Item 1A. Risk Factors.

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal period ended October 31, 2022, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock, including an additional risk which has been included as follows:

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, have affected, and could adversely affect, our business, financial condition and results of operations.

On March 10, March 12, and May 1, 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control and was appointed receiver of Silicon Valley Bank, Signature Bank, and First Republic Bank, respectively, after each bank was unable to continue its operations. Uncertainty and liquidity concerns in the broader financial services industry remain. More generally, these events have resulted in market disruption and volatility and could lead to greater instability in the credit and financial markets and a deterioration in confidence in economic conditions. The future effect of these events on the financial services industry and the broader economy are unknown and difficult to predict, but could include failures of other financial institutions to which we, our distributors, our suppliers, or our customers face direct or more significant exposure, as well as other risks not yet identified. Although we have not experienced an adverse impact on our liquidity as a result of these bank failures, we have experienced impacts to our business and result of operations. Any of the above effects could have adverse impacts on our liquidity, and could continue to adversely impact our current and/or projected business operations and financial condition and our results of operations.

We maintain cash deposits in domestic FDIC insured banks that exceed the $250,000 U.S. dollar FDIC insurance limit and in foreign banks where we operate, some of which are not insured or are only partially insured. Consequently, if the financial institutions with which we do business enter receivership or become insolvent in the future, there is no guarantee that such government entities will intercede to provide us and other depositors with access to balances in excess of the FDIC insurance limit, that we would be able to access our existing cash, cash equivalents and investments, that we would be able to maintain any required letters of credit or other credit support arrangements, or that we would be able to adequately fund our business for a prolonged period of time, any of which could have an adverse effect on our current and/or projected business operations, liquidity, and financial performance. In addition, if any parties with which we conduct business are unable to access funds pursuant to such instruments or lending arrangements with such a financial institution (due to a deterioration in credit

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markets or otherwise), such parties’ ability to continue to fund their business and perform their obligations to us could be adversely affected, which, in turn, could have an adverse effect on our business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Recent Sales of Unregistered Securities

There were no unregistered sales of equity securities during the period covered by this report.

Issuer Purchases of Equity Securities

As of April 30, 2023, the Company had a remaining authorization of $1.2 billion for future share repurchases.