February 8, 2024, HPE, Intel, HP Inc., and Dell filed an appeal and request for a stay of the judgment pending appeal. On April 9, 2024 the request for a stay pending appeal was denied. On April 3, 2024, R2 filed a lawsuit in France in the first instance court in Paris (Tribunal judiciare de Paris) against Intel Corporation, Intel Corporation SAS, Intel Deutschland GmbH, HP France SAS and certain other Intel customers. In May 2024, R2 filed suit in Milan against Intel Corporation Italia S.P.A., Hewlett-Packard Italiana S.r.l., and certain other Intel customers. R2 asserts the same European patent is infringed in both the French and Italian actions. On August 30, 2024, Intel and R2 publicly announced an agreement to dismiss all litigation between the two companies that would include dismissal of all litigation against all subsidiaries of HPE in the foregoing actions. Pursuant to that agreement, the Italian lawsuit was dismissed on September 2, 2024, the German lawsuit was dismissed on September 4, 2024, and the French Lawsuit was dismissed on September 6, 2024. These matters are now

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closed.

Shared Litigation with HP Inc., DXC and Micro Focus

As part of the Separation and Distribution Agreements between Hewlett Packard Enterprise and HP Inc., Hewlett Packard Enterprise and DXC, and Hewlett Packard Enterprise and Seattle SpinCo, the parties to each agreement agreed to cooperate with each other in managing certain existing litigation related to both parties' businesses. The Separation and Distribution Agreements also included provisions that assign to the parties responsibility for managing pending and future litigation related to the general corporate matters of HP Inc. (in the case of the separation of Hewlett Packard Enterprise from HP Inc.) or of Hewlett Packard Enterprise (in the case of the separation of DXC from Hewlett Packard Enterprise and the separation of Seattle SpinCo from Hewlett Packard Enterprise), in each case arising prior to the applicable separation.

Environmental

The Company's operations and products are or may in the future become subject to various federal, state, local and foreign laws and regulations concerning the environment, including laws addressing the discharge of pollutants into the air and water; supply chain due diligence, and sustainability, environment, and emissions-related reporting; the management, movement, and disposal of hazardous substances and wastes; the clean-up of contaminated sites; product compliance and safety; the energy consumption of products, services, and operations; and the operational or financial responsibility for recycling, treatment, and disposal of those products. This includes legislation that makes producers of electrical goods, including servers and networking equipment, subject to certain repairability requirements or financially responsible for specified collection, recycling, treatment, and disposal of past and future covered products (sometimes referred to as “product take-back legislation”). The Company could incur substantial costs, its products could be restricted from entering certain jurisdictions, and it could face other sanctions, if it were to violate or become liable under environmental laws, including those related to addressing climate change and other environmental related issues, or if its products become non-compliant with such environmental laws. The Company's potential exposure includes impacts on revenue, fines and civil or criminal sanctions, third-party property damage or personal injury claims and clean-up costs. The amount and timing of costs to comply with environmental laws are difficult to predict.

In particular, the Company may become a party to, or otherwise involved in, proceedings brought by U.S. or state environmental agencies under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as “Superfund,” or other federal, state or foreign laws and regulations addressing the clean-up of contaminated sites, and may become a party to, or otherwise involved in, proceedings brought by private parties for contribution towards clean-up costs. The Company is also contractually obligated to make financial contributions to address actions related to certain environmental liabilities, both ongoing and arising in the future, pursuant to its Separation and Distribution Agreement with HP Inc.

Unconditional Purchase Obligations

As of October 31, 2024, the Company had unconditional purchase obligations of approximately $1.3 billion. These unconditional purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction, as well as settlements that the Company has reached with third parties, requiring it to pay determined amounts over a specified period of time. These unconditional purchase obligations are related principally to inventory purchases, software maintenance and support services and other items. Unconditional purchase obligations exclude agreements that are cancellable without penalty. The Company expects the commitments to total $556 million, $368 million, $278 million, $68 million, and $13 million, for fiscal years 2025, 2026, 2027, 2028, and 2029, respectively. There are no unconditional purchase obligations subsequent to fiscal year 2029.

Note 18: Guarantees and Indemnifications

Guarantees

In the ordinary course of business, the Company may issue performance guarantees to certain of its clients, customers and other parties pursuant to which the Company has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, the Company would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. The Company believes the likelihood of having to perform under a material guarantee is remote.

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Notes to Consolidated Financial Statements (Continued)

The Company has entered into service contracts with certain of its clients that are supported by financing arrangements. If a service contract is terminated as a result of the Company's non-performance under the contract or failure to comply with the terms of the financing arrangement, the Company could, under certain circumstances, be required to acquire certain assets related to the service contract. The Company believes the likelihood of having to acquire a material amount of assets under these arrangements is remote.

The maximum potential future payments under performance guarantees and financing arrangements was $298 million as of October 31, 2024.

Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which the Company may agree to indemnify a third party to such arrangement from any losses incurred relating to the services they perform on behalf of the Company or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. The Company also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the use by such vendors and customers of the Company's software products and support services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial.

General Cross-indemnifications

In connection with the Separation, Everett and Seattle Transactions, the Company entered into a Separation and Distribution Agreement with HP Inc., DXC and Micro Focus respectively, whereby the Company agreed to indemnify HP Inc., DXC and Micro Focus, each of its subsidiaries and each of their respective directors, officers and employees from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to the Company as part of the Separation, Everett and Seattle Transactions. Similarly, HP Inc., DXC and Micro Focus agreed to indemnify the Company, each of its subsidiaries and each of their respective directors, officers and employees from and against all claims and liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to HP Inc., DXC and Micro Focus as part of the Separation, Everett and Seattle Transactions.

Tax Matters Agreement with DXC/Micro Focus and Other Income Tax Matters

In connection with the Everett Transaction and the Seattle Transaction, the Company entered into a Tax Matters Agreement with DXC and Micro Focus respectively (the “DXC Tax Matters Agreement” and the “Micro Focus Tax Matters Agreement”). The DXC Tax Matters Agreement and the Micro Focus Tax Matters Agreement govern the rights and obligations of the Company and DXC/Micro Focus for certain pre-divestiture tax liabilities and tax receivables. The DXC Tax Matters Agreement and the Micro Focus Tax Matters Agreement generally provide that the Company will be responsible for pre-divestiture tax liabilities and will be entitled to pre-divestiture tax receivables that arise from adjustments made by tax authorities to the Company's and DXC's, or Micro Focus', as applicable, U.S. and certain non-U.S. tax returns. In certain jurisdictions, the Company and DXC/Micro Focus have joint and several liability for past tax liabilities and accordingly, the Company could be legally liable under applicable tax law for such liabilities and required to make additional tax payments.

In addition, if the distribution of Everett's or Seattle's common shares to Hewlett Packard Enterprise's stockholders is determined to be taxable, the Company would generally bear the tax liability, unless the taxability of the distribution is the direct result of actions taken by DXC/Micro Focus, in which case DXC/Micro Focus would be responsible for any taxes imposed on the distribution.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

As of October 31, 2024 and 2023, the Company's receivable and payable balances related to indemnified litigation matters and other contingencies, and income tax-related indemnification covered by these agreements were as follows:

			As of October 31,
			2024						2023
			In millions
Litigation Matters and Other Contingencies
Receivable			$	37					$	42
Payable			47						48
Income Tax-Related Indemnification(1)
Net indemnification receivable - long-term			35						31
Net indemnification receivable - short-term			$	—					$	11

(1)The actual amount that the Company may receive or pay could vary depending upon the outcome of certain unresolved tax matters, which may not be resolved for several years.

Note 19: Equity Interests

The Company includes investments which are accounted for using the equity method, under Investments in equity interests on the Company's Consolidated Balance Sheets.

Pursuant to the Shareholders' Agreement among the Company’s relevant subsidiaries, Unisplendour International Technology Limited (“UNIS”), and H3C dated as of May 1, 2016, as amended from time to time, and most recently on October 28, 2022, the Company delivered a notice to UNIS on December 30, 2022, to exercise its right to put to UNIS, for cash consideration, all of the H3C shares held by the Company, which represent 49% of the total issued share capital of H3C. On May 26, 2023, the Company’s relevant subsidiaries entered into a Put Share Purchase Agreement with UNIS, whereby UNIS has agreed to purchase all of the H3C shares held by the Company, through its subsidiaries. On May 24, 2024, the Company’s relevant subsidiaries entered into (i) an Amended and Restated Put Share Purchase Agreement with UNIS, whereby its relevant subsidiaries shall sell to UNIS 30% of the total issued share capital of H3C for pre-tax cash consideration of approximately $2.1 billion by August 31, 2024 (the “Sale Transaction”), and (ii) an Agreement on Subsequent Arrangements with UNIS, whereby upon closing of the Sale Transaction, the Company’s relevant subsidiary shall have a put option to sell to UNIS and UNIS shall have a call option to purchase from the Company’s relevant subsidiary 19% of the total issued share capital of H3C for pre-tax cash consideration of approximately $1.4 billion between the 16th month and until the 36th month after the Sale Transaction. The transactions referenced in clauses (i) and (ii) above, taken together, revise the arrangements governing the aforementioned sale of all of the H3C shares held by the Company, through its subsidiaries and are subject to certain grace periods and regulatory approvals. On September 4, 2024, pursuant to the Amended and Restated Put Share Purchase Agreement with UNIS (as described above), the Company received $2.1 billion of pre-tax consideration ($2.0 billion post-tax), in connection with the sale to UNIS of 30% of the total issued share capital of H3C resulting in a gain of $733 million. As of October 31, 2024, the Company's Investments in equity interests was $929 million and primarily related to a 19% equity interest in H3C. As of October 31, 2023, the Company's Investments in equity interests was $2.2 billion and primarily related to a 49% equity interest in H3C.

As of October 31, 2024, the difference between the cost of the investment and the underlying equity in the net assets of the investment is $649 million. As of October 31, 2024 and 2023, the Company determined that no impairment of its equity method investments existed.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Continued)

Earnings from equity interests

The Company recorded earnings from equity interests of $147 million, $245 million and $215 million in fiscal 2024, 2023 and 2022, respectively, in the Consolidated Statements of Earnings, the components of which are as follows:

			For the fiscal years ended October 31,
			2024						2023						2022
			In millions
Earnings from equity interests, net of taxes			$	154					$	242					$	270
Basis difference amortization			(3)						(9)						(45)
Adjustment of profit on intra-entity sales			(4)						12						(10)
Earnings from equity interests			$	147					$	245					$	215

For fiscal 2024 and 2023, the Company received a cash dividend of $43 million and $200 million, respectively, from H3C. These amounts were accounted for as a return on investment and reflected as a reduction in the carrying balance of the Company's Investments in equity interests in its Consolidated Balance Sheets.

The Company also has commercial arrangements with H3C to buy and sell HPE branded servers, storage and networking products and services. For fiscal 2024, 2023 and 2022, HPE recorded approximately $256 million, $383 million and $848 million of sales to H3C and $72 million, $125 million and $148 million of purchases from H3C, respectively. Payables due to H3C as of October 31, 2024 and 2023 were approximately $7 million and $10 million, respectively. Receivables due from H3C as of October 31, 2024 and 2023 were approximately $7 million and $12 million, respectively.

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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

ITEM 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective such that the information relating to the Company, including our consolidated subsidiaries, required to be disclosed in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to the Company's management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Management's Report on Internal Control Over Financial Reporting

See Management’s Report of Internal Control Over Financial Reporting and the Report of Independent Registered Public Accounting Firm on our internal control over financial reporting in Item 8, which are incorporated herein by reference.

Changes in Internal Control Over Financial Reporting

在我们管理层（包括我们的首席执行官和首席财务官）的监督和参与下，我们对我们最近完成的财政季度发生的财务报告内部控制（该术语的定义见交易法第13 a-15（f）条和第15 d-15（f）条）的任何变化进行了评估。根据该评估，我们的首席执行官和首席财务官得出的结论是，该季度我们对财务报告的内部控制没有发生任何对或合理可能对我们对财务报告的内部控制产生重大影响的变化。

ITEm 90亿。其他信息.

该公司于2024年12月17日向特拉华州国务卿提交了更正的指定证书，以更正之前于2024年9月12日向特拉华州国务卿提交的指定证书中的一个抄写员错误，管辖权力，7.625% C系列强制性可转换优先股的优先级和权利。新提交的更正指定证书作为附件3.8随附于此。

交易计划

在截至2024年10月31日的财政季度，我们的董事或高管均未 通过 或 终止 「规则10 b5 -1交易安排」或「非规则10 b5 -1交易安排」，这些术语在法规S-k第408项中定义。

《交易法》第13（r）条披露

2021年3月2日，美国国务卿指定俄罗斯联邦安全局为受美国2005年发布的13382号行政命令(「13382号行政命令」)条款约束的一方。同一天，美国财政部外国资产管制办公室(「OFAC」)更新了通用许可证10亿(「通用许可证1B」)，一般授权美国公司在俄罗斯联邦境内进口、分销或使用信息技术产品时，与俄罗斯联邦安全局进行某些许可、许可、认证、通知和相关交易。我们在俄罗斯的当地子公司(「HPE俄罗斯」)可能被要求作为许可机构与俄罗斯联邦安全局接触，并提交文件。恒隆银行与金融稳定委员会的任何此类交易并无直接相关的毛收入或净利润，所有此类交易均经通用许可证10亿明确授权。我们计划根据需要继续这些活动，以支持我们有序和有管理地结束我们在俄罗斯的业务。

On April 15, 2021, the U.S. Government issued an executive order on Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation (“Executive Order 14024”), implementing additional U.S. sanctions against the Russian government and against Russian actors that threaten U.S. interests, including certain technology companies that support the Russian Intelligence Service. The U.S. Secretary of the Treasury designated Pozitiv Teknolodzhiz, AO (“Positive Technologies”) under Executive Order 14024 and Executive Order 13382. HPE Russia had dealings with Positive Technologies prior to its designation. Following the sanctions designation, HPE Russia immediately initiated procedures to terminate its relationship with Positive Technologies. HPE does not plan to engage in any further

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transactions with this entity, except wind down activities that are authorized by OFAC going forward. 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. There are no identifiable gross revenues or net profits associated with HPE’s activities related to Positive Technologies for this reporting period.

For a summary of our revenue recognition policies, see “Revenue Recognition” described in Note 1, “Overview and Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of Part II.

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

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PART III

ITEM 10. Directors, Executive Officers and Corporate Governance.

The names of the executive officers of Hewlett Packard Enterprise and their ages, titles and biographies as of the date hereof are incorporated by reference from Part I, Item 1, above.

Hewlett Packard Enterprise has adopted insider trading policies and procedures applicable to our directors, officers, and employees, that we believe are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the listing standards of the New York Stock Exchange. Our insider trading policy, among other things, (i) prohibits our employees and related persons and entities from trading in securities of Hewlett Packard Enterprise and certain other companies while in possession of material, non-public information, (ii) prohibits our employees from disclosing material, non-public information of Hewlett Packard Enterprise, or another publicly traded company, to others who may trade on the basis of that information, and (iii) requires that certain designated individuals and roles of the Company only transact in Hewlett Packard Enterprise securities during an open window period, subject to limited exceptions. A copy of our insider trading policy is filed as Exhibit 19 to this Form 10-K.

The following information will be included in Hewlett Packard Enterprise's Proxy Statement related to its 2025 Annual Meeting of Stockholders to be filed within 120 days after Hewlett Packard Enterprise's fiscal year end of October 31, 2024 (the “Proxy Statement”) and is incorporated herein by reference:

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

•Information regarding Hewlett Packard Enterprise's Audit Committee and designated “audit committee financial experts” is set forth under “Our Board—Committees of the Board—Audit Committee.”

•Information regarding Hewlett Packard Enterprise's code of business conduct and ethics for directors, officers and employees, also known as the “Standards of Business Conduct,” and on Hewlett Packard Enterprise's Corporate Governance Guidelines is set forth under “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.”

ITEM 11. Executive Compensation.

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

•Information regarding Hewlett Packard Enterprise's compensation of its named executive officers is set forth under “Executive Compensation.”

•Information regarding Hewlett Packard Enterprise's compensation of its directors is set forth under “Our Board—Director Compensation and Stock Ownership Guidelines.”

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

•The report of Hewlett Packard Enterprise's HR and Compensation Committee is set forth under “Executive Compensation—HRC Committee Report on Executive Compensation.”

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

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

•Information regarding security ownership of certain beneficial owners, directors and executive officers is set forth under “Governance—Stock Ownership Information—Common Stock Ownership of Certain Beneficial Owners and Management.”

•Information regarding Hewlett Packard Enterprise's equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is set forth in the section entitled “Equity Compensation Plan Information.”

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ITEM 13. Certain Relationships and Related Transactions, and Director Independence.

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

•Information regarding transactions with related persons is set forth under “Governance—Related Persons Transactions Policies and Procedures.”

•Information regarding director independence is set forth under “Governance—Director Independence.”

ITEM 14. Principal Accounting Fees and Services.

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

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PART IV

ITEM 15. Exhibits, Financial Statement Schedules.

(a)The following documents are filed as part of this report:

1. All Financial Statements:

The following financial statements are filed as part of this report under Item 8—“Financial Statements and Supplementary Data.”

Report of Independent Registered Public Accounting Firm			68
Consolidated Statements of Earnings			72
Consolidated Statements of Comprehensive Income			73
Consolidated Balance Sheets			74
Consolidated Statements of Cash Flows			75
Consolidated Statements of Stockholders' Equity			76
Notes to Consolidated Financial Statements			78

2. Financial Statement Schedules:

All schedules are omitted as the required information is not applicable or the information is presented in the Consolidated Financial Statements and notes thereto in Item 8 above.

3. Exhibits:

A list of exhibits filed or furnished with this Annual Report on Form 10-K (or incorporated by reference to exhibits previously filed or furnished by Hewlett Packard Enterprise) is provided in the accompanying Exhibit Index. Hewlett Packard Enterprise will furnish copies of exhibits for a reasonable fee (covering the expense of furnishing copies) upon request. Stockholders may request exhibits copies by contacting:

Hewlett Packard Enterprise Company

Attn: Investor Relations

1701 E. Mossy Oaks Road

Spring, Texas 77389

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

EXHIBIT INDEX

												通过引用并入
展品 Number						展品描述						形式						文件编号						展品						申请日
2.1						惠普公司、惠普企业公司及其其他各方于2015年10月31日签订的分立和分配协议						8-K						001-37483						2.1						2015年11月5日
2.2						惠普公司与惠普企业公司签订的过渡服务协议，日期为2015年11月1日						8-K						001-37483						2.2						2015年11月5日
2.3						惠普公司和惠普企业公司签订的员工事宜协议，日期为2015年10月31日						8-K						001-37483						2.4						2015年11月5日
2.4						惠普公司和惠普企业公司签订的房地产事宜协议，日期为2015年10月31日						8-K						001-37483						2.5						2015年11月5日
2.5						惠普公司和惠普企业公司签订的主商业协议，日期为2015年11月1日						8-K						001-37483						2.6						2015年11月5日
2.6						惠普公司与惠普企业服务有限责任公司签订的信息技术服务协议，日期为2015年11月1日						8-K						001-37483						2.7						2015年11月5日
2.7						合并协议和计划，日期为2016年5月24日，由惠普企业公司、Everett SpinCo，Inc.、计算机-半导体科学公司和Everett Merge Sub，Inc.之间签署。						8-K						001-37483						2.1						2016年5月26日
2.8						分离和分销协议，日期为2016年5月24日，由惠普企业公司和Everett SpinCo，Inc.签署。						8-K						001-37483						2.2						2016年5月26日
2.9						协议和合并计划，日期为2016年9月7日，由惠普企业公司、西雅图SpinCo，Inc.、Micro Focus International plc、西雅图控股，Inc.和西雅图MergerSub，Inc.之间签署。						8-K						001-37483						2.1						2016年9月7日
2.10						分离和分销协议，日期为2016年9月7日，由惠普企业公司和西雅图SpinCo，Inc.签署。						8-K						001-37483						2.2						2016年9月7日
2.11						协议和合并计划的第一修正案，日期为2016年11月2日，由惠普企业公司、Everett SpinCo，Inc.、New Everett Merge Sub Inc.、Computer Science Corporation和Everett Merger Sub，Inc.之间进行。						8-K						001-37483						2.1						2016年11月2日
2.12						《分离和分销协议第一修正案》，日期为2016年11月2日，由惠普企业公司和Everett SpinCo，Inc.签署。						8-K						001-37483						2.2						2016年11月2日
2.13						合并协议和计划，日期为2017年3月6日，由惠普企业公司、内布拉斯加州合并子公司和Nimble Storage，Inc.之间签署。						8-K						001-37483						99.1						2017年3月7日
2.14						投标和支持协议，日期为2017年3月6日，由Hewlett Packard Enterprise Company，Nebraska Merge Sub，Inc.和附表A所列的每个人签署						8-K						001-37483						99.2						2017年3月7日
2.15						Hewlett Packard Enterprise Company、Everett SpinCo，Inc.和Computer Science Corporation之间的税务事项协议，日期为2017年3月31日						8-K						001-38033						2.2						2017年4月6日
2.16						Hewlett Packard Enterprise Company、Hewlett Packard Enterprise Development LP和Everett SpinCo，Inc.于2017年3月31日签署的IP Matters协议。						8-K						001-38033						2.3						2017年4月6日

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HEWLETt Packard企业公司和子公司

												通过引用并入
展品 Number						展品说明						形式						文件编号						展品(S)						提交日期
2.17						过渡服务协议，日期为2017年3月31日，由惠普企业公司和Everett SpinCo，Inc.签署。						8-K						001-38033						2.4						2017年4月6日
2.18						房地产事项协议，日期为2017年3月31日，由惠普企业公司和Everett SpinCo，Inc.签署。						8-K						001-38033						2.5						2017年4月6日
2.19						Hewlett Packard Enterprise Company和Everett SpinCo，Inc.于2017年3月31日签署的分离和分销协议第四修正案。						8-K						001-38033						2.6						2017年4月6日
2.20						2017年9月1日由惠普企业公司、西雅图SpinCo，Inc.和Micro Focus International plc签署的税务事项协议						8-K						001-37483						2.1						2017年9月1日
2.21						知识产权问题协议，日期为2017年9月1日，由惠普企业公司、惠普企业发展有限责任公司和西雅图SpinCo，Inc.签署。						8-K						001-37483						2.2						2017年9月1日
2.22						过渡服务协议，日期为2017年9月1日，由惠普企业公司和西雅图SpinCo，Inc.签署。						8-K						001-37483						2.3						2017年9月1日
2.23						房地产事项协议，日期为2017年9月1日，由惠普企业公司和西雅图SpinCo，Inc.签署。						8-K						001-37483						2.4						2017年9月1日
2.24						Juniper Networks，Inc.、Hewlett Packard Enterprise Company和茉莉收购子公司之间的合并协议和计划，日期为2024年1月9日(根据法规S-k第601(A)(5)项，省略了某些时间表和证据)。						8-K						001-37483						2.1						2024年1月10日
3.1						注册人修改和重新注册的公司注册证书						8-K						001-37483						3.1						2015年11月5日
3.2						注册人第二次修订和重新制定的附例于2023年9月27日生效						8-K						001-37483						3.1						2023年9月28日
3.3						惠普企业公司A系列初级参与可赎回优先股指定证书						8-K						001-37483						3.1						2017年3月20日
3.4						惠普企业公司B系列初级参与可赎回优先股指定证书						8-K						001-37483						3.2						2017年3月20日
3.5						注册人对修订后的公司注册证书的修订证书						8-K						001-37483						3.1						2024年4月12日
3.6						注册人重新签发的公司注册证书						8-K						001-37483						3.2						2024年4月12日
3.7						惠普企业公司7.625%C系列强制可转换优先股指定证书						8-K						001-37483						3.1						2024年9月13日
3.8						更正惠普企业公司7.625%C系列强制可转换优先股指定证书‡
4.1						作为受托人的惠普企业公司和纽约银行梅隆信托公司之间的契约，日期为2015年10月9日						8-K						001-37483						4.1						2015年10月13日
4.2						第五份补充契约，日期为2015年10月9日，惠普企业公司与纽约银行梅隆信托公司，NA，作为受托人，与惠普企业公司2025年到期的4.900%票据有关						8-K						001-37483						4.6						2015年10月13日
4.3						第六份补充契约，日期为2015年10月9日，惠普企业公司与纽约银行梅隆信托公司，NA，作为受托人，与惠普企业公司2035年到期的6.200%票据有关						8-K						001-37483						4.7						2015年10月13日

145

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HEWLETt Packard企业公司和子公司

												通过引用并入
展品 Number						展品说明						形式						文件编号						展品(S)						提交日期
4.4						第七份补充契约，日期为2015年10月9日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2045年到期的6.350%票据有关						8-K						001-37483						4.8						2015年10月13日
4.5						第18份补充契约，日期为2020年7月17日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2026年到期的1.750%票据有关						8-K						001-37483						4.3						2020年7月17日
4.6						第19份补充契约，日期为2023年3月21日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2024年到期的5.900%票据有关						8-K						001-37483						4.2						2023年3月21日
4.7						第20份补充契约，日期为2023年3月21日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2026年到期的6.102%票据有关						8-K						001-37483						4.3						2023年3月21日
4.8						第21份补充契约，日期为2023年6月14日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2028年到期的5.250%票据有关						8-K						001-37483						4.3						2023年6月14日
4.9						第22份补充契约，日期为2024年9月26日，由惠普企业公司和作为受托人的纽约梅隆银行信托公司签署，涉及惠普企业公司2026年到期的4.450%债券。						8-K						001-37483						4.2						2024年9月26日
4.10						第23份补充契约，日期为2024年9月26日，由惠普企业公司和作为受托人的纽约梅隆银行信托公司签署，涉及惠普企业公司2027年到期的4.400%债券。						8-K						001-37483						4.3						2024年9月26日
4.11						第24份补充契约，日期为2024年9月26日，由惠普企业公司和作为受托人的纽约梅隆银行信托公司签署，涉及惠普企业公司2029年到期的4.550%债券。						8-K						001-37483						4.4						2024年9月26日
4.12						第二十五份补充契约，日期为2024年9月26日，由惠普企业公司和作为受托人的纽约梅隆银行信托公司签署，涉及惠普企业公司2031年到期的4.850%债券。						8-K						001-37483						4.5						2024年9月26日
4.13						第26份补充契约，日期为2024年9月26日，由惠普企业公司和作为受托人的纽约梅隆银行信托公司签署，涉及惠普企业公司2034年到期的5.000%债券。						8-K						001-37483						4.6						2024年9月26日
4.14						第二十七份补充契约，日期为2024年9月26日，由惠普企业公司和纽约银行梅隆信托公司作为受托人，与惠普企业公司2054年到期的5.600%票据有关。						8-K						001-37483						4.7						2024年9月26日

146

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目录表

HEWLETt Packard企业公司和子公司

												通过引用并入
展品 Number						展品说明						形式						文件编号						展品(S)						提交日期
4.15						注册权协议，日期为2015年10月9日，由惠普企业公司、惠普公司以及票据初始购买者代表签署						8-K						001-37483						4.12						2015年10月13日
4.16						惠普企业公司与纽约银行梅隆信托公司（N.A.）之间的次级契约形式，作为受托人						S-3ASB						333-222102						4.5						2017年12月15日
4.17						形式 C系列强制可转换优先股的7.625% （包含在注册人的附件3.1中’s Form 8-k于2024年9月13日提交，通过ref注册e伦斯）						8-K						001-37483						3.1						2024年9月13日
4.18						根据1934年证券交易法第12条注册的注册人证券的描述
10.1						惠普企业公司2015年股票激励计划（2017年1月25日修订并重述）*						8-K						001-37483						10.1						2017年1月30
10.2						惠普企业公司2021年股票激励计划 *						S-8						333-255839						4.4						2021年5月6日
10.3						惠普企业公司2021年股票激励计划第1号修正案 *						S-8						333-265378						4.7						2022年6月2日
10.4						惠普企业公司2021年股票激励计划第2号修正案 *						8-K						001-37483						10.1						2023年4月6日
10.5						惠普企业公司2021年股票激励计划第3号修正案 *						8-K						001-37483						10.1						2024年4月12日
10.6						惠普企业撤资和高管控制计划的长期激励变更 *						10- 12 B/A						001-37483						10.4						2015年9月28日
10.7						惠普企业祖父高管递延薪酬计划 *						S-8						333-207679						4.4						2015年10月30日
10.8						非合格股票期权授予协议格式 *						8-K						001-37483						10.4						2015年11月5日
10.9						云技术合作伙伴公司2011年股权激励计划 *						S-8						333-221254						4.3						2017年11月1日
10.10						云技术合作伙伴公司的修改2011年股权激励计划 *						S-8						333-221254						4.4						2017年11月1日
10.11						Plexxi Inc.2011年股票计划*						S-8						333-226181						4.3						2018年7月16日
10.12						惠普企业2015年员工购股计划(2018年7月18日修订重述，自2015年10月8日起生效)						10-Q						001-37483						10.29						2018年9月4日
10.13						限制性股票单位授权书格式						10-Q						001-37483						10.30						2018年9月4日
10.14						惠普企业高管递延薪酬计划(2018年12月1日修订并重述)*						10-K						001-37483						10.27						2018年12月12日
10.15						《惠普公司治理计划第一修正案》与高管控制计划的长期激励变化						10-K						001-37483						10.29						2018年12月12日
10.16						BlueData Software Inc.2012股票激励计划*						S-8						333-229449						4.3						2019年1月31日
10.17						Cray Inc.2013股权激励计划(2019年6月11日修订和重述)*						S-8						333-234033						4.3						2019年10月1日
10.18						HP Inc.和Hewlett Packard Enterprise Company之间于2019年10月30日签署的终止和相互释放协议						10-K						001-37483						10.31						2019年12月13日
10.19						飞机分时协议，日期为2019年12月13日，惠普企业和Antonio Neri*						10-Q						001-37483						10.32						2020年3月9日
10.20						Silver Peak Systems，Inc.(FKA Cheyenne Networks，Inc.)2004年股票计划，经修订*						S-8						333-249731						4.4						2020年10月29日

147

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HEWLETt Packard企业公司和子公司

												通过引用并入
展品 Number						展品说明						形式						文件编号						展品(S)						提交日期
10.21						2021年股票激励计划-限制性股票单位授予协议形式 *						10-K						001-37483						10.30						2021年12月10日
10.22						2021年股票激励计划-财报调整限制性股票单位授予协议形式 *						10-K						001-37483						10.31						2021年12月10日
10.23						惠普企业公司、贷方方Hereto、摩根大通银行、N.A.之间签订了截至2021年12月10日的五年期信贷协议担任行政处理代理和联合行政代理，花旗银行，N.A.作为联合行政代理人						10-Q						001-37483						10.33						2022年3月3日
10.24						2021年股票激励计划-财报调整限制性股票单位授予协议形式（适用于2022年12月开始的授予）*						10-K						001-37483						10.31						2022年12月8日
10.25						2021年股票激励计划-非员工董事限制性股票单位授予协议形式（适用于2023年4月开始的授予）*						10-Q						001-37483						10.32						2023年6月2日
10.26						OpsRamp，Inc. 2014年股权激励计划 *						10-Q						001-37483						10.33						2023年6月2日
10.27						认沽H3C控股有限公司、Izar Holding Co.和紫光国际科技有限公司之间的股份购买协议，日期为2023年5月26日(根据S-k条例第601(B)(10)(Iv)项略去的部分)						10-Q						001-37483						10.34						2023年6月2日
10.28						2021年股票激励计划-限制性股票单位授予协议表格(适用于2023年12月开始的授予)*						10-K						001-37483						10.34						2023年12月22日
10.29						2021年股票激励计划-财报表格-调整后的限制性股票单位授予协议(适用于2023年12月开始的授予)*						10-K						001-37483						10.35						2023年12月22日
10.30						修订和重订H3C控股有限公司、Izar Holding Co.和紫光国际科技有限公司于2024年5月24日签订的认沽股份购买协议(某些附表、展品和根据S-k条例第601(A)(5)项和第601(B)(10)(Iv)项省略的部分)						10-Q						001-37483						10.37						2024年9月5日
10.31						H3C控股有限公司和紫光国际科技有限公司于2024年5月24日就后续安排达成的协议(某些附表、展品和根据S-k条例第601(A)(5)项和第601(B)(10)(Iv)项略去的部分)						10-Q						001-37483						10.38						2024年9月5日
10.32						修订协议，日期为2024年6月18日，修订惠普企业公司、本协议贷款方、摩根大通银行作为行政处理代理和共同行政代理，花旗银行作为共同行政代理之间于2021年12月10日签订的为期5年的信贷协议(根据S-k条例第601(A)(5)项，省略了某些附表和证据)						10-Q						001-37483						10.39						2024年9月5日
10.33						惠普企业公司、借款子公司、贷款方、作为行政处理代理和共同行政代理的北卡罗来纳州摩根大通银行和作为共同行政代理的花旗银行之间于2024年9月12日签订的为期5年的信贷协议。						8-K						001-37483						10.1						2024年9月12日
10.34						364天定期贷款信贷协议，日期为2024年9月12日，由惠普企业公司作为贷款人，摩根大通银行作为行政处理代理和共同行政代理，花旗银行作为共同行政代理。						8-K						001-37483						10.2						2024年9月12日

148

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目录表

HEWLETt Packard企业公司和子公司

通过引用并入

展品 Number

展品说明

形式

文件编号

展品(S)

提交日期

10.35

惠普企业公司（贷方方）、摩根大通银行（NA）、N.A.、惠普企业公司（Hewlett Packard Enterprise Company）签订的三年期定期贷款信贷协议，日期为2024年9月12日担任行政处理代理和联合行政代理，花旗银行，NA，作为联合行政代理人。

8-K

001-37483

10.3

2024年9月12日

19

内幕交易政策‡

21

惠普企业公司子公司收件箱

23.1

独立注册会计师事务所的同意

24

委托书（包含在签名页）

31.1

根据经修订的1934年证券交易法第13 a- 14（a）条和第15 d-14（a）条对首席执行官的认证

31.2

根据经修订的1934年证券交易法第13 a- 14（a）条和第15 d-14（a）条对首席财务官进行认证

32

根据USC 18认证首席执行官和首席财务官1350，根据2002年《萨班斯-奥克斯利法案》第906条通过。

97

惠普企业公司多德-弗兰克追回政策

10-K

001-37483

97

2023年12月22日

101.INS

内联MBE实例文档收件箱

101.SCH

内联MBE分类扩展架构文档收件箱

101.CAL

内联MBE分类扩展计算Linkbase文档收件箱

101.DEF

内联MBE分类扩展定义Linkbase文档收件箱

101.LAB

内联MBE分类扩展标签Linkbase文档收件箱

101.PRE

Inline MBE分类扩展演示Linkbase文档收件箱

104

公司截至2024年10月31日财年的10-k表格年度报告封面页，格式为Inline MBE（包含在附件101中）

* 表示管理合同或补偿计划、合同或安排

随附

†随附

登记人同意根据要求向委员会提供一份有关未在此提交的长期债务的任何文书的副本，其中授权的证券总额不超过登记人及其子公司合并后总资产的10%。

项目16.表格10-k摘要。

没有。

149

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目录表

签名

根据1934年证券交易法第13或15（d）条的要求，登记人已正式促使以下签署人代表其签署本报告，并经正式授权。

日期：

2024年12月19日

HEWLETt Packard企业公司

作者：

/s/玛丽·迈尔斯

玛丽·迈尔斯  执行副总裁兼 首席财务官 （首席财务官）

授权委托书

通过这些在场者了解所有人，下面签名的每个人都构成并任命了玛丽·迈尔斯、约翰·F。舒尔茨和大卫·安特扎克，或他们中的任何人，他或她的代理律师，以任何身份签署对本报告的任何修正案，并将其连同证据以及与此相关的其他文件提交给美国证券交易委员会，特此批准并确认所有上述代理律师或替代者，可以因此而做或导致这样做。

根据1934年《证券交易法》的要求，本报告已由以下人员代表注册人以所示的身份和日期签署。

签名

标题

日期

/s/安东尼奥·F. Neri

总裁、首席执行官兼董事 （首席执行官）

2024年12月19日

安东尼奥·F Neri

/s/玛丽·迈尔斯

执行副总裁兼 首席财务官 （首席财务官）

2024年12月19日

玛丽·迈尔斯

/s/杰里米k。Cox

高级副总裁、主计长兼首席税务官 （首席会计官）

2024年12月19日

杰里米·K。Cox

/s/帕特里夏·F. Russo

主席

2024年12月19日

帕特里夏·F Russo

/s/帕梅拉·L.卡特

董事

2024年12月19日

帕梅拉·L卡特

/s/ Regina E.杜根

董事

2024年12月19日

雷吉娜·E杜根

/s/ Frank A.达梅利奥

董事

2024年12月19日

Frank A.达梅利奥

/s/ Jean m.爱好

董事

2024年12月19日

Jean M.爱好

/s/雷蒙德·J·莱恩

董事

2024年12月19日

雷蒙德·J·莱恩

150

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目录表

/s/ Ann m.利弗莫尔

董事

2024年12月19日

Ann M.利弗莫尔

/s/贝瑟尼·J·梅耶尔

董事

2024年12月19日

贝瑟尼·J·梅耶尔

/s/查尔斯·H.诺斯基

董事

2024年12月19日

Charles H.诺斯基

/s/ Raymond E. Ozzie

董事

2024年12月19日

Raymond E. Ozzie

/s/ Gary m. Reiner

董事

2024年12月19日

加里·m。Reiner

151