0000876167-21-000073 | 10-Q | XBRL Viewer | Progress Software Corp MA

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Cover - shares	3 Months Ended
Cover - shares	Feb. 28, 2021	Mar. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2021
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		44,003,055
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Current assets:
Cash and cash equivalents	$ 107,698	$ 97,990
Short-term investments	6,673	8,005
Total cash, cash equivalents and short-term investments	114,371	105,995
Accounts receivable (less allowances of $732 and $1,315, respectively)	77,573	84,040
Unbilled receivables and contract assets	24,099	24,917
Other current assets	23,266	23,983
Total current assets	239,309	238,935
Long-term unbilled receivables and contract assets	14,334	17,133
Property and equipment, net	29,838	29,817
Intangible assets, net	202,347	212,747
Goodwill	491,701	491,726
Deferred tax assets	13,613	14,490
Right-of-use lease assets	31,265	30,635
Other assets	4,650	6,299
Total assets	1,027,057	1,041,782
Current liabilities:
Current portion of long-term debt, net	20,124	18,242
Accounts payable	10,105	9,978
Accrued compensation and related taxes	21,213	36,816
Dividends payable to shareholders	7,901	7,904
Short-term operating lease liabilities	7,154	7,015
Income taxes payable	870	1,899
Other accrued liabilities	14,930	14,302
Short-term deferred revenue	183,443	166,387
Total current liabilities	265,740	262,543
Long-term debt, net	343,758	364,260
Long-term operating lease liabilities	27,342	26,966
Long-term deferred revenue	25,535	26,908
Other noncurrent liabilities	12,129	15,092
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0
Common stock, $0.01 par value, and additional paid-in capital; authorized, 200,000,000 shares; issued and outstanding, 43,999,982 shares in 2021 and 44,240,635 shares in 2020	312,137	306,244
Retained earnings	71,118	72,547
Accumulated other comprehensive loss	(30,702)	(32,778)
Total shareholders’ equity	352,553	346,013
Total liabilities and shareholders’ equity	$ 1,027,057	$ 1,041,782

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Assets
Allowance for accounts receivable	$ 732	$ 1,315
Stockholders' Equity:
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)	43,999,982	44,240,635
Common stock, shares outstanding (in shares)	43,999,982	44,240,635

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Revenue:
Total revenue	$ 121,280	$ 109,683
Costs of revenue:
Total costs of revenue	17,991	14,886
Amortization of acquired intangibles	3,521	1,646
Gross profit	103,289	94,797
Operating expenses:
Sales and marketing	29,469	24,198
Product development	24,548	21,654
General and administrative	13,424	12,748
Amortization of acquired intangibles	6,879	4,131
Restructuring expenses	1,157	1,040
Acquisition-related expenses	396	314
Total operating expenses	75,873	64,085
Income from operations	27,416	30,712
Other (expense) income:
Interest expense	(2,514)	(2,792)
Interest income and other, net	119	211
Foreign currency loss, net	(257)	(816)
Total other expense, net	(2,652)	(3,397)
Income before income taxes	24,764	27,315
Provision for income taxes	5,803	6,199
Net income	$ 18,961	$ 21,116
Earnings per share:
Basic (in dollars per share)	$ 0.43	$ 0.47
Diluted (in dollars per share)	$ 0.42	$ 0.46
Weighted average shares outstanding:
Basic (in shares)	44,108	44,897
Diluted (in shares)	44,652	45,515
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.165
Software licenses
Revenue:
Total revenue	$ 33,317	$ 30,629
Cost of Goods and Services Sold	1,151	1,389
Maintenance and services
Revenue:
Total revenue	87,963	79,054
Cost of Goods and Services Sold	$ 13,319	$ 11,851

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 18,961	$ 21,116
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,225	(1,208)
Unrealized gain (loss) on hedging activity, net of tax provision of $271 and tax benefit of $708 for the first quarter of 2021 and 2020, respectively	837	(2,106)
Unrealized gain on investments, net of tax benefit of $42 and tax provision of $4 for the first quarter of 2021 and 2020, respectively	14	71
Total other comprehensive income (loss), net of tax	2,076	(3,243)
Comprehensive income	$ 21,037	$ 17,873

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized loss on hedging activity	$ 271	$ (708)
Tax provision (benefit) on accumulated unrealized gain on investments	$ (42)	$ 4

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Nov. 30, 2019		45,037,000
Beginning balance 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)		39,000
Issuance of stock under employee stock purchase plan	1,194		1,194
Exercise of stock options (in shares)		62,000
Exercise of stock options	1,941	$ 1	1,940
Vesting of restricted stock units and release of deferred stock units (in shares)		57,000
Vesting of restricted stock units and release of deferred stock units	0	$ 1	(1)
Withholding tax payments related to net issuance of restricted stock units	(1,949)		(1,949)
Stock-based compensation	6,051		6,051
Dividends declared	$ (7,435)			(7,435)
Treasury stock repurchases and retirements (in shares)	(400,000)	(426,000)
Treasury stock repurchases and retirements	$ (20,000)	$ (4)	(6,487)	(13,509)
Net income	21,116			21,116
Other comprehensive income (loss)	(3,243)				(3,243)
Ending balance (in shares) at Feb. 29, 2020		44,769,000
Ending balance at Feb. 29, 2020	$ 327,957	$ 448	296,251	64,475	(33,217)
Beginning balance (in shares) at Nov. 30, 2020	44,240,635	44,241,000
Beginning balance at Nov. 30, 2020	$ 346,013	$ 442	305,802	72,547	(32,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		56,000
Issuance of stock under employee stock purchase plan	1,545	$ 1	1,544
Exercise of stock options (in shares)		28,000
Exercise of stock options	917		917
Vesting of restricted stock units and release of deferred stock units (in shares)		28,000
Vesting of restricted stock units and release of deferred stock units	0
Withholding tax payments related to net issuance of restricted stock units	(892)		(892)
Stock-based compensation	6,784		6,784
Dividends declared	$ (7,851)			(7,851)
Treasury stock repurchases and retirements (in shares)	(400,000)	(353,000)
Treasury stock repurchases and retirements	$ (15,000)	$ (3)	(2,458)	(12,539)
Net income	18,961			18,961
Other comprehensive income (loss)	$ 2,076				2,076
Ending balance (in shares) at Feb. 28, 2021	43,999,982	44,000,000
Ending balance at Feb. 28, 2021	$ 352,553	$ 440	$ 311,697	$ 71,118	$ (30,702)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash flows from operating activities:
Net income	$ 18,961	$ 21,116
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	1,315	1,717
Amortization of acquired intangibles and other	10,547	5,952
Stock-based compensation	6,784	6,051
Non-cash lease expense	2,138	3,087
Loss on disposal of property and equipment	3	57
Deferred income taxes	656	1,967
Allowances for bad debt and sales credits	(382)	236
Changes in operating assets and liabilities:
Accounts receivable	10,841	9,810
Other assets	215	2,010
Accounts payable and accrued liabilities	(17,762)	(20,893)
Lease liabilities	(2,258)	(2,356)
Income taxes payable	(1,469)	373
Deferred revenue	15,099	3,889
Net cash flows from operating activities	44,688	33,016
Cash flows from (used in) investing activities:
Purchases of investments	0	(4,259)
Sales and maturities of investments	1,300	7,767
Purchases of property and equipment	(1,166)	(1,148)
Decrease in escrow receivable	2,130	0
Net cash flows from investing activities	2,264	2,360
Cash flows from (used in) financing activities:
Proceeds from stock-based compensation plans	3,485	4,245
Payments for taxes related to net share settlements of equity awards	(892)	(1,949)
Repurchases of common stock	(15,000)	(20,000)
Dividend payments to shareholders	(7,854)	(7,468)
Payment of principal on long-term debt	(18,763)	(1,882)
Net cash flows used in financing activities	(39,024)	(27,054)
Effect of exchange rate changes on cash	1,780	(1,487)
Net increase in cash and cash equivalents	9,708	6,835
Cash and cash equivalents, beginning of period	97,990	154,259
Cash and cash equivalents, end of period	107,698	161,094
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $434 in 2021 and $196 in 2020	3,703	3,364
Cash paid for interest	2,283	2,588
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	2,088	4,652
Dividends declared	$ 7,901	$ 7,465

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 434	$ 196

Basis of Presentation	3 Months Ended
Basis of Presentation	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides the best products to develop, deploy and manage high-impact business applications. Our comprehensive product stack is designed to make technology teams more productive and we have a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure—leading to competitive differentiation and business success. Over 1,700 independent software vendors ("ISVs"), 100,000 enterprise customers, and 3 million developers rely on Progress to power their applications. Our products are generally sold as perpetual licenses, but certain products also use term licensing models and our cloud-based offerings use a subscription-based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally ISVs, original equipment manufacturers ("OEMs"), distributors and value-added resellers. ISVs develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. OEMs are companies that embed our products into their own software products or devices. Value-added resellers are companies that add features or services to our product, then resell it as an integrated product or complete "turn-key" solution. We operate in North America and Latin America (the "Americas"); Europe, the Middle East and Africa ("EMEA"); and the Asia Pacific region, through local subsidiaries as well as independent distributors. Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2020, as amended by Form 10-K/A filed on March 30, 2021 ("2020 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2020 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2020 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. Use of Estimates The preparation of 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. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires measurement and recognition of expected credit losses for financial assets measured at amortized cost, including accounts receivable, upon initial recognition of that financial asset using a forward-looking expected loss model, rather than an incurred loss model. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses when the fair value is below the amortized cost of the asset, removing the concept of "other-than-temporary" impairments. The Company adopted this standard effective December 1, 2020. The adoption of this standard did not have a material effect on the Company’s condensed consolidated financial statements.

Cash, Cash Equivalents and Investments

3 Months Ended

Feb. 28, 2021

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at February 28, 2021 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	87,403	$	—	$	—	$	87,403
Money market funds	20,295		—		—		20,295
U.S. treasury bonds	4,493		42		—		4,535
Corporate bonds	2,109		29		—		2,138
Total	$	114,300	$	71	$	—	$	114,371

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

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


	February 28, 2021				November 30, 2020
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	87,403	$	—	$	79,026	$	—
Money market funds	20,295		—		18,964		—
U.S. treasury bonds	—		4,535		—		5,051
Corporate bonds	—		2,138		—		2,954
Total	$	107,698	$	6,673	$	97,990	$	8,005

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


	February 28, 2021		November 30, 2020
Due in one year or less	$	4,676	$	5,998
Due after one year(1)	1,997		2,007
Total	$	6,673	$	8,005

(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 condensed consolidated balance sheets.

We did not hold any investments with continuous unrealized losses as of February 28, 2021 or November 30, 2020.

Derivative Instruments

3 Months Ended

Feb. 28, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Cash Flow Hedge

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

We have designated the interest rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our condensed consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of February 28, 2021, the fair value of the hedge was a loss of $5.7 million, which was included in other noncurrent liabilities on our condensed consolidated balance sheets.

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


	February 28, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	140,625	$	(5,747)	$	142,500	$	(6,855)

Forward Contracts

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

All forward contracts are recorded at fair value on the consolidated balance sheets at the end of each reporting period and expire between 30 days and two years from the date the contract was entered. At February 28, 2021, $2.3 million was recorded in other current assets on our condensed consolidated balance sheets. At November 30, 2020, $1.4 million was recorded in other assets on our condensed consolidated balance sheets.

In the three months ended February 28, 2021 and February 29, 2020, realized and unrealized gains of $1.7 million and losses of $0.6 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. These gains and losses were substantially offset by realized and unrealized losses and gains on the offsetting positions.

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


	February 28, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	64,543	$	2,350	$	69,031	$	1,445
Forward contracts to purchase U.S. dollars	—		—		440		(3)
Total	$	64,543	$	2,350	$	69,471	$	1,442

Fair Value Measurements

3 Months Ended

Feb. 28, 2021

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 February 28, 2021 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	20,295	$	20,295	$	—	$	—
U.S. treasury bonds	4,535		—		4,535		—
Corporate bonds	2,138		—		2,138		—
Foreign exchange derivatives	2,350		—		2,350		—
Liabilities
Interest rate swap	$	(5,747)	$	—	$	(5,747)	$	—

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)	$	—

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.

We did not have any nonrecurring fair value measurements as of February 28, 2021.

- Definition

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

Intangible Assets and Goodwill

3 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	February 28, 2021						November 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	173,486	$	(117,384)	$	56,102	$	173,486	$	(113,863)	$	59,623
Customer-related	231,342		(97,256)		134,086		231,342		(91,326)		140,016
Trademarks and trade names	30,440		(19,059)		11,381		30,440		(18,275)		12,165
Non-compete agreement	2,000		(1,222)		778		2,000		(1,057)		943
Total	$	437,268	$	(234,921)	$	202,347	$	437,268	$	(224,521)	$	212,747

In the first quarter of fiscal years 2021 and 2020, amortization expense related to intangible assets was $10.4 million and $5.8 million, respectively.

Future amortization expense for intangible assets as of February 28, 2021, is as follows (in thousands):


Remainder of 2021	$	34,491
2022	44,836
2023	44,560
2024	31,743
2025	21,233
Thereafter	25,484
Total	$	202,347

Goodwill

Changes in the carrying amount of goodwill in the three months ended February 28, 2021 are as follows (in thousands):


Balance, November 30, 2020	$	491,726
Translation adjustments	(25)
Balance, February 28, 2021	$	491,701

Changes in the goodwill balances by reportable segment in the three months ended February 28, 2021 are as follows (in thousands):


	November 30, 2020		Translation adjustments		February 28, 2021
OpenEdge	$	365,863	$	(25)	$	365,838
Data Connectivity and Integration	19,040		—		19,040
Application Development and Deployment	106,823		—		106,823
Total goodwill	$	491,726	$	(25)	$	491,701

During the quarter ending February 28, 2021, no triggering events occurred that would indicate that it is more likely than not that the carrying values of any of our reporting units exceeded their fair values.

Business Combinations

3 Months Ended

Feb. 28, 2021

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 7).

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):


	Total		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.

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 three months ended February 28, 2021, we incurred approximately $0.4 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 three months ended February 28, 2021 was approximately $12.0 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 Three Months Ended February 29, 2020
Revenue	$	123,690
Net income	$	12,933
Net income per basic share	$	0.29
Net income per diluted share	$	0.28

Term Loan and Line of Credit

3 Months Ended

Feb. 28, 2021

Line of Credit Facility [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 6).

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 line of credit is required and ranges from 0.25% to 0.35% per annum based on our leverage ratio. The interest rate as of February 28, 2021 was 1.75%.

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 February 28, 2021 was $282.2 million, with $20.7 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 February 28, 2021, 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 condensed consolidated balance sheets as of February 28, 2021. 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 was $0.1 million for each of the three months ended February 28, 2021 and February 29, 2020 is recorded in interest expense on our condensed 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. During October 2020, we partially funded our acquisition of Chef by drawing down $98.5 million under the revolving line of credit (Note 6). During the first fiscal quarter of 2021, we paid down $15.0 million on the revolving line of credit. As of February 28, 2021, there was $83.5 million outstanding under the revolving line of credit and $2.1 million of letters of credit outstanding.

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.

As of February 28, 2021, aggregate future maturities of long-term debt were as follows (in thousands):


Remainder of 2021	$	15,050
2022	26,338
2023	33,863
2024	290,437
Total	$	365,688

Leases

3 Months Ended

Feb. 28, 2021

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 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 three months ended February 28, 2021 and February 29, 2020 were as follows (in thousands):


	Three Months Ended		Three Months Ended
	February 28, 2021		February 29, 2020
Lease costs under long-term operating leases	$	2,135	$	1,958
Lease costs under short-term operating leases	15		45
Variable lease cost under short-term and long-term operating leases(1)	115		106
Operating lease right-of-use asset impairment	—		923
Total operating lease cost	$	2,265	$	3,032

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

The table below presents supplemental cash flow information related to leases during the three months ended February 28, 2021 and February 29, 2020 (in thousands):


	Three Months Ended		Three Months Ended
	February 28, 2021		February 29, 2020
Cash paid for leases	$	2,258	$	2,356
Right-of-use assets recognized for new leases and amendments (non-cash)	$	2,338	$	—

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


	February 28, 2021		November 30, 2020
Weighted average remaining lease term in years	4.87		5.02
Weighted average discount rate	2.7	%	2.3	%

Future payments under non-cancellable leases are as follows (in thousands):


	February 28, 2021
Remainder of 2021	$	6,069
2022	7,658
2023	7,550
2024	7,509
2025	5,027
Thereafter	2,932
Total lease payments	36,745
Less imputed interest(1)	(2,249)
Present value of lease liabilities	$	34,496

(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.

Common Stock Repurchases	3 Months Ended
Common Stock Repurchases	Feb. 28, 2021
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesIn January 2020, our Board of Directors increased the total share repurchase authorization from $75 million to $250 million. In the three months ended February 28, 2021 and February 29, 2020, we repurchased and retired 0.4 million shares for $15.0 million and 0.4 million shares for $20.0 million, respectively. The shares were repurchased in both periods as part of our Board of Directors authorized share repurchase program. As of February 28, 2021, there was $175.0 million remaining under the current authorization.

Stock-Based Compensation

12 Months Ended

Nov. 30, 2020

Share-based Payment Arrangement [Abstract]

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 the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model.

In 2019, 2020 and 2021, we granted performance-based restricted stock units that include two performance metrics under our Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. Vesting of the LTIP awards on the 2019 and 2020 plan is based on the following: (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). For the 2021 plan, the vesting terms were changed to the following: (i) 25% 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) 75% is based on achievement of a three-year cumulative performance condition (operating income). In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award, and used the closing price of our common stock on the date of grant for the portion related to the performance condition.

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 years for options and 3 years for restricted stock units. We recognize stock-based compensation expense related to our employee stock purchase plan using an accelerated attribution method.

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


	Three Months Ended
	February 28, 2021		February 29, 2020
Cost of maintenance and services	$	392	$	319
Sales and marketing	1,503		1,050
Product development	1,919		1,926
General and administrative	2,970		2,756
Total stock-based compensation	$	6,784	$	6,051

Accumulated Other Comprehensive Loss

3 Months Ended

Feb. 28, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the three months ended February 28, 2021 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Gains on Investments		Unrealized Losses on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive income before reclassifications, net of tax	1,225		14		837		2,076
Balance, February 28, 2021	$	(26,391)	$	28	$	(4,339)	$	(30,702)

The tax effect on accumulated unrealized losses on hedging activity and unrealized gains on investments was $1.4 million and $1.6 million as of February 28, 2021 and November 30, 2020, respectively.

Revenue Recognition

3 Months Ended

Feb. 28, 2021

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 condensed 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 February 28, 2021, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2022	$	6,335
2023	3,913
2024	1,177
Total	$	11,425

Contract assets, which arise when revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation, were $7.9 million as of February 28, 2021 and $11.3 million as of November 30, 2020. These amounts are included in unbilled receivables or long-term unbilled receivables on our condensed consolidated balance sheets.

Deferred Revenue

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

As of February 28, 2021, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2020	$	193,295
Billings and other	136,963
Revenue recognized	(121,280)
Balance, February 28, 2021	$	208,978

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 February 28, 2021, transaction price allocated to remaining performance obligations was $223.3 million. We expect to recognize approximately 85% 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 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 $3.3 million and $2.5 million as of February 28, 2021 and November 30, 2020, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.

- Definition

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.

+ References

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
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-Section 50
-Paragraph 10
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+ Details

Restructuring Charges

3 Months Ended

Feb. 28, 2021

Restructuring Charges [Abstract]

Restructuring Charges

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	421	$	3,552	$	3,973
Costs incurred	261		896		1,157
Cash disbursements	(478)		(2,515)		(2,993)
Translation adjustments and other	1		11		12
Balance, February 28, 2021	$	205	$	1,944	$	2,149

During the fourth quarter of fiscal year 2020, we restructured our operations in connection with the acquisition of Chef (Note 6). This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of Chef.

For the three months ended February 28, 2021, we incurred expenses of $0.9 million related 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, 2020	$	—	$	3,523	$	3,523
Costs incurred	51		897		948
Cash disbursements	(51)		(2,487)		(2,538)
Translation adjustments and other	—		11		11
Balance, February 28, 2021	$	—	$	1,944	$	1,944

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 $1.9 million is included in other accrued liabilities on the consolidated balance sheet at February 28, 2021.

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.

Income Taxes	3 Months Ended
Income Taxes	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision for the first quarter of fiscal years 2021 and 2020 reflects our estimate of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events, which are recorded in the period in which they occur. The estimates are reevaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 23% in both the first fiscal quarter of 2021 and in the first fiscal quarter of 2020. There were no significant discrete tax items in either the first fiscal quarter of 2021 or the first fiscal quarter of 2020. 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. Tax authorities for certain non-U.S. jurisdictions are also examining returns. With some exceptions, we are generally not subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2014.

- Definition

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

Earnings per share

3 Months Ended

Feb. 28, 2021

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 on an interim basis (in thousands, except per share data):


	Three Months Ended
	February 28, 2021		February 29, 2020
Net income	$	18,961	$	21,116
Weighted average shares outstanding	44,108		44,897
Dilutive impact from common stock equivalents	544		618
Diluted weighted average shares outstanding	44,652		45,515
Basic earnings per share	$	0.43	$	0.47
Diluted earnings per share	$	0.42	$	0.46

We excluded stock awards representing approximately 1,078,000 and 661,000 shares of common stock from the calculation of diluted earnings per share in the three months ended February 28, 2021 and February 29, 2020, respectively, as these awards were anti-dilutive.

Business Segments and International Operations

3 Months Ended

Feb. 28, 2021

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 our consolidated income from continuing operations before income taxes:


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
Segment revenue:
OpenEdge	$	84,603	$	77,079
Data Connectivity and Integration	5,528		13,685
Application Development and Deployment	31,149		18,919
Total revenue	121,280		109,683
Segment costs of revenue and operating expenses:
OpenEdge	18,916		19,750
Data Connectivity and Integration	1,170		2,680
Application Development and Deployment	15,410		7,288
Total costs of revenue and operating expenses	35,496		29,718
Segment contribution margin:
OpenEdge	65,687		57,329
Data Connectivity and Integration	4,358		11,005
Application Development and Deployment	15,739		11,631
Total contribution margin	85,784		79,965
Other unallocated expenses(1)	58,368		49,253
Income from operations	27,416		30,712
Other expense, net	(2,652)		(3,397)
Income before income taxes	$	24,764	$	27,315
(1)The following expenses are not allocated to our segments as we manage and report our business in these functional areas on a consolidated basis only: certain product development and corporate sales and marketing expenses, customer support, administration, amortization of acquired intangibles, stock-based compensation, restructuring, and acquisition-related expenses.

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


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
Performance obligations transferred at a point in time:
Software licenses	$	33,317	$	30,629
Performance obligations transferred over time:
Maintenance	76,977		70,056
Services	10,986		8,998
Total revenue	$	121,280	$	109,683

In the following table, revenue attributed to North America includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from 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):


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
North America	$	71,505	$	65,413
EMEA	40,240		34,988
Latin America	3,493		4,000
Asia Pacific	6,042		5,282
Total revenue	$	121,280	$	109,683

No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our total revenue for the three months ended February 28, 2021 and February 29, 2020. As of February 28, 2021 and November 30, 2020, no individual customer accounted for 10% or more of our net accounts receivable balance. As of February 28, 2021 and November 30, 2020, no individual foreign country accounted for 10% or more of total consolidated assets.

- Definition

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.

+ References

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+ Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2020, as amended by Form 10-K/A filed on March 30, 2021 ("2020 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2020 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2020 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year.
Use of Estimates	Use of Estimates The preparation of 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires measurement and recognition of expected credit losses for financial assets measured at amortized cost, including accounts receivable, upon initial recognition of that financial asset using a forward-looking expected loss model, rather than an incurred loss model. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses when the fair value is below the amortized cost of the asset, removing the concept of "other-than-temporary" impairments. The Company adopted this standard effective December 1, 2020. The adoption of this standard did not have a material effect on the Company’s condensed consolidated financial statements.

Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Feb. 28, 2021

Investments and Cash [Abstract]

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

A summary of our cash, cash equivalents and available-for-sale investments at February 28, 2021 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	87,403	$	—	$	—	$	87,403
Money market funds	20,295		—		—		20,295
U.S. treasury bonds	4,493		42		—		4,535
Corporate bonds	2,109		29		—		2,138
Total	$	114,300	$	71	$	—	$	114,371

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

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

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


	February 28, 2021				November 30, 2020
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	87,403	$	—	$	79,026	$	—
Money market funds	20,295		—		18,964		—
U.S. treasury bonds	—		4,535		—		5,051
Corporate bonds	—		2,138		—		2,954
Total	$	107,698	$	6,673	$	97,990	$	8,005

Fair Value of Debt Securities by Contractual Maturity

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


	February 28, 2021		November 30, 2020
Due in one year or less	$	4,676	$	5,998
Due after one year(1)	1,997		2,007
Total	$	6,673	$	8,005

Derivative Instruments (Tables)

3 Months Ended

Feb. 28, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts


	February 28, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	140,625	$	(5,747)	$	142,500	$	(6,855)

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


	February 28, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	64,543	$	2,350	$	69,031	$	1,445
Forward contracts to purchase U.S. dollars	—		—		440		(3)
Total	$	64,543	$	2,350	$	69,471	$	1,442

- Definition

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

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

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

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at February 28, 2021 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	20,295	$	20,295	$	—	$	—
U.S. treasury bonds	4,535		—		4,535		—
Corporate bonds	2,138		—		2,138		—
Foreign exchange derivatives	2,350		—		2,350		—
Liabilities
Interest rate swap	$	(5,747)	$	—	$	(5,747)	$	—

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)	$	—

Intangible Assets and Goodwill (Tables)

3 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	February 28, 2021						November 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	173,486	$	(117,384)	$	56,102	$	173,486	$	(113,863)	$	59,623
Customer-related	231,342		(97,256)		134,086		231,342		(91,326)		140,016
Trademarks and trade names	30,440		(19,059)		11,381		30,440		(18,275)		12,165
Non-compete agreement	2,000		(1,222)		778		2,000		(1,057)		943
Total	$	437,268	$	(234,921)	$	202,347	$	437,268	$	(224,521)	$	212,747

Schedule of Future Amortization Expense from Intangible Assets Held

Future amortization expense for intangible assets as of February 28, 2021, is as follows (in thousands):


Remainder of 2021	$	34,491
2022	44,836
2023	44,560
2024	31,743
2025	21,233
Thereafter	25,484
Total	$	202,347

Schedule of Goodwill

Changes in the carrying amount of goodwill in the three months ended February 28, 2021 are as follows (in thousands):


Balance, November 30, 2020	$	491,726
Translation adjustments	(25)
Balance, February 28, 2021	$	491,701

Changes in the goodwill balances by reportable segment in the three months ended February 28, 2021 are as follows (in thousands):


	November 30, 2020		Translation adjustments		February 28, 2021
OpenEdge	$	365,863	$	(25)	$	365,838
Data Connectivity and Integration	19,040		—		19,040
Application Development and Deployment	106,823		—		106,823
Total goodwill	$	491,726	$	(25)	$	491,701

Business Combinations (Tables)

3 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


	Total		Life
Net working capital	$	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

Business Acquisition, Pro Forma Information


(In thousands, except per share data)	Pro Forma Three Months Ended February 29, 2020
Revenue	$	123,690
Net income	$	12,933
Net income per basic share	$	0.29
Net income per diluted share	$	0.28

Term Loan and Line of Credit (Tables)

3 Months Ended

Feb. 28, 2021

Line of Credit Facility [Abstract]

Schedule of Maturities of Long-term Debt

As of February 28, 2021, aggregate future maturities of long-term debt were as follows (in thousands):


Remainder of 2021	$	15,050
2022	26,338
2023	33,863
2024	290,437
Total	$	365,688

Leases (Tables)

3 Months Ended

Feb. 28, 2021

Leases [Abstract]

Lease, Cost

The components of operating lease cost for the three months ended February 28, 2021 and February 29, 2020 were as follows (in thousands):


	Three Months Ended		Three Months Ended
	February 28, 2021		February 29, 2020
Lease costs under long-term operating leases	$	2,135	$	1,958
Lease costs under short-term operating leases	15		45
Variable lease cost under short-term and long-term operating leases(1)	115		106
Operating lease right-of-use asset impairment	—		923
Total operating lease cost	$	2,265	$	3,032

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

The table below presents supplemental cash flow information related to leases during the three months ended February 28, 2021 and February 29, 2020 (in thousands):


	Three Months Ended		Three Months Ended
	February 28, 2021		February 29, 2020
Cash paid for leases	$	2,258	$	2,356
Right-of-use assets recognized for new leases and amendments (non-cash)	$	2,338	$	—

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


	February 28, 2021		November 30, 2020
Weighted average remaining lease term in years	4.87		5.02
Weighted average discount rate	2.7	%	2.3	%

Lessee, Operating Lease, Liability, Maturity

Future payments under non-cancellable leases are as follows (in thousands):


	February 28, 2021
Remainder of 2021	$	6,069
2022	7,658
2023	7,550
2024	7,509
2025	5,027
Thereafter	2,932
Total lease payments	36,745
Less imputed interest(1)	(2,249)
Present value of lease liabilities	$	34,496

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 28, 2021

Share-based Payment Arrangement [Abstract]

Classification of Stock-Based Compensation

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


	Three Months Ended
	February 28, 2021		February 29, 2020
Cost of maintenance and services	$	392	$	319
Sales and marketing	1,503		1,050
Product development	1,919		1,926
General and administrative	2,970		2,756
Total stock-based compensation	$	6,784	$	6,051

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Feb. 28, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the three months ended February 28, 2021 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Gains on Investments		Unrealized Losses on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive income before reclassifications, net of tax	1,225		14		837		2,076
Balance, February 28, 2021	$	(26,391)	$	28	$	(4,339)	$	(30,702)

Revenue Recognition (Tables)

3 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract with Customer, Asset and Liability

As of February 28, 2021, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2022	$	6,335
2023	3,913
2024	1,177
Total	$	11,425

As of February 28, 2021, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2020	$	193,295
Billings and other	136,963
Revenue recognized	(121,280)
Balance, February 28, 2021	$	208,978

Restructuring Charges (Tables)

3 Months Ended

Feb. 28, 2021

Restructuring Charges [Abstract]

Summary of Restructuring Activity

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	421	$	3,552	$	3,973
Costs incurred	261		896		1,157
Cash disbursements	(478)		(2,515)		(2,993)
Translation adjustments and other	1		11		12
Balance, February 28, 2021	$	205	$	1,944	$	2,149

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, 2020	$	—	$	3,523	$	3,523
Costs incurred	51		897		948
Cash disbursements	(51)		(2,487)		(2,538)
Translation adjustments and other	—		11		11
Balance, February 28, 2021	$	—	$	1,944	$	1,944

Earnings per share (Tables)

3 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share on an interim basis (in thousands, except per share data):


	Three Months Ended
	February 28, 2021		February 29, 2020
Net income	$	18,961	$	21,116
Weighted average shares outstanding	44,108		44,897
Dilutive impact from common stock equivalents	544		618
Diluted weighted average shares outstanding	44,652		45,515
Basic earnings per share	$	0.43	$	0.47
Diluted earnings per share	$	0.42	$	0.46

Business Segments and International Operations (Tables)

3 Months Ended

Feb. 28, 2021

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 our consolidated income from continuing operations before income taxes:


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
Segment revenue:
OpenEdge	$	84,603	$	77,079
Data Connectivity and Integration	5,528		13,685
Application Development and Deployment	31,149		18,919
Total revenue	121,280		109,683
Segment costs of revenue and operating expenses:
OpenEdge	18,916		19,750
Data Connectivity and Integration	1,170		2,680
Application Development and Deployment	15,410		7,288
Total costs of revenue and operating expenses	35,496		29,718
Segment contribution margin:
OpenEdge	65,687		57,329
Data Connectivity and Integration	4,358		11,005
Application Development and Deployment	15,739		11,631
Total contribution margin	85,784		79,965
Other unallocated expenses(1)	58,368		49,253
Income from operations	27,416		30,712
Other expense, net	(2,652)		(3,397)
Income before income taxes	$	24,764	$	27,315
(1)The following expenses are not allocated to our segments as we manage and report our business in these functional areas on a consolidated basis only: certain product development and corporate sales and marketing expenses, customer support, administration, amortization of acquired intangibles, stock-based compensation, restructuring, and acquisition-related expenses.

Revenue from External Customers by Products and Services


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
Performance obligations transferred at a point in time:
Software licenses	$	33,317	$	30,629
Performance obligations transferred over time:
Maintenance	76,977		70,056
Services	10,986		8,998
Total revenue	$	121,280	$	109,683

Revenue from External Customers from Different Geographical Areas


	Three Months Ended
(In thousands)	February 28, 2021		February 29, 2020
North America	$	71,505	$	65,413
EMEA	40,240		34,988
Latin America	3,493		4,000
Asia Pacific	6,042		5,282
Total revenue	$	121,280	$	109,683

Basis of Presentation - Narrative (Details) enterprise_customer in Thousands, developer in Millions	3 Months Ended
	Feb. 28, 2021 software_vendor enterprise_customer developer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of independent software vendors (more than) \| software_vendor	1,700
Number of enterprise customers \| enterprise_customer	100
Number of developers \| developer	3

Cash, Cash Equivalents and Investments - Summary Of Cash, Cash Equivalents And Available-For-Sale Investments (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 107,698	$ 97,990
Unrealized Gains	71	99
Unrealized Losses	0	0
Total Amortized Cost Basis	114,300	105,896
Total Fair Value	114,371	105,995
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	4,493	4,993
Unrealized Gains	42	58
Unrealized Losses	0	0
Fair Value	4,535	5,051
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	2,109	2,913
Unrealized Gains	29	41
Unrealized Losses	0	0
Fair Value	2,138	2,954
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	87,403	79,026
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 20,295	$ 18,964

Cash, Cash Equivalents and Investments - Summary of Cash, Cash Equivalents and Available-for-sale Investments by Balance Sheet Classification (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 107,698	$ 97,990
Short-Term Investments	6,673	8,005
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	4,535	5,051
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	2,138	2,954
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	87,403	79,026
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 20,295	$ 18,964

Cash, Cash Equivalents and Investments - Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Investments and Cash [Abstract]
Due in one year or less	$ 4,676	$ 5,998
Due after one year	1,997	2,007
Total	$ 6,673	$ 8,005

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended
Derivative Instruments - Narrative (Details) - USD ($)	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020	Jul. 09, 2019
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities	$ 5,700,000
Interest Rate Swap
Derivative [Line Items]
Notional amount				$ 150,000,000.0
Fixed interest rate				1.855%
Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate				0.00%
Forward Contracts
Derivative [Line Items]
Minimum maturity period, foreign currency derivative	30 days
Maximum maturity period, foreign currency derivative	2 years
Derivative, gain (loss) on derivative, net	$ 1,700,000	$ (600,000)
Forward Contracts \| Other Current Assets
Derivative [Line Items]
Derivative liabilities	$ 2,300,000
Forward Contracts \| Other Assets
Derivative [Line Items]
Derivative liabilities			$ 1,400,000

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Derivative [Line Items]
Notional Value	$ 64,543	$ 69,471
Fair Value	2,350	1,442
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	140,625	142,500
Fair Value	(5,747)	(6,855)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	64,543	69,031
Fair Value	2,350	1,445
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	0	440
Fair Value	$ 0	$ (3)

Fair Value Measurements - Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 20,295	$ 18,964
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	20,295	18,964
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Money market funds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	4,535	5,051
U.S. treasury bonds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	4,535	5,051
U.S. treasury bonds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	2,138	2,954
Corporate bonds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Corporate bonds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	2,138	2,954
Corporate bonds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	2,350	1,442
Foreign exchange derivatives \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Foreign exchange derivatives \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	2,350	1,442
Foreign exchange derivatives \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(5,747)	(6,855)
Interest rate swap \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Interest rate swap \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(5,747)	(6,855)
Interest rate swap \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 0	$ 0

Intangible Assets and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 437,268	$ 437,268
Accumulated Amortization	(234,921)	(224,521)
Net Book Value	202,347	212,747
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	173,486	173,486
Accumulated Amortization	(117,384)	(113,863)
Net Book Value	56,102	59,623
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	231,342	231,342
Accumulated Amortization	(97,256)	(91,326)
Net Book Value	134,086	140,016
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	30,440	30,440
Accumulated Amortization	(19,059)	(18,275)
Net Book Value	11,381	12,165
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(1,222)	(1,057)
Net Book Value	$ 778	$ 943

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, amortization expense	$ 10.4	$ 5.8

Intangible Assets and Goodwill - Schedule Of Future Amortization Expense (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 34,491
2022	44,836
2023	44,560
2024	31,743
2025	21,233
Thereafter	25,484
Net Book Value	$ 202,347	$ 212,747

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2021 USD ($)
Goodwill [Roll Forward]
Balance, November 30, 2020	$ 491,726
Translation adjustments	(25)
Balance, February 28, 2021	491,701
OpenEdge
Goodwill [Roll Forward]
Balance, November 30, 2020	365,863
Translation adjustments	(25)
Balance, February 28, 2021	365,838
Data Connectivity and Integration
Goodwill [Roll Forward]
Balance, November 30, 2020	19,040
Translation adjustments	0
Balance, February 28, 2021	19,040
Application Development and Deployment
Goodwill [Roll Forward]
Balance, November 30, 2020	106,823
Translation adjustments	0
Balance, February 28, 2021	$ 106,823

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Oct. 05, 2020	Oct. 31, 2020	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Business Acquisition [Line Items]
Goodwill			$ 491,701		$ 491,726
Acquisition-related expenses			$ 396	$ 314
Federal statutory income tax rate, percent			24.50%
Revolving Line of Credit
Business Acquisition [Line Items]
Proceeds from lines of credit		$ 98,500
Credit Agreement \| Revolving Line of Credit
Business Acquisition [Line Items]
Proceeds from lines of credit	$ 98,500
Chef Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition	220,000
Escrow deposit	12,000
Goodwill	$ 59,858
Acquisition-related expenses			$ 400
Revenue of acquisition			12,000
Intangible assets			$ 141,300

Business Combinations - Schedule of Net Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 05, 2020	Feb. 28, 2021	Nov. 30, 2020
Business Acquisition [Line Items]
Goodwill		$ 491,701	$ 491,726
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
Net assets acquired	231,115
Chef acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 38,300
Finite-lived intangible assets, useful life	5 years
Chef acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 5,700
Finite-lived intangible assets, useful life	5 years
Chef acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 97,300
Finite-lived intangible assets, useful life	7 years

Business Combinations - Pro Forma Information (Details) - Chef Acquisition $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 29, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Revenue \| $	$ 123,690
Net income \| $	$ 12,933
Net income per basic share (in dollars per share) \| $ / shares	$ 0.29
Net income per diluted share (in dollars per share) \| $ / shares	$ 0.28

Term Loan and Line of Credit - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
	Oct. 05, 2020	Oct. 31, 2020	Feb. 28, 2021	Feb. 29, 2020	Apr. 30, 2019
Line of Credit Facility [Line Items]
2022			$ 26,338,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 98,500,000
Repayments of lines of credit			$ 15,000,000.0
Credit Agreement
Line of Credit Facility [Line Items]
Additional borrowing capacity available					$ 185,000,000.0
Interest rate of credit facilities			1.75%
Principal repayments, option one			$ 1,900,000
Principal repayments, option two			3,800,000
Principal repayments, option three			5,600,000
Principal repayments, option four			7,500,000
Principal repayments, three payment schedules			9,400,000
Debt issuance cost			1,600,000
Unamortized debt issuance costs			1,200,000
Amortization of debt issuance costs			$ 100,000	$ 100,000
Percentage of capital stock of domestic subsidiaries			100.00%
Percentage of capital stock of first-tier foreign subsidiaries			65.00%
Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.25%
Credit Agreement \| Minimum \| Eurodollar
Line of Credit Facility [Line Items]
Interest rate of credit facilities			1.50%
Credit Agreement \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Interest rate of credit facilities			0.50%
Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.35%
Credit Agreement \| Maximum \| Eurodollar
Line of Credit Facility [Line Items]
Interest rate of credit facilities			2.00%
Credit Agreement \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Interest rate of credit facilities			1.00%
Credit Agreement \| Revolving Line of Credit
Line of Credit Facility [Line Items]
Term loan					301,000,000.0
Unsecured credit facility					100,000,000.0
Additional borrowing capacity available					125,000,000.0
Proceeds from lines of credit	$ 98,500,000
Fair value of term loan			$ 282,200,000
2022			20,700,000
Line of credit facility outstanding amount			83,500,000
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
Letters of credit outstanding			$ 2,100,000

Term Loan and Line of Credit - Future Maturities (Details) $ in Thousands	Feb. 28, 2021 USD ($)
Line of Credit Facility [Abstract]
Remainder of 2021	$ 15,050
2022	26,338
2023	33,863
2024	290,437
Total	$ 365,688

Leases - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Nov. 30, 2020	Dec. 01, 2019
Lessee, Lease, Description [Line Items]
Right-of-use lease assets	$ 31,265	$ 30,635
Operating lease, liability	$ 34,496
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	10 years
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Right-of-use lease assets			$ 28,900
Operating lease, liability			$ 29,900

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Leases [Abstract]
Lease costs under long-term operating leases	$ 2,135	$ 1,958
Lease costs under short-term operating leases	15	45
Variable lease cost under short-term and long-term operating leases	115	106
Operating lease right-of-use asset impairment	0	923
Total operating lease cost	2,265	3,032
Cash paid for leases	2,258	2,356
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 2,338	$ 0
Weighted average remaining lease term in years	4 years 10 months 13 days		5 years 7 days
Weighted average discount rate	2.70%		2.30%

Leases - Schedule of Future Minimum Lease Payments After the Adoption of ASC 842 (Details) $ in Thousands	Feb. 28, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 6,069
2022	7,658
2023	7,550
2024	7,509
2025	5,027
Thereafter	2,932
Total lease payments	36,745
Less imputed interest	(2,249)
Present value of lease liabilities	$ 34,496

Common Stock Repurchases (Details) - USD ($) shares in Millions	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Jan. 31, 2020	Nov. 30, 2019
Equity [Abstract]
Stock repurchase authorization			$ 250,000,000	$ 75,000,000
Common stock repurchased and retired (in shares)	0.4	0.4
Common stock repurchased and retired	$ 15,000,000	$ 20,000,000
Remaining authorized repurchase amount	$ 175,000,000.0

Stock-Based Compensation - Narrative (Details) - metric	3 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details) - metric	Feb. 28, 2021	Nov. 30, 2020	Nov. 30, 2019
Long-Term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics	2	2	2
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Long-Term Incentive Plan (LTIP) \| 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return			50.00%
Percentage of shares based on cumulative performance condition			50.00%
Cumulative performance condition			3 years
Long-Term Incentive Plan (LTIP) \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return		50.00%
Percentage of shares based on cumulative performance condition		50.00%
Cumulative performance condition		3 years
Long-Term Incentive Plan (LTIP) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return	25.00%
Percentage of shares based on cumulative performance condition	75.00%
Cumulative performance condition	3 years
Market condition period	3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years

Stock-Based Compensation - Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,784	$ 6,051
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	392	319
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,503	1,050
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,919	1,926
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,970	$ 2,756

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 346,013	$ 330,282
Other comprehensive income before reclassifications, net of tax	2,076
Ending balance	352,553	346,013
Other comprehensive income (loss), tax	1,400	1,600
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(32,778)	(29,974)
Ending balance	(30,702)	(32,778)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(27,616)
Other comprehensive income before reclassifications, net of tax	1,225
Ending balance	(26,391)	(27,616)
Unrealized Gains on Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	14
Other comprehensive income before reclassifications, net of tax	14
Ending balance	28	14
Unrealized Losses on Hedging Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,176)
Other comprehensive income before reclassifications, net of tax	837
Ending balance	$ (4,339)	$ (5,176)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

- Definition

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

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Feb. 28, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
2022	$ 6,335
2023	3,913
2024	1,177
Total	$ 11,425

Revenue Recognition (Details) - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020
Disaggregation of Revenue [Line Items]
Contract asset	$ 7.9	$ 11.3
Deferred contract costs	$ 3.3	$ 2.5
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

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2021 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 193,295
Billings and other	136,963
Revenue recognized	(121,280)
Ending balance	$ 208,978

Revenue Recognition - Performance Obligations (Details) $ in Millions	Feb. 28, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 223.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	85.00%

Restructuring Charges - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 3,973
Costs incurred	1,157	$ 1,040
Cash disbursements	(2,993)
Translation adjustments and other	12
Ending Balance	2,149
Chef Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	3,523
Costs incurred	948
Cash disbursements	(2,538)
Translation adjustments and other	11
Ending Balance	1,944
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	421
Costs incurred	261
Cash disbursements	(478)
Translation adjustments and other	1
Ending Balance	205
Excess Facilities and Other Costs \| Chef Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	51
Cash disbursements	(51)
Translation adjustments and other	0
Ending Balance	0
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	3,552
Costs incurred	896
Cash disbursements	(2,515)
Translation adjustments and other	11
Ending Balance	1,944
Employee Severance and Related Benefits \| Chef Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	3,523
Costs incurred	897
Cash disbursements	(2,487)
Translation adjustments and other	11
Ending Balance	$ 1,944

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 1,157	$ 1,040
Restructuring reserve	2,149		$ 3,973
Chef Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	948
Restructuring reserve	1,944		$ 3,523
Other Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 1,900

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Feb. 28, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	23.00%	23.00%

Earnings per share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Net income	$ 18,961	$ 21,116
Weighted average shares outstanding (in shares)	44,108	44,897
Dilutive impact from common stock equivalents (in shares)	544	618
Diluted weighted average shares outstanding (in shares)	44,652	45,515
Basic earnings per share (in dollars per share)	$ 0.43	$ 0.47
Diluted earnings per share (in dollars per share)	$ 0.42	$ 0.46

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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- Definition

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

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

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+ Details

Earnings per share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,078	661

Business Segments and International Operations - Narrative (Details)	3 Months Ended		12 Months Ended
	Feb. 28, 2021 segment customer	Feb. 29, 2020 customer	Nov. 30, 2020 customer
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of reportable segments \| segment	3
Revenue Concentration Risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of individual customer	0	0
Account Receivable Concentration Risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of individual customer	0		0
Geographic Concentration Risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of individual customer	0		0

Business Segments and International Operations - Income from Continuing Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenue	$ 121,280	$ 109,683
Segment costs of revenue and operating expenses	35,496	29,718
Segment contribution margin	85,784	79,965
Other unallocated expenses	58,368	49,253
Income from operations	27,416	30,712
Other expense, net	(2,652)	(3,397)
Income before income taxes	24,764	27,315
OpenEdge
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenue	84,603	77,079
Segment costs of revenue and operating expenses	18,916	19,750
Segment contribution margin	65,687	57,329
Data Connectivity and Integration
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenue	5,528	13,685
Segment costs of revenue and operating expenses	1,170	2,680
Segment contribution margin	4,358	11,005
Application Development and Deployment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenue	31,149	18,919
Segment costs of revenue and operating expenses	15,410	7,288
Segment contribution margin	$ 15,739	$ 11,631

Business Segments and International Operations - Revenue from External Customers by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 121,280	$ 109,683
Software licenses
Segment Reporting Information [Line Items]
Total revenue	33,317	30,629
Performance obligations transferred at a point in time \| Software licenses
Segment Reporting Information [Line Items]
Total revenue	33,317	30,629
Performance obligations transferred over time \| Maintenance
Segment Reporting Information [Line Items]
Total revenue	76,977	70,056
Performance obligations transferred over time \| Services
Segment Reporting Information [Line Items]
Total revenue	$ 10,986	$ 8,998

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Business Segments and International Operations - Revenue from External Customers from Different Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Revenue from External Customer [Line Items]
Segment revenue	$ 121,280	$ 109,683
North America
Revenue from External Customer [Line Items]
Segment revenue	71,505	65,413
EMEA
Revenue from External Customer [Line Items]
Segment revenue	40,240	34,988
Latin America
Revenue from External Customer [Line Items]
Segment revenue	3,493	4,000
Asia Pacific
Revenue from External Customer [Line Items]
Segment revenue	$ 6,042	$ 5,282

- Definition

+ References

+ Details