What changed in this filing

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Item 1A. Risk Factors

2022-10-06 compared with 2022-07-07 · 31 added, 2 removed, 2 unchanged (94% of the section changed)

We operate in a rapidly changing environment that involves certain risks and uncertainties, some of which are beyond our control.

In addition to the information provided in this report, please refer to Part I, Item 1A.

Risk Factors in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021 and Part II, Item 1A:

In addition to the information provided in this report, please refer to Part II, Item 1A:

Risk Factors in our Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2022 for a more complete discussion regarding certain factors that could materially affect our business, financial condition or future results.

Our realignment initiatives may disrupt our operations and we may not achieve the expected benefits from our efforts.

As described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 above, we are working to realign our go-to-market, product, and operational teams, as well as the increased centralization of additional shared services and functions across our company.

Such realignment initiatives may be complex and could result in significant costs and expenses, which could negatively impact our reputation, financial condition, operating results and shareholder value.

There can be no assurance that we can accomplish or implement all of the desired initiatives, or that the activities under those initiatives will result in the desired synergies or efficiencies.

Furthermore, management has dedicated, and will continue to dedicate, significant time and effort to implementing such realignment initiatives.

These efforts may divert management’s focus and resources from our core business, other corporate initiatives, or strategic opportunities.

We may also experience a loss of continuity, loss of accumulated knowledge, or inefficiency during transitional periods.

Additionally, efforts related to the implementation of these initiatives could yield unintended consequences (e.g., adversely affecting our ability to execute on merger and acquisition objectives, confusion or distraction of our management and employees, reduced employee morale and retention, delaying the development and introduction of new products and technologies), which may negatively affect our business, sales, financial condition and results of operations.

Fluctuations in foreign currency exchange rates have had, and could continue to have, an adverse impact on our financial condition and results of operations.

Changes in the value of foreign currencies relative to the U.S.

dollar have, and could continue to, adversely affect our results of operations and financial position.

In recent periods, as the value of the U.S.

dollar has strengthened in comparison to certain foreign currencies (particularly in EMEA), our reported international revenue has been reduced because foreign currencies translate into fewer U.S.

As approximately one-third of our revenue is denominated in foreign currencies, these exchange rate fluctuations have impacted, and we expect will continue to impact, our revenue results.

Please see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 for additional information.

We seek to reduce our exposure to fluctuations in exchange rates by entering into foreign exchange forward contracts to hedge certain actual and forecasted transactions of selected currencies (mainly in Europe, Brazil, India and Australia).

Our currency hedging transactions may not be effective in reducing the adverse impact of fluctuations in foreign currency exchange rates.

Further, as geopolitical volatility around the world increases, there is increasing risk of the imposition of exchange or price controls, or other restrictions on the conversion of foreign currencies, which could have a material adverse effect on our business.

We are currently operating in a period of economic uncertainty and capital markets disruption due to various geopolitical and macro-economic factors, which may materially adversely affect our business, financial condition, and results of operations.

and global markets are continuing to experience volatility and disruption following the escalation of geopolitical tensions in February 2022 with Russia’s invasion of Ukraine.

The ongoing military conflict in Ukraine is highly unpredictable and has already led to market disruptions, including volatile capital markets, higher interest rates and debt capital costs, diminished liquidity and credit availability, declines in consumer confidence and discretionary spending, as well as supply chain disruptions and increases in costs of certain raw materials and transportation, which have in turn contributed to global inflationary pressures.

These and related actions, responses, and consequences may contribute to world-wide economic downturns.

In addition, prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our operations and business outlook.

Given our meaningful reliance on revenue generated outside of North America (which

constituted 40% of our total revenue in fiscal 2021) and our reliance on revenue generated in EMEA (which constituted 32% of our total revenue in fiscal 2021), disruption of commercial activities in these regions may materially adversely affect our financial condition and results of operations.

Russia’s invasion of Ukraine has also elevated the risk of cyber-attacks on U.S.

and global companies, and any such cyber-attack could similarly impact or disrupt our commercial activities.

Although we cannot predict what the impacts may be, our global operations and reliance on interconnected technology increase the risk to our operations.

The extent and duration of the conflict in Ukraine, geopolitical tensions, inflationary pressures and resulting market disruptions are impossible to predict but could be substantial.

Any such disruptions may also magnify the impact of other risks described herein and in our Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2022.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors