Hewlett Packard Enterprise Co 8-K/A, filed Sep 5, 2025

Hewlett Packard Enterprise Co (HPE)

8-K/A 2025-09-05 For: 2025-07-02

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Added on April 08, 2026

About this 8-K/A

Hewlett Packard Enterprise Co filed this 8-K/A on September 5, 2025, reporting on events of July 2, 2025.

Items reported

Item 9.01: Financial statements and exhibits

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Delaware	001-37483	47-3298624
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1701 East Mossy Oaks Road , Spring , TX		77389
(Address of principal executive offices)		(Zip code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	HPE	NYSE
7.625% Series C Mandatory Convertible Preferred Stock, par value $0.01 per share	HPEPrC	NYSE

Exhibit No.		Exhibit Description
23.1		Consent of Ernst & Young, LLP, independent registered public accounting firm (with respect to Juniper).

99.1		Audited consolidated financial statements of Juniper as of December 31, 2024 and 2023, and for each of the three fiscal years in the period ended December 31, 2024, and the notes related thereto and the Report of Independent Registered Public Accounting Firm thereon (incorporated by reference to pages 63 through 112 of Juniper’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (SEC File No. 001-34501), filed with the SEC on February 21, 2025).

99.2		Interim unaudited condensed consolidated financial statements of Juniper as of June 30, 2025 and for the three and six months ended June 30, 2025 and June 30, 2024, and the notes related thereto.

99.3		Unaudited pro forma condensed combined statements of operations of HPE for the fiscal year ended October 31, 2024 and nine months ended July 31, 2025.

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

	HEWLETT PACKARD ENTERPRISE COMPANY

DATE: September 5, 2025	By:	/s/ David Antczak
	Name:	David Antczak
	Title:	Senior Vice President, General Counsel and Corporate Secretary

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
Net revenues:
Product	$	892.5	$	681.2	$	1,647.5		$	1,333.1
Service		541.0		508.4		1,066.2			1,005.4
Total net revenues		1,433.5		1,189.6		2,713.7			2,338.5
Cost of revenues:
Product		493.2		356.2		873.5			680.1
Service		148.6		144.9		293.8			289.0
Total cost of revenues		641.8		501.1		1,167.3			969.1
Gross margin		791.7		688.5		1,546.4			1,369.4
Operating expenses:
Research and development		286.6		274.6		569.7			571.2
Sales and marketing		298.5		297.4		600.3			602.8
General and administrative		63.2		60.8		123.4			121.5
Restructuring charges		17.0		1.6		27.7			5.7
Merger-related charges ⁽¹⁾		47.9		9.1		57.4			37.4
Total operating expenses		713.2		643.5		1,378.5			1,338.6
Operating income		78.5		45.0		167.9			30.8
Gain (loss) on privately-held investments, net		0.5		0.7		(2.8	)		(13.6	)
Other income, net		5.8		1.3		1.5			3.4
Income before income taxes and loss from equity method investment		84.8		47.0		166.6			20.6
Income tax provision (benefit)		14.3		10.8		32.0			(16.9	)
Loss from equity method investment, net of tax		—		2.1		—			4.2
Net income	$	70.5	$	34.1	$	134.6		$	33.3

Net income per share:
Basic	$	0.21	$	0.10	$	0.40		$	0.10
Diluted	$	0.21	$	0.10	$	0.40		$	0.10
Weighted-average shares used to compute net income per share:
Basic		334.5		325.1		333.9			323.8
Diluted		340.3		332.7		339.7			332.1

	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,196.7		$	1,224.3
Short-term investments		356.2			160.3
Accounts receivable, net of allowances		941.5			1,163.3
Inventory		764.8			830.1
Prepaid expenses and other current assets		460.1			467.6
Total current assets		3,719.3			3,845.6
Property and equipment, net		668.6			680.2
Operating lease assets		280.5			160.2
Long-term investments		445.9			385.4
Purchased intangible assets, net		21.7			42.6
Goodwill		3,734.4			3,734.3
Other long-term assets		1,260.3			1,159.7
Total assets	$	10,130.7		$	10,008.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	238.5		$	256.5
Accrued compensation		297.9			357.8
Deferred revenue		1,224.7			1,228.4
Short-term portion of long-term debt		399.7			399.4
Other accrued liabilities		252.0			399.9
Total current liabilities		2,412.8			2,642.0
Long-term debt		1,237.7			1,215.7
Long-term deferred revenue		1,086.0			1,013.6
Long-term income taxes payable		88.7			83.5
Long-term operating lease liabilities		266.0			135.5
Other long-term liabilities		127.7			133.5
Total liabilities		5,218.9			5,223.8
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding		—			—
Common stock, $0.00001 par value; 1,000.0 shares authorized; 334.7 shares and 332.6 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		—			—
Additional paid-in capital		6,771.7			6,810.2
Accumulated other comprehensive income		37.4			(5.6	)
Accumulated deficit		(1,897.3	)		(2,020.4	)
Total stockholders' equity		4,911.8			4,784.2
Total liabilities and stockholders' equity	$	10,130.7		$	10,008.0

	Three Months Ended June 30, 2025
			Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income		Accumulated Deficit			Total Stockholders' Equity
	Shares		Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income		Accumulated Deficit			Total Stockholders' Equity
Balance at March 31, 2025		334.3	$	6,791.0		$	5.9	$	(1,967.8	)	$	4,829.1
Net income		—		—			—		70.5			70.5
Other comprehensive income, net		—		—			31.5		—			31.5
Issuance of common stock		0.4		0.1			—		—			0.1
Share-based compensation expense		—		54.2			—		—			54.2
Payments of cash dividends ($0.22 per share of common stock)		—		(73.6	)		—		—			(73.6	)
Balance at June 30, 2025		334.7	$	6,771.7		$	37.4	$	(1,897.3	)	$	4,911.8

	Three Months Ended June 30, 2024
			Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders' Equity
	Shares		Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders' Equity
Balance at March 31, 2024		324.9	$	6,776.1		$	12.1		$	(2,307.0	)	$	4,481.2
Net income		—		—			—			34.1			34.1
Other comprehensive loss, net		—		—			(3.1	)		—			(3.1	)
Issuance of common stock		0.4		—			—			—			—
Share-based compensation expense		—		61.3			—			—			61.3
Payments of cash dividends ($0.22 per share of common stock)		—		(71.5	)		—			—			(71.5	)
Balance at June 30, 2024		325.3	$	6,765.9		$	9.0		$	(2,272.9	)	$	4,502.0

	Six Months Ended June 30, 2025
				Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders' Equity
	Shares			Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders' Equity
Balance at December 31, 2024		332.6		$	6,810.2		$	(5.6	)	$	(2,020.4	)	$	4,784.2
Net income		—			—			—			134.6			134.6
Other comprehensive income, net		—			—			43.0			—			43.0
Issuance of common stock		2.6			0.2			—			—			0.2
Shares withheld for tax withholding on vesting of restricted stock and other		(0.5	)		(5.5	)		—			(11.5	)		(17.0	)
Share-based compensation expense		—			113.8			—			—			113.8
Payments of cash dividends ($0.44 per share of common stock)		—			(147.0	)		—			—			(147.0	)
Balance at June 30, 2025		334.7		$	6,771.7		$	37.4		$	(1,897.3	)	$	4,911.8

	Six Months Ended June 30, 2024
				Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders' Equity
	Shares			Common Stock and Additional Paid-in Capital			Accumulated Other Comprehensive Income			Accumulated Deficit			Total Stockholders' Equity
Balance at December 31, 2023		320.3		$	6,740.0		$	49.1		$	(2,296.4	)	$	4,492.7
Net income		—			—			—			33.3			33.3
Other comprehensive loss, net		—			—			(40.1	)		—			(40.1	)
Issuance of common stock		5.4			32.1			—			—			32.1
Shares withheld for tax withholding on vesting of restricted stock and other		(0.4	)		(4.8	)		—			(9.8	)		(14.6	)
Share-based compensation expense		—			141.5			—			—			141.5
Payments of cash dividends ($0.44 per share of common stock)		—			(142.9	)		—			—			(142.9	)
Balance at June 30, 2024		325.3		$	6,765.9		$	9.0		$	(2,272.9	)	$	4,502.0

	As of June 30, 2025									As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses			Estimated Fair Value
Fixed income securities:
Asset-backed and mortgage-backed securities	$	140.3	$	0.5	$	(0.2	)	$	140.6	$	106.6	$	0.4	$	(0.5	)	$	106.5
Corporate debt securities		370.9		1.3		(0.1	)		372.1		308.8		0.9		(0.3	)		309.4
Certificates of deposit		20.1		—		—			20.1		6.8		—		—			6.8
Commercial paper		91.6		—		—			91.6		77.2		—		—			77.2
Time deposits		140.1		—		—			140.1		202.2		—		—			202.2
U.S. government agency securities		47.1		—		—			47.1		6.0		—		—			6.0
U.S. government securities		159.5		0.3		—			159.8		99.2		0.1		—			99.3
Total fixed income securities		969.6		2.1		(0.3	)		971.4		806.8		1.4		(0.8	)		807.4
Privately-held debt and redeemable preferred stock securities		46.9		—		(15.4	)		31.5		45.8		—		(15.4	)		30.4
Total available-for-sale debt securities	$	1,016.5	$	2.1	$	(15.7	)	$	1,002.9	$	852.6	$	1.4	$	(16.2	)	$	837.8

Reported as:
Cash equivalents	$	178.8	$	—	$	—		$	178.8	$	273.9	$	—	$	—		$	273.9
Short-term investments		346.5		0.3		—			346.8		147.9		0.2		—			148.1
Long-term investments		444.3		1.8		(0.3	)		445.8		385.0		1.2		(0.8	)		385.4
Other long-term assets		46.9		—		(15.4	)		31.5		45.8		—		(15.4	)		30.4
Total	$	1,016.5	$	2.1	$	(15.7	)	$	1,002.9	$	852.6	$	1.4	$	(16.2	)	$	837.8

	Amortized Cost		Estimated Fair Value
Due in less than one year	$	525.3	$	525.6
Due between one and five years		444.3		445.8
Total	$	969.6	$	971.4

	As of
	June 30, 2025		December 31, 2024
Equity investments with readily determinable fair value:
Money market funds	$	501.9	$	562.6
Mutual funds		54.4		49.1
Publicly-traded equity securities		9.5		12.2
Equity investments without readily determinable fair value		53.0		53.8
Total equity securities	$	618.8	$	677.7

Reported as:
Cash equivalents	$	501.9	$	562.6
Short-term investments		9.5		12.2
Prepaid expenses and other current assets		4.7		3.5
Other long-term assets		102.7		99.4
Total	$	618.8	$	677.7

	Fair Value Measurements at June 30, 2025										Fair Value Measurements at December 31, 2024
	Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total			Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities	$	—	$	140.6		$	—	$	140.6		$	—	$	106.5		$	—	$	106.5
Certificates of deposit		—		20.1			—		20.1			—		6.8			—		6.8
Corporate debt securities		—		372.1			—		372.1			—		309.4			—		309.4
Commercial paper		—		91.6			—		91.6			—		77.2			—		77.2
Time deposits		—		140.1			—		140.1			—		202.2			—		202.2
U.S. government agency securities		—		47.1			—		47.1			—		6.0			—		6.0
U.S. government securities		106.2		53.6			—		159.8			58.4		40.9			—		99.3
Privately-held debt and redeemable preferred stock securities		—		—			31.5		31.5			—		—			30.4		30.4
Total available-for-sale debt securities		106.2		865.2			31.5		1,002.9			58.4		749.0			30.4		837.8
Equity securities:
Money market funds		501.9		—			—		501.9			562.6		—			—		562.6
Mutual funds		54.4		—			—		54.4			49.1		—			—		49.1
Publicly-traded equity securities		9.5		—			—		9.5			12.2		—			—		12.2
Total equity securities		565.8		—			—		565.8			623.9		—			—		623.9
Derivative assets:
Foreign exchange contracts		—		22.2			—		22.2			—		1.1			—		1.1
Total derivative assets		—		22.2			—		22.2			—		1.1			—		1.1
Total assets measured at fair value on a recurring basis	$	672.0	$	887.4		$	31.5	$	1,590.9		$	682.3	$	750.1		$	30.4	$	1,462.8
Liabilities:
Derivative liabilities:
Foreign exchange contracts	$	—	$	(2.1	)	$	—	$	(2.1	)	$	—	$	(12.0	)	$	—	$	(12.0	)
Interest rate contracts		—		(55.6	)		—		(55.6	)		—		(77.0	)		—		(77.0	)
Total derivative liabilities		—		(57.7	)		—		(57.7	)		—		(89.0	)		—		(89.0	)
Total liabilities measured at fair value on a recurring basis	$	—	$	(57.7	)	$	—	$	(57.7	)	$	—	$	(89.0	)	$	—	$	(89.0	)

	As of
	June 30, 2025		December 31, 2024
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	756.7	$	402.6
Fair value hedges:
Interest rate swap contracts		600.0		600.0
Total designated derivatives		1,356.7		1,002.6

Non-designated derivatives		226.4		211.2
Total	$	1,583.1	$	1,213.8

	Revenue Recognition Expected by Period
	Total		Less than 1 year		1-3 years		More than 3 years
Product	$	54.4	$	40.6	$	11.9	$	1.9
Service		2,346.2		1,268.4		824.3		253.5
Total	$	2,400.6	$	1,309.0	$	836.2	$	255.4

	Employee severance
Liability as of December 31, 2024	$	3.9
Charges		27.7
Cash payments		(15.0	)
Non-cash items		0.3
Liability as of June 30, 2025	$	16.9

					As of
	Maturity Date	Effective Interest Rates			June 30, 2025			December 31, 2024
Senior Notes:
1.200% fixed-rate notes	December 2025		1.37	%	$	400.0		$	400.0
3.750% fixed-rate notes	August 2029		3.86	%		500.0			500.0
2.000% fixed-rate notes	December 2030		2.12	%		400.0			400.0
5.950% fixed-rate notes	March 2041		6.03	%		400.0			400.0
Total Notes						1,700.0			1,700.0
Unaccreted discount and debt issuance costs						(7.0	)		(7.9	)
Hedge accounting fair value adjustments^(*)						(55.6	)		(77.0	)
Total					$	1,637.4		$	1,615.1

		As of
	Balance Sheet Classification	June 30, 2025		December 31, 2024
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges	Other current assets	$	15.7	$	1.0
Foreign currency contracts as cash flow hedges	Other long-term assets		6.4		—
Total derivatives designated as hedging instruments		$	22.1	$	1.0
Derivatives not designated as hedging instruments	Other current assets		0.1		0.1
Total derivative assets		$	22.2	$	1.1
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	1.6	$	11.8
Foreign currency contracts	Other long-term liabilities		0.3		—
Interest rate swap contracts	Other long-term liabilities		55.6		77.0
Total derivatives designated as hedging instruments		$	57.5	$	88.8
Derivatives not designated as hedging instruments	Other accrued liabilities		0.2		0.2
Total derivative liabilities		$	57.7	$	89.0

Balance as of December 31, 2024	$	30.8
Provisions made during the period		22.6
Actual costs incurred during the period		(16.0	)
Balance as of June 30, 2025	$	37.4

	Unrealized Gains/Losses on Available-for- Sale Debt Securities			Unrealized Gains/Losses on Cash Flow Hedges		Foreign Currency Translation Adjustments			Total
Balance as of December 31, 2024	$	1.1		$	92.5	$	(99.2	)	$	(5.6	)
Other comprehensive income, net before reclassifications		1.2			27.8		11.5			40.5
Amount reclassified from accumulated other comprehensive income		(0.4	)		2.9		—			2.5
Other comprehensive income, net		0.8			30.7		11.5			43.0
Balance as of June 30, 2025	$	1.9		$	123.2	$	(87.7	)	$	37.4

	Outstanding RSUs, RSAs, and PSAs
	Number of Shares			Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Balance as of December 31, 2024		19.0		$	32.53
Granted^(*)		2.1			34.17
Vested		(2.5	)		31.97
Cancelled		(1.6	)		34.52
Balance as of June 30, 2025		17.0		$	32.62	1.0	$ 678.8

	HPE Historical (Fiscal Year Ended October 31, 2024)			Juniper Historical (Fiscal Year Ended December 31, 2024), As Adjusted (Note 2)			Transaction Accounting Adjustments – Merger (Note 3)			Notes	Transaction Accounting Adjustments – Debt Financing (Note 4)			Notes			Pro Forma Combined
Net Revenue:
Products	$	18,587		$	3,020		$	-				-					$	21,607
Services		10,872			2,054			-										12,926
Financing income		668			-			-				-						668
Total net revenue		30,127			5,074			-				-						35,201
Costs and Expenses:
Cost of products		12,961			1,530			225		4(a) 4(b) 4(f)		-						14,716
Cost of services		6,793			615			9		4(b) 4(f)		-						7,417
Financing cost		495			-			-				-						495
Research and development		2,246			1,099			101		4(b) 4(f)		-						3,446
Selling, general and administrative		4,871			1,418			108		4(b) 4(f) 4(g)		-						6,397
Amortization of intangible assets		267			49			956		4(c)		-						1,272
Transformation costs		93			10			-				-						103
Disaster charges		7			-			-				-						7
Acquisition, disposition, and other charges		204			62			-				-						266
Total costs and expenses		27,937			4,783			1,399				-						34,119
Earnings from operations		2,190			291			(1,399	)			-						1,082
Interest and other, net		(117	)		7			(17	)	4(d)		(521	)		5(a	)		(648	)
Gain from sale of equity interests		733			-			-				-						733
Earnings (Loss) from equity interests		147			(10	)		-				-						137
Earnings before provision for taxes		2,953			288			(1,416	)			(521	)					1,304
Provision for taxes		(374	)		(1	)		194		4(h)		114			4(h	)		(67	)
Net earnings after taxes		2,579			287			(1,222	)			(407	)					1,237
Dividends on mandatory convertible preferred Stock		(25	)		-			-				(89	)		5(b	)		(114	)
Net earnings available to common shareholders	$	2,554		$	287		$	(1,222	)		$	(496	)				$	1,123
Net Earnings Per Share:
Basic	$	1.95															$	0.86
Diluted	$	1.93															$	0.82

Weighted-average Shares Used to Compute Net Earnings Per Share:
Basic		1,309																1,309
Diluted		1,337																1,373

	HPE Historical (Nine Months Ended July 31, 2025)			Juniper Historical (Eight Months Ended June 30, 2025), As Adjusted (Note 2)			Transaction Accounting Adjustments - Merger (Note 3)			Notes	Transaction Accounting Adjustments - Debt Financing (Note 4)			Notes			Pro Forma Combined
Net Revenue:
Products	$	15,787		$	2,360		$	-			$	-					$	18,147
Services		8,262			1,430			-				-						9,692
Financing income		568			-			-				-						568
Total net revenue		24,617			3,790			-				-						28,407
Costs and Expenses:
Cost of products		11,903			1,228			(70	)	4(a) 4(b) 4(f)		-						13,061
Cost of services		5,201			413			(20	)	4(b) 4(f)		-						5,594
Financing cost		377			-			-				-						377
Research and development		1,637			739			(73	)	4(b) 4(f)		-						2,303
Selling, general and administrative		4,062			953			(75	)	4(b) 4(f) 4(g)		-						4,940
Amortization of intangible assets		201			29			637		4(c)		-						867
Impairment of goodwill		1,361			-			-				-						1,361
Transformation costs		2			27			-				-						29
Acquisition, disposition, and other related charges		302			68			-				-						370
Total costs and expenses		25,046			3,457			399				-						28,902
(Loss) Earnings from operations		(429	)		333			(399	)			-						(495	)
Interest and other, net		331			8			(7	)	4(d)		(100	)		5(a	)		232
Earnings (Loss) from equity interests		74			(3	)		-										71
Earnings (Loss) before provision for taxes		(24	)		338			(406	)			(100	)					(192	)
Provision for taxes		(94	)		(46	)		38		4(h)		23			4(h	)		(79	)
Net earnings (loss) after taxes		(118	)		292			(368	)			(77	)					(271	)
Dividends on mandatory convertible preferred stock		(87	)		-			-				-			5(b	)		(87	)
Net (loss) earnings available to common shareholders	$	(205	)	$	292		$	(368	)		$	(77	)				$	(358	)
Net Loss Per Share:
Basic	$	(0.16	)														$	(0.27	)
Diluted	$	(0.16	)														$	(0.27	)

Weighted-average Shares Used to Compute Net Loss Per Share:
Basic		1,321																1,321
Diluted		1,321																1,321

	Juniper Historical			Reclassification Adjustments			Notes	Juniper Historical, As Adjusted
Net Revenue:
Products	$	3,020		$	-			$	3,020
Services		2,054			-				2,054
Total net revenue		5,074			-				5,074
Costs and Expenses:
Cost of products		1,510			20		2(c) 2(h)		1,530
Cost of services		583			32		2(h)		615
Total cost of revenues		2,093			52				2,145
Gross margin		2,981			(52	)			2,929
Operating expenses:
Research and development		1,151			(52	)	2(h)		1,099
Selling, general and administrative		-			1,418		2(a) 2(h)		1,418
Sales and marketing		1,221			(1,221	)	2(a) 2(c)		-
General and administrative		246			(246	)	2(a) 2(c)		-
Restructuring charges		10			(10	)	2(b)		-
Merger-related charges		62			(62	)	2(g)		-
Amortization of intangible assets		-			49		2(c)		49
Transformation costs		-			10		2(b)		10
Acquisition, disposition and other charges		-			62		2(g)		62
Total operating expenses		2,690			(52	)			2,638
Operating income		291			-				291
Gain on privately-held investments, net		1			(1	)	2(d)		-
Other income, net		6			(6	)	2(e)		-
Earnings from operations		298			(7	)			291
Interest and other, net		-			7		2(d) 2(e)		7
Loss from equity interests		-			(10	)	2(f)		(10	)
Earnings before provision for taxes		298			(10	)			288
Provision for taxes		(1	)		-				(1	)
Loss from equity method investment, net of tax		(10	)		10		2(f)		-
Net earnings	$	287		$	-			$	287

	Juniper Historical (Eight Months Ended June 30, 2025)¹			Reclassification Adjustments			Notes	Juniper Historical, As Adjusted
Net Revenue:
Products	$	2,360		$	-			$	2,360
Services		1,430			-				1,430
Total net revenue		3,790			-				3,790
Costs and Expenses:
Cost of products		1,208			20		2(c) 2(h)		1,228
Cost of services		394			19		2(h)		413
Total cost of revenues		1,602			39				1,641
Gross margin		2,188			(39	)			2,149
Operating expenses:
Research and development		776			(37	)	2(h)		739
Selling, general and administrative		-			953		2(a) 2(h)		953
Sales and marketing		820			(820	)	2(a) 2(c)		-
General and administrative		164			(164	)	2(a) 2(c)		-
Restructuring charges		27			(27	)	2(b)		-
Amortization of intangible assets		-			29		2(c)		29
Transformation costs		-			27		2(b)		27
Acquisition, disposition, and other charges		-			68		2(g)		68
Merger-related charges		68			(68	)	2(g)		-
Total operating expenses		1,855			(39	)			1,816
Operating income		333			-				333
Gain on privately-held investments, net		7			(7	)	2(d)		-
Other income, net		1			(1	)	2(e)		-
Earnings from operations		341			(8	)			333
Interest and other, net		-			8		2(d) 2(e)		8
Loss from equity interests		-			(3	)	2(f)		(3	)
Earnings before provision for taxes		341			(3	)			338
Provision for taxes		(46	)		-				(46	)
Loss from equity method investment, net of tax		(3	)		3		2(f)		-
Net earnings	$	292		$	-			$	292

2(a)	Represents the combination and reclassification of Juniper’s “Sales and marketing” and “General and administrative” amounts to “Selling, general and administrative” to conform to HPE’s historical presentation.
2(b)	Represents the reclassification of Juniper’s “Restructuring charges” amounts to “Transformation costs” to conform to HPE’s historical presentation.
2(c)	Represents the reclassification of Juniper's amortization of intangible assets, included within their "Cost of Products", "Sales and marketing" and “General and administrative” to "Amortization of intangible assets" to conform to HPE's historical presentation.
2(d)	Represents the reclassification of Juniper’s “Gain on privately-held investments, net” amounts to “Interest and other, net” to conform to HPE’s historical presentation.
2(e)	Represents the reclassification of Juniper’s “Other income, net” amounts to “Interest and other, net” to conform to HPE’s historical presentation.
2(f)	Represents the reclassification of Juniper’s "Loss from equity method investment, net of tax" amounts to "Earnings (Loss) from equity interests" to conform to HPE's historical presentation.
2(g)	Represents the reclassification of Juniper's "Merger-related charges" amounts to "Acquisition, disposition and other charges" to conform to HPE's historical presentation.
2(h)	Reclassification of Juniper's depreciation expense from within "Research and Development" and "Selling, General and Administrative" to "Cost of Products", "Costs of Services", "Selling, General and Administrative" and "Research and Development" to conform with the HPE's historical presentation.

Preliminary Purchase Consideration Paid to Juniper Shareholders (in millions except per share amounts)	Amount
Common stock outstanding		335
Per share cash purchase price	$	40
Cash paid to Juniper’s shareholders		13,386

Add: Pre-combination portion of replacement awards (refer Note 4(f))		239
Total consideration	$	13,625

Preliminary Purchase Price Allocation (in millions)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	1,098
Inventory		1,060
Other current assets		1,827
Goodwill		7,042
Intangible assets, net		6,211
Long term financing receivables and other assets		1,786
Total assets acquired	$	19,024

Other accrued liabilities		2,592
Long-term debt		1,232
Other non-current liabilities		1,575
Total liabilities assumed	$	5,399
Estimated Purchase consideration	$	13,625

Inventory Step-up (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Fair value of inventory	$	-		$	1,060
Less: Inventories book value		-			(824	)
Less: PPA adjustments reflected in HPE's historical		(52	)		-
Pro forma adjustment	$	(52	)	$	236

Depreciation Expense- Property, Plant and Equipment (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Pro forma depreciation expense	$	60		$	80
Less: Juniper depreciation expense, as reported		(82	)		(111	)
Less: PPA adjustments reflected in HPE's historical		(1	)		-
Pro forma adjustment	$	(23	)	$	(31	)

Depreciation expense adjustment (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Cost of products	$	(13	)	$	(17	)
Cost of services		(6	)		(9	)
Research and development		(1	)		(1	)
Selling, general and administrative		(3	)		(4	)
Pro forma adjustment	$	(23	)	$	(31	)

	Useful Life (in Years)		Fair Value (in millions)
Customer contracts, customer lists and distribution agreements		8	$	3,031
Developed and core technology and patents		5		2,915
Trade name and trademarks		6		265
Total intangible assets, net			$	6,211

Amortization Expense – Intangible Assets, net (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Total pro forma intangible assets amortization	$	754		$	1,005
Less: Juniper amortization expense, as reported		(29	)		(49	)
Less: PPA adjustments reflected in HPE's historical		(88	)		-
Pro forma adjustment	$	637		$	956

Amortization Expense – Juniper’s Senior Notes (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Total pro forma amortization of discount	$	10		$	19
Less: Juniper debt discount amortization expense, as reported		(1	)		(2	)
Less: PPA adjustments reflected in HPE's historical		(2	)		-
Pro forma adjustment	$	7		$	17

	Amount
Purchase consideration per share	$	40.00
HPE average stock price (average of 10 days prior to July 2, 2025)	$	18.66
Exchange Ratio		2.14

(in millions)	As of July 2, 2025
RSU and PSUs outstanding		20.8
Stock options outstanding		0.4
Number of Juniper equity awards		21.2

Number of replacement HPE awards issued		45.5

Fair value of replacement awards to be allocated between pre- and post-combination periods	$	927

Stock Based Compensation Expense/ (Income) (in millions)	For the Nine Months Ended July 31, 2025			For the Year Ended October 31, 2024
Post-combination stock-based compensation expense	$	111		$	521
Less: Historical compensation expense		(193	)		(291	)
Less: PPA adjustments reflected in HPE's historical		(87	)		-
Pro forma adjustment	$	(169	)	$	230