0000876167-20-000027 | 10-K | XBRL Viewer | Progress Software Corp MA

Total cash, cash equivalents and short-term investments

$ 154,259

$ 105,126

Short-term investments

19,426

34,387

173,685

139,513

Accounts receivable (less allowances of $825 in 2019 and $840 in 2018)

72,820

59,715

Unbilled receivables and contract assets

10,880

1,421

Other current assets

27,280

25,080

Assets held for sale

5,776

Total current assets

284,665

231,505

Long-term unbilled receivables and contract assets

12,492

1,811

Property and equipment, net

29,765

30,714

Intangible assets, net

99,392

58,919

432,824

314,992

18,601

966

3,532

5,243

Current portion of long-term debt, net

881,271

644,150

Current liabilities:

10,717

5,819

Accounts payable

10,603

10,593

Accrued compensation and related taxes

34,444

25,500

Dividends payable to shareholders

7,498

6,998

Income taxes payable

1,444

1,228

Other accrued liabilities

18,685

12,686

Total current liabilities

157,494

123,210

240,885

186,034

Long-term debt, net

284,002

110,270

19,752

12,730

Other noncurrent liabilities

5,799

6,347

5,315

Commitments and contingencies (Note 9)

Shareholders’ equity:

Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none

Common stock, $0.01 par value, and additional paid-in capital; authorized, 200,000,000 shares; issued and outstanding, 45,036,441 shares in 2019 and 45,114,935 shares in 2018

450

451

Additional paid-in capital

295,503

266,602

64,303

85,125

Total shareholders’ equity

(29,974)

(28,176)

330,282

324,002

^[2]

$ 881,271

$ 644,150

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Statement of Financial Position [Abstract]
Allowances on accounts receivable	$ 825	$ 840
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	45,036,441	45,114,935
Common stock, shares outstanding (in shares)	45,036,441	45,114,935

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Revenue:

Amortization of acquired intangibles

$ 413,298

$ 378,981

^[1]

$ 389,154

^[1]

Costs of revenue:

Total costs of revenue

75,241

66,973

^[1]

69,159

^[1]

25,884

22,734

^[1]

20,108

^[1]

General and administrative

338,057

312,008

^[1]

319,995

^[1]

Operating expenses:

Sales and marketing

101,701

93,036

^[1]

101,051

^[1]

Product development

88,572

79,739

^[1]

76,988

^[1]

53,360

49,050

^[1]

45,739

^[1]

Amortization of acquired intangibles

22,255

13,241

^[1]

13,039

^[1]

Impairment of intangible and long-lived assets

24,096

^[1]

Restructuring expenses

6,331

2,251

^[1]

22,210

^[1]

1,658

258

^[1]

1,458

^[1]

Fees related to shareholder activist

5,147

^[1],[2]

1,472

^[1]

2,020

^[1]

297,973

244,194

^[1]

262,505

^[1]

Interest income and other, net

40,084

67,814

^[1]

57,490

^[1]

Other (expense) income:

Interest expense

(9,913)

(5,149)

^[1]

(4,631)

^[1]

1,143

1,220

^[1]

921

^[1]

Foreign currency loss, net

(2,819)

(3,089)

^[1]

(1,317)

^[1]

Total other expense, net

(11,589)

(7,018)

^[1]

(5,027)

^[1]

28,495

60,796

^[1]

52,463

^[1]

2,095

11,126

23,442

$ 26,400

$ 49,670

^[1],[2],[3]

$ 29,021

^[1],[2],[3]

$ 0.59

$ 1.09

^[1]

$ 0.60

^[1]

Weighted average shares outstanding:

$ 0.58

$ 1.08

^[1]

$ 0.60

^[1]

Basic (in shares)

44,791

45,561

^[1]

48,129

^[1]

Diluted (in shares)

45,340

46,135

^[1]

48,516

^[1]

Cash dividends declared per common share (in dollars per share)

$ 0.630

$ 0.575

^[1]

$ 0.515

^[1]

Revenue:

$ 122,552

$ 99,800

^[1]

$ 113,643

^[1]

Costs of revenue:

Total costs of revenue

4,894

4,769

^[1]

5,752

^[1]

Maintenance and services

Revenue:

Statement of Comprehensive Income [Abstract]

290,746

279,181

^[1]

275,511

^[1]

Costs of revenue:

Total costs of revenue

$ 44,463

$ 39,470

^[1]

$ 43,299

^[1]

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Other comprehensive income (loss), net of tax:

$ 26,400

$ 49,670

^[1],[2],[3]

$ 29,021

^[1],[2],[3]

Foreign currency translation adjustments

(420)

(9,796)

^[3]

10,248

^[3]

Unrealized loss on hedging activity, net of tax benefit of $503 in 2019 and $0 in 2018 and 2017

(1,551)

Unrealized loss on hedging activity, net of tax benefit of $503 in 2019 and $0 in 2018 and 2017

Unrealized gain (loss) on investments, net of tax provision (benefit) of $60 in 2019, $57 in 2018, and ($60) in 2017

173

^[3]

(93)

^[3]

Total other comprehensive (loss) income, net of tax

(1,798)

(9,770)

^[3]

10,155

^[3]

Comprehensive income

$ 24,602

$ 39,900

^[3]

$ 39,176

^[3]

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Balance, beginning of year (in shares) at Nov. 30, 2016

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Cash flow hedge, gain (loss), tax expense (benefit)	$ (503)
Cash flow hedge, gain (loss), tax expense (benefit)		$ 0	$ 0
Unrealized gain (loss) on investments, net of tax provision (benefit)	$ 60	$ 57	$ (60)

Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Loss

^[1]

48,537,000

Balance, beginning of year at Nov. 30, 2016

^[1]

$ 442,729

$ 485

$ 239,011

$ 231,794

$ (28,561)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock under employee stock purchase plan (in shares)

220,000

Issuance of stock under employee stock purchase plan

4,900

$ 2

4,898

Exercise of stock options (in shares)

203,000

Exercise of stock options

5,108

$ 2

5,106

Vesting of restricted stock units and release of deferred stock units (in shares)

660,000

Vesting of restricted stock units and release of deferred stock units

$ 7

Withholding tax payments related to net issuance of restricted stock units (in shares)

(118,000)

Withholding tax payments related to net issuance of restricted stock units

(3,756)

$ (1)

(3,755)

Tax benefit arising from employee stock purchase plan, stock options and restricted share activity

679

14,153

Treasury stock repurchases and retirements (in shares)

$ (24,679)

(24,679)

(2,200,000)

(2,221,000)

Treasury stock repurchases and retirements

$ (73,936)

$ (22)

(10,729)

(63,185)

29,021

^[2],[3],[4]

29,021

Balance, end of year (in shares) at Nov. 30, 2017

10,155

^[4]

10,155

^[1]

47,281,000

Balance, end of year at Nov. 30, 2017

^[1]

404,381

$ 473

249,363

172,951

(18,406)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock under employee stock purchase plan (in shares)

225,000

Issuance of stock under employee stock purchase plan

5,458

$ 2

5,456

Exercise of stock options (in shares)

189,000

Exercise of stock options

3,858

$ 2

3,856

Vesting of restricted stock units and release of deferred stock units (in shares)

407,000

Vesting of restricted stock units and release of deferred stock units

$ 4

Withholding tax payments related to net issuance of restricted stock units (in shares)

(108,000)

Withholding tax payments related to net issuance of restricted stock units

(3,999)

$ (1)

(3,998)

20,569

Treasury stock repurchases and retirements (in shares)

$ (26,169)

(26,169)

(2,900,000)

(2,879,000)

Treasury stock repurchases and retirements

$ (120,000)

$ (29)

(9,285)

(110,686)

49,670

^[2],[3],[4]

49,670

Balance, end of year (in shares) at Nov. 30, 2018

$ (9,770)

^[4]

(9,770)

45,114,935

45,115,000

^[1]

Balance, end of year at Nov. 30, 2018

^[1]

$ 324,002

^[5]

$ 451

266,602

85,125

(28,176)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock under employee stock purchase plan (in shares)

189,000

Issuance of stock under employee stock purchase plan

5,507

$ 2

5,505

Exercise of stock options (in shares)

119,000

Exercise of stock options

3,621

$ 1

3,620

Vesting of restricted stock units and release of deferred stock units (in shares)

364,000

Vesting of restricted stock units and release of deferred stock units

$ 4

(1)

Withholding tax payments related to net issuance of restricted stock units (in shares)

(106,000)

Withholding tax payments related to net issuance of restricted stock units

(4,278)

$ (1)

(4,277)

Issuance of shares related to non-compete agreement (in shares)

23,311

44,000

Issuance of shares related to non-compete agreement (Note 7)

2,000

Treasury stock repurchases and retirements (in shares)

$ (28,267)

(28,267)

(700,000)

(688,000)

Treasury stock repurchases and retirements

$ (25,000)

$ (7)

(1,257)

(23,736)

26,400

Balance, end of year (in shares) at Nov. 30, 2019

$ (1,798)

(1,798)

45,036,441

45,037,000

Balance, end of year at Nov. 30, 2019

$ 330,282

$ 450

$ 295,503

$ 64,303

$ (29,974)

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[4]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[5]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Consolidated Statements of Cash Flows
$ in Thousands

12 Months Ended

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

Nov. 30, 2017

USD ($)

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 26,400

$ 49,670

^[1],[2],[3]

$ 29,021

^[1],[2],[3]

Depreciation and amortization of property and equipment

7,552

6,941

^[1]

7,526

^[1]

Amortization of acquired intangibles and other

49,127

37,561

^[1]

35,370

^[1]

Loss on disposal of property and equipment

23,311

20,569

^[1]

14,153

^[1]

376

390

^[1]

416

^[1]

Impairment of intangible and long-lived assets

5,147

^[1],[2]

24,096

^[1]

Deferred income taxes

(14,869)

(2,328)

^[1]

(4,254)

^[1]

Excess tax benefit from stock plans

^[1]

(904)

^[1]

Allowances for bad debt and sales credits

546

262

^[1]

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivables

(24,655)

18,708

^[1]

14,346

^[1]

Accounts payable and accrued liabilities

(1,902)

(10,332)

^[1]

7,518

^[1]

9,116

(11,842)

^[1]

673

^[1]

Income taxes payable

(454)

(2,890)

^[1]

893

^[1]

Deferred revenue

29,840

9,496

^[1]

882

^[1]

Net cash flows from operating activities

128,484

121,352

^[1]

105,686

^[1]

Cash flows (used in) from investing activities:

Purchases of investments

(10,550)

(8,258)

^[1]

(40,380)

^[1]

Sales and maturities of investments

25,320

23,101

^[1]

31,559

^[1]

Purchases of property and equipment

(3,998)

(7,250)

^[1]

(3,377)

^[1]

Payments for acquisitions, net of cash acquired

(225,298)

^[1]

(77,150)

^[1]

Proceeds from sale of property, plant and equipment, net

6,146

^[1]

1,557

^[1]

Net cash flows (used in) from investing activities

(208,380)

7,593

^[1]

(87,791)

^[1]

Cash flows from (used in) financing activities:

Proceeds from stock-based compensation plans

9,265

9,205

^[1]

10,025

^[1]

Payments for taxes related to net share settlements of equity awards

(4,278)

(3,999)

^[1]

(3,756)

^[1]

Repurchases of common stock

(25,000)

(120,000)

^[1]

(73,936)

^[1]

Dividend payments to shareholders

(27,760)

(25,789)

^[1]

(24,127)

^[1]

Proceeds from the issuance of debt

184,985

^[1]

Excess tax benefit from stock plans

^[1]

904

^[1]

Payment of principal on long-term debt

(5,309)

(6,188)

^[1]

(11,250)

^[1]

Payment of issuance costs for long-term debt

(1,611)

^[1]

(1,174)

^[1]

Net cash flows from (used in) financing activities

130,292

(146,771)

^[1]

(103,314)

^[1]

Effect of exchange rate changes on cash

(1,263)

(10,512)

^[1]

11,847

^[1]

Net increase (decrease) in cash and cash equivalents

49,133

(28,338)

^[1]

(73,572)

^[1]

Cash and cash equivalents, beginning of year

105,126

^[1]

133,464

^[1]

207,036

^[1]

Cash and cash equivalents, end of year

154,259

105,126

^[1]

133,464

^[1]

Supplemental disclosure:

Cash paid for income taxes, net of refunds of $1,385 in 2019, $909 in 2018, and $3,997 in 2017

16,340

25,451

25,992

Cash paid for interest

8,666

4,220

3,597

Non-cash investing and financing activities:

Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested

16,573

16,431

20,089

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 7,498

$ 6,998

^[4]

$ 6,619

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[4]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 1,385	$ 909	$ 3,997

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2019

Nature of Business and Summary of Significant Accounting Policies

The Company

Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") offers the leading platform for developing and deploying strategic business applications. We enable customers and partners to deliver modern, high-impact digital experiences with a fraction of the effort, time and cost. Progress offers powerful tools for easily building adaptive user experiences across any type of device or touchpoint, the flexibility of a cloud-native app dev platform to deliver modern apps, leading data connectivity technology, web content management, business rules, secure file transfer, network monitoring, plus award-winning machine learning that enables cognitive capabilities to be a part of any application. Over 1,700 independent software vendors ("ISVs"), 100,000 enterprise customers, and 2 million developers rely on Progress to power their applications.

Our products are generally sold as perpetual licenses, but certain products also use term licensing models and our cloud-based offerings use a subscription-based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally application partners, original equipment manufacturers ("OEMs"), distributors and value-added resellers. Application partners are ISVs that develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. OEMs are companies that embed our products into their own software products or devices. Value-added resellers are companies that add features or services to our product, then resell it as an integrated product or complete "turn-key" solution.

We operate in North America and Latin America (the "Americas"); Europe, the Middle East and Africa ("EMEA"); and the Asia Pacific region, through local subsidiaries as well as independent distributors.

Accounting Principles

We prepare our consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Basis of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries (all of which are wholly-owned). We eliminate all intercompany balances and transactions.

Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; assets held for sale; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates.

Foreign Currency Translation

The functional currency of most of our foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, we translate assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date. We translate income and expense items at average rates of exchange prevailing during each period. We accumulate translation adjustments in accumulated other comprehensive loss, a component of shareholders’ equity.

For foreign operations where the U.S. dollar is considered to be the functional currency, we remeasure monetary assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date and non-monetary assets and liabilities are remeasured

into U.S. dollars at historical exchange rates. We translate income and expense items at average rates of exchange prevailing during each period. We recognize remeasurement adjustments currently as a component of foreign currency loss, net in the statements of operations.

Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in foreign currency loss, net in the statements of operations as incurred.

Cash Equivalents and Investments

Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2019, all of our cash equivalents were invested in money market funds.

We classify investments, state and municipal bond obligations, U.S. treasury and government agency bonds, and corporate bonds and notes, as investments available-for-sale, which are stated at fair value. We include aggregate unrealized holding gains and losses, net of taxes, on available-for-sale securities as a component of accumulated other comprehensive loss in shareholders’ equity. We include realized gains and losses in interest income and other, net on the consolidated statements of operations.

We monitor our investment portfolio for impairment on a periodic basis. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other than temporary, an impairment charge is recorded and a new cost basis for the investment is established. In determining whether an other-than-temporary impairment exists, we consider the nature of the investment, the length of time and the extent to which the fair value has been less than cost, and our intent and ability to continue holding the security for a period sufficient for an expected recovery in fair value.

Allowances for Doubtful Accounts and Sales Credit Memos

We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. We establish this allowance using estimates that we make based on factors such as the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, changes to customer creditworthiness and current economic trends.

We also record an allowance for estimates of potential sales credit memos. This allowance is determined based on an analysis of historical credit memos issued and current economic trends, and is recorded as a reduction of revenue.

A summary of activity in the allowance for doubtful accounts is as follows (in thousands):




	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾
Beginning balance	$	574		$	498		$	741
ASC 606 adjustment	—			88			—
Charge to costs and expenses	606			216			204
Write-offs and other	(457		)	(232		)	(437		)
Translation adjustments	(56		)	4			(10		)
Ending balance	$	667		$	574		$	498
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

A summary of activity in the allowance for sales credit memos is as follows (in thousands):




	November 30, 2019			November 30, 2018		November 30, 2017
				As Adjusted⁽¹⁾
Beginning balance	$	266		$	178	$	402
ASC 606 adjustment	—			41		—
Charge (credit) to revenue	(60		)	46		(158		)
Write-offs and other	(46		)	—		(69		)
Translation adjustments	(2		)	1		3
Ending balance	$	158		$	266	$	178
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Concentrations of Credit Risk

Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative instruments and trade receivables. We have cash investment policies which, among other things, limit investments to investment-grade securities. We hold our cash and cash equivalents, investments and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. No single customer represented more than 10% of consolidated accounts receivable or revenue in fiscal years 2019, 2018 or 2017.

Fair Value of Financial Instruments

The carrying amount of our cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. We base the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. We measure and record derivative financial instruments at fair value. See Note 4 for further discussion of financial instruments that are carried at fair value on a recurring and nonrecurring basis.

Derivative Instruments

We record all derivatives on the consolidated balance sheets at fair value. We use derivative instruments to manage exposures to fluctuations in the value of foreign currencies, which exist as part of our ongoing business operations.

Cash Flow Hedge

We entered into an interest rate swap contract in July 2019 to manage the variability of cash flows associated with approximately one-half of our variable rate debt. We have designated the interest rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings.

Forward Contracts

Certain assets and forecasted transactions are exposed to foreign currency risk. Our objective for holding derivatives is to eliminate or reduce the impact of these exposures. We periodically monitor our foreign currency exposures to enhance the overall economic effectiveness of our foreign currency hedge positions. Principal currencies hedged include the euro, British pound, Brazilian real, Indian rupee, and Australian dollar. We do not enter into derivative instruments for speculative purposes, nor do we hold or issue any derivative instruments for trading purposes.

We enter into certain derivative instruments that do not qualify for hedge accounting and are not designated as hedges. Although these derivatives do not qualify for hedge accounting, we believe that such instruments are closely correlated with the underlying exposure, thus managing the associated risk. The gains or losses from changes in the fair value of such derivative instruments that are not accounted for as hedges are recognized in earnings in foreign currency loss, net in the consolidated statements of operations.

Property and Equipment

We record property and equipment at cost. We record property and equipment purchased in business combinations at fair value, which is then treated as the cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the useful lives of the assets. Useful lives by major asset class are as follows: computer equipment and software, 3 to 7 years; buildings and improvements, 5 to 39 years; and furniture and fixtures, 5 to 7 years. Repairs and maintenance costs are expensed as incurred.

Product Development and Internal Use Software

Expenditures for product development, other than internal use software costs, are expensed as incurred. Product development expenses primarily consist of personnel and related expenses for our product development staff, the cost of various third-party contractor fees, and allocated overhead expenses.

Software development costs associated with internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Certain internal and external qualifying costs incurred during the application development stage are capitalized as property and equipment. Internal use software is amortized on a straight-line basis over its estimated useful life of three years, beginning when the software is ready for its intended use.

During the fiscal years ended November 30, 2019, 2018, and 2017, there were no internal use software development costs capitalized. We did not incur any amortization expense related to internal use software development costs during the fiscal year ended November 30, 2019 as these costs were fully amortized as of November 30, 2018. Amortization expense related to internal use software totaled $0.2 million and $0.6 million during the fiscal years ended November 30, 2018 and 2017, respectively.

Goodwill, Intangible Assets and Long-Lived Assets

Goodwill is the amount by which the cost of acquired net assets in a business combination exceeded the fair value of net identifiable assets on the date of purchase. We evaluate goodwill and other intangible assets with indefinite useful lives, if any, for impairment annually or on an interim basis when events and circumstances arise that indicate impairment may have occurred.

In performing our annual assessment, we first perform a qualitative test and if necessary, perform a quantitative test. To conduct the quantitative impairment test of goodwill, we compare the fair value of a reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. We estimate the fair values of our reporting units using discounted cash flow models or other valuation models, such as comparative transactions and market multiples. We did not recognize any goodwill impairment charges during fiscal years 2019, 2018, or 2017.

Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations (Note 7). All of our intangible assets are amortized using the straight-line method over their estimated useful life.

We periodically review long-lived assets (primarily property and equipment) and intangible assets with finite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. We base each impairment test on a comparison of the undiscounted cash flows to the carrying value of the asset or asset group. If impairment is indicated, we write down the asset to its estimated fair value based on a discounted cash flow analysis. During fiscal year 2019, we recorded a $22.7 million asset impairment charge, which was primarily applicable to the intangible assets obtained in connection with our acquisitions of DataRPM and Kinvey during the second and third quarters of fiscal year 2017, respectively (Note 4).

We classify long-lived assets to be sold as held for sale in the period in which: (i) we have approved and committed to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale are initially measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, we stop recording depreciation expense on the asset. We assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification. In the fourth quarter of fiscal year 2018, we reclassified certain corporate land and building assets previously reported as property and equipment to assets held for sale on our consolidated balance sheet. As the fair value less cost to sell was less than the carrying value of these assets, we recognized an impairment charge of $5.1 million. We sold these long-lived assets during fiscal year 2019 and recognized a net gain on the sale of approximately $0.1 million. During the fourth quarter of fiscal year 2019, we incurred an additional asset impairment charge of $1.4 million related to the abandonment of certain long-lived assets associated with this sale of corporate land and buildings. The fair value of the assets held for sale was measured using third-party valuation models, which included a discounted cash flow analysis (Note 4).

Comprehensive (Loss) Income

The components of comprehensive loss include, in addition to net income, unrealized gains and losses on investments and foreign currency translation adjustments.

Accumulated other comprehensive loss by components, net of tax (in thousands):



	Foreign Currency Translation Adjustment			Unrealized (Losses) Gains on Investments			Unrealized Loss on Hedging Activity			Total
Balance, December 1, 2017	$	(18,177	)	$	(229	)	$	—		$	(18,406	)
Other comprehensive (loss) income	(9,796		)	26			—			(9,770		)
Balance, December 1, 2018	$	(27,973	)	$	(203	)	$	—		$	(28,176	)
Other comprehensive (loss) income	(420		)	173			(1,551		)	(1,798		)
Balance, November 30, 2019	$	(28,393	)	$	(30	)	$	(1,551	)	$	(29,974	)

The tax effect on accumulated unrealized losses on investments was minimal as of November 30, 2019, November 30, 2018, and November 30, 2017.

Revenue Recognition

Revenue Policy

We derive our revenue primarily from software licenses and maintenance and services. Our license arrangements generally contain multiple performance obligations, including software maintenance services. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following steps: (i) identification of the contract(s) with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to performance obligations in the contract; and (v) recognition of revenue when or as we satisfy the performance obligations. Sales taxes collected from customers and remitted to government authorities are excluded from revenue and we do not license our software with a right of return.

Software Licenses

Software licenses are on-premise and fully functional when made available to the customer. As the customer can use and benefit from the license on its own, on-premise software licenses represent distinct performance obligations. Revenue is recognized upfront at the point in time when control is transferred, which is defined as the point in time when the client can use and benefit from the license. Our licenses are sold as perpetual or term licenses, and the arrangements typically contain various combinations of maintenance and services, which are generally accounted for as separate performance obligations. We use the

residual approach to allocate the transaction price to our software license performance obligations because, due to the pricing of our licenses being highly variable, they do not have an observable stand-alone selling price ("SSP"). As required, we evaluate the residual approach estimate compared to all available observable data in order to conclude the estimate is representative of its SSP.

Perpetual licenses are generally invoiced upon execution of the contract and payable within 30 days. Term licenses are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Any difference between the revenue recognized and the amount invoiced to the customer is recognized on our consolidated balance sheets as unbilled receivables until the customer is invoiced, at which point the amount is reclassified to accounts receivable.

Maintenance

Maintenance revenue is made up of technical support, bug fixes, and when-and-if available unspecified software upgrades. As these maintenance services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress, we have concluded that they represent one combined performance obligation. Revenue is recognized ratably over the contract period. The SSP of maintenance services is a percentage of the net selling price of the related software license, which has remained within a tight range and is consistent with the stand-alone pricing of subsequent maintenance renewals.

Maintenance services are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years.

Services

Services revenue primarily includes consulting and customer education services. In general, services are distinct performance obligations. Services revenue is generally recognized as the services are delivered to the customer. We apply the practical expedient of recognizing revenue upon invoicing for time and materials-based arrangements as the invoiced amount corresponds to the value of the services provided. The SSP of services is based upon observable prices in similar transactions using the hourly rates sold in stand-alone services transactions. Services are either sold on a time and materials basis or prepaid upfront.

We also offer products via a software-as-a-service ("SaaS") model, which is a subscription-based model. Our customers can use hosted software over the contract period without taking possession of it and the cloud services are available to them throughout the entire term, even if they do not use the service. Revenue related to SaaS offerings is recognized ratably over the contract period. The SSP of SaaS performance obligations is determined based upon observable prices in stand-alone SaaS transactions. SaaS arrangements are generally invoiced in advance on a monthly, quarterly, or annual basis over the term of the arrangement, which is typically one to three years.

Arrangements with Multiple Performance Obligations

When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation in a contract based on its relative SSP. Although we do not have a history of offering these elements, prior to allocating the transaction price to each performance obligation, we consider whether the arrangement has any discounts, material rights, or specified future upgrades that may represent additional performance obligations. Determining whether products and services are distinct performance obligations and the determination of the SSP may require significant judgment.

Contract Balances

Unbilled Receivables and Contract Assets

The timing of revenue recognition may differ from the timing of customer invoicing. When revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned only on the passage of time, we record an unbilled receivable on our consolidated balance sheets. Our multi-year term license arrangements, which are typically billed annually, result in revenue recognition in advance of invoicing and the recognition of unbilled receivables.

As of November 30, 2019, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):



2021	$	11,731
2022	761
Total	$	12,492

Contract assets, which arise when revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation, were $4.0 million as of November 30, 2019 and insignificant as of November 30, 2018. These amounts are included in unbilled receivables or long-term unbilled receivables on our consolidated balance sheets.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Our deferred revenue balance is primarily made up of deferred maintenance from our OpenEdge and Application Development and Deployment segments.

As of November 30, 2019, the changes in deferred revenue were as follows (in thousands):



Balance, December 1, 2018 As Adjusted⁽¹⁾	$	135,940
Billings and other	454,604
Revenue recognized	(413,298		)
Balance, November 30, 2019	$	177,246
⁽¹⁾The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method.

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of November 30, 2019, transaction price allocated to remaining performance obligations was $186 million. We expect to recognize approximately 90% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Deferred contract costs, which include certain sales incentive programs, are incremental and recoverable costs of obtaining a contract with a customer. Incremental costs of obtaining a contract with a customer are recognized as an asset if the expected benefit of those costs is longer than one year. We have applied the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include a large majority of our sales incentive programs as we have determined that annual compensation is commensurate with annual sales activities.

Certain of our sales incentive programs do meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $1.7 million as of November 30, 2019 and minimal as of November 30, 2018 and are included in other current assets and other assets on our consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our consolidated statement of operations and was minimal in all periods presented.

Advertising Costs

Advertising costs are expensed as incurred and were $0.8 million, $1.4 million, and $1.5 million in fiscal years 2019, 2018, and 2017, respectively.

Warranty Costs

We make periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.

Stock-Based Compensation

Stock-based compensation expense reflects the fair value of stock-based awards, less the present value of expected dividends, measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. We recognize stock-based compensation expense related to options and restricted stock units on a straight-line basis over the service period of the award, which is generally 4 or 5 years for options and 3 years for restricted stock units. We recognize stock-based compensation expense related to performance stock units and our employee stock purchase plan using an accelerated attribution method.

Fees Related to Shareholder Activist

In September 2017, Praesidium Investment Management, then one of our largest stockholders, publicly announced its disagreement with our strategy in a Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) and stated that it was seeking changes in the composition of our Board of Directors. In fiscal years 2017 and 2018, we incurred professional and other fees relating to Praesidium’s actions. We did not incur any fees related to Praesidium's actions during fiscal year 2019.

Acquisition-Related Costs

Acquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense. We incurred $1.7 million, $0.3 million, and $1.5 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2019, November 30, 2018, and November 30, 2017, respectively.

Restructuring Charges

Our restructuring charges are comprised primarily of costs related to property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements; and employee termination costs related to headcount reductions. We recognize and measure restructuring liabilities initially at fair value when the liability is incurred. We incurred $6.3 million, $2.3 million, and $22.2 million of restructuring related costs, which are included in restructuring expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2019, November 30, 2018, and November 30, 2017, respectively.

Income Taxes

We provide for deferred income taxes resulting from temporary differences between financial and taxable income. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized.

We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. We first determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is that we measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes on our consolidated statements of operations.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16"), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Under prior accounting standards, the recognition of current and deferred income taxes for an intra-entity transfer was prohibited until the asset has been sold to an outside party. We adopted this standard at the beginning of the first quarter of fiscal year 2019. Upon adoption, we reclassified approximately $3.4 million from non-current prepaid taxes, which is included in other assets on our consolidated balance sheet, to retained earnings as of December 1, 2018. During the preparation of our consolidated financial statements for the three months ended August 31, 2019, we identified that a deferred tax asset of $8.2 million should also have been recorded upon adoption of this standard at the beginning of the first quarter of fiscal year 2019, with the offset recorded to retained earnings. We determined that the error is not material to the first and second quarters of fiscal year 2019. We also concluded that recording an out-of-period correction in the third quarter of fiscal year 2019 would not be material and therefore corrected this error by recording the $8.2 million deferred tax asset during the third quarter of fiscal year 2019. Therefore, the impact of the adoption of ASU 2016-16 on our consolidated balance sheet was a reclassification of approximately $4.8 million to retained earnings.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). Under this standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and provides guidance on the recognition of costs related to obtaining customer contracts. We adopted this ASU effective December 1, 2018 in accordance with the full retrospective approach, which required us to retrospectively adjust certain previously reported results in the comparative prior periods presented. Upon adoption, we recorded a cumulative $31 million increase to our 2017 beginning retained earnings balance, a $15 million decrease to deferred revenue, a $28 million increase to unbilled receivables, and a $12 million increase to deferred tax liabilities.

The revenue recognition related to accounting for the following transactions is most impacted by our adoption of this standard:

•

Revenue from term licenses with extended payment terms over the term of the agreement within our Data Connectivity and Integration segment - Under the applicable revenue recognition guidance for fiscal years 2018 and prior, these transactions were recognized when the amounts were billed to the customer. In accordance with ASC 606, revenue from term license performance obligations is recognized upon delivery and revenue from maintenance performance obligations is expected to be recognized over the contract term. To the extent that we enter into these transactions, revenue from term licenses with extended payment terms will be recognized prior to the customer being billed and we will recognize an unbilled receivable on the balance sheet. Accordingly, the recognition of license revenue is accelerated under ASC 606 as we historically did not recognize revenue until the amounts had been billed to the customer.

•

Revenue from transactions with multiple elements within our Application Development and Deployment segment (i.e., sales of perpetual licenses with maintenance and/or support) - Under the applicable revenue recognition guidance for fiscal years 2018 and prior, these transactions were recognized ratably over the associated maintenance period as the Company did not have vendor specific objective evidence ("VSOE") for maintenance or support. Under ASC 606, the requirement to have VSOE for undelivered elements that existed under prior guidance is eliminated. Accordingly, the Company will recognize a portion of the sales price as revenue upon delivery of the license instead of recognizing the entire sales price ratably over the maintenance period.

The impact of the adoption of this standard on our previously reported consolidated balance sheet and consolidated statements of operations is as follows:

Consolidated Balance Sheet



	November 30, 2018
(in thousands)	As Reported			Adjustments			As Adjusted
Assets
Accounts receivable, net	$	58,450		$	1,265		$	59,715
Short-term unbilled receivables	—			1,421			1,421
Long-term unbilled receivables	—			1,811			1,811
Deferred tax assets	1,922			(956		)	966
Other assets⁽¹⁾	580,237			—			580,237
Total assets	$	640,609		$	3,541		$	644,150
Liabilities and shareholders’ equity
Short-term deferred revenue	133,194			(9,984		)	123,210
Long-term deferred revenue	15,127			(2,397		)	12,730
Deferred tax liabilities	3,797			2,002			5,799
Other liabilities⁽²⁾	178,409			—			178,409
Retained earnings	71,242			13,883			85,125
Accumulated other comprehensive loss	(28,213		)	37			(28,176		)
Other equity⁽³⁾	267,053			—			267,053
Total liabilities and shareholders’ equity	$	640,609		$	3,541		$	644,150
⁽¹⁾Includes cash and cash equivalents, short-term investments, other current assets, assets held for sale, property and equipment, net, intangible assets, net, goodwill, and other assets.
⁽²⁾Includes current portion of long-term debt, net, accounts payable, accrued compensation and related taxes, dividends payable, income taxes payable, other accrued liabilities, long-term debt, net, and other noncurrent liabilities.
⁽³⁾Includes common stock and additional paid-in capital.

Consolidated Statements of Income



	Fiscal Year Ended
	November 30, 2018									November 30, 2017
(In thousands, except per share data)	As Reported			Adjustments			As Adjusted			As Reported			Adjustments			As Adjusted
Revenue:
Software licenses	$	122,137		$	(22,337	)	$	99,800		$	124,406		$	(10,763	)	$	113,643
Maintenance and services	275,028			4,153			279,181			273,166			2,345			275,511
Total revenue	397,165			(18,184		)	378,981			397,572			(8,418		)	389,154
Costs of revenue	66,973			—			66,973			69,159			—			69,159
Gross Profit	330,192			(18,184		)	312,008			328,413			(8,418		)	319,995
Operating expenses	244,194			—			244,194			257,799			4,706			262,505
Income from operations	85,998			(18,184		)	67,814			70,614			(13,124		)	57,490
Other expense, net	(7,018		)	—			(7,018		)	(5,027		)	—			(5,027		)
Income before income taxes	78,980			(18,184		)	60,796			65,587			(13,124		)	52,463
Provision for income taxes	15,489			(4,363		)	11,126			28,170			(4,728		)	23,442
Net income	$	63,491		$	(13,821	)	$	49,670		$	37,417		$	(8,396	)	$	29,021
Earnings (loss) per share:
Basic	$	1.39		$	(0.30	)	$	1.09		$	0.78		$	(0.18	)	$	0.60
Diluted	$	1.38		$	(0.30	)	$	1.08		$	0.77		$	(0.17	)	$	0.60
Weighted average shares outstanding:
Basic	45,561			—			45,561			48,129			—			48,129
Diluted	46,135			—			46,135			48,516			—			48,516

The adoption of ASC 606 had no impact on total cash from or used in operating, financing, or investing activities on our consolidated cash flow statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 amends current guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. Capitalized implementation costs must be expensed over the term of the hosting arrangement and presented in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement. The guidance in ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted. We are currently accounting for costs incurred in a cloud computing arrangement in accordance with the guidance provided in ASU 2018-15.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). ASU 2017-12 intends to better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The guidance in ASU 2017-12 is required for annual reporting periods beginning after December 15, 2018. We are currently accounting for our cash flow hedges in accordance with the guidance provided in ASU 2017-12.

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 amends Topic 350 to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. This update requires the performance of an annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance in ASU 2017-04 is required for annual reporting periods beginning after December 15, 2019, with early adoption permitted. We do not expect the implementation of this update to have a material effect upon adoption on our consolidated financial position and results of operations.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires lessees to record most leases on their balance sheets, recognizing a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The guidance in ASU 2016-02 is required for annual reporting periods beginning after December 15, 2018.

We are required to adopt this standard effective December 1, 2019 and plan to apply the modified retrospective transition method. The comparative historical information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The new standard provides for optional practical expedients in transition. We expect to elect the package of transition practical expedients available in the standard, which permits us not to reassess our prior conclusions about lease identification, classification, and initial direct costs under the new standard. Furthermore, we expect to elect the practical expedients to combine lease and non-lease components and to not recognize right-of-use assets and lease liabilities for short-term leases. On a preliminary basis, we expect to recognize right-of-use assets of approximately $26 million to $30 million and lease liabilities of approximately $28 million to $32 million as of December 1, 2019. The most significant impact is from right-of-use assets and lease liabilities related to our office space operating leases. The adoption is not expected to impact our consolidated net earnings or cash flows.

Cash, Cash Equivalents and Investments

12 Months Ended

Nov. 30, 2019

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2019 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	144,346	$	—	$	—	$	144,346
Money market funds	9,913		—		—		9,913
State and municipal bond obligations	7,036		1		—		7,037
U.S. treasury bonds	7,221		10		—		7,231
Corporate bonds	5,146		12		—		5,158
Total	$	173,662	$	23	$	—	$	173,685

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2018 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash	$	101,316	$	—	$	—		$	101,316
Money market funds	3,810		—		—			3,810
State and municipal bond obligations	19,542		—		(119		)	19,423
U.S. treasury bonds	6,726		—		(21		)	6,705
Corporate bonds	8,329		—		(70		)	8,259
Total	$	139,723	$	—	$	(210	)	$	139,513

Such amounts are classified on our consolidated balance sheets as follows (in thousands):



	November 30, 2019				November 30, 2018
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	144,346	$	—	$	101,316	$	—
Money market funds	9,913		—		3,810		—
State and municipal bond obligations	—		7,037		—		19,423
U.S. treasury bonds	—		7,231		—		6,705
Corporate bonds	—		5,158		—		8,259
Total	$	154,259	$	19,426	$	105,126	$	34,387

The fair value of debt securities by contractual maturity is as follows (in thousands):



	November 30, 2019		November 30, 2018
Due in one year or less	$	14,004	$	25,051
Due after one year ⁽¹⁾	5,422		9,336
Total	$	19,426	$	34,387


(1)	Includes state and municipal bond obligations, U.S. treasury bonds and corporate bonds, which are securities representing investments available for current operations and are classified as current on the consolidated balance sheets.

We did not hold any investments with continuous unrealized losses as of November 30, 2019 or November 30, 2018.

Derivative Instruments

12 Months Ended

Nov. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Cash Flow Hedge

On July 9, 2019, we entered into an interest rate swap contract with an initial notional amount of $150.0 million to manage the variability of cash flows associated with approximately one-half of our variable rate debt. The contract matures on April 30, 2024 and requires periodic interest rate settlements. Under this interest rate swap contract, we receive a floating rate based on the greater of 1-month LIBOR or 0.00% and pay a fixed rate of 1.855% on the outstanding notional amount.

We have designated the interest rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of November 30, 2019, the fair value of the hedge was a loss of $2.1 million and included in other noncurrent liabilities on our consolidated balance sheets.

The following table presents our interest rate swap contract where the notional amount reflects the quarterly amortization of the interest rate swap, which is equal to approximately one-half of the corresponding reduction in the balance of our term loan as we make our scheduled principal payments. The fair value of the derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands):



	November 30, 2019					November 30, 2018
	Notional Value		Fair Value			Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	148,125	$	(2,054	)	$	—	$	—

Forward Contracts

We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on intercompany accounts receivable and loans receivable denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries.

All forward contracts are recorded at fair value on the consolidated balance sheets at the end of each reporting period and expire between 30 days and two years from the date the contract was entered. At November 30, 2019, $0.1 million was recorded in other noncurrent liabilities on the consolidated balance sheets. At November 30, 2018, $0.3 million and $0.1 million was recorded in other noncurrent liabilities and other current assets, respectively, on the consolidated balance sheets. In fiscal year 2019, realized and unrealized losses of $1.1 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statement of operations. In fiscal years 2018 and 2017, realized and unrealized losses of $6.9 million and realized and unrealized gains of $9.4 million, respectively, from our forward contracts were recognized in foreign currency loss, net on the consolidated statements of operations. These losses and gains were substantially offset by realized and unrealized gains and losses on the offsetting positions.

The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands):



	November 30, 2019					November 30, 2018
	Notional Value		Fair Value			Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	66,951	$	(85	)	$	105,830	$	(170	)
Forward contracts to purchase U.S. dollars	1,457		5			240		—
Total	$	68,408	$	(80	)	$	106,070	$	(170	)

Fair Value Measurements

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2019 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	9,913		$	9,913	$	—		$	—
State and municipal bond obligations	7,037			—		7,037			—
U.S. treasury bonds	7,231			—		7,231			—
Corporate bonds	5,158			—		5,158			—
Liabilities
Foreign exchange derivatives	(80		)	—		(80		)	—
Interest rate swap	$	(2,054	)	$	—	$	(2,054	)	$	—

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2018 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	3,810		$	3,810	$	—		$	—
State and municipal bond obligations	19,423			—		19,423			—
U.S. treasury bonds	6,705			—		6,705			—
Corporate bonds	8,259			—		8,259			—
Liabilities
Foreign exchange derivatives	$	(170	)	$	—	$	(170	)	$	—

When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

Nonrecurring Fair Value Measurements

During fiscal years 2019 and 2018, certain assets were measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3).

During the fourth quarter of fiscal year 2019, based on the fair value measurement, we recorded a $22.7 million asset impairment charge, which was attributable to the intangible assets primarily associated with the technologies and trade names obtained in the acquisitions of DataRPM and Kinvey during the second and third quarters of fiscal year 2017, respectively (Note 6).

During the fourth quarter of fiscal year 2018, based on the fair value measurement, we recorded a $5.1 million asset impairment charge as of November 30, 2018 related to certain corporate land and building assets previously reported as property and equipment, net that we reclassified to assets held for sale on our consolidated balance sheets. On April 3, 2019, we

sold these assets for approximately $5.8 million in net cash proceeds and recognized a net gain on the sale of approximately $0.1 million, which is included in interest income and other, net on our consolidated statements of operations.

The following table presents nonrecurring fair value measurements as of November 30, 2019 (in thousands):



	Total Fair Value		Total Losses
Intangible assets	$	—	$	22,688

The fair value measurements of intangible assets and long-lived assets were determined using an income-based valuation methodology, which incorporates unobservable inputs, including discounted expected cash flows over the remaining estimated useful life of the technology, thereby classifying the fair value as a Level 3 measurement within the fair value hierarchy. The expected cash flows include maintenance fees to be collected from existing customers using the products, offset by compensation related costs and hosting fees to be incurred over the remaining estimated useful lives.

The following table presents nonrecurring fair value measurements as of November 30, 2018 (in thousands):



	Total Fair Value		Total Losses
Assets held for sale	$	5,776	$	5,147

The fair value measurement of the assets held for sale was measured using third-party valuation models and was determined using an income-based valuation methodology, which includes discounted expected cash flows. As the discounted cash flows represent unobservable inputs, the fair value was classified as a Level 3 measurement within the fair value hierarchy. The expected cash flows include proceeds from the sale, offset by the costs incurred to sell the assets.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Property, Plant and Equipment [Abstract]

Property and Equipment

12 Months Ended

Nov. 30, 2019

Property and Equipment

Property and equipment consists of the following (in thousands):



	November 30, 2019			November 30, 2018
Computer equipment and software	$	47,699		$	47,266
Land, buildings and leasehold improvements	34,083			34,676
Furniture and fixtures	7,090			6,104
Capitalized software development costs	276			276
Property and equipment, gross	89,148			88,322
Less accumulated depreciation and amortization	(59,383		)	(57,608		)
Property and equipment, net	$	29,765		$	30,714

Depreciation and amortization expense related to property and equipment was $7.6 million, $6.9 million, and $7.5 million for the years ended November 30, 2019, 2018, and 2017, respectively.

In the fourth quarter of fiscal year 2018, we reclassified certain corporate land and building assets previously reported as property and equipment to assets held for sale on our consolidated balance sheet. Based on the fair value measurement, we recorded a $5.1 million asset impairment charge as of November 30, 2018. On April 3, 2019, we sold these assets for approximately $5.8 million in net cash proceeds and recognized a net gain on the sale of approximately $0.1 million. During the fourth quarter of fiscal year 2019, we incurred an additional asset impairment charge of $1.4 million related to the abandonment of certain long-lived assets associated with this sale of corporate land and buildings. This asset impairment charge is included in impairment of intangible and long-lived assets on our consolidated statements of operations.

Intangible Assets and Goodwill

12 Months Ended

Nov. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets are comprised of the following significant classes (in thousands):



	November 30, 2019							November 30, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Purchased technology	$	135,186	$	(105,967	)	$	29,219	$	154,301	$	(110,959	)	$	43,342
Customer-related	134,042		(74,175		)	59,867		67,802		(56,589		)	11,213
Trademarks and trade names	24,740		(16,043		)	8,697		17,740		(13,376		)	4,364
Non-compete agreement	2,000		(391		)	1,609		—		—			—
Total	$	295,968	$	(196,576	)	$	99,392	$	239,843	$	(180,924	)	$	58,919

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $48.1 million, $36.0 million and $33.1 million in fiscal years 2019, 2018 and 2017, respectively.

During the fourth quarter of fiscal year 2019, we evaluated the ongoing value of the intangible assets associated with the technology obtained in connection with the acquisitions of DataRPM and Kinvey. As a result of our decision to reduce our current and ongoing spending levels within our cognitive application product lines, which consist primarily of our DataRPM and Kinvey products, we determined that the intangible assets were fully impaired and incurred an impairment charge of $22.7 million (Note 4).

Future amortization expense for intangible assets as of November 30, 2019 is as follows (in thousands):



2020	$	23,235
2021	23,117
2022	22,136
2023	21,860
2024	9,044
Total	$	99,392

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2019 and 2018 are as follows (in thousands):



	November 30, 2019			November 30, 2018
Balance, beginning of year	$	314,992		$	315,041
Additions	117,871			—
Translation adjustments	(39		)	(49		)
Balance, end of year	$	432,824		$	314,992

The addition to goodwill during fiscal year 2019 is related to the acquisition of Ipswitch in April 2019 (Note 7).

Changes in the carrying amount of goodwill by reportable segment for fiscal year 2019 are as follows (in thousands):



	November 30, 2018		Additions		Translation adjustments			November 30, 2019
OpenEdge	$	248,987	$	117,871	$	(39	)	$	366,819
Data Connectivity and Integration	19,040		—					19,040
Application Development and Deployment	46,965		—					46,965
Total goodwill	$	314,992	$	117,871	$	(39	)	$	432,824

We assess the impairment of goodwill on an annual basis and whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

During fiscal year 2019, we tested goodwill for impairment for each of our reporting units as of October 31, 2019. Our reporting units each had fair values which significantly exceeded their carrying values as of the annual impairment date. We did not recognize any goodwill impairment charges during fiscal years 2019, 2018 or 2017.

Business Combinations

12 Months Ended

Nov. 30, 2019

Business Combinations [Abstract]

Business Combinations

Ipswitch Acquisition

On April 30, 2019, we completed the acquisition of all of the outstanding equity interests of Ipswitch, Inc. (“Ipswitch”) from Roger Greene (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of March 28, 2019, by and among Progress, Ipswitch and the Seller. The acquisition was completed for an aggregate purchase price of $225.0 million, subject to certain customary adjustments as further described in the Stock Purchase Agreement (the “Consideration”), which was paid in cash. Pursuant to the Stock Purchase Agreement, $22.5 million of the Consideration was deposited into an escrow account to secure certain indemnification and other potential obligations of the Seller to Progress. The Seller also received an award of approximately $2.0 million in Progress restricted stock as consideration for the Seller entering into a non-competition agreement for three years as set forth in the Stock Purchase Agreement.

Ipswitch enables approximately 24,000 small and medium-sized businesses and enterprises to provide secure data sharing and ensure high-performance infrastructure availability. Through this acquisition, we bolstered our core offerings to small and medium-sized businesses and enterprises, enabling those businesses to respond faster to business demands and to improve productivity. We funded the acquisition through a combination of existing cash resources and a $185.0 million term loan, which is part of a new $401.0 million term loan and revolving credit facility (Note 8).

The consideration has been allocated to Ipswitch’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. The preliminary fair value estimates of the net assets acquired are based upon preliminary calculations and valuations, and those estimates and assumptions are subject to change as we obtain additional information for those estimates during the measurement period (up to one year from the acquisition date). The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities was recorded as goodwill.

We recorded measurement period adjustments based on our ongoing valuation and purchase price allocation procedures.

The allocation of the purchase price is as follows (in thousands):



	Initial Purchase Price Allocation			Measurement Period Adjustments			Adjusted Purchase Price Allocation			Life
Net working capital	$	6,068		$	(216	)	$	5,852
Property, plant and equipment	4,661						4,661
Purchased technology	33,100						33,100			5 Years
Trade name	9,600						9,600			5 Years
Customer relationships	66,600						66,600			5 Years
Other assets	314			(4		)	310
Deferred revenue	(12,696		)				(12,696		)
Goodwill	117,651			220			117,871
Net assets acquired	$	225,298		$	—		$	225,298

The fair value of the intangible assets has been estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital. The valuation assumptions take into consideration the Company's estimates of customer attrition, technology obsolescence, and revenue growth projections. Based on the preliminary valuation, the acquired intangible assets are comprised of customer relationships of approximately $66.6 million, existing technology of approximately $33.1 million, and trade names of approximately $9.6 million.

Tangible assets acquired and assumed liabilities were recorded at fair value. The valuation of the assumed deferred revenue was based on our contractual commitment to provide post-contract customer support to Ipswitch customers and future contractual performance obligations under existing hosting arrangements. The fair value of this assumed liability was based on the estimated cost plus a reasonable margin to fulfill these service obligations. A significant portion of the deferred revenue is expected to be recognized in the 12 months following the acquisition.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $117.9 million of goodwill, which is deductible for tax purposes.

An election was made under Section 338(h)(10) of the Internal Revenue Code for Ipswitch to treat it as selling all of its assets on the acquisition date and then liquidating. As a result, the identifiable intangible assets and goodwill are deductible for tax purposes.

As previously noted, the Seller received a restricted stock award of approximately $2.0 million, subject to continued compliance with the three-year non-compete agreement. We concluded that the restricted stock award is not a compensation arrangement and we recorded the fair value of the award as an intangible asset separate from goodwill. We will recognize intangible asset amortization expense over the term of the agreement, which is 3 years. We recorded $0.4 million of amortization expense related to this restricted stock award for the fiscal year ended November 30, 2019 in operating expenses on our consolidated statement of operations.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal year ended November 30, 2019, we incurred approximately $1.7 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The operations of Ipswitch are included in our operating results as part of the OpenEdge segment from the date of acquisition. The amount of revenue of Ipswitch included in our consolidated statement of operations during the fiscal years ended November 30, 2019 was approximately $28.2 million. We determined that disclosing the amount of Ipswitch related earnings

included in the consolidated statements of operations is impracticable, as certain operations of Ipswitch were integrated into the operations of the Company from the date of acquisition.

Pro Forma Information

The following pro forma financial information presents the combined results of operations of Progress and Ipswitch as if the acquisition had occurred on December 1, 2017 after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the Ipswitch acquisition and factually supportable. These pro forma adjustments include (i) a decrease in revenue from Ipswitch due to the beginning balance of deferred revenue being adjusted to reflect the fair value of the acquired balance, (ii) a net increase in amortization expense to record amortization expense for the $111.3 million of acquired identifiable intangible assets and to eliminate historical amortization of Ipswitch intangible assets, (iii) an increase in interest expense to record interest for the period presented as a result of the new credit facility entered into by Progress in connection with the acquisition, and (iv) the income tax effect of the adjustments made at the statutory tax rate of the U.S. (approximately 24.5%). In addition, prior to the acquisition Ipswitch did not pay entity level corporate tax, with the exception of some states, because it was registered as an S-Corporation. Therefore, we applied the statutory tax rate of the U.S. (approximately 24.5%) to the income before tax of Ipswitch as if the acquisition had occurred on December 1, 2017.

The pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on December 1, 2017. These results are prepared in accordance with ASC 606.



(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2019		Pro Forma Fiscal Year Ended November 30, 2018
Revenue	$	442,286	$	431,014
Net income	$	19,641	$	20,599
Net income per basic share	$	0.44	$	0.45
Net income per diluted share	$	0.43	$	0.45

Kinvey Acquisition

On June 1, 2017, we acquired by merger 100% of the outstanding securities of Kinvey for an aggregate sum of $49.2 million, which included approximately $0.3 million held-back from the founder of Kinvey as an incentive to remain with the Company for at least two years following the acquisition. The $0.3 million held-back was recorded to expense over the service period, which ended prior to the expiration of the two years. Kinvey allows developers to set up, use, and operate a serverless cloud backend for any native, hybrid, web, or IoT app built using any development tools. The acquisition was accounted for as a business combination, and accordingly, the results of operations of Kinvey are included in our operating results as part of the OpenEdge business segment from the date of acquisition. We paid the purchase price in cash from available funds.

The total consideration, less the $0.3 million held-back discussed above, which is considered to be a compensation arrangement, was allocated to Kinvey's tangible assets, identifiable intangible assets and assumed liabilities based on their estimated fair values. The excess of the total consideration, less the amount held-back from the founder, over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price was completed in the fourth quarter of fiscal year 2017 upon the finalization of our valuation of identifiable intangible assets and deferred taxes.

The allocation of the purchase price is as follows (in thousands):



	Total			Life
Net working capital	$	(963	)
Property, plant and equipment	26
Purchased technology	22,100			5 Years
Trade name	1,800			5 Years
Customer relationships	100			5 Years
Net deferred tax assets	1,465
Goodwill	24,351
Net assets acquired	$	48,879

The fair value of the intangible assets was estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to price the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital.

Deferred taxes include deferred tax liabilities resulting from the tax effects of fair value adjustments related to identifiable intangible assets, which are more than offset by the value of deferred tax assets acquired from Kinvey. Tangible assets acquired and assumed liabilities were recorded at fair value.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $24.4 million of goodwill, which is not deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) are not included as a component of consideration paid, but are required to be expensed as incurred. During the fiscal year ended November 30, 2019, we did not incur any acquisition-related transaction costs. During the fiscal years ended November 30, 2018 and 2017, we incurred approximately $0.3 million and $1.1 million, respectively, of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations.

We have not disclosed the amount of revenues and earnings of Kinvey since acquisition, nor pro forma financial information, as those amounts are not significant to our consolidated financial statements.

DataRPM Acquisition

On March 1, 2017, we acquired by merger 100% of the outstanding securities of DataRPM for an aggregate sum of $30.0 million. Approximately $1.7 million of the purchase price was paid to DataRPM’s founders in the form of restricted stock units, subject to a two-year vesting schedule and continued employment. DataRPM is a developer of solutions within the cognitive predictive maintenance for the industrial IoT ("IIoT") market. The acquisition was accounted for as a business combination, and accordingly, the results of operations of DataRPM are included in our operating results as part of the OpenEdge business segment from the date of acquisition. We paid the purchase price in cash from available funds.

The total consideration, less the fair value of the granted restricted stock units discussed above, which are considered compensation arrangements, was allocated to DataRPM’s tangible assets, identifiable intangible assets and assumed liabilities based on their estimated fair values. The excess of the total consideration, less the fair value of the restricted stock units, over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price was completed in the fourth quarter of fiscal year 2017 upon the finalization of our valuation of identifiable intangible assets and deferred taxes.

The allocation of the purchase price is as follows (in thousands):



	Total			Life
Net working capital	$	(174	)
Property, plant and equipment	68
Purchased technology	19,900			5 Years
Trade name	800			5 Years
Customer relationships	100			5 Years
Deferred taxes	(5,006		)
Goodwill	12,583
Net assets acquired	$	28,271

Deferred taxes include deferred tax liabilities resulting from the tax effects of fair value adjustments related to identifiable intangible assets, partially offset by the fair value of deferred tax assets acquired from DataRPM. Tangible assets acquired and assumed liabilities were recorded at fair value.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $12.6 million of goodwill, which is not deductible for tax purposes.

As discussed above, approximately $1.7 million of the total consideration was paid to DataRPM’s founders in restricted stock units, subject to a vesting schedule and continued employment. We concluded that the restricted stock units are compensation arrangements and we are recognizing stock-based compensation expense in accordance with the vesting schedule over the service period of the awards, which is 2 years. During the fiscal years ended November 30, 2019, 2018 and 2017, we incurred stock-based compensation expense related to these restricted stock units of $0.1 million, $0.1 million and $0.4 million, respectively. The expense was lower in fiscal years 2019 and 2018 due to the forfeiture of the restricted stock units held by one of the founders as a result of his termination of employment. These amounts are included in operating expenses in our consolidated statement of operations.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) are not included as a component of consideration transferred, but are required to be expensed as incurred. During the fiscal years ended November 30, 2019 and 2018, we did not incur any acquisition-related costs. During the fiscal year ended November 30, 2017, we incurred approximately $0.4 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations.

We have not disclosed the amount of revenues and earnings of DataRPM since acquisition, nor pro forma financial information, as those amounts are not significant to our consolidated financial statements.

Term Loan and Line of Credit

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Term Loan and Line of Credit

On April 30, 2019, we entered into an amended and restated credit agreement (the "Credit Agreement") with certain lenders (the "Lenders"), which provides for a $301.0 million secured term loan and a $100.0 million secured revolving credit facility. The revolving credit facility may be made available in U.S. Dollars and certain other currencies and may be increased by up to an additional $125.0 million if the existing or additional lenders are willing to make such increased commitments. The

revolving credit facility has sublimits for swing line loans up to $25.0 million and for the issuance of standby letters of credit in a face amount up to $25.0 million.

The Credit Agreement modified our prior credit facility by extending the maturity date to April 30, 2024 and extending the principal repayments of the term loan. We borrowed an additional $185.0 million under the term loan as part of this modification. The new term loan was used to partially fund our acquisition of Ipswitch (Note 7) and we expect to use the revolving credit facility for general corporate purposes, which may include acquisitions of other businesses, and may also use it for working capital.

The Credit Agreement replaces our previous credit agreement dated November 20, 2017, which was set to mature on November 20, 2022. Loans under the previous credit agreement could be prepaid before maturity in whole or in part at our option without penalty or premium. At the time we entered into the Credit Agreement, there were no revolving loans and $1.3 million letters of credit outstanding, which were incorporated into the new credit facility.

Interest rates for the term loan and revolving credit facility are based upon our leverage ratio and determined based on an index selected at our option. The rates range from 1.50% to 2.00% above the Eurocurrency rate for Eurocurrency-based borrowings or from 0.50% to 1.00% above the defined base rate for base rate borrowings. Additionally, we may borrow certain foreign currencies at rates set in the same respective range above the London interbank offered interest rates for those currencies. A quarterly commitment fee on the undrawn portion of the revolving credit facility is required and ranges from 0.25% to 0.35% per annum based on our leverage ratio. The average interest rate of the credit facility during the fiscal year ended November 30, 2019 was 3.90% and the interest rate as of November 30, 2019 was 3.38%.

The credit facility matures on April 30, 2024, when all amounts outstanding will be due and payable in full. The revolving credit facility does not require amortization of principal. The outstanding balance of the term loan as of November 30, 2019 was $297.2 million, with $11.3 million due in the next 12 months. The term loan requires repayment of principal at the end of each fiscal quarter, beginning with the fiscal quarter ended August 31, 2019. The principal repayment amounts are in accordance with the following schedule: (i) four payments of $1.9 million each, (ii) four payments of $3.8 million each, (iii) four payments of $5.6 million each, (iv) four payments of $7.5 million each, (v) three payments of $9.4 million each, and (vi) the last payment is of the remaining principal amount. Any amounts outstanding under the term loan thereafter would be due on the maturity date. The term loan may be prepaid before maturity in whole or in part at our option without penalty or premium. As of November 30, 2019, the carrying value of the term loan approximates the fair value, based on Level 2 inputs (observable market prices in less than active markets), as the interest rate is variable over the selected interest period and is similar to current rates at which we can borrow funds.

Costs incurred to obtain our long-term debt of $1.6 million, along with $1.2 million of unamortized debt issuance costs related to the previous credit agreement, are recorded as debt issuance costs as a direct deduction from the carrying value of the debt liability on our consolidated balance sheets as of November 30, 2019. These costs are being amortized over the term of the debt agreement using the effective interest rate method. Amortization expense related to the debt issuance costs of $0.5 million for the fiscal year ended November 30, 2019 and $0.4 million for the fiscal years ended November 30, 2018 and 2017 is recorded in interest expense on our consolidated statements of operations.

Revolving loans may be borrowed, repaid, and reborrowed until April 30, 2024, at which time all amounts outstanding must be repaid. Accrued interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of each interest rate period (or at each three-month interval in the case of loans with interest periods greater than three months) with respect to Eurocurrency rate loans. We may prepay the loans or terminate or reduce the commitments in whole or in part at any time, without premium or penalty, subject to certain conditions and reimbursement of certain costs in the case of Eurocurrency rate loans. As of November 30, 2019, there were no amounts outstanding under the revolving line and $1.8 million of letters of credit.

We are the sole borrower under the credit facility. Our obligations under the Credit Agreement are secured by substantially all of our assets and each of our material domestic subsidiaries, as well as 100% of the capital stock of our domestic subsidiaries and 65% of the capital stock of our first-tier foreign subsidiaries, in each case, subject to certain exceptions as described in the Credit Agreement. Future material domestic subsidiaries will be required to guaranty our obligations under the Credit Agreement, and to grant security interests in substantially all of their assets to secure such obligations. The Credit Agreement generally prohibits, with certain exceptions, any other liens on our assets, subject to certain exceptions as described in the Credit Agreement.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, grant liens, make investments, make acquisitions, incur indebtedness, merge or consolidate,

dispose of assets, pay dividends or make distributions, repurchase stock, change the nature of the business, enter into certain transactions with affiliates and enter into burdensome agreements, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a consolidated fixed charge coverage ratio, a consolidated total leverage ratio and a consolidated senior secured leverage ratio. We are in compliance with these financial covenants as of November 30, 2019.

As of November 30, 2019, aggregate principal payments of long-term debt for the next five years are (in thousands):



2020	$	11,287
2021	18,812
2022	26,338
2023	33,863
2024	206,938
Total	$	297,238

Commitments and Contingencies

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leasing Arrangements

We lease certain facilities and equipment under non-cancelable operating lease arrangements. Future minimum rental payments under these leases are as follows at November 30, 2019 (in thousands):



2020	$	7,453
2021	5,711
2022	4,977
2023	5,017
2024	5,102
Thereafter	2,904
Total	$	31,164

Our operating lease arrangements are subject to customary renewal and base rental fee escalation clauses. Total rent expense, net of sublease income which is insignificant, under operating lease arrangements was approximately $8.9 million, $6.8 million and $6.9 million in fiscal years 2019, 2018 and 2017, respectively.

Guarantees and Indemnification Obligations

We include standard intellectual property indemnification provisions in our licensing agreements in the ordinary course of business. Pursuant to our product license agreements, we will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally business partners or customers, in connection with certain patent, copyright or other intellectual property infringement claims by third parties with respect to our products. Other agreements with our customers provide indemnification for claims relating to property damage or personal injury resulting from the performance of services by us or our subcontractors. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been insignificant. Accordingly, the estimated fair value of these indemnification provisions is immaterial.

Legal Proceedings

We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material effect on our financial position, results of operations or cash flows.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Nov. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Stock Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences and voting rights. As of November 30, 2019, there was no preferred stock issued or outstanding. Common Stock We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 45,036,441 were issued and outstanding at November 30, 2019. There were 170,359 deferred stock units ("DSUs") outstanding at November 30, 2019. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs. Common Stock Repurchases In fiscal years 2019 and 2018, we repurchased and retired 0.7 million shares of our common stock for $25.0 million and 2.9 million shares of our common stock for $120.0 million, respectively, under this current authorization. In fiscal year 2017, we repurchased and retired 2.2 million shares of our common stock for $73.9 million. As of November 30, 2019, there was $75.0 million remaining under the current authorization. In January 2020, our Board of Directors increased the total share repurchase authorization from $75.0 million to $250.0 million. Dividends On September 27, 2016, our Board of Directors approved the initiation of a quarterly cash dividend of $0.125 per share of common stock to Progress stockholders. We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and increased the quarterly cash dividend to $0.14 per share in September 2017. In September 2018, the quarterly cash dividend was increased by 11% to $0.155 per share of common stock. On September 24, 2019, our Board of Directors approved an additional 6% increase to our quarterly cash dividend from $0.155 to $0.165 per share of common stock and declared a quarterly dividend of $0.165 per share of common stock. We have declared aggregate per share quarterly cash dividends totaling $0.630, $0.575 and $0.515 for the years ended November 30, 2019, November 30, 2018 and November 30, 2017, respectively. We have paid aggregate cash dividends totaling $27.8 million, $25.8 million, and $24.1 million and for the years ended November 30, 2019, November 30, 2018 and November 30, 2017, respectively.

Stock-Based Compensation

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have one stockholder-approved stock plan from which we can issue stock-based awards, which was approved by our stockholders in fiscal year 2008 ("2008 Plan"). The 2008 Plan replaced the 1992 Incentive and Nonqualified Stock Option Plan, the 1994 Stock Incentive Plan and the 1997 Stock Incentive Plan (collectively, the “Previous Plans”). The Previous Plans solely exist to satisfy outstanding options previously granted under those plans. The 2008 Plan permits the granting of stock awards to officers, members of the Board of Directors, employees and consultants. Awards under the 2008 Plan may include nonqualified stock options, incentive stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals, deferred stock units and stock appreciation rights. A total of 54,510,000 shares are issuable under these plans, of which 4,145,680 shares were available for grant as of November 30, 2019.

We have adopted two stock plans for which the approval of stockholders was not required: the 2002 Nonqualified Stock Plan ("2002 Plan") and the 2004 Inducement Stock Plan ("2004 Plan"). The 2002 Plan permits the granting of stock awards to non-executive officer employees and consultants. Executive officers and members of the Board of Directors are not eligible for awards under the 2002 Plan. Awards under the 2002 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 9,750,000 shares are issuable under the 2002 Plan, of which 400,046 shares were available for grant as of November 30, 2019.

The 2004 Plan is reserved for persons to whom we may issue securities as an inducement to become employed by us pursuant to the rules and regulations of the NASDAQ Stock Market. Awards under the 2004 Plan may include nonqualified stock

options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 1,500,000 shares are issuable under the 2004 Plan, of which 453,796 shares were available for grant as of November 30, 2019.

Under all of our plans, the options granted generally begin to vest within one year of the grant.

A summary of stock option activity under all the plans is as follows:



	Shares		Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value⁽¹⁾
	(in thousands)		Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2018	1,107		$	37.82
Granted	655		35.10
Exercised	(119	)	30.47
Canceled	(220	)	37.31
Options outstanding, November 30, 2019	1,423		$	37.26	5.14	$	9,782
Exercisable, November 30, 2019	497		$	36.70	4.49	$	3,849
Vested or expected to vest, November 30, 2019	1,423		$	37.26	5.14	$	9,782


⁽¹⁾	The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2019 of $41.92 and the exercise prices for all options outstanding.

A summary of restricted stock units activity is as follows (in thousands, except per share data):



	Number of Shares		Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2018	912		$	35.46
Granted	540		36.09
Issued	(365	)	32.93
Canceled	(258	)	31.79
Restricted stock units outstanding, November 30, 2019	829		$	38.16

Each restricted stock unit represents one share of common stock. The restricted stock units generally vest semi-annually over a three-year period. Performance-based restricted stock units are subject to multi-year performance criteria aligned with our business plan and are earned only to the extent the performance criteria are achieved.

The fair value of outright stock awards, restricted stock units and DSUs is equal to the closing price of our common stock on the date of grant, less the present value of expected dividends, as the recipient is not entitled to dividends during the requisite service period.

During fiscal year 2017, we granted performance-based restricted stock units that include a three-year market condition under a Long-Term Incentive Plan (“LTIP”) where the performance measurement period is three years. Vesting of the LTIP awards is based on our level of attainment of specified total stockholder return ("TSR") targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods and is also subject to the continued employment of the grantees. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model.

During the first quarter of fiscal years 2018 and 2019, we granted performance-based restricted stock units that include two performance metrics under the LTIP where the performance measurement period is three years. Vesting of the 2018 and 2019 LTIP awards is as follows: (i) 50% is based on the three-year market condition as described above (TSR), and (ii) 50% is based on achievement of a three-year cumulative performance condition (operating income). In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award and used the

closing price of our common stock on the date of grant, less the present value of expected dividends, for the portion related to the performance condition.

The 1991 Employee Stock Purchase Plan ("ESPP") permits eligible employees to purchase up to an aggregate of 9,450,000 shares of our common stock through accumulated payroll deductions. The ESPP has a 27-month offering period comprised of nine three-month purchase periods. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at the beginning of a 27-month offering period or the end of each three-month segment within such offering period. If the market price at any of the nine purchase periods is less than the market price on the first date of the 27-month offering period, subsequent to the purchase, the offering period is canceled and the employee is entered into a new 27-month offering period with the then current market price as the new base price. We issued 189,000 shares, 225,000 shares and 220,000 shares with weighted average purchase prices of $29.23, $24.27 and $22.27 per share, respectively, in fiscal years 2019, 2018 and 2017, respectively. At November 30, 2019, approximately 401,000 shares were available and reserved for issuance under the ESPP.

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2019, 2018 and 2017 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Stock options:
Expected volatility	25.0	%	22.8	%	25.0	%
Risk-free interest rate	2.5	%	2.3	%	1.9	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.8	%	1.1	%	1.7	%
Employee stock purchase plan:
Expected volatility	30.6	%	23.8	%	22.9	%
Risk-free interest rate	2.3	%	2.3	%	1.2	%
Expected life (in years)	1.6		1.7		1.5
Expected dividend yield	1.7	%	1.5	%	1.6	%
Long-term incentive plan:
Expected volatility	32.2	%	27.4	%	27.5	%
Risk-free interest rate	2.5	%	2.1	%	1.4	%
Expected life (in years)	2.8		2.9		2.7
Expected dividend yield	1.7	%	1.7	%	1.8	%

For each stock option award, the expected life in years is based on historical exercise patterns and post-vesting termination behavior. Expected volatility is based on historical volatility of our stock, and the risk-free interest rate is based on the U.S. Treasury yield curve for the period that is commensurate with the expected life at the time of grant. The expected annual dividend yield is based on the weighted-average of the dividend yield assumptions used for options granted during the applicable period.

For each ESPP award, the expected life in years is based on the period of time between the beginning of the offering period and the date of purchase, plus an additional holding period of three months. Expected volatility is based on historical volatility of our stock, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at each purchase period. The expected annual dividend yield is based on the weighted-average of the dividend yield assumptions used for options granted during the applicable period.

Based on the above assumptions, the weighted average estimated fair value of stock options granted in fiscal years 2019, 2018, and 2017 was $7.38, $10.30 and $5.95 per share, respectively. We amortize the estimated fair value of stock options to expense over the vesting period using the straight-line method. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2019, 2018 and 2017 was $11.07, $10.24 and $8.32 per share, respectively. We amortize the estimated fair value of shares issued under the ESPP to expense over the vesting period using a graded vesting model.

Total unrecognized stock-based compensation expense, net of expected forfeitures, related to unvested stock options and unvested restricted stock awards amounted to $28.7 million at November 30, 2019. These costs are expected to be recognized over a weighted average period of 2 years.

The following additional activity occurred under our plans (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Total intrinsic value of stock options on date exercised	$	1,388	$	3,692	$	1,622
Total fair value of deferred stock units on date vested	1,853		1,690		57
Total fair value of restricted stock units on date vested	14,720		14,741		20,032

The following table provides the classification of stock-based compensation as reflected in our consolidated statements of operations (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Cost of maintenance and services	$	1,134	$	616	$	1,016
Sales and marketing	4,155		2,959		2,214
Product development	7,205		8,242		4,576
General and administrative	10,817		8,752		6,347
Total stock-based compensation	$	23,311	$	20,569	$	14,153
Income tax benefit included in the provision for income taxes	$	4,661	$	4,345	$	4,057

Separation Arrangements

During fiscal year 2017, we entered into separation agreements with three executives, which entitled them to accelerated vesting of certain stock-based awards. Due to the separation and accelerated vesting, we recognized additional stock-based compensation expense of $1.5 million, of which $0.8 million was recorded as sales and marketing expense and $0.7 million was recorded as general and administrative expense, in the consolidated statement of operations.

Retirement Plan	12 Months Ended
Retirement Plan	Nov. 30, 2019
Retirement Benefits [Abstract]
Retirement Plan	Retirement Plan We maintain a retirement plan covering all U.S. employees under Section 401(k) of the Internal Revenue Code. Company contributions to the plan are at the discretion of the Board of Directors and totaled approximately $2.3 million, $3.1 million and $2.1 million for fiscal years 2019, 2018 and 2017, respectively.

Restructuring

12 Months Ended

Nov. 30, 2019

Restructuring Charges [Abstract]

Restructuring

The following table provides a summary of activity for all of the restructuring actions, which are detailed further below (in thousands):



	Excess Facilities and Other Costs			Employee Severance and Related Benefits			Total
Balance, November 30, 2016	$	107		$	1,443		$	1,550
Costs incurred	2,655			19,555			22,210
Cash disbursements	(1,456		)	(17,778		)	(19,234		)
Asset impairment	(762		)	—			(762		)
Translation adjustments and other	26			336			362
Balance, November 30, 2017	$	570		$	3,556		$	4,126
Costs incurred	1,011			1,240			2,251
Cash disbursements	(1,309		)	(4,802		)	(6,111		)
Translation adjustments and other	35			10			45
Balance, November 30, 2018	$	307		$	4		$	311
Costs incurred	740			5,591			6,331
Cash disbursements	(760		)	(3,647		)	(4,407		)
Translation adjustments and other	(91		)	59			(32		)
Balance, November 30, 2019	$	196		$	2,007		$	2,203

2019 Restructurings

During the fourth quarter of fiscal year 2019, we announced the reduction of our current and ongoing spending level within our cognitive application product lines, which consist primarily of our DataRPM and Kinvey products. This restructuring resulted in a reduction in positions primarily within the product development function. In connection with this restructuring action, during the fourth quarter of fiscal year 2019, we evaluated the ongoing value of the intangible assets primarily associated with the technologies and trade names obtained in the acquisitions of DataRPM and Kinvey. As a result, we wrote down these assets to fair value, which resulted in a $22.7 million asset impairment charge (Note 4).

Restructuring expenses are related to employee costs, including severance, health benefits and outplacement services (but excluding stock-based compensation).

For the fiscal year ended November 30, 2019, we incurred expenses of $2.5 million relating to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations.

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs		Employee Severance and Related Benefits			Total
Balance, December 1, 2018	$	—	$	—		$	—
Costs incurred	—		2,494			2,494
Cash disbursements	—		(1,035		)	(1,035		)
Translation adjustments and other	—		1			1
Balance, November 30, 2019	$	—	$	1,460		$	1,460

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2020. Accordingly, the balance of the restructuring reserve of $1.5 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 2019. We do not expect to incur additional material costs with respect to this restructuring.

During the second quarter of fiscal year 2019, we restructured our operations in connection with the acquisition of Ipswitch (Note 7). This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of Ipswitch. We expect to incur additional expenses as part of this action related to employee costs and facility closures as we consolidate offices in various locations during fiscal year 2020, but we do not expect these costs to be material.

For the fiscal year ended November 30, 2019, we incurred expenses of $3.1 million relating to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations.

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs		Employee Severance and Related Benefits			Total
Balance, December 1, 2018	$	—	$	—		$	—
Costs incurred	5		3,093			3,098
Cash disbursements	—		(2,604		)	(2,604		)
Translation adjustments and other	—		58			58
Balance, November 30, 2019	$	5	$	547		$	552

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2020. Accordingly, the balance of the restructuring reserve of $0.6 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 2019.

2017 Restructuring

During the first quarter of fiscal year 2017, we undertook certain operational restructuring initiatives intended to significantly reduce annual costs. As part of this action, management committed to a new strategic plan highlighted by a new product strategy and a streamlined operating approach. To execute these operational restructuring initiatives, we reduced our global workforce by over 20%. These workforce reductions occurred in substantially all functional units and across all geographies in which we operate. During the fourth quarter of fiscal year 2017, we incurred additional costs with respect to this restructuring, including reduction in redundant positions primarily within the product development and sales functions. We also consolidated offices in various locations during fiscal years 2017 and 2018. We expect to incur additional expenses related to facility closures as part of this restructuring action through fiscal year 2020, but we do not expect these additional costs to be material.

Restructuring expenses are related to employee costs, including severance, health benefits and outplacement services (but excluding stock-based compensation), facilities costs, which include fees to terminate lease agreements and costs for unused space, net of sublease assumptions, and other costs, which include asset impairment charges.

As part of this fiscal year 2017 restructuring, for the fiscal years ended November 30, 2019 and 2018, we incurred expenses of $0.7 million and $2.3 million, respectively, which are recorded as restructuring expenses in the consolidated statements of operations.

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs			Employee Severance and Related Benefits			Total
Balance, December 1, 2016	$	—		$	—		$	—
Costs incurred	2,570			19,555			22,125
Cash disbursements	(1,294		)	(16,335		)	(17,629		)
Asset impairment	(762		)	—			(762		)
Translation adjustments and other	26			336			362
Balance, November 30, 2017	$	540		$	3,556		$	4,096
Costs incurred	1,011			1,240			2,251
Cash disbursements	(1,279		)	(4,802		)	(6,081		)
Translation adjustments and other	35			10			45
Balance, November 30, 2018	$	307		$	4		$	311
Costs incurred	735			4			739
Cash disbursements	(760		)	(8		)	(768		)
Asset impairment	(89		)	—			(89		)
Translation adjustments and other	(2		)	—			(2		)
Balance, November 30, 2019	$	191		$	—		$	191

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2020. Accordingly, the balance of the restructuring reserve of $0.2 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 2019.

Income Taxes

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes are as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018		November 30, 2017
				As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
U.S.	$	(11,778	)	$	59,440	$	65,191
Foreign	40,273			1,356		(12,728		)
Total	$	28,495		$	60,796	$	52,463
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The provision for income taxes is comprised of the following (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
Current:
Federal	$	9,294		$	8,979		$	23,739
State	1,862			1,387			2,461
Foreign	5,808			3,088			1,496
Total current	16,964			13,454			27,696
Deferred, as adjusted⁽¹⁾:
Federal	(12,191		)	(863		)	(2,740		)
State	(2,399		)	(51		)	(292		)
Foreign	(279		)	(1,414		)	(1,222		)
Total deferred	(14,869		)	(2,328		)	(4,254		)
Total	$	2,095		$	11,126		$	23,442
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

A reconciliation of the income taxes incurred at the U.S. Federal statutory rate compared to the effective tax rate is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾			As Adjusted⁽¹⁾
Tax at U.S. Federal statutory rate	$	5,984		$	13,513		$	18,362
Foreign rate differences	(2,619		)	1,281			4,793
Effects of foreign operations included in U.S. Federal provision	451			550			(186		)
State income taxes, net	(918		)	1,180			1,349
Research credits	(1,086		)	(302		)	(251		)
Domestic production activities deduction	(248		)	(1,283		)	(2,670		)
Tax-exempt interest	(27		)	(66		)	(101		)
Nondeductible stock-based compensation	1,043			502			808
Meals and entertainment	198			192			276
Compensation subject to 162(m)	422			227			208
Uncertain tax positions and tax settlements	(720		)	(1,626		)	429
Remeasurement of net deferred tax liabilities due to the Act	—			(1,660		)	—
Net excess tax benefit or detriment from stock-based compensation plans	(103		)	(861		)	—
Global intangible low tax inclusion	2,100			—			—
Foreign derived intangible deduction	(2,300		)	—			—
Other	(82		)	(521		)	425
Total	$	2,095		$	11,126		$	23,442
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The effective income tax rate is based on the income for the year, the composition of the income in different countries, changes related to valuation allowances and adjustments, if any, for the potential tax consequences or benefits of audits or other tax contingencies. Our aggregate income tax rate in foreign jurisdictions is lower than our effective income tax rate in the United States. The majority of our income before provision for income taxes from foreign operations has been earned by our subsidiary in Bulgaria that is taxed at a 10% tax rate.

Our United States income before provision for income taxes was at a deficit for fiscal year 2019 largely due to increased expense for amortization of acquired intangibles and due to an impairment expense of intangibles and long-lived assets.

During the first quarter of fiscal year 2018, the Tax Cuts and Jobs Act (the "Act") was enacted in the United States. The Act reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, moved to a territorial tax system and eliminated the domestic production activities deduction. The Act also provided for a one-time deemed repatriation transition tax on the post-1986 undistributed foreign subsidiary earnings and profits through December 31, 2017. However, the Company concluded that it is not subject to the one-time transition tax due to the Company's foreign subsidiaries being in a net accumulated deficit position.

Other international provisions of the Act became effective in fiscal year 2019 for the Company. The global intangible low-taxed income ("GILTI") provisions require the Company to include in its U.S. income tax base foreign subsidiary earnings in excess of an allowable return of the foreign subsidiary's tangible assets.

During fiscal year 2018, the Company recognized a $1.7 million income tax benefit due to the re-measurement of its net U.S. deferred tax liabilities due to the Act.

The components of deferred tax assets and liabilities are as follows (in thousands):



	November 30, 2019			November 30, 2018
				As Adjusted⁽¹⁾
Deferred tax assets:
Accounts receivable	$	174		$	134
Accrued compensation	3,283			1,863
Accrued liabilities and other	2,690			2,106
Deferred revenue	3,995			—
Stock-based compensation	4,342			3,166
Depreciation and amortization	15,341			—
Tax credit and loss carryforwards	21,867			24,338
Gross deferred tax assets	51,692			31,607
Valuation allowance	(8,864		)	(8,790		)
Total deferred tax assets	42,828			22,817
Deferred tax liabilities:
Goodwill	(18,879		)	(17,966		)
Deferred revenue	(4,541		)	(1,610		)
Depreciation and amortization	—			(7,151		)
Prepaid expenses	(810		)	(923		)
Total deferred tax liabilities	(24,230		)	(27,650		)
Total	$	18,598		$	(4,833	)
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The valuation allowance primarily applies to net operating loss carryforwards and unutilized tax credits in jurisdictions or under conditions where realization is not more likely than not. The $0.1 million increase in the valuation allowance during fiscal year 2019 primarily relates to acquired foreign net operating losses which have a valuation allowance recorded against them. The $7.3 million increase in the valuation allowance during fiscal year 2018 primarily relates to losses in a foreign subsidiary that are more likely than not going to expire prior to utilization. The $1.7 million decrease in the valuation allowance during fiscal year 2017 primarily relates to a foreign subsidiary that utilized net operating loss carryforwards in fiscal year 2017 that had a valuation allowance recorded against them.

At November 30, 2019, we have federal and foreign net operating loss carryforwards of $133.7 million expiring on various dates through 2034. In addition, we have state net operating loss carryforwards of $0.9 million expiring on various dates through 2020. At November 30, 2019, we have state tax credit carryforwards of approximately $3.2 million expiring on various

dates through 2034 and $2.3 million that may be carried forward indefinitely. In addition, we have federal tax credit carryforwards of approximately $0.9 million expiring on various dates through 2036.

It is our intention to indefinitely reinvest the earnings of our non-U.S. subsidiaries. We have not provided for U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries, which totaled $72.3 million as of November 30, 2019, as these earnings have been indefinitely reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability if the undistributed earnings were to be repatriated due to the complexity of the income tax laws and regulations and the effects of the Tax Reform Act. These earnings could be subject to non-U.S. withholding taxes and other federal, state and/or foreign taxes if they were remitted to the U.S.

As of November 30, 2019, the total amount of unrecognized tax benefits was $5.0 million, of which $2.9 million was recorded in other noncurrent liabilities on the consolidated balance sheet and $2.1 million of deferred tax assets, principally related to U.S and foreign net operating loss carry-forwards and state research and development tax credits, have not been recorded.

A reconciliation of the balance of our unrecognized tax benefits is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
Balance, beginning of year	$	5,787		$	7,520		$	7,046
Tax positions related to current year	—			—			785
Tax positions related to a prior period	110			(15		)	(120		)
Settlements with tax authorities	(181		)	(39		)	(155		)
Lapses due to expiration of the statute of limitations	(723		)	(1,679		)	(36		)
Balance, end of year	$	4,993		$	5,787		$	7,520

If recognized, all amounts of unrecognized tax benefits would affect the effective tax rate.

We recognize interest and penalties related to uncertain tax positions as a component of our provision for income taxes. In fiscal year 2019 a net benefit of $0.1 million was recorded to the provision for income taxes related to estimated interest and penalties of $0.1 million offset by a reduction of $0.2 million related to statute expirations. In fiscal year 2018 a net benefit of $0.1 million was recorded to the provision for income taxes related to estimated interest and penalties of $0.2 million offset by a reduction of $0.3 million related to statute expirations. In fiscal year 2017 estimated interest and penalties of $0.2 million were recorded to the provision for income taxes. We have accrued $0.4 million and $0.4 million of estimated interest and penalties at November 30, 2019 and 2018, respectively. We do not expect any significant changes to the amount of unrecognized tax benefits in the next twelve months.

Our Federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2016. State income tax authorities in certain jurisdictions are examining state income tax returns and the Company does not expect the results of these examinations to be material to our consolidated balance sheets, cash flows or statements of income. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2013, and we are no longer subject to audit for those periods.

Tax authorities for certain non-U.S. jurisdictions are also examining tax returns and the Company does not expect the results of these examinations to be material to our consolidated balance sheets, cash flows or statements of income. With some exceptions, we are generally no longer subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2014.

Earnings Per Share

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, expect per share data):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
Net income	$	26,400	$	49,670	$	29,021
Weighted average shares outstanding	44,791		45,561		48,129
Dilutive impact from common stock equivalents	549		574		387
Diluted weighted average shares outstanding	45,340		46,135		48,516
Basic earnings per share	$	0.59	$	1.09	$	0.60
Diluted earnings per share	$	0.58	$	1.08	$	0.60
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

We excluded stock awards representing approximately 932,000 shares, 602,000 shares, and 494,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2019, 2018 and 2017, respectively, because these awards were anti-dilutive.

Business Segments and International Operations

12 Months Ended

Nov. 30, 2019

Segment Reporting [Abstract]

Business Segments and International Operations

Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and assess performance. Our chief operating decision maker is our Chief Executive Officer.

The changes made to our organization during fiscal years 2019 and 2018, as discussed in Note 13, did not change our determination of the three reportable segments as our organizational structure maintains the focus of the three business segments.

We do not manage our assets or capital expenditures by segment or assign other income (expense) and income taxes to segments. We manage and report such items on a consolidated company basis.

The following table provides revenue and contribution margin from our reportable segments and reconciles to the consolidated income from continuing operations before income taxes:



	Fiscal Year Ended
(In thousands)	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾			As Adjusted⁽¹⁾
Segment revenue:
OpenEdge	$	296,929		$	277,806		$	279,823
Data Connectivity and Integration	39,903			23,129			29,434
Application Development and Deployment	76,466			78,046			79,897
Total revenue	413,298			378,981			389,154
Segment costs of revenue and operating expenses:
OpenEdge	85,209			67,820			75,791
Data Connectivity and Integration	7,973			7,634			10,270
Application Development and Deployment	23,993			27,087			27,116
Total costs of revenue and operating expenses	117,175			102,541			113,177
Segment contribution margin:
OpenEdge	211,720			209,986			204,032
Data Connectivity and Integration	31,930			15,495			19,164
Application Development and Deployment	52,473			50,959			52,781
Total contribution margin	296,123			276,440			275,977
Other unallocated expenses⁽²⁾	256,039			208,626			218,487
Income from operations	40,084			67,814			57,490
Other expense, net	(11,589		)	(7,018		)	(5,027		)
Income before income taxes	$	28,495		$	60,796		$	52,463
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
⁽²⁾The following expenses are not allocated to our segments as we manage and report our business in these functional areas on a consolidated basis only: certain product development and corporate sales and marketing expenses, customer support, administration, amortization and impairment of acquired intangibles, impairment of long-lived assets, loss on assets held for sale, stock-based compensation, fees related to shareholder activist, restructuring, and acquisition-related expenses.

Our revenues are derived from licensing our products, and from related services, which consist of maintenance, hosting services, and consulting and education. Information relating to revenue from external customers by revenue type is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
Performance obligations transferred at a point in time:
Software licenses	$	122,552	$	99,800	$	113,643
Performance obligations transferred over time:
Maintenance	259,006		249,171		243,508
Services	31,740		30,010		32,003
Total revenue	$	413,298	$	378,981	$	389,154
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

In the following table, revenue attributed to the United States includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from Canada, EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
United States	$	213,252	$	187,627	$	214,232
Canada	20,659		16,630		21,583
EMEA	137,301		135,055		117,509
Latin America	19,665		18,046		16,002
Asia Pacific	22,421		21,623		19,828
Total revenue	$	413,298	$	378,981	$	389,154
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our consolidated revenue in any year presented. Long-lived assets totaled $25.7 million, $25.8 million and $39.5 million in the U.S. and $4.1 million, $4.9 million and $2.8 million outside of the U.S. at the end of fiscal years 2019, 2018 and 2017, respectively. No individual country outside of the U.S. accounted for more than 10% of our consolidated long-lived assets.

Selected Quarterly Financial Data (unaudited)

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (unaudited)



(in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal year 2019:
Revenue	$	89,549	$	99,995	$	106,716	$	117,038
Gross profit	73,510		82,384		85,891		96,272
Income (loss) from operations	15,409		14,741		15,960		(6,026		)
Net income (loss)	9,402		8,181		13,557		(4,740		)
Basic earnings (loss) per share	0.21		0.18		0.30		(0.11		)
Diluted earnings (loss) per share	0.21		0.18		0.30		(0.11		)
Fiscal year 2018⁽¹⁾:
Revenue	$	95,410	$	92,864	$	92,603	$	98,104
Gross profit	78,507		76,221		75,907		81,373
Income from operations	19,131		18,550		19,103		11,030
Net income	13,732		12,904		14,390		8,644
Basic earnings per share	0.30		0.28		0.32		0.19
Diluted earnings per share	0.29		0.28		0.32		0.19
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Principles

We prepare our consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Basis of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries (all of which are wholly-owned). We eliminate all intercompany balances and transactions.

Use of Estimates

Foreign Currency Translation

Cash Equivalents and Investments

Allowance for Doubtful Accounts and Sales Credit Memos

Allowances for Doubtful Accounts and Sales Credit Memos

Concentrations of Credit Risk

Fair Value of Financial Instruments

Derivative Instruments

Cash Flow Hedge

Forward Contracts

Property and Equipment

Product Development and Internal Use Software

Goodwill, Intangible Assets and Long-Lived Assets

Comprehensive (Loss) Income

The components of comprehensive loss include, in addition to net income, unrealized gains and losses on investments and foreign currency translation adjustments.

Revenue Recognition

Revenue Policy

Software Licenses

Maintenance

Maintenance services are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years.

Services

Arrangements with Multiple Performance Obligations

Contract Balances

Unbilled Receivables and Contract Assets

As of November 30, 2019, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):



2021	$	11,731
2022	761
Total	$	12,492

Deferred Revenue

As of November 30, 2019, the changes in deferred revenue were as follows (in thousands):



Balance, December 1, 2018 As Adjusted⁽¹⁾	$	135,940
Billings and other	454,604
Revenue recognized	(413,298		)
Balance, November 30, 2019	$	177,246
⁽¹⁾The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method.

Deferred Contract Costs

Advertising Costs

Advertising costs are expensed as incurred

Warranty Costs

We make periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.

Stock-Based Compensation

Acquisition-Related Costs

Restructuring Charges

Income Taxes

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The revenue recognition related to accounting for the following transactions is most impacted by our adoption of this standard:

•

The impact of the adoption of this standard on our previously reported consolidated balance sheet and consolidated statements of operations is as follows:

Consolidated Balance Sheet



	November 30, 2018
(in thousands)	As Reported			Adjustments			As Adjusted
Assets
Accounts receivable, net	$	58,450		$	1,265		$	59,715
Short-term unbilled receivables	—			1,421			1,421
Long-term unbilled receivables	—			1,811			1,811
Deferred tax assets	1,922			(956		)	966
Other assets⁽¹⁾	580,237			—			580,237
Total assets	$	640,609		$	3,541		$	644,150
Liabilities and shareholders’ equity
Short-term deferred revenue	133,194			(9,984		)	123,210
Long-term deferred revenue	15,127			(2,397		)	12,730
Deferred tax liabilities	3,797			2,002			5,799
Other liabilities⁽²⁾	178,409			—			178,409
Retained earnings	71,242			13,883			85,125
Accumulated other comprehensive loss	(28,213		)	37			(28,176		)
Other equity⁽³⁾	267,053			—			267,053
Total liabilities and shareholders’ equity	$	640,609		$	3,541		$	644,150
⁽¹⁾Includes cash and cash equivalents, short-term investments, other current assets, assets held for sale, property and equipment, net, intangible assets, net, goodwill, and other assets.
⁽²⁾Includes current portion of long-term debt, net, accounts payable, accrued compensation and related taxes, dividends payable, income taxes payable, other accrued liabilities, long-term debt, net, and other noncurrent liabilities.
⁽³⁾Includes common stock and additional paid-in capital.

Consolidated Statements of Income



	Fiscal Year Ended
	November 30, 2018									November 30, 2017
(In thousands, except per share data)	As Reported			Adjustments			As Adjusted			As Reported			Adjustments			As Adjusted
Revenue:
Software licenses	$	122,137		$	(22,337	)	$	99,800		$	124,406		$	(10,763	)	$	113,643
Maintenance and services	275,028			4,153			279,181			273,166			2,345			275,511
Total revenue	397,165			(18,184		)	378,981			397,572			(8,418		)	389,154
Costs of revenue	66,973			—			66,973			69,159			—			69,159
Gross Profit	330,192			(18,184		)	312,008			328,413			(8,418		)	319,995
Operating expenses	244,194			—			244,194			257,799			4,706			262,505
Income from operations	85,998			(18,184		)	67,814			70,614			(13,124		)	57,490
Other expense, net	(7,018		)	—			(7,018		)	(5,027		)	—			(5,027		)
Income before income taxes	78,980			(18,184		)	60,796			65,587			(13,124		)	52,463
Provision for income taxes	15,489			(4,363		)	11,126			28,170			(4,728		)	23,442
Net income	$	63,491		$	(13,821	)	$	49,670		$	37,417		$	(8,396	)	$	29,021
Earnings (loss) per share:
Basic	$	1.39		$	(0.30	)	$	1.09		$	0.78		$	(0.18	)	$	0.60
Diluted	$	1.38		$	(0.30	)	$	1.08		$	0.77		$	(0.17	)	$	0.60
Weighted average shares outstanding:
Basic	45,561			—			45,561			48,129			—			48,129
Diluted	46,135			—			46,135			48,516			—			48,516

The adoption of ASC 606 had no impact on total cash from or used in operating, financing, or investing activities on our consolidated cash flow statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Allowances Against Accounts Receivable

A summary of activity in the allowance for doubtful accounts is as follows (in thousands):




	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾
Beginning balance	$	574		$	498		$	741
ASC 606 adjustment	—			88			—
Charge to costs and expenses	606			216			204
Write-offs and other	(457		)	(232		)	(437		)
Translation adjustments	(56		)	4			(10		)
Ending balance	$	667		$	574		$	498
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Schedule of Activity in Allowance for Sales Credit Memos

A summary of activity in the allowance for sales credit memos is as follows (in thousands):




	November 30, 2019			November 30, 2018		November 30, 2017
				As Adjusted⁽¹⁾
Beginning balance	$	266		$	178	$	402
ASC 606 adjustment	—			41		—
Charge (credit) to revenue	(60		)	46		(158		)
Write-offs and other	(46		)	—		(69		)
Translation adjustments	(2		)	1		3
Ending balance	$	158		$	266	$	178
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive loss by components, net of tax (in thousands):



	Foreign Currency Translation Adjustment			Unrealized (Losses) Gains on Investments			Unrealized Loss on Hedging Activity			Total
Balance, December 1, 2017	$	(18,177	)	$	(229	)	$	—		$	(18,406	)
Other comprehensive (loss) income	(9,796		)	26			—			(9,770		)
Balance, December 1, 2018	$	(27,973	)	$	(203	)	$	—		$	(28,176	)
Other comprehensive (loss) income	(420		)	173			(1,551		)	(1,798		)
Balance, November 30, 2019	$	(28,393	)	$	(30	)	$	(1,551	)	$	(29,974	)

Schedule of Contract with Customer, Asset and Liability

As of November 30, 2019, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):



2021	$	11,731
2022	761
Total	$	12,492

As of November 30, 2019, the changes in deferred revenue were as follows (in thousands):



Balance, December 1, 2018 As Adjusted⁽¹⁾	$	135,940
Billings and other	454,604
Revenue recognized	(413,298		)
Balance, November 30, 2019	$	177,246
⁽¹⁾The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Consolidated Balance Sheet



	November 30, 2018
(in thousands)	As Reported			Adjustments			As Adjusted
Assets
Accounts receivable, net	$	58,450		$	1,265		$	59,715
Short-term unbilled receivables	—			1,421			1,421
Long-term unbilled receivables	—			1,811			1,811
Deferred tax assets	1,922			(956		)	966
Other assets⁽¹⁾	580,237			—			580,237
Total assets	$	640,609		$	3,541		$	644,150
Liabilities and shareholders’ equity
Short-term deferred revenue	133,194			(9,984		)	123,210
Long-term deferred revenue	15,127			(2,397		)	12,730
Deferred tax liabilities	3,797			2,002			5,799
Other liabilities⁽²⁾	178,409			—			178,409
Retained earnings	71,242			13,883			85,125
Accumulated other comprehensive loss	(28,213		)	37			(28,176		)
Other equity⁽³⁾	267,053			—			267,053
Total liabilities and shareholders’ equity	$	640,609		$	3,541		$	644,150
⁽¹⁾Includes cash and cash equivalents, short-term investments, other current assets, assets held for sale, property and equipment, net, intangible assets, net, goodwill, and other assets.
⁽²⁾Includes current portion of long-term debt, net, accounts payable, accrued compensation and related taxes, dividends payable, income taxes payable, other accrued liabilities, long-term debt, net, and other noncurrent liabilities.
⁽³⁾Includes common stock and additional paid-in capital.

Consolidated Statements of Income



	Fiscal Year Ended
	November 30, 2018									November 30, 2017
(In thousands, except per share data)	As Reported			Adjustments			As Adjusted			As Reported			Adjustments			As Adjusted
Revenue:
Software licenses	$	122,137		$	(22,337	)	$	99,800		$	124,406		$	(10,763	)	$	113,643
Maintenance and services	275,028			4,153			279,181			273,166			2,345			275,511
Total revenue	397,165			(18,184		)	378,981			397,572			(8,418		)	389,154
Costs of revenue	66,973			—			66,973			69,159			—			69,159
Gross Profit	330,192			(18,184		)	312,008			328,413			(8,418		)	319,995
Operating expenses	244,194			—			244,194			257,799			4,706			262,505
Income from operations	85,998			(18,184		)	67,814			70,614			(13,124		)	57,490
Other expense, net	(7,018		)	—			(7,018		)	(5,027		)	—			(5,027		)
Income before income taxes	78,980			(18,184		)	60,796			65,587			(13,124		)	52,463
Provision for income taxes	15,489			(4,363		)	11,126			28,170			(4,728		)	23,442
Net income	$	63,491		$	(13,821	)	$	49,670		$	37,417		$	(8,396	)	$	29,021
Earnings (loss) per share:
Basic	$	1.39		$	(0.30	)	$	1.09		$	0.78		$	(0.18	)	$	0.60
Diluted	$	1.38		$	(0.30	)	$	1.08		$	0.77		$	(0.17	)	$	0.60
Weighted average shares outstanding:
Basic	45,561			—			45,561			48,129			—			48,129
Diluted	46,135			—			46,135			48,516			—			48,516

Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Nov. 30, 2019

Investments and Cash [Abstract]

Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2019 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	144,346	$	—	$	—	$	144,346
Money market funds	9,913		—		—		9,913
State and municipal bond obligations	7,036		1		—		7,037
U.S. treasury bonds	7,221		10		—		7,231
Corporate bonds	5,146		12		—		5,158
Total	$	173,662	$	23	$	—	$	173,685

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2018 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash	$	101,316	$	—	$	—		$	101,316
Money market funds	3,810		—		—			3,810
State and municipal bond obligations	19,542		—		(119		)	19,423
U.S. treasury bonds	6,726		—		(21		)	6,705
Corporate bonds	8,329		—		(70		)	8,259
Total	$	139,723	$	—	$	(210	)	$	139,513

Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification

Such amounts are classified on our consolidated balance sheets as follows (in thousands):



	November 30, 2019				November 30, 2018
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	144,346	$	—	$	101,316	$	—
Money market funds	9,913		—		3,810		—
State and municipal bond obligations	—		7,037		—		19,423
U.S. treasury bonds	—		7,231		—		6,705
Corporate bonds	—		5,158		—		8,259
Total	$	154,259	$	19,426	$	105,126	$	34,387

Fair Value of Debt Securities by Contractual Maturity

The fair value of debt securities by contractual maturity is as follows (in thousands):



	November 30, 2019		November 30, 2018
Due in one year or less	$	14,004	$	25,051
Due after one year ⁽¹⁾	5,422		9,336
Total	$	19,426	$	34,387

(1)

Includes state and municipal bond obligations, U.S. treasury bonds and corporate bonds, which are securities representing investments available for current operations and are classified as current on the consolidated balance sheets.

Derivative Instruments (Tables)

12 Months Ended

Nov. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

The fair value of the derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands):



	November 30, 2019					November 30, 2018
	Notional Value		Fair Value			Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	148,125	$	(2,054	)	$	—	$	—

The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands):



	November 30, 2019					November 30, 2018
	Notional Value		Fair Value			Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	66,951	$	(85	)	$	105,830	$	(170	)
Forward contracts to purchase U.S. dollars	1,457		5			240		—
Total	$	68,408	$	(80	)	$	106,070	$	(170	)

Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2019 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	9,913		$	9,913	$	—		$	—
State and municipal bond obligations	7,037			—		7,037			—
U.S. treasury bonds	7,231			—		7,231			—
Corporate bonds	5,158			—		5,158			—
Liabilities
Foreign exchange derivatives	(80		)	—		(80		)	—
Interest rate swap	$	(2,054	)	$	—	$	(2,054	)	$	—

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2018 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	3,810		$	3,810	$	—		$	—
State and municipal bond obligations	19,423			—		19,423			—
U.S. treasury bonds	6,705			—		6,705			—
Corporate bonds	8,259			—		8,259			—
Liabilities
Foreign exchange derivatives	$	(170	)	$	—	$	(170	)	$	—

Fair Value Measurements, Nonrecurring

The following table presents nonrecurring fair value measurements as of November 30, 2018 (in thousands):



	Total Fair Value		Total Losses
Assets held for sale	$	5,776	$	5,147

The following table presents nonrecurring fair value measurements as of November 30, 2019 (in thousands):



	Total Fair Value		Total Losses
Intangible assets	$	—	$	22,688

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following (in thousands):



	November 30, 2019			November 30, 2018
Computer equipment and software	$	47,699		$	47,266
Land, buildings and leasehold improvements	34,083			34,676
Furniture and fixtures	7,090			6,104
Capitalized software development costs	276			276
Property and equipment, gross	89,148			88,322
Less accumulated depreciation and amortization	(59,383		)	(57,608		)
Property and equipment, net	$	29,765		$	30,714

Intangible Assets and Goodwill (Tables)

12 Months Ended

Nov. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are comprised of the following significant classes (in thousands):



	November 30, 2019							November 30, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Purchased technology	$	135,186	$	(105,967	)	$	29,219	$	154,301	$	(110,959	)	$	43,342
Customer-related	134,042		(74,175		)	59,867		67,802		(56,589		)	11,213
Trademarks and trade names	24,740		(16,043		)	8,697		17,740		(13,376		)	4,364
Non-compete agreement	2,000		(391		)	1,609		—		—			—
Total	$	295,968	$	(196,576	)	$	99,392	$	239,843	$	(180,924	)	$	58,919

Schedule of Future Amortization Expense from Intangible Assets Held

Future amortization expense for intangible assets as of November 30, 2019 is as follows (in thousands):



2020	$	23,235
2021	23,117
2022	22,136
2023	21,860
2024	9,044
Total	$	99,392

Summary of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for fiscal years 2019 and 2018 are as follows (in thousands):



	November 30, 2019			November 30, 2018
Balance, beginning of year	$	314,992		$	315,041
Additions	117,871			—
Translation adjustments	(39		)	(49		)
Balance, end of year	$	432,824		$	314,992

Changes in the carrying amount of goodwill by reportable segment for fiscal year 2019 are as follows (in thousands):



	November 30, 2018		Additions		Translation adjustments			November 30, 2019
OpenEdge	$	248,987	$	117,871	$	(39	)	$	366,819
Data Connectivity and Integration	19,040		—					19,040
Application Development and Deployment	46,965		—					46,965
Total goodwill	$	314,992	$	117,871	$	(39	)	$	432,824

Business Combinations (Tables)

12 Months Ended

Nov. 30, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The allocation of the purchase price is as follows (in thousands):



	Total			Life
Net working capital	$	(174	)
Property, plant and equipment	68
Purchased technology	19,900			5 Years
Trade name	800			5 Years
Customer relationships	100			5 Years
Deferred taxes	(5,006		)
Goodwill	12,583
Net assets acquired	$	28,271

The allocation of the purchase price is as follows (in thousands):



	Initial Purchase Price Allocation			Measurement Period Adjustments			Adjusted Purchase Price Allocation			Life
Net working capital	$	6,068		$	(216	)	$	5,852
Property, plant and equipment	4,661						4,661
Purchased technology	33,100						33,100			5 Years
Trade name	9,600						9,600			5 Years
Customer relationships	66,600						66,600			5 Years
Other assets	314			(4		)	310
Deferred revenue	(12,696		)				(12,696		)
Goodwill	117,651			220			117,871
Net assets acquired	$	225,298		$	—		$	225,298

The allocation of the purchase price is as follows (in thousands):



	Total			Life
Net working capital	$	(963	)
Property, plant and equipment	26
Purchased technology	22,100			5 Years
Trade name	1,800			5 Years
Customer relationships	100			5 Years
Net deferred tax assets	1,465
Goodwill	24,351
Net assets acquired	$	48,879

Business Acquisition, Pro Forma Information



(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2019		Pro Forma Fiscal Year Ended November 30, 2018
Revenue	$	442,286	$	431,014
Net income	$	19,641	$	20,599
Net income per basic share	$	0.44	$	0.45
Net income per diluted share	$	0.43	$	0.45

Term Loan and Line of Credit (Tables)

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

As of November 30, 2019, aggregate principal payments of long-term debt for the next five years are (in thousands):



2020	$	11,287
2021	18,812
2022	26,338
2023	33,863
2024	206,938
Total	$	297,238

Commitments and Contingencies (Tables)

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments

Future minimum rental payments under these leases are as follows at November 30, 2019 (in thousands):



2020	$	7,453
2021	5,711
2022	4,977
2023	5,017
2024	5,102
Thereafter	2,904
Total	$	31,164

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under all the plans is as follows:



	Shares		Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value⁽¹⁾
	(in thousands)		Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2018	1,107		$	37.82
Granted	655		35.10
Exercised	(119	)	30.47
Canceled	(220	)	37.31
Options outstanding, November 30, 2019	1,423		$	37.26	5.14	$	9,782
Exercisable, November 30, 2019	497		$	36.70	4.49	$	3,849
Vested or expected to vest, November 30, 2019	1,423		$	37.26	5.14	$	9,782


⁽¹⁾	The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2019 of $41.92 and the exercise prices for all options outstanding.

Summary of Status of Restricted Stock Units

A summary of restricted stock units activity is as follows (in thousands, except per share data):



	Number of Shares		Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2018	912		$	35.46
Granted	540		36.09
Issued	(365	)	32.93
Canceled	(258	)	31.79
Restricted stock units outstanding, November 30, 2019	829		$	38.16

Schedule of Valuation Assumptions



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Stock options:
Expected volatility	25.0	%	22.8	%	25.0	%
Risk-free interest rate	2.5	%	2.3	%	1.9	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.8	%	1.1	%	1.7	%
Employee stock purchase plan:
Expected volatility	30.6	%	23.8	%	22.9	%
Risk-free interest rate	2.3	%	2.3	%	1.2	%
Expected life (in years)	1.6		1.7		1.5
Expected dividend yield	1.7	%	1.5	%	1.6	%
Long-term incentive plan:
Expected volatility	32.2	%	27.4	%	27.5	%
Risk-free interest rate	2.5	%	2.1	%	1.4	%
Expected life (in years)	2.8		2.9		2.7
Expected dividend yield	1.7	%	1.7	%	1.8	%

Stock Options and Stock Awards Activity

The following additional activity occurred under our plans (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Total intrinsic value of stock options on date exercised	$	1,388	$	3,692	$	1,622
Total fair value of deferred stock units on date vested	1,853		1,690		57
Total fair value of restricted stock units on date vested	14,720		14,741		20,032

Classification of Stock-Based Compensation

The following table provides the classification of stock-based compensation as reflected in our consolidated statements of operations (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Cost of maintenance and services	$	1,134	$	616	$	1,016
Sales and marketing	4,155		2,959		2,214
Product development	7,205		8,242		4,576
General and administrative	10,817		8,752		6,347
Total stock-based compensation	$	23,311	$	20,569	$	14,153
Income tax benefit included in the provision for income taxes	$	4,661	$	4,345	$	4,057

Restructuring (Tables)

12 Months Ended

Nov. 30, 2019

Restructuring Charges [Abstract]

Summary of Restructuring Activity

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs		Employee Severance and Related Benefits			Total
Balance, December 1, 2018	$	—	$	—		$	—
Costs incurred	5		3,093			3,098
Cash disbursements	—		(2,604		)	(2,604		)
Translation adjustments and other	—		58			58
Balance, November 30, 2019	$	5	$	547		$	552

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs			Employee Severance and Related Benefits			Total
Balance, December 1, 2016	$	—		$	—		$	—
Costs incurred	2,570			19,555			22,125
Cash disbursements	(1,294		)	(16,335		)	(17,629		)
Asset impairment	(762		)	—			(762		)
Translation adjustments and other	26			336			362
Balance, November 30, 2017	$	540		$	3,556		$	4,096
Costs incurred	1,011			1,240			2,251
Cash disbursements	(1,279		)	(4,802		)	(6,081		)
Translation adjustments and other	35			10			45
Balance, November 30, 2018	$	307		$	4		$	311
Costs incurred	735			4			739
Cash disbursements	(760		)	(8		)	(768		)
Asset impairment	(89		)	—			(89		)
Translation adjustments and other	(2		)	—			(2		)
Balance, November 30, 2019	$	191		$	—		$	191

The following table provides a summary of activity for all of the restructuring actions, which are detailed further below (in thousands):



	Excess Facilities and Other Costs			Employee Severance and Related Benefits			Total
Balance, November 30, 2016	$	107		$	1,443		$	1,550
Costs incurred	2,655			19,555			22,210
Cash disbursements	(1,456		)	(17,778		)	(19,234		)
Asset impairment	(762		)	—			(762		)
Translation adjustments and other	26			336			362
Balance, November 30, 2017	$	570		$	3,556		$	4,126
Costs incurred	1,011			1,240			2,251
Cash disbursements	(1,309		)	(4,802		)	(6,111		)
Translation adjustments and other	35			10			45
Balance, November 30, 2018	$	307		$	4		$	311
Costs incurred	740			5,591			6,331
Cash disbursements	(760		)	(3,647		)	(4,407		)
Translation adjustments and other	(91		)	59			(32		)
Balance, November 30, 2019	$	196		$	2,007		$	2,203

A summary of activity for this restructuring action is as follows (in thousands):



	Excess Facilities and Other Costs		Employee Severance and Related Benefits			Total
Balance, December 1, 2018	$	—	$	—		$	—
Costs incurred	—		2,494			2,494
Cash disbursements	—		(1,035		)	(1,035		)
Translation adjustments and other	—		1			1
Balance, November 30, 2019	$	—	$	1,460		$	1,460

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Components of Pretax Income

The components of income before income taxes are as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018		November 30, 2017
				As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
U.S.	$	(11,778	)	$	59,440	$	65,191
Foreign	40,273			1,356		(12,728		)
Total	$	28,495		$	60,796	$	52,463
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Provisions for Income Taxes

The provision for income taxes is comprised of the following (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
Current:
Federal	$	9,294		$	8,979		$	23,739
State	1,862			1,387			2,461
Foreign	5,808			3,088			1,496
Total current	16,964			13,454			27,696
Deferred, as adjusted⁽¹⁾:
Federal	(12,191		)	(863		)	(2,740		)
State	(2,399		)	(51		)	(292		)
Foreign	(279		)	(1,414		)	(1,222		)
Total deferred	(14,869		)	(2,328		)	(4,254		)
Total	$	2,095		$	11,126		$	23,442
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Reconciliation of U.S. Federal Statutory Rate To Effective Tax Rate

A reconciliation of the income taxes incurred at the U.S. Federal statutory rate compared to the effective tax rate is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾			As Adjusted⁽¹⁾
Tax at U.S. Federal statutory rate	$	5,984		$	13,513		$	18,362
Foreign rate differences	(2,619		)	1,281			4,793
Effects of foreign operations included in U.S. Federal provision	451			550			(186		)
State income taxes, net	(918		)	1,180			1,349
Research credits	(1,086		)	(302		)	(251		)
Domestic production activities deduction	(248		)	(1,283		)	(2,670		)
Tax-exempt interest	(27		)	(66		)	(101		)
Nondeductible stock-based compensation	1,043			502			808
Meals and entertainment	198			192			276
Compensation subject to 162(m)	422			227			208
Uncertain tax positions and tax settlements	(720		)	(1,626		)	429
Remeasurement of net deferred tax liabilities due to the Act	—			(1,660		)	—
Net excess tax benefit or detriment from stock-based compensation plans	(103		)	(861		)	—
Global intangible low tax inclusion	2,100			—			—
Foreign derived intangible deduction	(2,300		)	—			—
Other	(82		)	(521		)	425
Total	$	2,095		$	11,126		$	23,442
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Summary of Deferred Taxes

The components of deferred tax assets and liabilities are as follows (in thousands):



	November 30, 2019			November 30, 2018
				As Adjusted⁽¹⁾
Deferred tax assets:
Accounts receivable	$	174		$	134
Accrued compensation	3,283			1,863
Accrued liabilities and other	2,690			2,106
Deferred revenue	3,995			—
Stock-based compensation	4,342			3,166
Depreciation and amortization	15,341			—
Tax credit and loss carryforwards	21,867			24,338
Gross deferred tax assets	51,692			31,607
Valuation allowance	(8,864		)	(8,790		)
Total deferred tax assets	42,828			22,817
Deferred tax liabilities:
Goodwill	(18,879		)	(17,966		)
Deferred revenue	(4,541		)	(1,610		)
Depreciation and amortization	—			(7,151		)
Prepaid expenses	(810		)	(923		)
Total deferred tax liabilities	(24,230		)	(27,650		)
Total	$	18,598		$	(4,833	)
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the balance of our unrecognized tax benefits is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019			November 30, 2018			November 30, 2017
Balance, beginning of year	$	5,787		$	7,520		$	7,046
Tax positions related to current year	—			—			785
Tax positions related to a prior period	110			(15		)	(120		)
Settlements with tax authorities	(181		)	(39		)	(155		)
Lapses due to expiration of the statute of limitations	(723		)	(1,679		)	(36		)
Balance, end of year	$	4,993		$	5,787		$	7,520

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, expect per share data):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
Net income	$	26,400	$	49,670	$	29,021
Weighted average shares outstanding	44,791		45,561		48,129
Dilutive impact from common stock equivalents	549		574		387
Diluted weighted average shares outstanding	45,340		46,135		48,516
Basic earnings per share	$	0.59	$	1.09	$	0.60
Diluted earnings per share	$	0.58	$	1.08	$	0.60
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Segments and International Operations (Tables)

12 Months Ended

Nov. 30, 2019

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table provides revenue and contribution margin from our reportable segments and reconciles to the consolidated income from continuing operations before income taxes:



	Fiscal Year Ended
(In thousands)	November 30, 2019			November 30, 2018			November 30, 2017
				As Adjusted⁽¹⁾			As Adjusted⁽¹⁾
Segment revenue:
OpenEdge	$	296,929		$	277,806		$	279,823
Data Connectivity and Integration	39,903			23,129			29,434
Application Development and Deployment	76,466			78,046			79,897
Total revenue	413,298			378,981			389,154
Segment costs of revenue and operating expenses:
OpenEdge	85,209			67,820			75,791
Data Connectivity and Integration	7,973			7,634			10,270
Application Development and Deployment	23,993			27,087			27,116
Total costs of revenue and operating expenses	117,175			102,541			113,177
Segment contribution margin:
OpenEdge	211,720			209,986			204,032
Data Connectivity and Integration	31,930			15,495			19,164
Application Development and Deployment	52,473			50,959			52,781
Total contribution margin	296,123			276,440			275,977
Other unallocated expenses⁽²⁾	256,039			208,626			218,487
Income from operations	40,084			67,814			57,490
Other expense, net	(11,589		)	(7,018		)	(5,027		)
Income before income taxes	$	28,495		$	60,796		$	52,463
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
⁽²⁾The following expenses are not allocated to our segments as we manage and report our business in these functional areas on a consolidated basis only: certain product development and corporate sales and marketing expenses, customer support, administration, amortization and impairment of acquired intangibles, impairment of long-lived assets, loss on assets held for sale, stock-based compensation, fees related to shareholder activist, restructuring, and acquisition-related expenses.

Revenue from External Customers by Revenue Type

Information relating to revenue from external customers by revenue type is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
Performance obligations transferred at a point in time:
Software licenses	$	122,552	$	99,800	$	113,643
Performance obligations transferred over time:
Maintenance	259,006		249,171		243,508
Services	31,740		30,010		32,003
Total revenue	$	413,298	$	378,981	$	389,154
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Revenue from External Customers from Different Geographical Areas

Information relating to revenue from external customers from different geographical areas is as follows (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
			As Adjusted⁽¹⁾		As Adjusted⁽¹⁾
United States	$	213,252	$	187,627	$	214,232
Canada	20,659		16,630		21,583
EMEA	137,301		135,055		117,509
Latin America	19,665		18,046		16,002
Asia Pacific	22,421		21,623		19,828
Total revenue	$	413,298	$	378,981	$	389,154
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Selected Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data



(in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal year 2019:
Revenue	$	89,549	$	99,995	$	106,716	$	117,038
Gross profit	73,510		82,384		85,891		96,272
Income (loss) from operations	15,409		14,741		15,960		(6,026		)
Net income (loss)	9,402		8,181		13,557		(4,740		)
Basic earnings (loss) per share	0.21		0.18		0.30		(0.11		)
Diluted earnings (loss) per share	0.21		0.18		0.30		(0.11		)
Fiscal year 2018⁽¹⁾:
Revenue	$	95,410	$	92,864	$	92,603	$	98,104
Gross profit	78,507		76,221		75,907		81,373
Income from operations	19,131		18,550		19,103		11,030
Net income	13,732		12,904		14,390		8,644
Basic earnings per share	0.30		0.28		0.32		0.19
Diluted earnings per share	0.29		0.28		0.32		0.19
⁽¹⁾The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details)

3 Months Ended

12 Months Ended

Apr. 03, 2019

USD ($)

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

Nov. 30, 2019

USD ($)

enterprise_customer

developer

software_vendor

Nov. 30, 2018

USD ($)

Nov. 30, 2017

USD ($)

Nov. 30, 2016

Dec. 01, 2019

USD ($)

Aug. 31, 2019

USD ($)

Dec. 01, 2018

USD ($)

Dec. 01, 2017

USD ($)

Summary Of Significant Accounting Policies [Line Items]

Number of independent software vendors, more than | software_vendor

1,700

Number of enterprise customers, more than | enterprise_customer

100,000

Number of developers, more than | developer

2,000,000

Capitalized software development costs

$ 0

Amortization

49,127,000

37,561,000

^[1]

35,370,000

^[1]

Impairment of goodwill and intangible assets

Long-lived asset impairment charges

1,400,000

5,100,000

5,147,000

^[1],[2]

Contract with customer, asset, before allowance for credit loss

4,000,000.0

Deferred contract costs

1,700,000

Advertising costs

800,000

1,400,000

1,500,000

Restructuring related costs

1,658,000

258,000

^[2]

1,458,000

^[2]

6,331,000

2,251,000

^[2]

22,210,000

^[2]

Other assets, noncurrent

(3,532,000)

(5,243,000)

^[3]

(3,532,000)

(5,243,000)

^[3]

64,303,000

85,125,000

^[3]

64,303,000

85,125,000

^[3]

18,601,000

966,000

^[3]

18,601,000

966,000

^[3]

Decrease in deferred revenue

$ 4,781,000

$ 0

$ (177,246,000)

(135,940,000)

$ (177,246,000)

(135,940,000)

Increase in deferred tax liabilities

$ 4,833,000

4,833,000

Internal Use Software

Summary Of Significant Accounting Policies [Line Items]

Restricted Stock Units (RSUs)

3 years

Amortization

$ 0

$ 200,000

$ 600,000

Summary Of Significant Accounting Policies [Line Items]

Stock-based compensation service period

3 years

Minimum

Summary Of Significant Accounting Policies [Line Items]

Capitalized contract cost, amortization period

3 years

Minimum | Computer equipment and software

Summary Of Significant Accounting Policies [Line Items]

Minimum | Buildings and Improvements

3 years

Summary Of Significant Accounting Policies [Line Items]

Minimum | Furniture and fixtures

5 years

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

5 years

Minimum | Stock Options

Stock-based compensation service period

4 years

Maximum

Summary Of Significant Accounting Policies [Line Items]

Capitalized contract cost, amortization period

5 years

Maximum | Computer equipment and software

Summary Of Significant Accounting Policies [Line Items]

Maximum | Buildings and Improvements

7 years

Summary Of Significant Accounting Policies [Line Items]

Maximum | Furniture and fixtures

39 years

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

7 years

Maximum | Stock Options

Stock-based compensation service period

5 years

Accounting Standards Update 2016-16

Summary Of Significant Accounting Policies [Line Items]

Other assets, noncurrent

3,400,000

3,400,000

Accounting Standards Update 2014-09

$ 8,200,000

Summary Of Significant Accounting Policies [Line Items]

Decrease in deferred revenue

15,000,000

Increase in unbilled receivables

28,000,000

Increase in deferred tax liabilities

12,000,000

Modulus | Purchased technology

Summary Of Significant Accounting Policies [Line Items]

Impairment of software development costs

$ 22,700,000

Retained Earnings

Summary Of Significant Accounting Policies [Line Items]

Retained Earnings | Accounting Standards Update 2016-16

4,781,000

$ (641,000)

Summary Of Significant Accounting Policies [Line Items]

Retained Earnings | Accounting Standards Update 2014-09

$ 4,800,000

Summary Of Significant Accounting Policies [Line Items]

$ 31,000,000

Summary Of Significant Accounting Policies [Line Items]

Period of payments of licenses upon execution of contract

30 days

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Summary Of Significant Accounting Policies [Line Items]

Subsequent Event | Accounting Standards Update 2016-02 | Minimum

$ 100,000

Summary Of Significant Accounting Policies [Line Items]

Right-of-use asset

$ 26,000,000

Operating lease, liability

28,000,000

Subsequent Event | Accounting Standards Update 2016-02 | Maximum

Summary Of Significant Accounting Policies [Line Items]

Right-of-use asset

30,000,000

Operating lease, liability

$ 32,000,000

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Summary of Allowances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
SEC Schedule, 12-09, Allowance, Credit Loss
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 574	$ 498	$ 741
ASC 606 adjustment	0	88	0
Charge to costs and expenses	606	216	204
Write-offs and other	(457)	(232)	(437)
Translation adjustments	(56)	4	(10)
Ending balance	667	574	498
Allowance for Sales Credit Memos
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	266	178	402
ASC 606 adjustment	0	41	0
Charge to costs and expenses	(60)	46	(158)
Write-offs and other	(46)	0	(69)
Translation adjustments	(2)	1	3
Ending balance	$ 158	$ 266	$ 178

Nature of Business and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

^[2]

$ 324,002

^[1]

$ 404,381

$ 442,729

(1,798)

(9,770)

^[3]

10,155

^[3]

330,282

324,002

^[1],[2]

404,381

^[2]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

^[2]

(28,176)

(18,406)

(28,561)

(1,798)

(9,770)

10,155

Foreign Currency Translation Adjustment

(29,974)

(28,176)

^[2]

(18,406)

^[2]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

(27,973)

(18,177)

(420)

(9,796)

Unrealized (Losses) Gains on Investments

(28,393)

(27,973)

(18,177)

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

(203)

(229)

173

Unrealized Loss on Hedging Activity

(30)

(203)

(229)

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Unrealized Loss on Hedging Activity

$ 0

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

(1,551)

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ (1,551)

$ 0

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Unbilled Receivables and Contract Assets) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

^[1]

2021

$ 11,731

2022

761

Short-term unbilled receivables

$ 12,492

$ 1,811

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Deferred Revenue) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2019 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance at period start	$ 135,940
Billings and other	454,604
Revenue recognized	(413,298)
Balance at period end	$ 177,246

Nature of Business and Summary of Significant Accounting Policies (Performance Obligation) (Details) $ in Millions	Nov. 30, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining performance obligation, amount	$ 186
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90.00%
Expected timing of satisfaction, period	1 year
Software licenses \| Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Software licenses \| Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	3 years
Maintenance \| Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Maintenance \| Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	3 years
Services \| Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Services \| Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	3 years

Nature of Business and Summary of Significant Accounting Policies (Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

Assets

Accounts receivable, net

$ 72,820

$ 59,715

^[1]

10,880

1,421

^[1]

Long-term unbilled receivables

12,492

1,811

^[1]

18,601

966

^[1]

580,237

Liabilities and shareholders’ equity

881,271

644,150

^[1]

157,494

123,210

^[1]

19,752

12,730

^[1]

5,799

^[1]

Other liabilities

178,409

64,303

85,125

^[1]

(29,974)

(28,176)

^[1]

Other equity

267,053

Short-term unbilled receivables

$ 881,271

644,150

^[1]

As Reported

Assets

Accounts receivable, net

58,450

Long-term unbilled receivables

1,922

580,237

Liabilities and shareholders’ equity

640,609

133,194

15,127

3,797

Other liabilities

178,409

71,242

(28,213)

Other equity

267,053

Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606

640,609

Assets

Accounts receivable, net

1,265

Short-term unbilled receivables

1,421

Long-term unbilled receivables

1,811

(956)

Liabilities and shareholders’ equity

3,541

(9,984)

(2,397)

2,002

Other liabilities

13,883

Other equity

$ 3,541

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Nature of Business and Summary of Significant Accounting Policies (Consolidated Income Statement) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Revenue:

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 98,104

$ 92,603

$ 92,864

$ 95,410

$ 413,298

$ 378,981

^[1]

$ 389,154

^[1]

75,241

66,973

^[1]

69,159

^[1]

96,272

85,891

82,384

73,510

81,373

75,907

76,221

78,507

338,057

312,008

^[1]

319,995

^[1]

297,973

244,194

^[1]

262,505

^[1]

(6,026)

15,960

14,741

15,409

11,030

19,103

18,550

19,131

40,084

67,814

^[1]

57,490

^[1]

(11,589)

(7,018)

^[1]

(5,027)

^[1]

28,495

60,796

^[1]

52,463

^[1]

2,095

11,126

23,442

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 8,644

$ 14,390

$ 12,904

$ 13,732

$ 26,400

$ 49,670

^[1],[2],[3]

$ 29,021

^[1],[2],[3]

$ 1.09

$ 0.60

Weighted average shares outstanding:

$ 1.08

$ 0.60

Basic (in shares)

44,791

45,561

^[1]

48,129

^[1]

Diluted (in shares)

45,340

46,135

^[1]

48,516

^[1]

Revenue:

$ 122,552

$ 99,800

^[1]

$ 113,643

^[1]

4,894

4,769

^[1]

5,752

^[1]

Maintenance and services

Revenue:

290,746

279,181

^[1]

275,511

^[1]

$ 44,463

39,470

^[1]

43,299

^[1]

As Reported

Revenue:

397,165

397,572

66,973

69,159

330,192

328,413

244,194

257,799

85,998

70,614

(7,018)

(5,027)

78,980

65,587

15,489

28,170

$ 63,491

$ 37,417

$ 1.39

$ 0.78

As Reported | Software licenses

$ 1.38

$ 0.77

Revenue:

As Reported | Maintenance and services

$ 122,137

$ 124,406

Revenue:

Accounting Standards Update 2014-09 | Adjustments

275,028

273,166

Revenue:

(18,184)

(8,418)

(18,184)

(8,418)

4,706

(18,184)

(13,124)

(18,184)

(13,124)

(4,363)

(4,728)

$ (13,821)

$ (8,396)

$ (0.30)

$ (0.18)

Weighted average shares outstanding:

$ (0.30)

$ (0.17)

Basic (in shares)

Diluted (in shares)

Accounting Standards Update 2014-09 | Adjustments | Software licenses

Revenue:

Accounting Standards Update 2014-09 | Adjustments | Maintenance and services

$ (22,337)

$ (10,763)

Revenue:

Cash, Cash Equivalents and Investments [Line Items]

$ 4,153

$ 2,345

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-For-Sale Investments) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

$ 154,259

$ 105,126

^[1]

Cash, cash equivalents and investments cost basis

(210)

173,662

139,723

Cash, cash equivalents and investments at fair value

173,685

139,513

State and municipal bond obligations

Cash, Cash Equivalents and Investments [Line Items]

Amortized Cost Basis

7,036

19,542

Cash, Cash Equivalents and Investments [Line Items]

(119)

Fair Value

7,037

19,423

U.S. treasury bonds

Amortized Cost Basis

7,221

6,726

Cash, Cash Equivalents and Investments [Line Items]

(21)

Fair Value

7,231

6,705

Corporate bonds

Amortized Cost Basis

5,146

8,329

Cash, Cash Equivalents and Investments [Line Items]

(70)

Fair Value

5,158

8,259

Cash

Cash, Cash Equivalents and Investments [Line Items]

144,346

101,316

Money market funds

Cash, Cash Equivalents and Investments [Line Items]

$ 9,913

$ 3,810

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

Cash and Equivalents

$ 154,259

$ 105,126

^[1]

State and municipal bond obligations

19,426

34,387

^[1]

Cash, Cash Equivalents and Investments [Line Items]

Cash, Cash Equivalents and Investments [Line Items]

7,037

19,423

U.S. treasury bonds

Cash, Cash Equivalents and Investments [Line Items]

7,231

6,705

Corporate bonds

Cash, Cash Equivalents and Investments [Line Items]

5,158

8,259

Cash

Cash and Equivalents

144,346

101,316

Money market funds

Cash, Cash Equivalents and Investments [Line Items]

Cash and Equivalents

$ 9,913

$ 3,810

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Investments and Cash [Abstract]
Due in one year or less	$ 14,004	$ 25,051
Due after one year	5,422	9,336
Total	$ 19,426	$ 34,387

Derivative Instruments (Narrative) (Details) - USD ($)	12 Months Ended
Derivative Instruments (Narrative) (Details) - USD ($)	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Jul. 09, 2019
Derivative [Line Items]
Derivative liabilities	$ 80,000	$ 170,000
Interest Rate Swap
Derivative [Line Items]
Notional amount				$ 150,000,000.0
Percentage of variable rate debt, managed variability	50.00%
Fixed interest rate				1.855%
Derivative liabilities	$ 2,100,000
Forward Contracts
Derivative [Line Items]
Derivative liabilities	$ 100,000
Minimum maturity period, foreign currency derivative	30 days
Maximum maturity period, foreign currency derivative	2 years
Gains (losses) on foreign currency option contracts	$ (1,100,000)	(6,900,000)	$ 9,400,000
Other Accrued Liabilities
Derivative [Line Items]
Derivative liabilities		300,000
Other Assets
Derivative [Line Items]
Derivative liabilities		$ 100,000
London Interbank Offered Rate (LIBOR) \| Interest Rate Swap
Derivative [Line Items]
Basis spread on variable rate				0.00%

Derivative Instruments (Outstanding Foreign Currency Forward Contracts) (Details) - USD ($)	Nov. 30, 2019	Nov. 30, 2018
Derivative [Line Items]
Derivative contracts, notional value	$ 68,408,000	$ 106,070,000
Derivative contracts, fair value	(80,000)	(170,000)
Interest Rate Swap
Derivative [Line Items]
Derivative contracts, notional value	148,125,000	0
Derivative assets (liabilities), at fair value	(2,054,000)	0
Derivative contracts, fair value	(2,100,000)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	66,951,000	105,830,000
Derivative contracts, fair value	(85,000)	(170,000)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	1,457,000	240,000
Derivative contracts, fair value	$ 5,000	$ 0

Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 03, 2019

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2019

Nov. 30, 2018

^[1]

Nov. 30, 2017

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Long-lived asset impairment charges

$ 1,400

$ 5,100

$ 0

$ 5,147

^[2]

$ 0

^[2]

Proceeds from sale of property, plant and equipment, net

6,146

$ 0

$ 1,557

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Proceeds from sale of property, plant and equipment, net

$ 5,800

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 100

DataRPM and Kinvey

Impairment of intangible assets

22,700

Trademarks and trade names | DataRPM and Kinvey

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment of intangible assets

$ 22,700

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Fair Value Measurements (Assets Measured on Nonrecurring Basis) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

^[2],[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total Fair Value

$ 0

$ 5,776

^[1]

$ 0

$ 5,776

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,400

5,100

5,147

^[2],[3]

$ 0

Level 3

Finite-lived intangible assets, fair value

$ 0

Disposal Group, Held-for-Sale, Not Discontinued Operations | Level 3

$ 22,688

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total Fair Value

$ 5,776

5,776

$ 5,147

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Property and Equipment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 03, 2019

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Less accumulated depreciation and amortization

$ 89,148

$ 88,322

$ 89,148

$ 88,322

(59,383)

(57,608)

(59,383)

(57,608)

Property and equipment, net

29,765

30,714

^[1]

29,765

30,714

^[1]

Depreciation and amortization expense

7,600

6,900

$ 7,500

Proceeds from sale of property, plant and equipment, net

1,400

5,100

5,147

^[2],[3]

6,146

^[2]

$ 1,557

^[2]

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Proceeds from sale of property, plant and equipment, net

$ 5,800

Computer equipment and software

$ 100

100

Land, buildings and leasehold improvements

47,699

47,266

47,699

47,266

34,083

34,676

34,083

34,676

Furniture and fixtures

Capitalized software development costs

7,090

6,104

7,090

6,104

$ 276

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

$ 295,968

$ 239,843

(196,576)

(180,924)

99,392

58,919

^[1]

Purchased technology

135,186

154,301

(105,967)

(110,959)

29,219

43,342

Customer-related

134,042

67,802

(74,175)

(56,589)

Trademarks and trade names

59,867

11,213

24,740

17,740

(16,043)

(13,376)

8,697

4,364

Non-compete agreement

2,000

(391)

Goodwill and Intangible Assets Disclosure [Abstract]

$ 1,609

$ 0

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization expense		$ 48.1	$ 36.0	$ 33.1
DataRPM and Kinvey
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 22.7

Intangible Assets and Goodwill (Schedule of Future Amortization Expense From Intangible Assets Held) (Details) - USD ($)
$ in Thousands

Nov. 30, 2019

Nov. 30, 2018

^[1]

$ 23,235

23,117

22,136

21,860

9,044

$ 99,392

$ 58,919

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Intangible Assets and Goodwill (Summary of Changes in the Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2019

Nov. 30, 2018

$ 314,992

^[1]

$ 315,041

117,871

Translation adjustments

(39)

(49)

432,824

314,992

^[1]

OpenEdge

248,987

117,871

Translation adjustments

(39)

Data Connectivity and Integration

366,819

248,987

19,040

Application Development and Deployment

19,040

46,965

$ 46,965

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Combinations (Narrative) (Details)
business in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

USD ($)

business

Jun. 01, 2017

USD ($)

Mar. 01, 2017

USD ($)

Nov. 30, 2019

USD ($)

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

Nov. 30, 2017

USD ($)

Share-based payment arrangement, expense

$ 432,824,000

$ 314,992,000

^[1]

$ 315,041,000

23,311,000

20,569,000

14,153,000

1,658,000

258,000

^[2]

1,458,000

^[2]

Federal statutory income tax rate, percent

111,300,000

$ 111,300,000

24.50%

$ 23,311,000

20,569,000

^[3]

14,153,000

^[3]

Ipswitch

Total purchase consideration

$ 225,000,000.0

Escrow deposit

$ 22,500,000

Number of businesses acquired | business

$ 117,871,000

Kinvey, Inc.

Total purchase consideration

$ 49,200,000

$ 24,351,000

Equity interests (as a percent)

300,000

1,100,000

100.00%

Purchase consideration, contingent consideration

$ 300,000

Period for founder to remain with company (at least)

2 years

DataRPM and Kinvey

Impairment of intangible assets

$ 22,700,000

DataRPM Corporation

Total purchase consideration

$ 30,000,000.0

$ 12,583,000

Equity interests (as a percent)

$ 0

400,000

100.00%

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs) | Ipswitch

Vesting period

3 years

Consideration payable in the form of restricted stock units

$ 2,000,000.0

Vesting period

3 years

Remaining amortization period

3 years

Share-based payment arrangement, expense

$ 400,000

Revenue of acquiree since acquisition date, actual

1,700,000

28,200,000

Restricted Stock Units (RSUs) | DataRPM Corporation

Consideration payable in the form of restricted stock units

$ 1,700,000

Vesting period

2 years

$ 100,000

$ 400,000

Term Loan | Ipswitch

Term loan and maximum borrowing capacity

Term loan

$ 185,000,000.0

401,000,000.0

Customer-related | Ipswitch

Customer-related | Kinvey, Inc.

66,600,000

Customer-related | DataRPM Corporation

$ 100,000

Purchased technology | Ipswitch

$ 100,000

Purchased technology | Kinvey, Inc.

33,100,000

Purchased technology | DataRPM Corporation

22,100,000

19,900,000

Trade name | Ipswitch

Trade name | Kinvey, Inc.

$ 9,600,000

Trade name | DataRPM Corporation

$ 1,800,000

$ 800,000

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Combinations (Schedule of Net Assets Acquired) (Details) - USD ($)
$ in Thousands

Apr. 30, 2019

Jun. 01, 2017

Mar. 01, 2017

Nov. 30, 2019

Nov. 30, 2018

^[1]

Nov. 30, 2017

$ 432,824

$ 314,992

$ 315,041

Ipswitch

$ 5,852

4,661

310

(12,696)

117,871

225,298

(216)

(4)

220

$ (963)

Net deferred tax assets

1,465

24,351

Net assets acquired

48,879

DataRPM Corporation

$ (174)

Deferred taxes

(5,006)

Purchased technology | Ipswitch

12,583

Net assets acquired

28,271

$ 33,100

Purchased technology | Kinvey, Inc.

5 years

$ 22,100

Purchased technology | DataRPM Corporation

5 years

$ 19,900

5 years

Trade name | Ipswitch

$ 9,600

Trade name | Kinvey, Inc.

5 years

$ 1,800

Trade name | DataRPM Corporation

5 years

$ 800

Customer relationships | Ipswitch

5 years

$ 66,600

Customer relationships | Kinvey, Inc.

5 years

$ 100

Customer relationships | DataRPM Corporation

5 years

$ 100

Previously Reported | Ipswitch

5 years

$ 6,068

Previously Reported | Purchased technology | Ipswitch

4,661

314

(12,696)

117,651

225,298

Previously Reported | Trade name | Ipswitch

33,100

Previously Reported | Customer relationships | Ipswitch

9,600

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 66,600

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Combinations (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Business Combinations [Abstract]
Revenue	$ 442,286	$ 431,014
Net income	$ 19,641	$ 20,599
Net income per basic share (in dollars per share)	$ 0.44	$ 0.45
Net income per diluted share (in dollars per share)	$ 0.43	$ 0.45

Term Loan and Line of Credit (Narrative) (Details) - USD ($)	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Apr. 30, 2019	Nov. 20, 2017
Line of Credit Facility [Line Items]
Due in next 12 months	$ 11,287,000
Credit Agreement
Line of Credit Facility [Line Items]
Additional borrowing capacity available				$ 185,000,000.0
Interest rate of credit facilities	3.38%
Debt, weighted average interest rate	3.90%
Principal repayments, option one	$ 1,900,000
Principal repayments, option two	3,800,000
Principal repayments, option three	5,600,000
Principal repayments, option four	7,500,000
Principal repayments, three payment schedules	9,400,000
Debt issuance cost	1,600,000
Unamortized debt issuance costs	1,200,000
Amortization of debt issuance costs	$ 500,000	$ 400,000	$ 400,000
Percentage of capital stock of domestic subsidiaries	100.00%
Percentage of capital stock of first-tier foreign subsidiaries	65.00%
Credit Agreement \| Revolving Line of Credit
Line of Credit Facility [Line Items]
Term loan				301,000,000.0
Unsecured credit facility				100,000,000.0
Additional borrowing capacity available				125,000,000.0
Line of credit facility outstanding amount	$ 0				$ 0
Fair value of term loan	297,200,000
Line of credit, current	11,300,000
Credit Agreement \| Swing Line Loans
Line of Credit Facility [Line Items]
Term loan				25,000,000.0
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Term loan				$ 25,000,000.0
Line of credit facility outstanding amount	$ 1,800,000				$ 1,300,000
Minimum \| Credit Agreement
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Minimum \| Eurodollar \| Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.50%
Minimum \| Base Rate \| Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	0.50%
Maximum \| Credit Agreement
Line of Credit Facility [Line Items]
Commitment fee percentage	0.35%
Maximum \| Eurodollar \| Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	2.00%
Maximum \| Base Rate \| Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.00%

Term Loan and Line of Credit (Future Maturities) (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 11,287
2021	18,812
2022	26,338
2023	33,863
2024	206,938
Total	$ 297,238

Commitments and Contingencies (Future Minimum Rental Payments) (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 7,453
2021	5,711
2022	4,977
2023	5,017
2024	5,102
Thereafter	2,904
Total	$ 31,164

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense net of sublease income	$ 8.9	$ 6.8	$ 6.9

Shareholders' Equity (Details)

1 Months Ended

12 Months Ended

Sep. 24, 2019

$ / shares

Sep. 27, 2016

$ / shares

Sep. 30, 2018

$ / shares

Sep. 30, 2017

$ / shares

Dec. 31, 2016

$ / shares

Nov. 30, 2019

USD ($)

unit

$ / shares

Nov. 30, 2018

USD ($)

$ / shares

Nov. 30, 2017

USD ($)

$ / shares

Jan. 27, 2020

USD ($)

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Common stock, shares authorized (in shares)

200,000,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Common stock, shares issued (in shares)

45,036,441

45,114,935

Common stock, shares outstanding (in shares)

45,036,441

45,114,935

Share repurchase program, authorized amount | $

$ 75,000,000.0

Common stock repurchased and retired (in shares)

700,000

2,900,000

2,200,000

Common stock repurchased and retired, value (in dollars) | $

$ 25,000,000

$ 120,000,000

$ 73,936,000

Remaining authorized repurchase amount | $

$ 75,000,000.0

Cash dividends declared per common share (in dollars per share) | $ / shares

$ 0.165

$ 0.125

$ 0.155

$ 0.14

$ 0.125

$ 0.630

$ 0.575

^[1]

$ 0.515

^[1]

Cash dividends, increase (as a percent)

6.00%

11.00%

Dividends paid | $

$ 27,800,000

$ 25,800,000

$ 24,100,000

Deferred Stock Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred stock units, shares outstanding (in shares)

170,359

Deferred stock unit of common stock (in shares) | unit

Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share repurchase program, authorized amount | $

$ 250,000,000.0

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Feb. 28, 2018 metric	Nov. 30, 2019 USD ($) period plan $ / shares shares	Nov. 30, 2018 $ / shares shares	Nov. 30, 2017 USD ($) $ / shares Executives shares	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan		1
Number of plans for which shareholder approval not required \| plan		2
Unrecognized stock-based compensation expense, net of expected forfeitures \| $		$ 28.7
Costs are expected to be recognized, weighted average period		2 years
Number of executives whose employment was terminated \| Executives				3
Additional stock-based compensation expenses related to separation and acceleration vesting \| $				$ 1.5
2008 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)		54,510,000
Shares available for grant under stock plans (in shares)		4,145,680
2002 Nonqualified Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)		9,750,000
Shares available for grant under stock plans (in shares)		400,046
2004 Inducement Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)		1,500,000
Shares available for grant under stock plans (in shares)		453,796
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock-based compensation expenses related to separation and acceleration vesting \| $				0.8
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock-based compensation expenses related to separation and acceleration vesting \| $				$ 0.7
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Number of common stock shares each restricted stock unit represents (in shares)		1
Stock-based compensation service period		3 years		3 years	3 years
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation service period	3 years
Number of performance metrics \| metric	2
Percentage of shares based on market conditions	50.00%
Market condition period	3 years
Percentage of shares based on cumulative performance condition	50.00%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)		9,450,000
ESPP offering period		27 months
ESPP number of purchase periods \| period		9
ESPP purchase period		3 months
ESPP purchase price (as a percent)		85.00%
Employee stock purchase plan, issued shares (in shares)		189,000	225,000	220,000
Weighted average purchase price of shares (in dollars per share) \| $ / shares		$ 29.23	$ 24.27	$ 22.27
Shares available and reserved for issuance (in shares)		401,000
Additional holding period		3 months
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares		$ 11.07	10.24	8.32
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares		$ 7.38	$ 10.30	$ 5.95

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2019 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	1,107
Granted (in shares) \| shares	655
Exercised (in shares) \| shares	(119)
Canceled (in shares) \| shares	(220)
Ending balance (in shares) \| shares	1,423
Exercisable (in shares) \| shares	497
Vested or expected to vest (in shares) \| shares	1,423
Weighted Average Exercise Price
Beginning of year (in dollars per share)	$ 37.82
Granted (in dollars per share)	35.10
Exercised (in dollars per share)	30.47
Canceled (in dollars per share)	37.31
End of year (in dollars per share)	37.26
Exercisable (in dollars per share)	36.70
Vested or expected to vest (in dollars per share)	$ 37.26
Weighted Average Remaining Contractual Term
Options Outstanding (in years)	5 years 1 month 20 days
Exercisable (in years)	4 years 5 months 26 days
Vested or expected to vest (in years)	5 years 1 month 20 days
Aggregate Intrinsic Value
Options outstanding \| $	$ 9,782
Exercisable \| $	3,849
Vested or expected to vest \| $	$ 9,782
Share price (in dollars per share)	$ 41.92

Stock-Based Compensation (Summary of Status of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Nov. 30, 2019 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	912
Granted (in shares) \| shares	540
Issued (in shares) \| shares	(365)
Canceled (in shares) \| shares	(258)
Ending balance (in shares) \| shares	829
Weighted Average Fair Value
Beginning of year (in dollars per share) \| $ / shares	$ 35.46
Granted (in dollars per share) \| $ / shares	36.09
Issued (in dollars per share) \| $ / shares	32.93
Canceled (in dollars per share) \| $ / shares	31.79
End of year (in dollars per share) \| $ / shares	$ 38.16

Stock-Based Compensation (Fair Value of Options and Employee Stock Purchase Plan) (Details)	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	25.00%	22.80%	25.00%
Risk-free interest rate	2.50%	2.30%	1.90%
Expected life (in years)	4 years 9 months 18 days	4 years 9 months 18 days	4 years 9 months 18 days
Expected dividend yield	1.80%	1.10%	1.70%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	30.60%	23.80%	22.90%
Risk-free interest rate	2.30%	2.30%	1.20%
Expected life (in years)	1 year 7 months 6 days	1 year 8 months 12 days	1 year 6 months
Expected dividend yield	1.70%	1.50%	1.60%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	32.20%	27.40%	27.50%
Risk-free interest rate	2.50%	2.10%	1.40%
Expected life (in years)	2 years 9 months 18 days	2 years 10 months 24 days	2 years 8 months 12 days
Expected dividend yield	1.70%	1.70%	1.80%

Stock-Based Compensation (Activity Stock Options and Stock Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options on date exercised	$ 1,388	$ 3,692	$ 1,622
Total fair value of restricted stock units and deferred stock units on date vested	16,573	16,431	20,089
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock units and deferred stock units on date vested	1,853	1,690	57
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock units and deferred stock units on date vested	$ 14,720	$ 14,741	$ 20,032

Stock-Based Compensation (Classification of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 23,311	$ 20,569	$ 14,153
Income tax benefit included in the provision for income taxes	4,661	4,345	4,057
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,134	616	1,016
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,155	2,959	2,214
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	7,205	8,242	4,576
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 10,817	$ 8,752	$ 6,347

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Retirement Benefits [Abstract]
Company contributions to the plan	$ 2.3	$ 3.1	$ 2.1

Restructuring (Summary of Restructuring Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 311	$ 4,126	$ 1,550
Costs incurred	6,331	2,251	22,210
Cash disbursements	(4,407)	(6,111)	(19,234)
Asset impairment			(762)
Translation adjustments and other	(32)	45	362
Ending Balance	2,203	311	4,126
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	307	570	107
Costs incurred	740	1,011	2,655
Cash disbursements	(760)	(1,309)	(1,456)
Asset impairment			(762)
Translation adjustments and other	(91)	35	26
Ending Balance	196	307	570
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	4	3,556	1,443
Costs incurred	5,591	1,240	19,555
Cash disbursements	(3,647)	(4,802)	(17,778)
Asset impairment			0
Translation adjustments and other	59	10	336
Ending Balance	2,007	4	3,556
2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	2,494
Cash disbursements	(1,035)
Translation adjustments and other	1
Ending Balance	1,460	0
2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	0
Cash disbursements	0
Translation adjustments and other	0
Ending Balance	0	0
2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	2,494
Cash disbursements	(1,035)
Translation adjustments and other	1
Ending Balance	1,460	0
2017 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	311	4,096	0
Costs incurred	739	2,251	22,125
Cash disbursements	(768)	(6,081)	(17,629)
Asset impairment	(89)		(762)
Translation adjustments and other	(2)	45	362
Ending Balance	191	311	4,096
2017 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	307	540	0
Costs incurred	735	1,011	2,570
Cash disbursements	(760)	(1,279)	(1,294)
Asset impairment	(89)		(762)
Translation adjustments and other	(2)	35	26
Ending Balance	191	307	540
2017 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	4	3,556	0
Costs incurred	4	1,240	19,555
Cash disbursements	(8)	(4,802)	(16,335)
Asset impairment	0		0
Translation adjustments and other	0	10	336
Ending Balance	0	4	$ 3,556
Ipswitch \| 2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,098
Cash disbursements	(2,604)
Translation adjustments and other	58
Ending Balance	552	0
Ipswitch \| 2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	5
Cash disbursements	0
Translation adjustments and other	0
Ending Balance	5	0
Ipswitch \| 2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,093
Cash disbursements	(2,604)
Translation adjustments and other	58
Ending Balance	$ 547	$ 0

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Nov. 30, 2019	Feb. 28, 2017	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 6,331	$ 2,251	$ 22,210
2019 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			2,494
Short-term restructuring reserves	$ 1,500		1,500
2017 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			739	$ 2,251	$ 22,125
Percentage of reduction of global workforce (more than)		20.00%
Other Accrued Liabilities \| 2017 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Short-term restructuring reserves	200		200
DataRPM and Kinvey
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets	22,700
Ipswitch \| 2019 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			3,098
Short-term restructuring reserves	600		$ 600
Trademarks and trade names \| DataRPM and Kinvey
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets	$ 22,700

Income Taxes (Components of Pretax Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Income Tax Disclosure [Abstract]
U.S.	$ (11,778)	$ 59,440	$ 65,191
Foreign	40,273	1,356	(12,728)
Total	$ 28,495	$ 60,796	$ 52,463

Income Taxes (Provisions For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Current:
Federal	$ 9,294	$ 8,979	$ 23,739
State	1,862	1,387	2,461
Foreign	5,808	3,088	1,496
Total current	16,964	13,454	27,696
Deferred, as adjusted:
Federal	(12,191)	(863)	(2,740)
State	(2,399)	(51)	(292)
Foreign	(279)	(1,414)	(1,222)
Total deferred	(14,869)	(2,328)	(4,254)
Total	$ 2,095	$ 11,126	$ 23,442

Income Taxes (Reconciliation of The U.S. Federal Statutory Rate to The Effective Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Income Tax Disclosure [Abstract]
Tax at U.S. Federal statutory rate	$ 5,984	$ 13,513	$ 18,362
Foreign rate differences	(2,619)	1,281	4,793
Effects of foreign operations included in U.S. Federal provision	451	550	(186)
State income taxes, net	(918)	1,180	1,349
Research credits	(1,086)	(302)	(251)
Domestic production activities deduction	(248)	(1,283)	(2,670)
Tax-exempt interest	(27)	(66)	(101)
Nondeductible stock-based compensation	1,043	502	808
Meals and entertainment	198	192	276
Compensation subject to 162(m)	422	227	208
Uncertain tax positions and tax settlements	(720)	(1,626)	429
Remeasurement of net deferred tax liabilities due to the Act	0	(1,660)	0
Net excess tax benefit or detriment from stock-based compensation plans	(103)	(861)	0
Global intangible low tax inclusion	2,100	0	0
Foreign derived intangible deduction	(2,300)	0	0
Other	(82)	(521)	425
Total	$ 2,095	$ 11,126	$ 23,442

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Operating Loss Carryforwards [Line Items]
Income tax benefit due to the re-measurement of its net U.S. deferred tax liabilities due to the Act		$ 1,700
Increase (decrease) in valuation allowance	$ 100	7,300	$ (1,700)
Cumulative undistributed foreign earnings	72,300
Unrecognized tax benefits	4,993	5,787	7,520	$ 7,046
Deferred tax assets related to operating loss carryforwards, not recorded	2,100
Income tax benefit recorded to as a result of interest and penalties	100	100
Interest and penalties recorded to provision for income taxes	100	200	$ 200
Reduction related to statue of expiration due to interest and penalties	200	300
Accrued estimated interest and penalties	400	$ 400
Federal and Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	133,700
Indefinite-Lived Carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,300
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	900
Tax credit carryforwards	3,200
Federal
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	900
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 2,900

Income Taxes (Summary Of Deferred Taxes) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Deferred tax assets:
Accounts receivable	$ 174	$ 134
Accrued compensation	3,283	1,863
Accrued liabilities and other	2,690	2,106
Deferred revenue	3,995	0
Stock-based compensation	4,342	3,166
Depreciation and amortization	15,341	0
Tax credit and loss carryforwards	21,867	24,338
Gross deferred tax assets	51,692	31,607
Valuation allowance	(8,864)	(8,790)
Total deferred tax assets	42,828	22,817
Deferred tax liabilities:
Goodwill	(18,879)	(17,966)
Deferred revenue	(4,541)	(1,610)
Depreciation and amortization	0	(7,151)
Prepaid expenses	(810)	(923)
Total deferred tax liabilities	(24,230)	(27,650)
Total	$ 18,598
Total		$ (4,833)

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 5,787	$ 7,520	$ 7,046
Tax positions related to current year	0	0	785
Tax positions related to a prior period	110
Tax positions related to a prior period		(15)	(120)
Settlements with tax authorities	(181)	(39)	(155)
Lapses due to expiration of the statute of limitations	(723)	(1,679)	(36)
Balance, end of year	$ 4,993	$ 5,787	$ 7,520

Earnings Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Earnings Per Share [Abstract]

Weighted average shares outstanding (in shares)

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 8,644

$ 14,390

$ 12,904

$ 13,732

$ 26,400

$ 49,670

^[1],[2],[3]

$ 29,021

^[1],[2],[3]

44,791

45,561

^[2]

48,129

^[2]

Dilutive impact from common stock equivalents (in shares)

549

574

387

Diluted weighted average shares outstanding (in shares)

45,340

46,135

^[2]

48,516

^[2]

Basic earnings (loss) per share (in dollars per share)

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 0.19

$ 0.32

$ 0.28

$ 0.30

$ 0.59

$ 1.09

^[2]

$ 0.60

^[2]

Diluted earnings (loss) per share (in dollars per share)

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 0.19

$ 0.32

$ 0.28

$ 0.29

$ 0.58

$ 1.08

^[2]

$ 0.60

^[2]

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Number of reportable segments | segment

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	932	602	494

Business Segments and International Operations (Narrative) (Details)
$ in Thousands

12 Months Ended

Nov. 30, 2019

USD ($)

segment

Nov. 30, 2018

USD ($)

Nov. 30, 2017

USD ($)

Segment Reporting [Abstract]

Revenues from External Customers and Long-Lived Assets [Line Items]

Long-lived assets

$ 29,765

$ 30,714

^[1]

United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Long-lived assets

25,700

25,800

$ 39,500

Outside United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Long-lived assets

$ 4,100

$ 4,900

$ 2,800

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Segments and International Operations (Income from Continuing Operations by Segment) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 98,104

$ 92,603

$ 92,864

$ 95,410

$ 413,298

$ 378,981

^[1]

$ 389,154

^[1]

96,272

85,891

82,384

73,510

81,373

75,907

76,221

78,507

338,057

312,008

^[1]

319,995

^[1]

$ (6,026)

$ 15,960

$ 14,741

$ 15,409

$ 11,030

$ 19,103

$ 18,550

$ 19,131

40,084

67,814

^[1]

57,490

^[1]

(11,589)

(7,018)

^[1]

(5,027)

^[1]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

28,495

60,796

^[1]

52,463

^[1]

Operating Segments

413,298

378,981

389,154

117,175

102,541

113,177

Operating Segments | OpenEdge

296,123

276,440

275,977

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

296,929

277,806

279,823

85,209

67,820

75,791

Operating Segments | Data Connectivity and Integration

211,720

209,986

204,032

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

39,903

23,129

29,434

7,973

7,634

10,270

Operating Segments | Application Development and Deployment

31,930

15,495

19,164

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

76,466

78,046

79,897

23,993

27,087

27,116

Corporate And Reconciling Items

52,473

50,959

52,781

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

$ 256,039

$ 208,626

$ 218,487

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Segments and International Operations (Revenue from External Customers by Revenue Type) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 98,104

$ 92,603

$ 92,864

$ 95,410

$ 413,298

$ 378,981

^[1]

$ 389,154

^[1]

Transferred at Point in Time | Software licenses

122,552

99,800

^[1]

113,643

^[1]

Transferred over Time | Maintenance

122,552

99,800

113,643

Transferred over Time | Services

259,006

249,171

243,508

$ 31,740

$ 30,010

$ 32,003

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Business Segments and International Operations (Revenue from External Customers from Different Geographical Areas) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2017

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 98,104

$ 92,603

$ 92,864

$ 95,410

$ 413,298

$ 378,981

^[1]

$ 389,154

^[1]

United States

213,252

187,627

214,232

Canada

20,659

16,630

21,583

EMEA

137,301

135,055

117,509

Latin America

19,665

18,046

16,002

Asia Pacific

Quarterly Financial Information Disclosure [Abstract]

$ 22,421

$ 21,623

$ 19,828

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

Selected Quarterly Financial Data (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2018

Aug. 31, 2018

May 31, 2018

Feb. 28, 2018

Nov. 30, 2019

Nov. 30, 2018

^[1]

Nov. 30, 2017

^[1]

Revenue

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 98,104

$ 92,603

$ 92,864

$ 95,410

$ 413,298

$ 378,981

$ 389,154

Income (loss) from operations

96,272

85,891

82,384

73,510

81,373

75,907

76,221

78,507

338,057

312,008

319,995

(6,026)

15,960

14,741

15,409

11,030

19,103

18,550

19,131

40,084

67,814

57,490

Basic (loss) earnings per share (in dollars per share)

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 8,644

$ 14,390

$ 12,904

$ 13,732

$ 26,400

$ 49,670

^[2],[3]

$ 29,021

^[2],[3]

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 0.19

$ 0.32

$ 0.28

$ 0.30

$ 0.59

$ 1.09

$ 0.60

Diluted (loss) earnings per share (in dollars per share)

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 0.19

$ 0.32

$ 0.28

$ 0.29

$ 0.58

$ 1.08

$ 0.60

[1]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[2]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.
[3]	The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.