0000876167-21-000030 | 10-K | XBRL Viewer | Progress Software Corp MA

Other comprehensive income (loss), net of tax:

$ 79,722

$ 26,400

$ 49,670

^[1],[2]

Foreign currency translation adjustments

777

(420)

(9,796)

^[3]

Unrealized loss on hedging activity, net of tax benefit of $1,176 in 2020 and $503 in 2020 and 2019, respectively

(3,625)

(1,551)

^[3]

Unrealized gain on investments, net of tax provision of $32, $60 and $57 in 2020, 2019 and 2018, respectively

173

^[3]

Total other comprehensive (loss), net of tax

(2,804)

(1,798)

(9,770)

^[3]

Comprehensive income

$ 76,918

$ 24,602

$ 39,900

^[3]

[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]	(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.
[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.

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

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Cash flows from operating activities:

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-For-Sale Investments) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 97,990	$ 154,259
Unrealized Gains	99	23
Unrealized Losses	0	0
Cash, cash equivalents and investments cost basis	105,896	173,662
Cash, cash equivalents and investments at fair value	105,995	173,685
State and municipal bond obligations
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis		7,036
Unrealized Gains		1
Unrealized Losses		0
Fair Value		7,037
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	4,993	7,221
Unrealized Gains	58	10
Unrealized Losses	0	0
Fair Value	5,051	7,231
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	2,913	5,146
Unrealized Gains	41	12
Unrealized Losses	0	0
Fair Value	2,954	5,158
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	79,026	144,346
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 18,964	$ 9,913

Leases - Schedule of Future Minimum Lease Payments After the Adoption of ASC 842 (Details) $ in Thousands	Nov. 30, 2020 USD ($)
Leases [Abstract]
2021	$ 7,708
2022	7,078
2023	6,994
2024	6,896
Thereafter	7,350
Total lease payments	36,026
Less imputed interest	(2,045)
Present value of lease liabilities	$ 33,981

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

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

$ 79,722

$ 26,400

$ 49,670

^[1],[2]

Depreciation and amortization of property and equipment

6,144

7,552

6,941

^[2]

Amortization of acquired intangibles and other

28,621

49,127

37,561

^[2]

Loss on disposal of property and equipment

23,482

23,311

20,569

^[2]

Non-cash lease expense

8,609

1,025

376

390

^[2]

Loss on assets held for sale

5,147

^[1],[2]

Impairment of intangible and long-lived assets

24,096

^[2]

Deferred income taxes

(2,622)

(14,869)

(2,328)

^[2]

Allowances for bad debt and sales credits

164

546

262

^[2]

Gain on sale of intangible assets

(889)

^[2]

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivables

10,682

(24,655)

18,708

^[2]

Other assets

1,561

(1,902)

(10,332)

^[2]

Accounts payable and accrued liabilities

(4,974)

9,116

(11,842)

^[2]

Lease liabilities

(8,101)

Income taxes payable

(454)

(2,890)

^[2]

Deferred revenue

1,420

29,840

9,496

^[2]

Net cash flows from operating activities

144,847

128,484

121,352

^[2]

Cash flows (used in) from investing activities:

Purchases of investments

(5,009)

(10,550)

(8,258)

^[2]

Sales and maturities of investments

16,401

25,320

23,101

^[2]

Purchases of property and equipment

(6,517)

(3,998)

(7,250)

^[2]

Payments for acquisitions, net of cash acquired

(213,057)

(225,298)

^[2]

Proceeds from sale of long-lived assets, net

889

6,146

^[2]

Net cash flows (used in) from investing activities

(207,293)

(208,380)

7,593

^[2]

Cash flows from (used in) financing activities:

Proceeds from stock-based compensation plans

11,099

9,265

9,205

^[2]

Payments for taxes related to net share settlements of equity awards

(5,331)

(4,278)

(3,999)

^[2]

Repurchases of common stock

(60,000)

(25,000)

(120,000)

^[2]

Dividend payments to shareholders

(29,900)

(27,760)

(25,789)

^[2]

Proceeds from the issuance of debt

98,500

184,985

^[2]

Payment of principal on long-term debt

(11,288)

(5,309)

(6,188)

^[2]

Payment of issuance costs for long-term debt

(1,611)

^[2]

Net cash flows from (used in) financing activities

3,080

130,292

(146,771)

^[2]

Effect of exchange rate changes on cash

3,097

(1,263)

(10,512)

^[2]

Net (decrease) increase in cash and cash equivalents

(56,269)

49,133

(28,338)

^[2]

Cash and cash equivalents, beginning of year

154,259

105,126

^[2]

133,464

^[2]

Cash and cash equivalents, end of year

97,990

154,259

105,126

^[2]

Supplemental disclosure:

Cash paid for income taxes, net of refunds of $724 in 2020, $1,385 in 2019 and $909 in 2018

16,107

16,340

25,451

Cash paid for interest

9,175

8,666

4,220

Non-cash investing and financing activities:

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

17,046

16,573

16,431

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

$ 7,904

$ 7,498

$ 6,998

[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]	(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 (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands				12 Months Ended
	Oct. 05, 2020	May 31, 2020	Apr. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Business Acquisition [Line Items]
Goodwill				$ 491,726	$ 432,824	$ 314,992
Measurement Period Adjustments
Goodwill				(838)	$ 0
Chef acquisition
Business Acquisition [Line Items]
Net working capital	$ 52,330
Property, plant and equipment	498
Intangible assets				141,300
Other assets	122
Other noncurrent liabilities	(841)
Lease liabilities, net	(1,810)
Deferred taxes	(7,817)
Deferred revenue	(12,525)
Goodwill	59,858			$ 59,900
Net assets acquired	231,115
Chef acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 38,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Chef acquisition \| Trade Names
Business Acquisition [Line Items]
Intangible assets	$ 5,700
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Chef acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 97,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life	7 years
Ipswitch
Business Acquisition [Line Items]
Net working capital			$ 6,719
Property, plant and equipment			4,661
Other assets			310
Deferred revenue			(12,725)
Goodwill		$ 600	117,033
Net assets acquired			225,298
Measurement Period Adjustments
Net working capital			651
Other assets		(4)
Deferred revenue		(29)
Goodwill		(618)
Net assets acquired		$ 0
Ipswitch \| Purchased technology
Business Acquisition [Line Items]
Intangible assets			$ 33,100
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Ipswitch \| Trade Names
Business Acquisition [Line Items]
Intangible assets			$ 9,600
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Ipswitch \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 66,600
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Ipswitch \| Previously reported
Business Acquisition [Line Items]
Net working capital			$ 6,068
Property, plant and equipment			4,661
Other assets			314
Deferred revenue			(12,696)
Goodwill			117,651
Net assets acquired			225,298
Ipswitch \| Previously reported \| Purchased technology
Business Acquisition [Line Items]
Intangible assets			33,100
Ipswitch \| Previously reported \| Trade Names
Business Acquisition [Line Items]
Intangible assets			9,600
Ipswitch \| Previously reported \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 66,600

Stock-Based Compensation (Fair Value of Options and Employee Stock Purchase Plan) (Details)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.00%	25.00%	22.80%
Risk-free interest rate	1.10%	2.50%	2.30%
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	1.60%	1.80%	1.10%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	38.20%	30.60%	23.80%
Risk-free interest rate	0.20%	2.30%	2.30%
Expected life (in years)	1 year 3 months 18 days	1 year 7 months 6 days	1 year 8 months 12 days
Expected dividend yield	2.00%	1.70%	1.50%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.70%	32.20%	27.40%
Risk-free interest rate	1.10%	2.50%	2.10%
Expected life (in years)	2 years 9 months 18 days	2 years 9 months 18 days	2 years 10 months 24 days
Expected dividend yield	0.00%	1.70%	1.70%

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

12 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

$ 330,282

$ 324,002

^[1]

$ 404,381

^[1]

(2,804)

(1,798)

(9,770)

^[2]

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

346,013

330,282

324,002

^[1]

Total

(29,974)

(28,176)

^[1]

(18,406)

^[1]

(2,804)

(1,798)

(9,770)

Foreign Currency Translation Adjustment

(32,778)

(29,974)

(28,176)

^[1]

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

(28,393)

(27,973)

777

(420)

Unrealized (Losses) Gains on Investments

(27,616)

(28,393)

(27,973)

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

(30)

(203)

173

Unrealized Losses on Hedging Activity

(30)

(203)

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

(1,551)

(3,625)

$ (5,176)

$ (1,551)

$ 0

[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]	(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.

Goodwill and Intangible Assets Disclosure [Abstract]

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Intangible Assets and Goodwill

12 Months Ended

Nov. 30, 2020

Intangible Assets and Goodwill

Intangible Assets

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


	November 30, 2020						November 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	173,486	$	(113,863)	$	59,623	$	135,186	$	(105,967)	$	29,219
Customer-related	231,342		(91,326)		140,016		134,042		(74,175)		59,867
Trademarks and trade names	30,440		(18,275)		12,165		24,740		(16,043)		8,697
Non-compete agreement	2,000		(1,057)		943		2,000		(391)		1,609
Total	$	437,268	$	(224,521)	$	212,747	$	295,968	$	(196,576)	$	99,392

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $27.9 million, $48.1 million and $36.0 million in fiscal years 2020, 2019 and 2018, respectively.

The additions to intangible assets during fiscal years 2020 and 2019 are related to the acquisition of Chef in October 2020 and Ipswitch in April 2019, respectively (Note 7).

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, 2020 is as follows (in thousands):


2021	$	44,890
2022	44,836
2023	44,560
2024	31,744
2025	21,233
Thereafter	25,484
Total	$	212,747

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2020 and 2019 are as follows (in thousands):


	November 30, 2020		November 30, 2019
Balance, beginning of year	$	432,824	$	314,992
Measurement Period Adjustments(1)	(838)		—
Additions(2)	59,858		117,871
Translation Adjustments	(118)		(39)
Balance, end of year	$	491,726	$	432,824

(1) Represents final measurement period adjustments related to our Ipswitch acquisition (Note 7).

(2) The additions to goodwill during fiscal years 2020 and 2019 are related to the acquisition of Chef in October 2020 and Ipswitch in April 2019, respectively (Note 7).

Changes in the carrying amount of goodwill by reportable segment for fiscal year 2020 are as follows (in thousands):


	November 30, 2019		Measurement Period Adjustments		Additions		Translation Adjustments		November 30, 2020
OpenEdge	$	366,819	$	(838)	$	—	$	(118)	$	365,863
Data Connectivity and Integration	19,040		—		—		—		19,040
Application Development and Deployment	46,965		—		59,858		—		106,823
Total goodwill	$	432,824	$	(838)	$	59,858	$	(118)	$	491,726

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 2020, we tested goodwill for impairment for each of our reporting units as of October 31, 2020. 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 2020, 2019 or 2018.

Intangible Assets and Goodwill (Summary of Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Goodwill [Roll Forward]
Balance, beginning of year	$ 432,824	$ 314,992
Measurement period adjustment	(838)	0
Additions	59,858	117,871
Translation Adjustments	(118)	(39)
Balance, end of year	491,726	432,824
OpenEdge
Goodwill [Roll Forward]
Balance, beginning of year	366,819
Measurement period adjustment	(838)
Additions	0
Translation Adjustments	(118)
Balance, end of year	365,863	366,819
Data Connectivity and Integration
Goodwill [Roll Forward]
Balance, beginning of year	19,040
Measurement period adjustment	0
Additions	0
Translation Adjustments	0
Balance, end of year	19,040	19,040
Application Development and Deployment
Goodwill [Roll Forward]
Balance, beginning of year	46,965
Measurement period adjustment	0
Additions	59,858
Translation Adjustments	0
Balance, end of year	$ 106,823	$ 46,965

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance at period start	$ 177,246
Billings and other	458,199
Revenue recognized	(442,150)
Balance at period end	$ 193,295

Income Taxes (Provisions For Income Taxes) (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

Current:

Federal

$ 12,294

$ 9,294

$ 8,979

State

3,871

1,862

1,387

Foreign

3,370

5,808

3,088

Total current

19,535

16,964

13,454

Deferred, as adjusted:

Federal

(1,613)

(12,191)

(863)

State

(969)

(2,399)

(51)

Foreign

(40)

(279)

(1,414)

Total deferred

(2,622)

(14,869)

(2,328)

Total

$ 16,913

$ 2,095

$ 11,126

^[1]

[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.

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Retirement Benefits [Abstract]
Company contributions to the plan	$ 3.6	$ 2.3	$ 3.1

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, 2020	Nov. 30, 2019
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 97,990	$ 154,259
Short-Term Investments	8,005	19,426
State and municipal bond obligations
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	0	7,037
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	5,051	7,231
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	2,954	5,158
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	79,026	144,346
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 18,964	$ 9,913

Term Loan and Line of Credit (Narrative) (Details) - USD ($)		1 Months Ended	12 Months Ended
	Oct. 05, 2020	Oct. 31, 2020	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Apr. 30, 2019
Line of Credit Facility [Line Items]
Due in next 12 months			$ 18,812,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 98,500,000
Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities			1.81%
Debt, weighted average interest rate			2.41%
Debt issuance cost			$ 1,600,000
Unamortized debt issuance costs			1,200,000
Amortization of debt issuance costs			$ 600,000	$ 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 \| Secured Debt
Line of Credit Facility [Line Items]
Term loan						$ 301,000,000.0
Additional borrowing capacity available						185,000,000.0
Line of credit facility outstanding amount			$ 286,000,000.0
Due in next 12 months			18,800,000
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
Credit Agreement \| Revolving Line of Credit
Line of Credit Facility [Line Items]
Unsecured credit facility						100,000,000.0
Additional borrowing capacity available						125,000,000.0
Proceeds from lines of credit	$ 98,500,000
Line of credit facility outstanding amount			98,500,000
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			$ 2,100,000
Minimum \| Credit Agreement \| Revolving Line of Credit
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 \| Revolving Line of Credit
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%

Restructuring

12 Months Ended

Nov. 30, 2020

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, 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
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Asset impairment	(20)		—		(20)
Translation adjustments and other	2		5		7
Balance, November 30, 2020	$	421	$	3,552	$	3,973

2020 Restructurings

During the fourth quarter of fiscal year 2020, we restructured our operations in connection with the acquisition of Chef (Note 7). This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of Chef.

For the fiscal year ended November 30, 2020, we incurred expenses of $3.9 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, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2021. Accordingly, the balance of the restructuring reserve of $3.5 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 2020.

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 2021, but we do not expect these costs to be material.

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, 2020, we incurred expenses of $0.1 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	—		2,494		2,494
Cash disbursements	—		(1,035)		(1,035)
Translation adjustments and other	—		1		1
Balance, November 30, 2019	$	—	$	1,460	$	1,460
Costs incurred	—		108		108
Cash disbursements	—		(1,546)		(1,546)
Balance, November 30, 2020	$	—	$	22	$	22

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2021. Accordingly, the balance of the restructuring reserve, which is not material, is included in other accrued liabilities on the consolidated balance sheet at November 30, 2020. 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.

For the fiscal years ended November 30, 2020 and 2019, we incurred expenses of $1.5 million and $3.1 million, respectively, 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
Costs incurred	1,447		39		1,486
Cash disbursements	(1,020)		(579)		(1,599)
Asset impairment	(20)		—		(20)
Translation adjustments and other	5		—		5
Balance, November 30, 2020	$	417	$	7	$	424

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2021. Accordingly, the balance of the restructuring reserve of $0.4 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 2020.

We expect to incur additional expenses as part of this action related to facility closures as we consolidate offices in various locations during fiscal year 2021, but we do not expect these costs to be material.

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 2021, 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, 2020, 2019 and 2018, we incurred expenses of $0.4 million, $0.7 million, $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, 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
Costs incurred	365		—		365
Cash disbursements	(549)		—		(549)
Translation adjustments and other	(3)		—		(3)
Balance, November 30, 2020	$	4	$	—	$	4

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

Business Segments and International Operations (Tables)

12 Months Ended

Nov. 30, 2020

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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Segment revenue:
OpenEdge	$	326,444	$	296,929	$	277,806
Data Connectivity and Integration	34,187		39,903		23,129
Application Development and Deployment	81,519		76,466		78,046
Total revenue	442,150		413,298		378,981
Segment costs of revenue and operating expenses:
OpenEdge	76,352		85,209		67,820
Data Connectivity and Integration	8,397		7,973		7,634
Application Development and Deployment	36,749		23,993		27,087
Total costs of revenue and operating expenses	121,498		117,175		102,541
Segment contribution margin:
OpenEdge	250,092		211,720		209,986
Data Connectivity and Integration	25,790		31,930		15,495
Application Development and Deployment	44,770		52,473		50,959
Total contribution margin	320,652		296,123		276,440
Other unallocated expenses(2)	212,924		256,039		208,626
Income from operations	107,728		40,084		67,814
Other expense, net	(11,093)		(11,589)		(7,018)
Income before income taxes	$	96,635	$	28,495	$	60,796
(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: product development, corporate marketing, administration, amortization and impairment of acquired intangibles, impairment of long-lived assets, stock-based compensation, restructuring, acquisition-related expenses, loss on assets held for sale, and fees related to shareholder activist.

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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Performance obligations transferred at a point in time:
Software licenses	$	115,249	$	122,552	$	99,800
Performance obligations transferred over time:
Maintenance	288,887		259,006		249,171
Services	38,014		31,740		30,010
Total revenue	$	442,150	$	413,298	$	378,981
(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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
United States	$	240,717	$	213,252	$	187,627
Canada	20,281		20,659		16,630
EMEA	143,754		137,301		135,055
Latin America	14,574		19,665		18,046
Asia Pacific	22,824		22,421		21,623
Total revenue	$	442,150	$	413,298	$	378,981
(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

1 Months Ended

12 Months Ended

Oct. 05, 2020

USD ($)

Apr. 30, 2019

USD ($)

business

Oct. 31, 2020

USD ($)

Nov. 30, 2020

USD ($)

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

May 31, 2020

USD ($)

Goodwill

$ 491,726,000

$ 432,824,000

$ 314,992,000

Federal statutory income tax rate, percent

$ 3,637,000

1,658,000

258,000

^[1]

24.50%

Share-based payment arrangement, expense

$ 23,482,000

23,311,000

$ 20,569,000

Restricted Stock Units (RSUs)

$ 111,300,000

Vesting period

3 years

Revolving Line of Credit

Proceeds from lines of credit

$ 98,500,000

Credit Agreement | Revolving Line of Credit

Proceeds from lines of credit

$ 98,500,000

Chef Acquisition

Payments to acquire businesses

220,000,000.0

Escrow deposit

12,000,000.0

$ 141,300,000

Goodwill

59,858,000

59,900,000

Chef Acquisition | Customer-related

2,200,000

Revenue of acquisition

3,800,000

Chef Acquisition | Purchased technology

97,300,000

Chef Acquisition | Trade Names

38,300,000

$ 5,700,000

Ipswitch

Total purchase consideration

Escrow deposit

$ 22,500,000

Goodwill

117,033,000

$ 600,000

$ 225,000,000.0

Number of businesses acquired | business

Ipswitch | Restricted Stock Units (RSUs)

Consideration payable in the form of restricted stock units

400,000

Revenue of acquisition

67,500,000

$ 28,200,000

$ 2,000,000.0

Vesting period

3 years

Remaining amortization period

3 years

Share-based payment arrangement, expense

$ 700,000

Ipswitch | Customer-related

Ipswitch | Purchased technology

$ 66,600,000

33,100,000

Ipswitch | Trade Names

9,600,000

Ipswitch | Term Loan

Term loan and maximum borrowing capacity

Term loan

185,000,000.0

$ 401,000,000.0

[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.

Revenue Recognition

12 Months Ended

Nov. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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, 2020, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2022	$	8,436
2023	2,055
2024	285
Total	$	10,776

Contract assets, which arise when products or services have begun to be transferred to the customer and our right to the amounts due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation, were $11.3 million and $1.5 million as of November 30, 2020 and November 30, 2019, respectively. These amounts are included in unbilled receivables and contract assets or long-term unbilled receivables and contract assets on our consolidated balance sheets.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the consolidated balance sheets. Our deferred revenue balance is primarily made up of deferred maintenance from our OpenEdge and Application Development and Deployment segments.

As of November 30, 2020, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2019	$	177,246
Billings and other	458,199
Revenue recognized	(442,150)
Balance, November 30, 2020	$	193,295

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, 2020, transaction price allocated to remaining performance obligations was $212.2 million. We expect to recognize approximately 83% 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 $2.5 million, $1.7 million and minimal as of November 30, 2020, November 30, 2019 and November 30, 2018, respectively, 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Nature of Business and Summary of Significant Accounting Policies (Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Assets
Accounts receivable, net	$ 84,040	$ 72,820	$ 59,715
Short-term unbilled receivables	24,917	10,880	1,421
Long-term unbilled receivables	17,133	12,492	1,811
Deferred tax assets	14,490	18,601	966
Other assets			580,237
Total assets	1,041,782	881,271	644,150
Liabilities and shareholders’ equity
Short-term deferred revenue	166,387	157,494	123,210
Long-term deferred revenue	26,908	19,752	12,730
Deferred tax liabilities			5,799
Other liabilities			178,409
Retained earnings	72,547	64,303	85,125
Accumulated other comprehensive loss	(32,778)	(29,974)	(28,176)
Other equity			267,053
Total liabilities and shareholders’ equity	$ 1,041,782	$ 881,271	644,150
As Reported
Assets
Accounts receivable, net			58,450
Short-term unbilled receivables			0
Long-term unbilled receivables			0
Deferred tax assets			1,922
Other assets			580,237
Total assets			640,609
Liabilities and shareholders’ equity
Short-term deferred revenue			133,194
Long-term deferred revenue			15,127
Deferred tax liabilities			3,797
Other liabilities			178,409
Retained earnings			71,242
Accumulated other comprehensive loss			(28,213)
Other equity			267,053
Total liabilities and shareholders’ equity			640,609
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Assets
Accounts receivable, net			1,265
Short-term unbilled receivables			1,421
Long-term unbilled receivables			1,811
Deferred tax assets			(956)
Other assets			0
Total assets			3,541
Liabilities and shareholders’ equity
Short-term deferred revenue			(9,984)
Long-term deferred revenue			(2,397)
Deferred tax liabilities			2,002
Other liabilities			0
Retained earnings			13,883
Accumulated other comprehensive loss			37
Other equity			0
Total liabilities and shareholders’ equity			$ 3,541

Derivative Instruments (Narrative) (Details) - USD ($)	12 Months Ended
Derivative Instruments (Narrative) (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Jul. 09, 2019
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	$ 6,900,000	$ 2,100,000
Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate				0.00%
Forward Contracts
Derivative [Line Items]
Derivative liabilities	$ 1,400,000
Minimum maturity period, foreign currency derivative	30 days
Maximum maturity period, foreign currency derivative	2 years
Gains (losses) on foreign currency option contracts	$ 1,700,000	(1,100,000)	$ (6,900,000)
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities		$ 100,000

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, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

Earnings Per Share [Abstract]

Weighted average shares outstanding (in shares)

$ 17,661

$ 23,977

$ 16,968

$ 21,116

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 79,722

$ 26,400

$ 49,670

^[1],[2]

44,886

44,791

45,561

^[1]

Dilutive impact from common stock equivalents (in shares)

435

549

574

Diluted weighted average shares outstanding (in shares)

45,321

45,340

46,135

^[1]

Basic earnings per share (in dollars per share)

$ 0.39

$ 0.53

$ 0.38

$ 0.47

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 1.78

$ 0.59

$ 1.09

^[1]

Diluted earnings per share (in dollars per share)

$ 0.39

$ 0.53

$ 0.37

$ 0.46

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 1.76

$ 0.58

$ 1.08

^[1]

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

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

Summary Of Significant Accounting Policies [Line Items]

Derivative Instruments (Outstanding Foreign Currency Forward Contracts) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Derivative [Line Items]
Derivative contracts, notional value	$ 69,471	$ 68,408
Derivative assets (liabilities), at fair value	1,442	(80)
Interest rate swap
Derivative [Line Items]
Derivative contracts, notional value	142,500	148,125
Derivative assets (liabilities), at fair value	(6,855)	(2,054)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	69,031	66,951
Derivative assets (liabilities), at fair value	1,445	(85)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	440	1,457
Derivative assets (liabilities), at fair value	$ (3)	$ 5

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

3 Months Ended

12 Months Ended

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

Nov. 30, 2020

USD ($)

software_vendor

enterprise_customer

developer

Nov. 30, 2019

USD ($)

Nov. 30, 2018

USD ($)

Aug. 31, 2019

USD ($)

Feb. 28, 2019

USD ($)

Dec. 01, 2018

USD ($)

Dec. 01, 2017

USD ($)

Nov. 30, 2017

USD ($)

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

Capitalized software development costs

$ 0

Amortization

28,621,000

49,127,000

37,561,000

^[1]

Impairment of goodwill and intangible assets

Long-lived asset impairment charges

1,400,000

5,100,000

5,147,000

^[1],[2]

Other comprehensive income (loss), tax

1,600,000

400,000

Advertising costs

500,000

800,000

1,400,000

Restructuring related costs

3,637,000

1,658,000

258,000

^[2]

5,906,000

6,331,000

2,251,000

^[2]

Other assets, noncurrent

(3,532,000)

(6,299,000)

(3,532,000)

Deferred tax assets

18,601,000

966,000

14,490,000

18,601,000

966,000

Decrease in deferred revenue

330,282,000

324,002,000

^[3]

346,013,000

330,282,000

324,002,000

^[3]

$ 404,381,000

^[3]

(177,246,000)

(193,295,000)

(177,246,000)

Cumulative Effect, Period of Adoption, Adjustment

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

4,781,000

Retained Earnings

Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment

$ 64,303,000

85,125,000

^[3]

$ 72,547,000

64,303,000

85,125,000

^[3]

172,951,000

^[3]

Summary Of Significant Accounting Policies [Line Items]

Accounting Standards Update 2016-16

$ 4,781,000

4,781,000

$ (641,000)

Summary Of Significant Accounting Policies [Line Items]

Other assets, noncurrent

$ 3,400,000

Deferred tax assets

$ 8,200,000

Accounting Standards Update 2014-09

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

Accounting Standards Update 2014-09 | Retained Earnings

Summary Of Significant Accounting Policies [Line Items]

Restricted Stock Units (RSUs)

$ 31,000,000

Summary Of Significant Accounting Policies [Line Items]

Stock-based compensation service period

3 years

Software licenses

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]

Gain (loss) on disposal

100,000

Modulus | Purchased Technology

Summary Of Significant Accounting Policies [Line Items]

Impairment of software development costs

22,700,000

Minimum | Stock Options

Summary Of Significant Accounting Policies [Line Items]

Stock-based compensation service period

4 years

Minimum | Software licenses

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

1 year

Minimum | Maintenance

Summary Of Significant Accounting Policies [Line Items]

1 year

Minimum | Services

Summary Of Significant Accounting Policies [Line Items]

1 year

Maximum | Stock Options

Stock-based compensation service period

5 years

Maximum | Software licenses

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

3 years

Maximum | Maintenance

Summary Of Significant Accounting Policies [Line Items]

3 years

Maximum | Services

Computer equipment and software | Minimum

3 years

Summary Of Significant Accounting Policies [Line Items]

Computer equipment and software | Maximum

3 years

Summary Of Significant Accounting Policies [Line Items]

Buildings and Improvements | Minimum

7 years

Summary Of Significant Accounting Policies [Line Items]

Buildings and Improvements | Maximum

5 years

Summary Of Significant Accounting Policies [Line Items]

Furniture and fixtures | Minimum

39 years

Summary Of Significant Accounting Policies [Line Items]

Furniture and fixtures | Maximum

5 years

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

7 years

Internal Use Software

3 years

Amortization

$ 0

$ 200,000

[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]	(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.
[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.

Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 437,268	$ 295,968
Accumulated Amortization	(224,521)	(196,576)
Total	212,747	99,392
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	173,486	135,186
Accumulated Amortization	(113,863)	(105,967)
Total	59,623	29,219
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	231,342	134,042
Accumulated Amortization	(91,326)	(74,175)
Total	140,016	59,867
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	30,440	24,740
Accumulated Amortization	(18,275)	(16,043)
Total	12,165	8,697
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(1,057)	(391)
Total	$ 943	$ 1,609

Leases - Lease Costs (Details) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) $ in Thousands	Nov. 30, 2020 USD ($)
Leases [Abstract]
Lease costs under long-term operating leases	$ 7,605
Lease costs under short-term operating leases	426
Variable lease cost under short-term and long-term operating leases	325
Operating lease right-of-use asset impairment	1,189
Total operating lease cost	9,545
Cash paid for leases	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 8,532
Weighted average remaining lease term in years	5 years 7 days
Weighted average discount rate	2.30%

Leases

12 Months Ended

Nov. 30, 2020

Leases [Abstract]

Leases

In February 2016, the FASB issued ASC 842 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted ASC 842 on December 1, 2019 using the modified retrospective method and as a result did not adjust comparative periods or modify disclosures in those comparative periods.

The new guidance provides a number of optional practical expedients in transition. The Company elected the package of practical expedients, which does not require the reassessment of prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company elected the practical expedients to combine lease and non-lease components. Contracts may be comprised of lease components, non-lease components, and elements that are not components. Each lease component represents a lessee’s right to use an underlying asset in the contract if the lessee can benefit from the right-of-use of the asset either on its own or together with other readily available resources and if the right-of-use is neither highly dependent or highly interrelated with other rights-of-use. Non-lease components include items such as common area maintenance and utilities provided by the lessor. We also elected the practical expedient to not recognize right-of-use assets and lease liabilities for short-term leases. Leases with an initial term of 12 months or less are classified as short-term leases.

Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company's operating lease arrangements primarily consist of base office rent. In accordance with ASC 842, variable payments in an agreement that are not dependent on an index or rate are excluded from the calculation of ROU assets and lease liabilities. The Company makes variable payments on certain of its leases related to taxes, insurance, common area maintenance, and utilities, among other things.

The adoption of ASC 842 on December 1, 2019 resulted in the recognition of operating lease ROU assets of approximately $28.9 million and operating lease liabilities of approximately $29.9 million. The difference between the value of the ROU assets and lease liabilities is due to the reclassification of existing deferred rent, prepaid rent, and unamortized lease incentives as of December 1, 2019. Operating leases are included in ROU assets and lease liabilities on the Company’s balance sheets. ROU assets and lease liabilities are to be presented separately for operating and finance leases. However, the Company currently has no material finance leases. The adoption of ASC 842 did not have a material impact on the Company’s condensed consolidated statement of operations, consolidated statement of stockholders' equity, consolidated statement of comprehensive income (loss) or consolidated statement of cash flows. The adoption of ASC 842 had no impact on liquidity or the Company’s debt-covenant compliance under its current debt agreements.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term. ROU assets are recorded and recognized at commencement for the lease liability amount, plus initial direct costs incurred less lease incentives received. Lease liabilities are recorded at the present value of future lease payments over the lease term at commencement. Operating leases liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in the lease contracts is not readily determinable. As such, we utilize the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Lease expenses relating to operating leases are recognized on a straight-line basis over the lease term.

The Company has operating leases for administrative, product development, and sales and marketing facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company’s leases have remaining lease terms ranging from 1 year to 10 years. The Company’s lease terms may include options to extend or terminate the lease where it is reasonably certain that the Company will exercise those options. The Company considers several economic factors when making the determination as to whether the Company will exercise options to extend or terminate the lease, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of operating lease cost for the year ended November 30, 2020 was as follows (in thousands):


	Fiscal Year Ended
	November 30, 2020
Lease costs under long-term operating leases	$	7,605
Lease costs under short-term operating leases	426
Variable lease cost under short-term and long-term operating leases(1)	325
Operating lease right-of-use asset impairment	1,189
Total operating lease cost	$	9,545

(1) Lease costs that are not fixed at lease commencement.

The table below presents supplemental cash flow information related to leases during the year ended November 30, 2020 (in thousands):


	Fiscal Year Ended
	November 30, 2020
Cash paid for leases	$	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$	8,532

Weighted average remaining lease term in years and weighted average discount rate are as follows:


	November 30, 2020
Weighted average remaining lease term in years	5.02
Weighted average discount rate	2.3	%

Future payments under non-cancellable leases at November 30, 2020 are as follows (in thousands):


2021	$	7,708
2022	7,078
2023	6,994
2024	6,896
Thereafter	7,350
Total lease payments	36,026
Less imputed interest(1)	(2,045)
Present value of lease liabilities	$	33,981

(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated as a result of a lease reassessment event.

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 $9.6 million, $8.9 million and $6.8 million in fiscal years 2020, 2019 and 2018, respectively.

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Nov. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
2022	$ 8,436
2023	2,055
2024	285
Total	$ 10,776

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201609Member

Indicates amendment to accounting standards.

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Nature of Business and Summary of Significant Accounting Policies (Summary of Allowances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
SEC Schedule, 12-09, Allowance, Credit Loss
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 667	$ 574	$ 498
ASC 606 adjustment	0	0	88
Charge to costs and expenses	429	606	216
Write-offs and other	(169)	(457)	(232)
Translation adjustments	(41)	(56)	4
Ending balance	886	667	574
Allowance for Sales Credit Memos
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	158	266	178
ASC 606 adjustment	0	0	41
Charge to costs and expenses	265	(60)	46
Write-offs and other	0	(46)	0
Translation adjustments	6	(2)	1
Ending balance	$ 429	$ 158	$ 266

Restructuring (Summary of Restructuring Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 2,203	$ 311	$ 4,126
Costs incurred	5,906	6,331	2,251
Cash disbursements	(4,123)	(4,407)	(6,111)
Asset impairment	(20)
Translation adjustments and other	7	(32)	45
Ending Balance	3,973	2,203	311
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	196	307	570
Costs incurred	1,812	740	1,011
Cash disbursements	(1,569)	(760)	(1,309)
Asset impairment	(20)
Translation adjustments and other	2	(91)	35
Ending Balance	421	196	307
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	2,007	4	3,556
Costs incurred	4,094	5,591	1,240
Cash disbursements	(2,554)	(3,647)	(4,802)
Asset impairment	0
Translation adjustments and other	5	59	10
Ending Balance	3,552	2,007	4
2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,947
Cash disbursements	(429)
Translation adjustments and other	5
Ending Balance	3,523	0
2020 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
2020 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,947
Cash disbursements	(429)
Translation adjustments and other	5
Ending Balance	3,523	0
2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	1,460	0
Costs incurred	108	2,494
Cash disbursements	(1,546)	(1,035)
Translation adjustments and other		1
Ending Balance	22	1,460	0
2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs incurred	0	0
Cash disbursements	0	0
Translation adjustments and other		0
Ending Balance	0	0	0
2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	1,460	0
Costs incurred	108	2,494
Cash disbursements	(1,546)	(1,035)
Translation adjustments and other		1
Ending Balance	22	1,460	0
2017 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	191	311	4,096
Costs incurred	365	739	2,251
Cash disbursements	(549)	(768)	(6,081)
Asset impairment		(89)
Translation adjustments and other	(3)	(2)	45
Ending Balance	4	191	311
2017 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	191	307	540
Costs incurred	365	735	1,011
Cash disbursements	(549)	(760)	(1,279)
Asset impairment		(89)
Translation adjustments and other	(3)	(2)	35
Ending Balance	4	191	307
2017 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0	4	3,556
Costs incurred	0	4	1,240
Cash disbursements	0	(8)	(4,802)
Asset impairment		0
Translation adjustments and other	0	0	10
Ending Balance	0	0	4
Ipswitch \| 2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	552	0
Costs incurred	1,486	3,098
Cash disbursements	(1,599)	(2,604)
Asset impairment	(20)
Translation adjustments and other	5	58
Ending Balance	424	552	0
Ipswitch \| 2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	5	0
Costs incurred	1,447	5
Cash disbursements	(1,020)	0
Asset impairment	(20)
Translation adjustments and other	5	0
Ending Balance	417	5	0
Ipswitch \| 2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	547	0
Costs incurred	39	3,093
Cash disbursements	(579)	(2,604)
Asset impairment	0
Translation adjustments and other	0	58
Ending Balance	$ 7	$ 547	$ 0

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 4,993	$ 5,787	$ 7,520
Tax positions related to a prior period	539	110
Tax positions related to a prior period			(15)
Tax positions acquired	1,596	0	0
Settlements with tax authorities	(12)	(181)	(39)
Lapses due to expiration of the statute of limitations	(897)	(723)	(1,679)
Balance, end of year	$ 6,219	$ 4,993	$ 5,787

Fair Value Measurements

12 Months Ended

Nov. 30, 2020

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, 2020 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	18,964	$	18,964	$	—	$	—
U.S. treasury bonds	5,051		—		5,051		—
Corporate bonds	2,954		—		2,954		—
Foreign exchange derivatives	1,442		—		1,442		—
Liabilities
Interest rate swap	$	(6,855)	$	—	$	(6,855)	$	—

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)	$	—

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 year 2019, 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).

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.

Share-based Payment Arrangement [Abstract]

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.

+ References + Details

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Nov. 30, 2019	Feb. 28, 2017	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 5,906	$ 6,331	$ 2,251
2020 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			3,947
Short-term restructuring reserves			3,500
2019 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			108	2,494
2017 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			365	739	$ 2,251
Percentage of reduction of global workforce (more than)		20.00%
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			1,486	$ 3,098
Short-term restructuring reserves			$ 400
Trademarks and Trade Names \| DataRPM and Kinvey
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets	$ 22,700

Stock-Based Compensation (Classification of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 23,482	$ 23,311	$ 20,569
Income tax benefit included in the provision for income taxes	4,541	4,661	4,345
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,336	1,134	616
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,462	4,155	2,959
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	7,286	7,205	8,242
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 10,398	$ 10,817	$ 8,752

Stock-Based Compensation

12 Months Ended

Nov. 30, 2020

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 3,043,910 shares were available for grant as of November 30, 2020.

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 438,813 shares were available for grant as of November 30, 2020.

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 462,859 shares were available for grant as of November 30, 2020.

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, 2019	1,423	$	37.26
Granted	611	43.34
Exercised	(137)	31.84
Canceled	(224)	42.08
Options outstanding, November 30, 2020	1,673	$	39.28	4.9	$	7,125
Exercisable, November 30, 2020	711	$	37.28	4.0	$	4,315
Vested or expected to vest, November 30, 2020	1,672	$	39.28	4.9	$	7,125

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2020 of $40.39 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, 2019	829	$	38.15
Granted	538	43.80
Issued	(416)	36.20
Canceled	(155)	39.96
Restricted stock units outstanding, November 30, 2020	796	$	42.65

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 when applicable. Beginning in fiscal year 2020, restricted stock units have forfeitable dividend equivalent rights equal to the dividend paid on our common stock.

During the first quarter of fiscal years 2018, 2019 and 2020, we granted performance-based restricted stock units that include two performance metrics under a Long-Term Incentive Plan (“LTIP”) where the performance measurement period is three years. Vesting of these LTIP awards is as follows: (i) 50% 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 (ii) 50% is based on achievement of a three-year cumulative performance condition (operating income). The vesting of LTIP awards is also subject to continued employment of the grantees. 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 when applicable, 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 237,000 shares, 189,000 shares and 225,000 shares with weighted average purchase prices of $27.86, $29.23 and $24.27 per share, respectively, in fiscal years 2020, 2019 and 2018, respectively. At November 30, 2020, approximately 164,000 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 2020, 2019 and 2018 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, 2020		November 30, 2019		November 30, 2018
Stock options:
Expected volatility	29.0	%	25.0	%	22.8	%
Risk-free interest rate	1.1	%	2.5	%	2.3	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.8	%	1.1	%
Employee stock purchase plan:
Expected volatility	38.2	%	30.6	%	23.8	%
Risk-free interest rate	0.2	%	2.3	%	2.3	%
Expected life (in years)	1.3		1.6		1.7
Expected dividend yield	2.0	%	1.7	%	1.5	%
Long-term incentive plan:
Expected volatility	34.7	%	32.2	%	27.4	%
Risk-free interest rate	1.1	%	2.5	%	2.1	%
Expected life (in years)	2.8		2.8		2.9
Expected dividend yield	—	%	1.7	%	1.7	%

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 2020, 2019, and 2018 was $9.59, $7.38 and $10.30 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 2020, 2019 and 2018 was $8.73, $11.07 and $10.24 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 $33.3 million at November 30, 2020. These costs are expected to be recognized over a weighted average period of two years.

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


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
Total intrinsic value of stock options on date exercised	$	1,340	$	1,388	$	3,692
Total fair value of deferred stock units on date vested	1,547		1,853		1,690
Total fair value of restricted stock units on date vested	15,499		14,720		14,741

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, 2020		November 30, 2019		November 30, 2018
Cost of maintenance and services	$	1,336	$	1,134	$	616
Sales and marketing	4,462		4,155		2,959
Product development	7,286		7,205		8,242
General and administrative	10,398		10,817		8,752
Total stock-based compensation	$	23,482	$	23,311	$	20,569
Income tax benefit included in the provision for income taxes	$	4,541	$	4,661	$	4,345

Separation Arrangements

During fiscal year 2020, we entered into a separation agreement with one executive, 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 $0.3 million, which was recorded as general and administrative expense in the consolidated statement of operations.

Income Taxes (Reconciliation of The U.S. Federal Statutory Rate to The Effective Tax Rate) (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

Income Tax Disclosure [Abstract]

Tax at U.S. Federal statutory rate

$ 20,293

$ 5,984

$ 13,513

Foreign rate differences

(200)

(2,619)

1,281

Effects of foreign operations included in U.S. Federal provision

(167)

451

550

State income taxes, net

2,087

(918)

1,180

Research credits

(905)

(1,086)

(302)

Domestic production activities deduction

(248)

(1,283)

Tax-exempt interest

(3)

(27)

(66)

Nondeductible stock-based compensation

422

1,043

502

Meals and entertainment

162

198

192

Compensation subject to 162(m)

324

422

227

Uncertain tax positions and tax settlements

245

(720)

(1,626)

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

(307)

2,100

Foreign derived intangible deduction

(5,297)

(2,300)

Other

198

(82)

(521)

Total

$ 16,913

$ 2,095

$ 11,126

^[1]

[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.

Property and Equipment

12 Months Ended

Nov. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	November 30, 2020		November 30, 2019
Computer equipment and software	$	50,103	$	47,699
Land, buildings and leasehold improvements	31,610		34,083
Furniture and fixtures	5,107		7,090
Capitalized software development costs	276		276
Property and equipment, gross	87,096		89,148
Less accumulated depreciation and amortization	(57,279)		(59,383)
Property and equipment, net	$	29,817	$	29,765

Depreciation and amortization expense related to property and equipment was $6.1 million, $7.6 million, and $6.9 million for the years ended November 30, 2020, 2019, and 2018, respectively.

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	1,423
Granted (in shares) \| shares	611
Exercised (in shares) \| shares	(137)
Canceled (in shares) \| shares	(224)
Ending balance (in shares) \| shares	1,673
Exercisable (in shares) \| shares	711
Vested or expected to vest (in shares) \| shares	1,672
Weighted Average Exercise Price
Beginning of year (in dollars per share)	$ 37.26
Granted (in dollars per share)	43.34
Exercised (in dollars per share)	31.84
Canceled (in dollars per share)	42.08
End of year (in dollars per share)	39.28
Exercisable (in dollars per share)	37.28
Vested or expected to vest (in dollars per share)	$ 39.28
Weighted Average Remaining Contractual Term
Options Outstanding (in years)	4 years 10 months 24 days
Exercisable (in years)	4 years
Vested or expected to vest (in years)	4 years 10 months 24 days
Aggregate Intrinsic Value
Options outstanding \| $	$ 7,125
Exercisable \| $	4,315
Vested or expected to vest \| $	$ 7,125
Share price (in dollars per share)	$ 40.39

Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Investments and Cash [Abstract]
Due in one year or less	$ 5,998	$ 14,004
Due after one year	2,007	5,422
Total	$ 8,005	$ 19,426

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2020

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, 2019	1,423	$	37.26
Granted	611	43.34
Exercised	(137)	31.84
Canceled	(224)	42.08
Options outstanding, November 30, 2020	1,673	$	39.28	4.9	$	7,125
Exercisable, November 30, 2020	711	$	37.28	4.0	$	4,315
Vested or expected to vest, November 30, 2020	1,672	$	39.28	4.9	$	7,125

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2020 of $40.39 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, 2019	829	$	38.15
Granted	538	43.80
Issued	(416)	36.20
Canceled	(155)	39.96
Restricted stock units outstanding, November 30, 2020	796	$	42.65

Schedule of Valuation Assumptions


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
Stock options:
Expected volatility	29.0	%	25.0	%	22.8	%
Risk-free interest rate	1.1	%	2.5	%	2.3	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.8	%	1.1	%
Employee stock purchase plan:
Expected volatility	38.2	%	30.6	%	23.8	%
Risk-free interest rate	0.2	%	2.3	%	2.3	%
Expected life (in years)	1.3		1.6		1.7
Expected dividend yield	2.0	%	1.7	%	1.5	%
Long-term incentive plan:
Expected volatility	34.7	%	32.2	%	27.4	%
Risk-free interest rate	1.1	%	2.5	%	2.1	%
Expected life (in years)	2.8		2.8		2.9
Expected dividend yield	—	%	1.7	%	1.7	%

Stock Options and Stock Awards Activity

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


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
Total intrinsic value of stock options on date exercised	$	1,340	$	1,388	$	3,692
Total fair value of deferred stock units on date vested	1,547		1,853		1,690
Total fair value of restricted stock units on date vested	15,499		14,720		14,741

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, 2020		November 30, 2019		November 30, 2018
Cost of maintenance and services	$	1,336	$	1,134	$	616
Sales and marketing	4,462		4,155		2,959
Product development	7,286		7,205		8,242
General and administrative	10,398		10,817		8,752
Total stock-based compensation	$	23,482	$	23,311	$	20,569
Income tax benefit included in the provision for income taxes	$	4,541	$	4,661	$	4,345

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	November 30, 2020		November 30, 2019
Computer equipment and software	$	50,103	$	47,699
Land, buildings and leasehold improvements	31,610		34,083
Furniture and fixtures	5,107		7,090
Capitalized software development costs	276		276
Property and equipment, gross	87,096		89,148
Less accumulated depreciation and amortization	(57,279)		(59,383)
Property and equipment, net	$	29,817	$	29,765

Revenue Recognition (Details) - USD ($) $ in Millions	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Contract asset	$ 11.3	$ 1.5
Deferred contract costs	$ 2.5	$ 1.7
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	5 years

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

3 Months Ended

12 Months Ended

Nov. 30, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

^[1]

Quarterly Financial Information Disclosure [Abstract]

Revenue

$ 122,385

$ 109,699

$ 100,383

$ 109,683

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 442,150

$ 413,298

$ 378,981

Income (loss) from operations

104,154

94,961

86,124

94,797

96,272

85,891

82,384

73,510

380,036

338,057

312,008

18,514

33,193

25,309

30,712

(6,026)

15,960

14,741

15,409

107,728

40,084

67,814

Net income (loss)

$ 17,661

$ 23,977

$ 16,968

$ 21,116

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 79,722

$ 26,400

$ 49,670

^[2]

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

$ 0.39

$ 0.53

$ 0.38

$ 0.47

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 1.78

$ 0.59

$ 1.09

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

$ 0.39

$ 0.53

$ 0.37

$ 0.46

$ (0.11)

$ 0.30

$ 0.18

$ 0.21

$ 1.76

$ 0.58

$ 1.08

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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

3 Months Ended

12 Months Ended

Nov. 30, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

$ 122,385

$ 109,699

$ 100,383

$ 109,683

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 442,150

$ 413,298

$ 378,981

^[1]

Software licenses

Transferred at Point in Time | Software licenses

115,249

122,552

99,800

^[1]

Transferred over Time | Maintenance

115,249

122,552

99,800

Transferred over Time | Services

288,887

259,006

249,171

$ 38,014

$ 31,740

$ 30,010

[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.

Summary of Restructuring Activity

Restructuring (Tables)

12 Months Ended

Nov. 30, 2020

Restructuring Charges [Abstract]

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, 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
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Asset impairment	(20)		—		(20)
Translation adjustments and other	2		5		7
Balance, November 30, 2020	$	421	$	3,552	$	3,973

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, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523

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
Costs incurred	—		108		108
Cash disbursements	—		(1,546)		(1,546)
Balance, November 30, 2020	$	—	$	22	$	22

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
Costs incurred	1,447		39		1,486
Cash disbursements	(1,020)		(579)		(1,599)
Asset impairment	(20)		—		(20)
Translation adjustments and other	5		—		5
Balance, November 30, 2020	$	417	$	7	$	424

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, 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
Costs incurred	365		—		365
Cash disbursements	(549)		—		(549)
Translation adjustments and other	(3)		—		(3)
Balance, November 30, 2020	$	4	$	—	$	4

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Nov. 30, 2020	Jan. 20, 2021	May 31, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2020
Current Fiscal Year End Date	--11-30
Document Transition Report	false
Entity File Number	0-19417
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	14 Oak Park
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,786,000,000
Entity Common Stock, Shares Outstanding		44,216,251
Documents Incorporated by Reference	Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our 2021 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A (our “definitive Proxy Statement”).
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Central Index Key	0000876167
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Nov. 30, 2020

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, 2020 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	79,026	$	—	$	—	$	79,026
Money market funds	18,964		—		—		18,964
U.S. treasury bonds	4,993		58		—		5,051
Corporate bonds	2,913		41		—		2,954
Total	$	105,896	$	99	$	—	$	105,995

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

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, 2020				November 30, 2019
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	79,026	$	—	$	144,346	$	—
Money market funds	18,964		—		9,913		—
State and municipal bond obligations	—		—		—		7,037
U.S. treasury bonds	—		5,051		—		7,231
Corporate bonds	—		2,954		—		5,158
Total	$	97,990	$	8,005	$	154,259	$	19,426

Fair Value of Debt Securities by Contractual Maturity

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


	November 30, 2020		November 30, 2019
Due in one year or less	$	5,998	$	14,004
Due after one year (1)	2,007		5,422
Total	$	8,005	$	19,426

(1)Includes 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.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Nov. 30, 2020
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, 2020, 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 44,240,635 were issued and outstanding at November 30, 2020. There were 214,631 deferred stock units ("DSUs") outstanding at November 30, 2020. 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 January 2020, our Board of Directors increased the total share repurchase authorization from $75.0 million to $250.0 million. In fiscal years 2020 and 2019, we repurchased and retired 1.4 million shares of our common stock for $60.0 million and 0.7 million shares of our common stock for $25.0 million, respectively, under this current authorization. In fiscal year 2018, we repurchased and retired 2.9 million shares of our common stock for $120.0 million. As of November 30, 2020, there was $190.0 million remaining under the current authorization. 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. In September 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. On September 22, 2020, our Board of Directors approved an additional increase of 6% to our quarterly cash dividend from $0.165 to $0.175 and declared a quarterly dividend of $0.175 per share of common stock. We have declared aggregate per share quarterly cash dividends totaling $0.670, $0.630 and $0.575 for the years ended November 30, 2020, November 30, 2019 and November 30, 2018, respectively. We have paid aggregate cash dividends totaling $29.9 million, $27.8 million, and $25.8 million and for the years ended November 30, 2020, November 30, 2019 and November 30, 2018, respectively.

Stock-Based Compensation (Summary of Status of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Nov. 30, 2020 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	829
Granted (in shares) \| shares	538
Issued (in shares) \| shares	(416)
Canceled (in shares) \| shares	(155)
Ending balance (in shares) \| shares	796
Weighted Average Fair Value
Beginning of year (in dollars per share) \| $ / shares	$ 38.15
Granted (in dollars per share) \| $ / shares	43.80
Issued (in dollars per share) \| $ / shares	36.20
Canceled (in dollars per share) \| $ / shares	39.96
End of year (in dollars per share) \| $ / shares	$ 42.65

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, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

$ 122,385

$ 109,699

$ 100,383

$ 109,683

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 442,150

$ 413,298

$ 378,981

^[1]

United States

240,717

213,252

187,627

Canada

20,281

20,659

16,630

EMEA

143,754

137,301

135,055

Latin America

14,574

19,665

18,046

Asia Pacific

$ 22,824

$ 22,421

$ 21,623

[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.

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Statement of Financial Position [Abstract]
Allowances on accounts receivable	$ 1,315	$ 825
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)	44,240,635	45,036,441
Common stock, shares outstanding (in shares)	44,240,635	45,036,441

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

Total

Cumulative Effect, Period of Adoption, Adjustment

Common Stock

Additional Paid-In Capital

Cumulative Effect, Period of Adoption, Adjustment

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Loss

^[1]

47,281,000

Balance, beginning of year at Nov. 30, 2017

$ 404,381

^[1]

$ 0

$ 473

^[1]

$ 249,363

^[1]

$ 641

$ 172,951

^[1]

$ (641)

$ (18,406)

^[1]

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]

49,670

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

(9,770)

^[4]

(9,770)

^[1]

45,115,000

Balance, end of year at Nov. 30, 2018

324,002

^[1]

$ 4,781

$ 451

^[1]

266,602

^[1]

85,125

^[1]

$ 4,781

(28,176)

^[1]

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

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)

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

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

237,000

Issuance of stock under employee stock purchase plan

$ 6,606

$ 2

6,604

Exercise of stock options (in shares)

137,000

Exercise of stock options

$ 4,361

$ 1

4,360

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

416,000

Vesting of restricted stock units and release of deferred stock units

$ 4

(4)

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

(140,000)

Withholding tax payments related to net issuance of restricted stock units

(5,331)

$ (1)

(5,330)

23,482

Treasury stock repurchases and retirements (in shares)

$ (30,305)

(30,305)

(1,400,000)

(1,446,000)

Treasury stock repurchases and retirements

$ (60,000)

$ (14)

(18,813)

(41,173)

79,722

Balance, end of year (in shares) at Nov. 30, 2020

$ (2,804)

(2,804)

44,240,635

44,241,000

Balance, end of year at Nov. 30, 2020

$ 346,013

$ 442

$ 305,802

$ 72,547

$ (32,778)

[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]	(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.
[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.
[4]	(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.

Leases (Tables)

12 Months Ended

Nov. 30, 2020

Leases [Abstract]

Lease, Cost

The components of operating lease cost for the year ended November 30, 2020 was as follows (in thousands):


	Fiscal Year Ended
	November 30, 2020
Lease costs under long-term operating leases	$	7,605
Lease costs under short-term operating leases	426
Variable lease cost under short-term and long-term operating leases(1)	325
Operating lease right-of-use asset impairment	1,189
Total operating lease cost	$	9,545

(1) Lease costs that are not fixed at lease commencement.

The table below presents supplemental cash flow information related to leases during the year ended November 30, 2020 (in thousands):


	Fiscal Year Ended
	November 30, 2020
Cash paid for leases	$	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$	8,532

Weighted average remaining lease term in years and weighted average discount rate are as follows:


	November 30, 2020
Weighted average remaining lease term in years	5.02
Weighted average discount rate	2.3	%

Lessee, Operating Lease, Liability, Maturity

Future payments under non-cancellable leases at November 30, 2020 are as follows (in thousands):


2021	$	7,708
2022	7,078
2023	6,994
2024	6,896
Thereafter	7,350
Total lease payments	36,026
Less imputed interest(1)	(2,045)
Present value of lease liabilities	$	33,981

Income Taxes

12 Months Ended

Nov. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

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


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
U.S.	$	83,279	$	(11,778)	$	59,440
Foreign	13,356		40,273		1,356
Total	$	96,635	$	28,495	$	60,796
(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, 2020		November 30, 2019		November 30, 2018
Current:
Federal	$	12,294	$	9,294	$	8,979
State	3,871		1,862		1,387
Foreign	3,370		5,808		3,088
Total current	19,535		16,964		13,454
Deferred, as adjusted(1):
Federal	(1,613)		(12,191)		(863)
State	(969)		(2,399)		(51)
Foreign	(40)		(279)		(1,414)
Total deferred	(2,622)		(14,869)		(2,328)
Total	$	16,913	$	2,095	$	11,126
(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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Tax at U.S. Federal statutory rate	$	20,293	$	5,984	$	13,513
Foreign rate differences	(200)		(2,619)		1,281
Effects of foreign operations included in U.S. Federal provision	(167)		451		550
State income taxes, net	2,087		(918)		1,180
Research credits	(905)		(1,086)		(302)
Domestic production activities deduction	—		(248)		(1,283)
Tax-exempt interest	(3)		(27)		(66)
Nondeductible stock-based compensation	422		1,043		502
Meals and entertainment	162		198		192
Compensation subject to 162(m)	324		422		227
Uncertain tax positions and tax settlements	245		(720)		(1,626)
Remeasurement of net deferred tax liabilities due to the Act	—		—		(1,660)
Net excess tax benefit or detriment from stock-based compensation plans	61		(103)		(861)
Global intangible low tax inclusion	(307)		2,100		—
Foreign derived intangible deduction	(5,297)		(2,300)		—
Other	198		(82)		(521)
Total	$	16,913	$	2,095	$	11,126
(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, 2020		November 30, 2019
Deferred tax assets:
Accounts receivable	$	241	$	174
Accrued compensation	2,861		3,283
Accrued liabilities and other	4,430		2,690
Deferred revenue	9,032		3,995
Stock-based compensation	4,814		4,342
Depreciation and amortization	—		15,341
Tax credit and loss carryforwards	42,189		21,867
Operating lease liabilities	5,531		—
Gross deferred tax assets	69,098		51,692
Valuation allowance	(9,876)		(8,864)
Total deferred tax assets	59,222		42,828
Deferred tax liabilities:
Goodwill	(20,624)		(18,879)
Right-of-use lease assets	(4,837)		—
Deferred revenue	(3,027)		(4,541)
Depreciation and amortization	(15,924)		—
Prepaid expenses	(334)		(810)
Total deferred tax liabilities	(44,746)		(24,230)
Total	$	14,476	$	18,598

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 $1.0 million increase in the valuation allowance during fiscal year 2020 primarily relates to the currency revaluation of foreign net operating losses which have a valuation allowance recorded against them. 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.

At November 30, 2020, we have federal and foreign net operating loss carryforwards of $208.4 million expiring on various dates through 2034. In addition, we have state net operating loss carryforwards of $26.9 million expiring on various dates through 2028. At November 30, 2020, we have state tax credit carryforwards of approximately $3.6 million expiring on various

dates through 2035 and $2.3 million that may be carried forward indefinitely. In addition, we have federal tax credit carryforwards of approximately $5.7 million expiring on various dates through 2038.

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 $97.2 million as of November 30, 2020, 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, 2020, the total amount of unrecognized tax benefits was $6.2 million, of which $2.6 million was recorded in other noncurrent liabilities on the consolidated balance sheet and $3.6 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, 2020		November 30, 2019		November 30, 2018
Balance, beginning of year	$	4,993	$	5,787	$	7,520
Tax positions related to a prior period	539		110		(15)
Tax positions acquired	1,596		—		—
Settlements with tax authorities	(12)		(181)		(39)
Lapses due to expiration of the statute of limitations	(897)		(723)		(1,679)
Balance, end of year	$	6,219	$	4,993	$	5,787

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. The amount of interest and penalties accrued are not material in any of the periods presented. 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 2017. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2016, 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.

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

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2020

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, 2020 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	18,964	$	18,964	$	—	$	—
U.S. treasury bonds	5,051		—		5,051		—
Corporate bonds	2,954		—		2,954		—
Foreign exchange derivatives	1,442		—		1,442		—
Liabilities
Interest rate swap	$	(6,855)	$	—	$	(6,855)	$	—

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)	$	—

Fair Value Measurements, Nonrecurring

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


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

Term Loan and Line of Credit

12 Months Ended

Nov. 30, 2020

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"), which provides for a $301.0 million secured term loan and a $100.0 million secured revolving line of credit. The revolving line of credit 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 line of credit 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 modified credit facility. The new term loan was used to partially fund our acquisition of Ipswitch in April 2019. During October 2020, we partially funded our acquisition of Chef by drawing down $98.5 million under the revolving line of credit (Note 7).

Interest rates for the term loan and revolving line of credit 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, 2020 was 2.41% and the interest rate as of November 30, 2020 was 1.81%.

The credit facility matures on April 30, 2024, when all amounts outstanding will be due and payable in full. The revolving line of credit does not require amortization of principal. The outstanding balance of the term loan as of November 30, 2020 was $286.0 million, with $18.8 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, 2020, 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, 2020. 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 $0.6 million for the fiscal year ended November 30, 2020 and $0.4 million for the fiscal years ended November 30, 2019 and 2018 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, 2020, there was $98.5 million outstanding under the revolving line and $2.1 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, 2020.

As of November 30, 2020, aggregate future maturities of long-term debt were as follows (in thousands):


2021	$	18,812
2022	26,338
2023	33,863
2024	305,437
Total	$	384,450

Earnings Per Share

12 Months Ended

Nov. 30, 2020

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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Net income	$	79,722	$	26,400	$	49,670
Weighted average shares outstanding	44,886		44,791		45,561
Dilutive impact from common stock equivalents	435		549		574
Diluted weighted average shares outstanding	45,321		45,340		46,135
Basic earnings per share	$	1.78	$	0.59	$	1.09
Diluted earnings per share	$	1.76	$	0.58	$	1.08
(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 1,268,000 shares, 932,000 shares, and 602,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2020, 2019 and 2018, respectively, because these awards were anti-dilutive.

Business Combinations

12 Months Ended

Nov. 30, 2020

Business Combinations [Abstract]

Business Combinations

Chef Acquisition

On October 5, 2020, we completed the acquisition of Chef Software Inc. (“Chef”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 4, 2020. The acquisition was completed for a base purchase price of $220.0 million, subject to certain customary adjustments as further described in the Merger Agreement (the “Aggregate Consideration”), which was paid in cash. Pursuant to the Merger Agreement, $12.0 million of the Aggregate Consideration was deposited into an escrow account to secure certain indemnification and other potential obligations of the former Chef equity holders.

Chef is a global leader in DevOps and DevSecOps, providing complete infrastructure automation to build, deploy, manage and secure applications in modern multi-cloud and hybrid environments, as well as on-premises. Chef has enhanced our position as a trusted provider of the best products to develop, deploy and manage high-impact business applications by providing industry-

leading compliance and application automation products for multi-cloud and on-prem infrastructure. The acquisition bolstered our core offerings, enabling customers to respond faster to business demands and improve efficiency. We funded the acquisition through a combination of existing cash resources and by drawing down $98.5 million from our existing revolving credit facility (Note 8).

The Aggregate Consideration has been allocated to Chef’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.

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


	Initial Purchase Price Allocation		Life
Net working capital	$	52,330
Property, plant and equipment	498
Purchased technology	38,300		5 years
Trade name	5,700		5 years
Customer relationships	97,300		7 years
Other assets	122
Other noncurrent liabilities	(841)
Lease liabilities, net	(1,810)
Deferred taxes	(7,817)
Deferred revenue	(12,525)
Goodwill	59,858
Net assets acquired	$	231,115

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 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 our 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 $97.3 million, existing technology of approximately $38.3 million, and trade names of approximately $5.7 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 Chef 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 $59.9 million of goodwill, which is not deductible for tax purposes.

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, 2020, we incurred approximately $2.2 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The operations of Chef are included in our operating results as part of the Application Development and Deployment business segment from the date of acquisition. The amount of revenue of Chef included in our consolidated statement of operations during the fiscal year ended November 30, 2020 was approximately $3.8 million. We determined that disclosing the amount of Chef related earnings included in the consolidated statements of operations is impracticable, as certain operations of Chef 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 Chef as if the acquisition had occurred on December 1, 2018, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the Chef acquisition and factually supportable. These pro forma adjustments include (i) a decrease in revenue from Chef 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 $141.3 million of acquired identifiable intangible assets, (iii) an increase in interest expense to record interest for the period presented as a result of drawing down our revolving credit facility 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%).

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, 2018. These results are prepared in accordance with ASC 606.


(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2020		Pro Forma Fiscal Year Ended November 30, 2019
Revenue	$	497,700	$	459,665
Net income (loss)	$	61,952	$	(18,852)
Net income (loss) per basic share	$	1.38	$	(0.42)
Net income (loss) per diluted share	$	1.37	$	(0.42)

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, which was paid in cash. Pursuant to the Stock Purchase Agreement, $22.5 million of the purchase price was deposited into an escrow account to secure certain indemnification and other potential obligations of the Seller to Progress. This escrow was released in full in May 2020 upon expiration of the twelve-month escrow period. 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 our $401.0 million term loan and revolving line of credit (Note 8).

The purchase price has been allocated to Ipswitch’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. 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 in accordance with FASB’s guidance regarding business combinations in the fourth quarter of fiscal year 2019 and the second quarter of fiscal year 2020 based on our valuation and purchase price allocation procedures. The measurement period adjustments, which were completed during the second quarter of fiscal year 2020, resulted in a decrease to goodwill of $0.6 million, primarily due to a decrease to the sales tax reserve, partially offset by increased accrued expenses.

The following table discloses the net assets acquired in the business combination (in thousands):


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	6,068	$	651	$	6,719
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)		(29)		(12,725)
Goodwill	117,651		(618)		117,033
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 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 was 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 offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $117.0 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 the transaction as a sale of all its assets on the acquisition date and subsequent liquidation. 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 $0.7 million of amortization expense related to this restricted stock award for the fiscal year ended November 30, 2020 in operating expenses on our condensed 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, 2020, we incurred approximately $0.4 million of acquisition-related costs, which are included in acquisition-related expenses on our condensed consolidated statement of operations.

The operations of Ipswitch are included in our operating results as part of the OpenEdge business segment from the date of acquisition. The amount of revenue of Ipswitch included in our consolidated statement of operations during the fiscal year ended November 30, 2020 was approximately $67.5 million. The amount of revenue of Ipswitch included in our consolidated statement of operations during the fiscal year 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 below 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
Revenue	$	442,286
Net income	$	19,641
Net income per basic share	$	0.44
Net income per diluted share	$	0.43

Retirement Plan	12 Months Ended
Retirement Plan	Nov. 30, 2020
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanWe 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 $3.6 million, $2.3 million and $3.1 million for fiscal years 2020, 2019 and 2018, respectively.

The entire disclosure for retirement benefits.

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

12 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

^[1]

Revenue:

Amortization of acquired intangibles

$ 442,150

$ 413,298

$ 378,981

Costs of revenue:

7,897

25,884

22,734

Total costs of revenue

62,114

75,241

66,973

General and administrative

380,036

338,057

312,008

Operating expenses:

Sales and marketing

100,113

101,701

93,036

Product development

88,599

88,572

79,739

54,004

53,360

49,050

Amortization of acquired intangibles

20,049

22,255

13,241

Impairment of intangible and long-lived assets

24,096

Restructuring expenses

5,906

6,331

2,251

Loss on assets held for sale

3,637

1,658

258

5,147

^[2]

Fees related to shareholder activist

1,472

272,308

297,973

244,194

Interest income and other, net

107,728

40,084

67,814

Other (expense) income:

Interest expense

(10,170)

(9,913)

(5,149)

1,495

1,143

1,220

Foreign currency loss, net

(2,418)

(2,819)

(3,089)

Total other expense, net

(11,093)

(11,589)

(7,018)

96,635

28,495

60,796

16,913

2,095

11,126

$ 79,722

$ 26,400

$ 49,670

^[2]

$ 1.78

$ 0.59

$ 1.09

$ 1.76

$ 0.58

$ 1.08

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

Basic (in shares)

44,886

44,791

45,561

Diluted (in shares)

45,321

45,340

46,135

$ 0.670

$ 0.630

$ 0.575

Software licenses

Revenue:

$ 115,249

$ 122,552

$ 99,800

Costs of revenue:

4,473

4,894

4,769

Maintenance and services

Revenue:

326,901

290,746

279,181

Costs of revenue:

Quarterly Financial Information Disclosure [Abstract]

$ 49,744

$ 44,463

$ 39,470

[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]	(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.

Fair Value Measurements (Narrative) (Details) - DataRPM and Kinvey $ in Millions	3 Months Ended
	Nov. 30, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	$ 22.7
Trademarks and Trade Names
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	$ 22.7

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Feb. 29, 2020 metric	Feb. 28, 2019 metric	Feb. 28, 2018 metric	Nov. 30, 2020 USD ($) plan period $ / shares executive shares	Nov. 30, 2019 $ / shares shares	Nov. 30, 2018 $ / shares shares
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 \| $				$ 33.3
Costs are expected to be recognized, weighted average period				2 years
Number of executives whose employment was terminated \| executive				1
Additional stock-based compensation expenses related to separation and acceleration vesting \| $				$ 0.3
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)				3,043,910
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)				438,813
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)				462,859
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
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation service period	3 years	3 years	3 years
Number of performance metrics \| metric	2	2	2
Percentage of shares based on market conditions	50.00%	50.00%	50.00%
Market condition period	3 years	3 years	3 years
Percentage of shares based on cumulative performance condition	50.00%	50.00%	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)				237,000	189,000	225,000
Weighted average purchase price of shares (in dollars per share) \| $ / shares				$ 27.86	$ 29.23	$ 24.27
Shares available and reserved for issuance (in shares)				164,000
Additional holding period				3 months
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares				$ 8.73	11.07	10.24
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				$ 9.59	$ 7.38	$ 10.30

Term Loan and Line of Credit (Future Maturities) (Details) $ in Thousands	Nov. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 18,812
2022	26,338
2023	33,863
2024	305,437
Total	$ 384,450

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 87,096	$ 89,148
Less accumulated depreciation and amortization	(57,279)	(59,383)
Property and equipment, net	29,817	29,765
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,103	47,699
Land, buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,610	34,083
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,107	7,090
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 276	$ 276

Selected Quarterly Financial Data (unaudited)

12 Months Ended

Nov. 30, 2020

Selected Quarterly Financial Data (unaudited)


(in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal year 2020:
Revenue	$	109,683	$	100,383	$	109,699	$	122,385
Gross profit	94,797		86,124		94,961		104,154
Income from operations	30,712		25,309		33,193		18,514
Net income	21,116		16,968		23,977		17,661
Basic earnings per share	0.47		0.38		0.53		0.39
Diluted earnings per share	0.46		0.37		0.53		0.39
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)

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 724	$ 1,385	$ 909

Cash, Cash Equivalents and Investments

12 Months Ended

Nov. 30, 2020

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2020 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	79,026	$	—	$	—	$	79,026
Money market funds	18,964		—		—		18,964
U.S. treasury bonds	4,993		58		—		5,051
Corporate bonds	2,913		41		—		2,954
Total	$	105,896	$	99	$	—	$	105,995

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

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


	November 30, 2020				November 30, 2019
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	79,026	$	—	$	144,346	$	—
Money market funds	18,964		—		9,913		—
State and municipal bond obligations	—		—		—		7,037
U.S. treasury bonds	—		5,051		—		7,231
Corporate bonds	—		2,954		—		5,158
Total	$	97,990	$	8,005	$	154,259	$	19,426

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


	November 30, 2020		November 30, 2019
Due in one year or less	$	5,998	$	14,004
Due after one year (1)	2,007		5,422
Total	$	8,005	$	19,426

(1)Includes 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, 2020 or November 30, 2019.

Fair Value Measurements (Assets Measured on Nonrecurring Basis) (Details) - Level 3 $ in Thousands	12 Months Ended
	Nov. 30, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-lived intangible assets, fair value	$ 0
Gain (loss) on disposal	$ 22,688

Income Taxes (Summary Of Deferred Taxes) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Deferred tax assets:
Accounts receivable	$ 241	$ 174
Accrued compensation	2,861	3,283
Accrued liabilities and other	4,430	2,690
Deferred revenue	9,032	3,995
Stock-based compensation	4,814	4,342
Depreciation and amortization	0	15,341
Tax credit and loss carryforwards	42,189	21,867
Operating lease liabilities	5,531
Gross deferred tax assets	69,098	51,692
Valuation allowance	(9,876)	(8,864)
Total deferred tax assets	59,222	42,828
Deferred tax liabilities:
Goodwill	(20,624)	(18,879)
Right-of-use lease assets	(4,837)
Deferred revenue	(3,027)	(4,541)
Depreciation and amortization	(15,924)	0
Prepaid expenses	(334)	(810)
Total deferred tax liabilities	(44,746)	(24,230)
Total	$ 14,476	$ 18,598

Selected Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Nov. 30, 2020

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 2020:
Revenue	$	109,683	$	100,383	$	109,699	$	122,385
Gross profit	94,797		86,124		94,961		104,154
Income from operations	30,712		25,309		33,193		18,514
Net income	21,116		16,968		23,977		17,661
Basic earnings per share	0.47		0.38		0.53		0.39
Diluted earnings per share	0.46		0.37		0.53		0.39
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)

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

12 Months Ended

Nov. 30, 2020

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

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; 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, 2020, 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.

Allowance for Doubtful Accounts and Sales Credit Memos

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.

Concentrations of Credit Risk

Concentrations of Credit RiskOur 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.

Fair Value of Financial Instruments

Fair Value of Financial InstrumentsThe 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.

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 we assessed the hedge's 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 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.

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 2020, 2019, or 2018.

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.

Comprehensive (Loss) Income

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

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.

Advertising Costs

Advertising costs are expensed as incurred and were $0.5 million, $0.8 million, and $1.4 million in fiscal years 2020, 2019, and 2018, 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 when applicable, 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.

Acquisition-Related Costs

Acquisition-Related CostsAcquisition-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.

Restructuring Charges

Restructuring ChargesOur 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.

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 August 2017, the Financial Accounting Standards Board (“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. We adopted this standard at the beginning of the first quarter of fiscal year 2020. However, because our existing accounting aligned with the guidance of ASU 2017-12 there was no impact to our financial statements from adoption.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASC 842"). ASC 842 supersedes the requirements in Topic 840, Leases, and requires lessees to recognize right-of-use ("ROU") assets and liabilities for leases with lease terms of more than twelve months. ASC 842 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. We adopted ASC 842 effective December 1, 2019 using the modified retrospective transition method of applying the new standard at the adoption date. Results for reporting periods beginning on or after December 1, 2019 are presented under the new guidance, while prior period amounts have not been adjusted and continue to be reported in accordance with previous guidance. Disclosures required under the new standard will not be provided for dates and periods before December 1, 2019.

The new standard provided a number of optional practical expedients in transition. We elected the transition package of practical expedients available in the standard, which allowed the carry forward of historical assessments of whether a contract contains a lease, lease classification and initial direct costs. We also elected the practical expedient provided in ASC 842 to not separate lease components from non-lease components for each material underlying asset class: office leases, vehicle leases and equipment leases.

For each lease, the non-lease components and related lease components are accounted for as a single lease component. Items or activities that do not transfer goods or services to the lessee, such as administrative tasks to set up the contract and reimbursement or payment of lessor costs, are not components of the contract and therefore no contract consideration is allocated to such items or activities. We did not elect the hindsight practical expedient to determine the lease term for existing leases. The adoption of the new standard also resulted in significant additional disclosures regarding our leasing activities. Refer to Note 9 for further details.

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 was 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 have entered into these transactions after adoption of ASC 606, revenue from term licenses with extended payment terms is being recognized prior to the customer being billed and we 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 is recognizing 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 was 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
(In thousands, except per share data)	As Reported		Adjustments		As Adjusted
Revenue:
Software licenses	$	122,137	$	(22,337)	$	99,800
Maintenance and services	275,028		4,153		279,181
Total revenue	397,165		(18,184)		378,981
Costs of revenue	66,973		—		66,973
Gross Profit	330,192		(18,184)		312,008
Operating expenses	244,194		—		244,194
Income from operations	85,998		(18,184)		67,814
Other expense, net	(7,018)		—		(7,018)
Income before income taxes	78,980		(18,184)		60,796
Provision for income taxes	15,489		(4,363)		11,126
Net income	$	63,491	$	(13,821)	$	49,670
Earnings (loss) per share:
Basic	$	1.39	$	(0.30)	$	1.09
Diluted	$	1.38	$	(0.30)	$	1.08
Weighted average shares outstanding:
Basic	45,561		—		45,561
Diluted	46,135		—		46,135

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 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. Upon adoption, we do not expect this update to have a material effect on our consolidated financial position and results of operations.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Entities will be required to use a model that will result in the earlier recognition of allowances for losses for trade and other receivables, contract assets, held-to-maturity debt securities, loans, and other instruments. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-13 on our consolidated financial statements.

Business Segments and International Operations

12 Months Ended

Nov. 30, 2020

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.

We operate as three distinct business segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment.

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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Segment revenue:
OpenEdge	$	326,444	$	296,929	$	277,806
Data Connectivity and Integration	34,187		39,903		23,129
Application Development and Deployment	81,519		76,466		78,046
Total revenue	442,150		413,298		378,981
Segment costs of revenue and operating expenses:
OpenEdge	76,352		85,209		67,820
Data Connectivity and Integration	8,397		7,973		7,634
Application Development and Deployment	36,749		23,993		27,087
Total costs of revenue and operating expenses	121,498		117,175		102,541
Segment contribution margin:
OpenEdge	250,092		211,720		209,986
Data Connectivity and Integration	25,790		31,930		15,495
Application Development and Deployment	44,770		52,473		50,959
Total contribution margin	320,652		296,123		276,440
Other unallocated expenses(2)	212,924		256,039		208,626
Income from operations	107,728		40,084		67,814
Other expense, net	(11,093)		(11,589)		(7,018)
Income before income taxes	$	96,635	$	28,495	$	60,796
(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: product development, corporate marketing, administration, amortization and impairment of acquired intangibles, impairment of long-lived assets, stock-based compensation, restructuring, acquisition-related expenses, loss on assets held for sale, and fees related to shareholder activist.

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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Performance obligations transferred at a point in time:
Software licenses	$	115,249	$	122,552	$	99,800
Performance obligations transferred over time:
Maintenance	288,887		259,006		249,171
Services	38,014		31,740		30,010
Total revenue	$	442,150	$	413,298	$	378,981
(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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
United States	$	240,717	$	213,252	$	187,627
Canada	20,281		20,659		16,630
EMEA	143,754		137,301		135,055
Latin America	14,574		19,665		18,046
Asia Pacific	22,824		22,421		21,623
Total revenue	$	442,150	$	413,298	$	378,981
(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 $22.8 million, $25.7 million and $25.8 million in the U.S. and $7.0 million, $4.1 million and $4.9 million outside of the U.S. at the end of fiscal years 2020, 2019 and 2018, respectively. No individual country outside of the U.S. accounted for more than 10% of our consolidated long-lived assets.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Revenue from Contract with Customer [Abstract]

Business Segments and International Operations (Narrative) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($) segment	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment	3
Long-lived assets	$ 29,817	$ 29,765
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	22,800	25,700	$ 25,800
Outside United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 7,000	$ 4,100	$ 4,900

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Statement of Comprehensive Income [Abstract]
Cash flow hedge, gain (loss), tax expense (benefit)	$ (1,176)	$ (503)
Unrealized gain (loss) on investments, net of tax provision (benefit)	$ 32	$ 60	$ 57

Revenue Recognition (Tables)

12 Months Ended

Nov. 30, 2020

Schedule of Contract with Customer, Asset and Liability

As of November 30, 2020, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2022	$	8,436
2023	2,055
2024	285
Total	$	10,776

As of November 30, 2020, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2019	$	177,246
Billings and other	458,199
Revenue recognized	(442,150)
Balance, November 30, 2020	$	193,295

Derivative Instruments (Tables)

12 Months Ended

Nov. 30, 2020

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, 2020				November 30, 2019
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	142,500	$	(6,855)	$	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, 2020				November 30, 2019
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	69,031	$	1,445	$	66,951	$	(85)
Forward contracts to purchase U.S. dollars	440		(3)		1,457		5
Total	$	69,471	$	1,442	$	68,408	$	(80)

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.

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Components of Pretax Income

Revenue Recognition - Performance Obligations (Details) $ in Millions	Nov. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 212.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	83.00%

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2020

Income Tax Disclosure [Abstract]

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


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
U.S.	$	83,279	$	(11,778)	$	59,440
Foreign	13,356		40,273		1,356
Total	$	96,635	$	28,495	$	60,796
(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, 2020		November 30, 2019		November 30, 2018
Current:
Federal	$	12,294	$	9,294	$	8,979
State	3,871		1,862		1,387
Foreign	3,370		5,808		3,088
Total current	19,535		16,964		13,454
Deferred, as adjusted(1):
Federal	(1,613)		(12,191)		(863)
State	(969)		(2,399)		(51)
Foreign	(40)		(279)		(1,414)
Total deferred	(2,622)		(14,869)		(2,328)
Total	$	16,913	$	2,095	$	11,126
(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, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Tax at U.S. Federal statutory rate	$	20,293	$	5,984	$	13,513
Foreign rate differences	(200)		(2,619)		1,281
Effects of foreign operations included in U.S. Federal provision	(167)		451		550
State income taxes, net	2,087		(918)		1,180
Research credits	(905)		(1,086)		(302)
Domestic production activities deduction	—		(248)		(1,283)
Tax-exempt interest	(3)		(27)		(66)
Nondeductible stock-based compensation	422		1,043		502
Meals and entertainment	162		198		192
Compensation subject to 162(m)	324		422		227
Uncertain tax positions and tax settlements	245		(720)		(1,626)
Remeasurement of net deferred tax liabilities due to the Act	—		—		(1,660)
Net excess tax benefit or detriment from stock-based compensation plans	61		(103)		(861)
Global intangible low tax inclusion	(307)		2,100		—
Foreign derived intangible deduction	(5,297)		(2,300)		—
Other	198		(82)		(521)
Total	$	16,913	$	2,095	$	11,126
(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, 2020		November 30, 2019
Deferred tax assets:
Accounts receivable	$	241	$	174
Accrued compensation	2,861		3,283
Accrued liabilities and other	4,430		2,690
Deferred revenue	9,032		3,995
Stock-based compensation	4,814		4,342
Depreciation and amortization	—		15,341
Tax credit and loss carryforwards	42,189		21,867
Operating lease liabilities	5,531		—
Gross deferred tax assets	69,098		51,692
Valuation allowance	(9,876)		(8,864)
Total deferred tax assets	59,222		42,828
Deferred tax liabilities:
Goodwill	(20,624)		(18,879)
Right-of-use lease assets	(4,837)		—
Deferred revenue	(3,027)		(4,541)
Depreciation and amortization	(15,924)		—
Prepaid expenses	(334)		(810)
Total deferred tax liabilities	(44,746)		(24,230)
Total	$	14,476	$	18,598

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, 2020		November 30, 2019		November 30, 2018
Balance, beginning of year	$	4,993	$	5,787	$	7,520
Tax positions related to a prior period	539		110		(15)
Tax positions acquired	1,596		—		—
Settlements with tax authorities	(12)		(181)		(39)
Lapses due to expiration of the statute of limitations	(897)		(723)		(1,679)
Balance, end of year	$	6,219	$	4,993	$	5,787

Stock-Based Compensation (Activity Stock Options and Stock Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options on date exercised	$ 1,340	$ 1,388	$ 3,692
Total fair value of restricted stock units and deferred stock units on date vested	17,046	16,573	16,431
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	1,547	1,853	1,690
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	$ 15,499	$ 14,720	$ 14,741

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,268	932	602

Intangible Assets and Goodwill (Schedule of Future Amortization Expense From Intangible Assets Held) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 44,890
2022	44,836
2023	44,560
2024	31,744
2025	21,233
Thereafter	25,484
Total	$ 212,747	$ 99,392

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

3 Months Ended

12 Months Ended

Nov. 30, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

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

$ 122,385

$ 109,699

$ 100,383

$ 109,683

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 442,150

$ 413,298

$ 378,981

^[1]

104,154

94,961

86,124

94,797

96,272

85,891

82,384

73,510

380,036

338,057

312,008

^[1]

$ 18,514

$ 33,193

$ 25,309

$ 30,712

$ (6,026)

$ 15,960

$ 14,741

$ 15,409

107,728

40,084

67,814

^[1]

(11,093)

(11,589)

(7,018)

^[1]

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

96,635

28,495

60,796

^[1]

Operating Segments

442,150

413,298

378,981

121,498

117,175

102,541

Operating Segments | OpenEdge

320,652

296,123

276,440

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

326,444

296,929

277,806

76,352

85,209

67,820

Operating Segments | Data Connectivity and Integration

250,092

211,720

209,986

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

34,187

39,903

23,129

8,397

7,973

7,634

Operating Segments | Application Development and Deployment

25,790

31,930

15,495

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

81,519

76,466

78,046

36,749

23,993

27,087

Corporate And Reconciling Items

44,770

52,473

50,959

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

Schedule of Business Acquisitions, by Acquisition

$ 212,924

$ 256,039

$ 208,626

[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.

Business Combinations (Tables)

12 Months Ended

Nov. 30, 2020

Business Combinations [Abstract]

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


	Initial Purchase Price Allocation		Life
Net working capital	$	52,330
Property, plant and equipment	498
Purchased technology	38,300		5 years
Trade name	5,700		5 years
Customer relationships	97,300		7 years
Other assets	122
Other noncurrent liabilities	(841)
Lease liabilities, net	(1,810)
Deferred taxes	(7,817)
Deferred revenue	(12,525)
Goodwill	59,858
Net assets acquired	$	231,115


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	6,068	$	651	$	6,719
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)		(29)		(12,725)
Goodwill	117,651		(618)		117,033
Net assets acquired	$	225,298	$	—	$	225,298

Business Acquisition, Pro Forma Information


(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2020		Pro Forma Fiscal Year Ended November 30, 2019
Revenue	$	497,700	$	459,665
Net income (loss)	$	61,952	$	(18,852)
Net income (loss) per basic share	$	1.38	$	(0.42)
Net income (loss) per diluted share	$	1.37	$	(0.42)


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

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, 2020

Aug. 31, 2020

May 31, 2020

Feb. 29, 2020

Nov. 30, 2019

Aug. 31, 2019

May 31, 2019

Feb. 28, 2019

Nov. 30, 2020

Nov. 30, 2019

Nov. 30, 2018

Revenue:

$ 122,385

$ 109,699

$ 100,383

$ 109,683

$ 117,038

$ 106,716

$ 99,995

$ 89,549

$ 442,150

$ 413,298

$ 378,981

^[1]

62,114

75,241

66,973

^[1]

104,154

94,961

86,124

94,797

96,272

85,891

82,384

73,510

380,036

338,057

312,008

^[1]

272,308

297,973

244,194

^[1]

18,514

33,193

25,309

30,712

(6,026)

15,960

14,741

15,409

107,728

40,084

67,814

^[1]

(11,093)

(11,589)

(7,018)

^[1]

96,635

28,495

60,796

^[1]

16,913

2,095

11,126

^[1]

$ 17,661

$ 23,977

$ 16,968

$ 21,116

$ (4,740)

$ 13,557

$ 8,181

$ 9,402

$ 79,722

$ 26,400

$ 49,670

^[1],[2]

$ 1.09

$ 1.08

Basic (in shares)

44,886

44,791

45,561

^[1]

Diluted (in shares)

45,321

45,340

46,135

^[1]

Revenue:

$ 397,165

66,973

330,192

244,194

85,998

(7,018)

78,980

15,489

$ 63,491

$ 1.39

$ 1.38

Adjustments | Accounting Standards Update 2014-09

Basic (in shares)

45,561

Diluted (in shares)

46,135

Revenue:

$ (18,184)

(18,184)

(18,184)

(18,184)

(4,363)

$ (13,821)

$ (0.30)

$ (0.30)

Software licenses | As Reported

Revenue:

$ 115,249

$ 122,552

$ 99,800

^[1]

Revenue:

Software licenses | Adjustments | Accounting Standards Update 2014-09

122,137

Revenue:

(22,337)

Maintenance and services

Revenue:

Maintenance and services | As Reported

$ 326,901

$ 290,746

279,181

^[1]

Revenue:

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

275,028

Revenue: