{
  "researchCutoff": "2026-09-10 Asia/Singapore",
  "unit": "USD millions",
  "signConvention": "Cash-flow adjustments are signed. Explicit outflowMagnitude/inflowMagnitude fields are positive magnitudes. Balance and reported origination amounts are not signed cash flows.",
  "scope": "Selected corporate and financing-business disclosures; not standalone AI cash flows.",
  "dell": {
    "period": "FY2027 Q2",
    "periodEnd": "2026-07-31",
    "releaseDate": "2026-09-01",
    "sources": {
      "q2Release": "https://www.sec.gov/Archives/edgar/data/1571996/000157199626000039/exhibit991earnings8kq2fy27.htm",
      "q2TenQ": "https://investors.delltechnologies.com/static-files/97e1725e-5815-4c02-b56e-7917e1ac8d1c",
      "q2TenQSec": "https://www.sec.gov/Archives/edgar/data/1571996/000157199626000046/dell-20260731.htm",
      "q2PerformanceReview": "https://investors.delltechnologies.com/static-files/5d15be71-1d9a-45ec-8308-8987fb41084d",
      "q1TenQ": "https://www.sec.gov/Archives/edgar/data/1571996/000157199626000030/dell-20260501.htm",
      "q1Release": "https://investors.delltechnologies.com/news-releases/news-release-details/dell-technologies-delivers-first-quarter-fiscal-2027-financial"
    },
    "quarterCashBridge": {
      "operatingCashFlow": 2225,
      "capitalExpenditureSoftwareDevelopmentNetOutflowMagnitude": 1239,
      "companyFreeCashFlowNonGaap": 986,
      "financingReceivablesAdjustment": 6667,
      "operatingLeaseEquipmentNetAdjustment": 496,
      "companyAdjustedFreeCashFlowNonGaap": 8149,
      "source": "q2Release: non-GAAP cash-flow reconciliation",
      "note": "The capital-expenditure item is Capital expenditures and capitalized software development costs, net. Adjustment amounts are not separately available cash. The operating/embedded-lease equipment adjustment includes Dell-defined net capex and noncash depreciation effects, and is not the balance increase."
    },
    "financingReceivables": {
      "q1EndingNetBalance": 13950,
      "q2EndingNetBalance": 20430,
      "q1OperatingCashAdjustment": 263,
      "h1OperatingCashAdjustment": -6404,
      "q2OperatingCashAdjustmentDerived": -6667,
      "q2BalanceChangeDerived": 6480,
      "source": "q1TenQ and q2TenQSec operating cash-flow and balance-sheet tables; not the oppositely signed adjusted-FCF add-back derivation",
      "note": "A balance change is not the cash-flow adjustment or gross originations."
    },
    "operatingLeaseEquipment": {
      "q1EndingNetBalance": 2731,
      "q2EndingNetBalance": 3182,
      "q2BalanceChangeDerived": 451,
      "source": "Quarterly financial tables; not the 496 adjusted-FCF reconciliation item"
    },
    "q2NewFinancingOriginationsReported": 7500,
    "originationsSource": "q2PerformanceReview pp. 28-29",
    "originationsScopeNote": "Includes third-party originations; not identical to Dell-funded cash deployment and not a pure AI-server lending measure.",
    "dfsDebtAndAssets": {
      "directDfsDebtPrincipal": 9618,
      "allocatedCoreDebt": 11042,
      "totalDfsRelatedDebt": 20660,
      "ownedAssets": 23612,
      "allocationDebtToEquityRatio": "7:1",
      "note": "The 9618 row is labeled DFS debt by Dell; direct is this study's distinguishing label. Management allocation is not a separate legal instrument. Majority of the 9618 DFS debt, not all 20660 DFS-related debt, described as non-recourse."
    },
    "q2ConsolidatedDebtCashFlows": {
      "debtProceedsInflowMagnitude": 4386,
      "debtRepaymentsOutflowMagnitude": 1017,
      "note": "Consolidated cash flows, not proof of DFS funding earmarking."
    },
    "q2WorkingCapitalCashAdjustmentsDerived": {
      "accountsReceivable": 2903,
      "inventories": -6225,
      "accountsPayable": 4542,
      "deferredRevenue": 2425,
      "financingReceivables": -6667,
      "otherAssetsAndLiabilities": 265,
      "note": "Quarterly differences of reported YTD cash-flow adjustments; deferred revenue is not gross advance receipts."
    }
  },
  "hpe": {
    "period": "FY2026 Q3",
    "periodEnd": "2026-07-31",
    "releaseDate": "2026-09-02",
    "sources": {
      "q3Release": "https://www.hpe.com/us/en/newsroom/press-release/2026/09/hpe-reports-fiscal-2026-third-quarter-results.html",
      "q3ReleaseTables": "https://investors.hpe.com/~/media/Files/H/HP-Enterprise-IR/documents/q3-2026/q3-2026-earnings-press-release.pdf",
      "q3TenQ": "https://www.sec.gov/Archives/edgar/data/1645590/000164559026000080/hpe-20260731.htm",
      "q2TenQ": "https://www.sec.gov/Archives/edgar/data/1645590/000164559026000055/hpe-20260430.htm",
      "q2Presentation": "https://investors.hpe.com/~/media/Files/H/HP-Enterprise-IR/documents/q2-2026/q2-2026-earnings-presentation.pdf"
    },
    "quarterCashBridge": {
      "operatingCashFlow": 1641,
      "propertyEquipmentAndSoftwareCashPurchasesOutflowMagnitude": 745,
      "propertyEquipmentDisposalProceeds": 92,
      "currencyAdjustment": -30,
      "companyFreeCashFlowNonGaap": 958,
      "source": "q3ReleaseTables: cash-flow and FCF reconciliation tables",
      "note": "CFO minus gross cash purchases equals 896, not HPE's company-defined FCF. HPE PP&E includes equipment held for lease; the 745 consolidated investment line is not split into operating-company and leased-equipment investment and is not AI-only."
    },
    "quarterRevenue": 12213,
    "financialServicesRevenue": 883,
    "endingNetFinancingReceivables": 9701,
    "financingReceivablesCashAdjustments": {
      "nineMonths": -224,
      "sixMonths": 282,
      "thirdQuarterDerived": -506,
      "note": "Net operating-cash-flow adjustment, not gross originations."
    },
    "scopeNote": "Financial Services is within Cloud & AI in FY2026. Neither that segment nor the financing portfolio is exclusively AI. Financing-receivable balance is not total net portfolio assets or originations."
  }
}