0000876167-22-000038 | 10-K | XBRL Viewer | Progress Software Corp MA

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Nov. 30, 2021	Jan. 20, 2022	May 31, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2021
Current Fiscal Year End Date	--11-30
Document Transition Report	false
Entity File Number	0-19417
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	14 Oak Park
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,927,000,000
Entity Common Stock, Shares Outstanding		44,181,338
Documents Incorporated by Reference	Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our 2022 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A (our “definitive Proxy Statement”).
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Central Index Key	0000876167
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Current assets:
Cash and cash equivalents	$ 155,406	$ 97,990
Short-term investments	1,967	8,005
Total cash, cash equivalents and short-term investments	157,373	105,995
Accounts receivable (less allowances of $634 in 2021 and $1,315 in 2020)	99,815	84,040
Unbilled receivables and contract assets	25,816	24,917
Other current assets	39,549	23,983
Assets held for sale	15,255	0
Total current assets	337,808	238,935
Long-term unbilled receivables and contract assets	17,464	17,133
Property and equipment, net	14,345	29,817
Intangible assets, net	287,185	212,747
Goodwill	671,152	491,726
Right-of-use lease assets	25,253	30,635
Deferred tax assets	1,415	14,490
Other assets	8,915	6,299
Total assets	1,363,537	1,041,782
Current liabilities:
Current portion of long-term debt, net	25,767	18,242
Accounts payable	9,683	9,978
Accrued compensation and related taxes	47,116	36,816
Dividends payable to stockholders	7,925	7,904
Short-term operating lease liabilities	7,926	7,015
Other accrued liabilities	19,491	16,201
Short-term deferred revenue	205,021	166,387
Total current liabilities	322,929	262,543
Long-term debt, net	239,992	364,260
Convertible senior notes, net	294,535	0
Long-term operating lease liabilities	23,130	26,966
Long-term deferred revenue	47,359	26,908
Deferred tax liabilities	14,163	0
Other noncurrent liabilities	8,940	15,092
Commitments and Contingencies
Stockholders’ 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, 44,146,193 shares in 2021 and 44,240,635 shares in 2020	441	442
Additional paid-in capital	354,235	305,802
Retained earnings	90,256	72,547
Accumulated other comprehensive loss	(32,443)	(32,778)
Total stockholders’ equity	412,489	346,013
Total liabilities and stockholders’ equity	$ 1,363,537	$ 1,041,782

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Statement of Financial Position [Abstract]
Allowances on accounts receivable	$ 634	$ 1,315
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	44,146,193	44,240,635
Common stock, shares outstanding (in shares)	44,146,193	44,240,635

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Revenue:
Total revenue	$ 531,313	$ 442,150	$ 413,298
Costs of revenue:
Amortization of acquired intangibles	14,936	7,897	25,884
Total costs of revenue	78,449	62,114	75,241
Gross profit	452,864	380,036	338,057
Operating expenses:
Sales and marketing	125,890	100,113	101,701
Product development	103,338	88,599	88,572
General and administrative	65,128	54,004	53,360
Amortization of acquired intangibles	31,996	20,049	22,255
Impairment of intangible and long-lived assets	0	0	24,096
Restructuring expenses	6,308	5,906	6,331
Acquisition-related expenses	4,102	3,637	1,658
Total operating expenses	336,762	272,308	297,973
Income from operations	116,102	107,728	40,084
Other (expense) income:
Interest expense	(20,045)	(10,170)	(9,913)
Interest income and other, net	777	1,495	1,143
Foreign currency loss, net	(1,300)	(2,418)	(2,819)
Total other expense, net	(20,568)	(11,093)	(11,589)
Income before income taxes	95,534	96,635	28,495
Provision for income taxes	17,114	16,913	2,095
Net income	$ 78,420	$ 79,722	$ 26,400
Earnings per share:
Basic (in dollars per share)	$ 1.79	$ 1.78	$ 0.59
Diluted (in dollars per share)	$ 1.76	$ 1.76	$ 0.58
Weighted average shares outstanding:
Basic (in shares)	43,916	44,886	44,791
Diluted (in shares)	44,620	45,321	45,340
Cash dividends declared per common share (in dollars per share)	$ 0.700	$ 0.670	$ 0.630
Software licenses
Revenue:
Total revenue	$ 156,590	$ 115,249	$ 122,552
Costs of revenue:
Costs of revenue	5,271	4,473	4,894
Maintenance and services
Revenue:
Total revenue	374,723	326,901	290,746
Costs of revenue:
Costs of revenue	$ 58,242	$ 49,744	$ 44,463

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 78,420	$ 79,722	$ 26,400
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(2,439)	777	(420)
Unrealized gain (loss) on hedging activity, net of tax provision of $940, and a tax benefit of $1,176 and $503 in 2020 and 2019, respectively	2,837	(3,625)	(1,551)
Unrealized (loss) gain on investments, net of tax benefit of $20, and a tax provision of $32 and $60 in 2020 and 2019, respectively	(63)	44	173
Total other comprehensive income (loss), net of tax	335	(2,804)	(1,798)
Comprehensive income	$ 78,755	$ 76,918	$ 24,602

- 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

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized loss on hedging activity	$ 940	$ (1,176)	$ (503)
Tax provision (benefit) on accumulated unrealized gain on investments	$ (20)	$ 32	$ 60

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance, beginning of year (in shares) at Nov. 30, 2018			45,115,000
Balance, beginning of year at Nov. 30, 2018	$ 324,002	$ 4,781	$ 451	$ 266,602	$ 85,125	$ 4,781	$ (28,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			189,000
Issuance of stock under employee stock purchase plan	5,507		$ 2	5,505
Exercise of stock options (in shares)			119,000
Exercise of stock options	3,621		$ 1	3,620
Vesting of restricted stock units and release of deferred stock units (in shares)			364,000
Vesting of restricted stock units and release of deferred stock units	3		$ 4	(1)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(106,000)
Withholding tax payments related to net issuance of restricted stock units	(4,278)		$ (1)	(4,277)
Stock-based compensation	23,311			23,311
Issuance of shares related to non-compete agreement (in shares)			44,000
Issuance of shares related to non-compete agreement	2,000			2,000
Dividends declared	$ (28,267)				(28,267)
Treasury stock repurchases and retirements (in shares)	(700,000)		(688,000)
Treasury stock repurchases and retirements	$ (25,000)		$ (7)	(1,257)	(23,736)
Net income	26,400				26,400
Other comprehensive loss	(1,798)						(1,798)
Balance, end of year (in shares) at Nov. 30, 2019			45,037,000
Balance, end of year at Nov. 30, 2019	330,282		$ 450	295,503	64,303		(29,974)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			237,000
Issuance of stock under employee stock purchase plan	6,606		$ 2	6,604
Exercise of stock options (in shares)			137,000
Exercise of stock options	4,361		$ 1	4,360
Vesting of restricted stock units and release of deferred stock units (in shares)			416,000
Vesting of restricted stock units and release of deferred stock units	0		$ 4	(4)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(140,000)
Withholding tax payments related to net issuance of restricted stock units	(5,331)		$ (1)	(5,330)
Stock-based compensation	23,482			23,482
Dividends declared	$ (30,305)				(30,305)
Treasury stock repurchases and retirements (in shares)	(1,400,000)		(1,446,000)
Treasury stock repurchases and retirements	$ (60,000)		$ (14)	(18,813)	(41,173)
Net income	79,722				79,722
Other comprehensive loss	$ (2,804)						(2,804)
Balance, end of year (in shares) at Nov. 30, 2020	44,240,635		44,241,000
Balance, end of year 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)			277,000
Issuance of stock under employee stock purchase plan	$ 7,818		$ 3	7,815
Exercise of stock options (in shares)	195,000		195,000
Exercise of stock options	$ 6,997		$ 2	6,995
Vesting of restricted stock units and release of deferred stock units (in shares)			342,000
Vesting of restricted stock units and release of deferred stock units	0		$ 3	(3)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(112,000)
Withholding tax payments related to net issuance of restricted stock units	(5,186)		$ (1)	(5,185)
Stock-based compensation	29,724			29,724
Equity component of Notes, net of issuance costs and tax	47,456			47,456
Purchase of capped calls, net of tax	(32,507)			(32,507)
Dividends declared	$ (31,581)				(31,581)
Treasury stock repurchases and retirements (in shares)	(800,000)		(797,000)
Treasury stock repurchases and retirements	$ (35,000)		$ (8)	(5,862)	(29,130)
Net income	78,420				78,420
Other comprehensive loss	$ 335						335
Balance, end of year (in shares) at Nov. 30, 2021	44,146,193		44,146,000
Balance, end of year at Nov. 30, 2021	$ 412,489		$ 441	$ 354,235	$ 90,256		$ (32,443)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Cash flows from operating activities:
Net income	$ 78,420	$ 79,722	$ 26,400
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	5,477	6,144	7,552
Amortization of acquired intangibles and other	47,507	28,621	49,127
Amortization of debt discount and issuance costs on Notes	8,195	0	0
Stock-based compensation	29,724	23,482	23,311
Non-cash lease expense	10,946	8,609
Loss on disposal of property and equipment	7	1,025	376
Impairment of intangible and long-lived assets	0	0	24,096
Deferred income taxes	(908)	(2,622)	(14,869)
Allowances for bad debt and sales credits	(282)	164	546
Gain on sale of intangible assets	0	(889)	0
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivables	(10,998)	10,682	(24,655)
Other assets	(15,105)	1,561	(1,902)
Inventories	245	0	0
Accounts payable and accrued liabilities	5,486	(4,974)	9,116
Lease liabilities	(8,406)	(8,101)
Income taxes payable	(2,251)	3	(454)
Deferred revenue	30,473	1,420	29,840
Net cash flows from operating activities	178,530	144,847	128,484
Cash flows used in investing activities:
Purchases of investments	0	(5,009)	(10,550)
Sales and maturities of investments	5,950	16,401	25,320
Purchases of property and equipment	(4,654)	(6,517)	(3,998)
Payments for acquisitions, net of cash acquired	(253,961)	(213,057)	(225,298)
Proceeds from sale of long-lived assets, net	0	889	6,146
Decrease in escrow receivable and other	2,330	0	0
Net cash flows used in investing activities	(250,335)	(207,293)	(208,380)
Cash flows from financing activities:
Proceeds from stock-based compensation plans	15,033	11,099	9,265
Payments for taxes related to net share settlements of equity awards	(5,186)	(5,331)	(4,278)
Repurchases of common stock	(35,000)	(60,000)	(25,000)
Proceeds from issuance of senior convertible notes, net of issuance costs of $9.9 million	350,100	0	0
Purchase of capped calls	(43,056)	0
Dividend payments to stockholders	(31,561)	(29,900)	(27,760)
Proceeds from the issuance of debt	0	98,500	184,985
Payment of principal on long-term debt	(117,313)	(11,288)	(5,309)
Payment of issuance costs for long-term debt	(904)	0	(1,611)
Net cash flows from financing activities	132,113	3,080	130,292
Effect of exchange rate changes on cash	(2,892)	3,097	(1,263)
Net increase (decrease) in cash and cash equivalents	57,416	(56,269)	49,133
Cash and cash equivalents, beginning of year	97,990	154,259	105,126
Cash and cash equivalents, end of year	155,406	97,990	154,259
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $894 in 2021, $724 in 2020 and $1,385 in 2019	25,915	16,107	16,340
Cash paid for interest	8,537	9,175	8,666
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	18,102	17,046	16,573
Dividends declared	$ 7,925	$ 7,904	$ 7,498

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Payments of debt issuance costs	$ 904	$ 0	$ 1,611
Proceeds from income tax refunds	894	$ 724	$ 1,385
Convertible Debt
Payments of debt issuance costs	$ 9,900

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

The Company

Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides the best products to develop, deploy and manage high-impact 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 applications are configured, deployed and scaled, and make critical data and content more accessible and secure — leading to competitive differentiation and business success. Hundreds of thousands of enterprises, plus approximately 1,700 software companies and 3.5 million developers, depend on Progress to achieve their business goals.

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 independent software vendors (“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.

Accounting Principles

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

Basis of Consolidation

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

Use of Estimates

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

Foreign Currency Translation

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

For foreign operations where the U.S. dollar is considered to be the functional currency, we remeasure monetary assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date and non-monetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. We translate income and expense items at average rates of exchange prevailing during each period. We recognize remeasurement adjustments currently as a component of foreign currency loss, net in the statements of operations.

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

Cash Equivalents and Investments

Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2021, all of our cash equivalents were invested in money market funds.

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

We monitor our investment portfolio for impairment on a periodic basis. Fair value is calculated based on publicly available market information. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other (expense) income, net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, we may incur future impairments.

Allowances for Doubtful Accounts and Sales Credit Memos

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

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

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



	November 30, 2021		November 30, 2020		November 30, 2019
Beginning balance	$	886	$	667	$	574
Charge to costs and expenses	58		429		606
Write-offs and other	(408)		(169)		(457)
Translation adjustments	16		(41)		(56)
Ending balance	$	552	$	886	$	667

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



	November 30, 2021		November 30, 2020		November 30, 2019
Beginning balance	$	429	$	158	$	266
(Credit) charge to revenue	(340)		265		(60)
Write-offs and other	—		—		(46)
Translation adjustments	(7)		6		(2)
Ending balance	$	82	$	429	$	158

Concentrations of Credit Risk

Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative instruments and trade receivables. We have cash investment policies which, among other things, limit investments to investment-grade securities. We hold our cash and cash equivalents, investments and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. No single customer represented more than 10% of consolidated accounts receivable or revenue in fiscal years 2021, 2020 or 2019.

Fair Value of Financial Instruments

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

Derivative Instruments

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

Cash Flow Hedge

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

Forward Contracts

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

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

Inventories

Inventories consist of hardware and related component parts and are recorded at the lower of cost, as determined by the first-in, first-out method, or net realizable value. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to costs of revenue. At November 30, 2021, the Company had no reserve for excess and obsolete inventories.

Property and Equipment

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

Property and equipment is classified as held for sale when it meets the held for sale criteria of Accounting Standards Codification Topic 360, Property, Plant, and Equipment and is measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, we stop recording depreciation expense on the asset. We assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification. In the fourth quarter of fiscal year 2021, we reclassified certain corporate land and building assets previously reported as property and equipment to assets held for sale on our consolidated balance sheet as we began an active program to sell and expect to sell these assets within one year. If the assets held for sale were carried at fair value, it would be considered a Level 3 fair value measurement, and determined based on the use of appraisals and input from market participants. As we determined that fair value was significantly above carrying value as of November 30, 2021, we have continued to record the assets held for sale at their carrying value.

Product Development and Internal Use Software

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

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

During the fiscal years ended November 30, 2021, 2020, and 2019, there were no internal use software development costs capitalized. We did not incur any amortization expense related to internal use software development costs during the fiscal years ended November 30, 2021 and 2020 as these costs were fully amortized as of November 30, 2019.

Goodwill, Intangible Assets, and Long-Lived Assets

Goodwill

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

The Company performed a quantitative assessment as of October 31, 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of its reporting unit was less than its carrying value. We estimated the fair value of our reporting unit based on our market capitalization. In performing our annual assessment as of October 31, 2020 and 2019, we first performed a qualitative test and if necessary, performed a quantitative test. To conduct the quantitative impairment test of goodwill, we compared the fair value of a reporting unit to its carrying value. We estimated the fair values of our reporting units using discounted cash flow models or other valuation models, such as comparative transactions and market multiples. We did not recognize any goodwill impairment charges during fiscal years 2020 or 2019.

Intangible Assets and Long-Lived Assets

Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations. All of our intangible assets are amortized using the straight-line method over their estimated useful life. Refer to Note 8: Business Combinations for further information.

We periodically review long-lived assets (primarily property and equipment) and intangible assets with finite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. We base each impairment test on a comparison of the undiscounted cash flows to the carrying value of the asset or asset group. If impairment is indicated, we write down the asset to its estimated fair value based on a discounted cash flow analysis.

We did not recognize any intangible asset impairment charges during fiscal years 2021 and 2020. During fiscal year 2019, we incurred an impairment charge of $22.7 million as a result of our decision to reduce our current and ongoing spending levels within our cognitive application product lines, which consisted primarily of our DataRPM and Kinvey products.

Comprehensive (Loss) Income

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

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


	Foreign Currency Translation Adjustment		Unrealized (Losses) Gains on Investments		Unrealized Losses on Hedging Activity		Total
Balance, December 1, 2019	$	(28,393)	$	(30)	$	(1,551)	$	(29,974)
Other comprehensive income (loss)	777		44		(3,625)		(2,804)
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive (loss) income	(2,439)		(63)		2,837		335
Balance, November 30, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)

The tax effect on accumulated unrealized losses on hedging activity and unrealized (losses) gains on investments was $0.7 million, $1.6 million and $0.4 million as of November 30, 2021, November 30, 2020, and November 30, 2019, respectively.

Revenue Recognition

Revenue Policy

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

Software Licenses

Software licenses are on-premise and fully functional when made available to the customer. As the customer can use and benefit from the license on its own, on-premise software licenses represent distinct performance obligations. Revenue is recognized upfront at the point in time when control is transferred, which is defined as the point in time when the client can use and benefit from the license. Our licenses are sold as perpetual or term licenses, and the arrangements typically contain various combinations of maintenance and services, which are generally accounted for as separate performance obligations. We use the residual approach to allocate the transaction price to our software license performance obligations because, due to the pricing of our licenses being highly variable, they do not have an observable stand-alone selling price ("SSP"). As required, we evaluate the residual approach estimate compared to all available observable data in order to conclude the estimate is representative of its SSP.

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

Maintenance

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

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

Services

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

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

Arrangements with Multiple Performance Obligations

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

Advertising Costs

Advertising costs are expensed as incurred and were $0.9 million, $0.5 million, and $0.8 million in fiscal years 2021, 2020, and 2019, respectively.

Warranty Costs

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

Stock-Based Compensation

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

Acquisition-Related Costs

Acquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense. We incurred $4.1 million, $3.6 million, and $1.7 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively.

Restructuring Charges

Our restructuring charges are comprised primarily of costs related to property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements; and employee termination costs related to headcount reductions. We recognize and measure restructuring liabilities initially at fair value when the liability is incurred. We incurred $6.3 million, $5.9 million, and $6.3 million of restructuring related costs, which are included in restructuring expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively.

Income Taxes

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

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

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Business Combinations

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which improves the accounting for acquired revenue contracts with customers in a business combination by addressing inconsistency in practice related to (1) the recognition of an acquired contract liability; and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this update require an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance in ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We adopted this standard at the beginning of the fourth quarter of fiscal year 2021. Upon adoption, this update did not have a material effect on our consolidated financial position or results of operations.

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.

Recently Issued Accounting Pronouncements Not Yet Adopted

Convertible Debt

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the liability and equity separation model for convertible instruments with a cash conversion feature. As a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Additionally, the embedded conversion feature will no longer be amortized into income as interest expense over the instrument’s life. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, the standard requires applying the if-converted method to calculate convertible instruments’ impact on diluted earnings per share (“EPS”). The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. It can be adopted on either a full retrospective or modified retrospective basis. We plan to early adopt the new standard in the first quarter of fiscal year 2022 in accordance with the modified retrospective approach. Upon adoption, we expect to record a $47.5 million decrease to additional paid-in capital, a $56.0 million decrease to debt discount, a $4.9 million increase to retained earnings, and a $13.4 million decrease to long-term deferred tax liabilities.

Income Taxes

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 updates specific areas of ASC 740, Income Taxes, to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. The new standard will be effective for us in the first quarter of fiscal year 2022. We do not expect this update to have a material effect on our consolidated financial position and results of operations.

Cash, Cash Equivalents and Investments

12 Months Ended

Nov. 30, 2021

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2021 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	130,371	$	—	$	—	$	130,371
Money market funds	25,035		—		—		25,035
U.S. treasury bonds	748		9		—		757
Corporate bonds	1,203		7		—		1,210
Total	$	157,357	$	16	$	—	$	157,373

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 consolidated balance sheets as follows (in thousands):


	November 30, 2021				November 30, 2020
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	130,371	$	—	$	79,026	$	—
Money market funds	25,035		—		18,964		—
U.S. treasury bonds	—		757		—		5,051
Corporate bonds	—		1,210		—		2,954
Total	$	155,406	$	1,967	$	97,990	$	8,005

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


	November 30, 2021		November 30, 2020
Due in one year or less	$	1,967	$	5,998
Due after one year (1)	—		2,007
Total	$	1,967	$	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 consolidated balance sheets.

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

Derivative Instruments

12 Months Ended

Nov. 30, 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 assessed the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of November 30, 2021 and November 30, 2020, the fair value of the hedge was a loss of $3.1 million and $6.9 million, respectively, and was included in other noncurrent liabilities on our consolidated balance sheets.

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


	November 30, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	133,125	$	(3,078)	$	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 three years from the date the contract was entered. At November 30, 2021, $0.3 million and $0.1 million were recorded in other noncurrent liabilities and other accrued liabilities, respectively, on the consolidated balance sheets. At November 30, 2020, $1.4 million was recorded in other assets on the consolidated balance sheets.

In fiscal year 2021, realized and unrealized losses of $2.1 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statement of operations. In fiscal years 2020, realized and unrealized gains of $1.7 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statement of operations. In fiscal year 2019, realized and unrealized losses of $1.1 million from our forward contracts were recognized in foreign currency loss, net on the consolidated 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):


	November 30, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	79,777	$	(371)	$	69,031	$	1,445
Forward contracts to purchase U.S. dollars	119		(1)		440		(3)
Total	$	79,896	$	(372)	$	69,471	$	1,442

Fair Value Measurements

12 Months Ended

Nov. 30, 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 November 30, 2021 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	25,035	$	25,035	$	—	$	—
U.S. treasury bonds	757		—		757		—
Corporate bonds	1,210		—		1,210		—
Liabilities
Foreign exchange derivatives	(372)		—		(372)		$	—
Interest rate swap	$	(3,078)	$	—	$	(3,078)	$	—

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.

Fair Value of the Convertible Senior Notes

The liability component of the Company's Notes, as defined in Note 9: Debt, was recorded at $295.2 million upon issuance, which reflected the fair value of a similar debt instrument that does not have an associated convertible feature. The excess of the Notes’ principal amount over the initial carrying amount of the liability component, referred to as the debt discount, is amortized as interest expense over the Notes’ contractual term. The fair value was determined based on a discounted cash flow model and classified within Level 2 of the fair value hierarchy. The discount rate used reflected both the time value of money and credit risk inherent in the Notes. The carrying value of the liability component of the Notes will be accreted, over the remaining term to maturity, to their principal value of $360.0 million.

The Notes’ fair value, inclusive of the conversion feature embedded in the Notes, was $372.1 million as of November 30, 2021. The fair value was determined based on the Notes’ quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 1 in the fair value hierarchy. See Note 9: Debt for additional information.

- 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

Inventories

12 Months Ended

Nov. 30, 2021

Inventory Disclosure [Abstract]

Inventories

The components of inventories were as follows (in thousands):


	November 30, 2021		November 30, 2020
Raw materials	$	1,920	$	—
Work in process	—		—
Finished goods	1,631		—
Total	$	3,551	$	—

At November 30, 2021, the inventories balance of $3.6 million was recorded in other current assets on the consolidated balance sheets. The addition of inventories during fiscal year 2021 is related to the acquisition of Kemp. Refer to Note 8: Business Combinations for further information.

Property and Equipment

12 Months Ended

Nov. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	November 30, 2021		November 30, 2020
Computer equipment and software	$	45,774	$	50,103
Land, buildings and leasehold improvements	8,023		31,610
Furniture and fixtures	3,539		5,107
Capitalized software development costs	276		276
Property and equipment, gross	57,612		87,096
Less accumulated depreciation and amortization	(43,267)		(57,279)
Property and equipment, net	$	14,345	$	29,817

Depreciation and amortization expense related to property and equipment was $5.5 million, $6.1 million, and $7.6 million for the years ended November 30, 2021, 2020, and 2019, respectively.

In the fourth quarter of fiscal year 2021, we reclassified certain corporate land and building assets previously reported as property and equipment to assets held for sale on our consolidated balance sheet as we expect to sell them within one year. Refer to Note 1: Nature of Business and Summary of Significant Accounting Policies for further discussion.

Intangible Assets and Goodwill

12 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	November 30, 2021						November 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(128,797)	$	83,903	$	173,486	$	(113,863)	$	59,623
Customer-related	306,308		(119,357)		186,951		231,342		(91,326)		140,016
Trademarks and trade names	37,611		(21,556)		16,055		30,440		(18,275)		12,165
Non-compete agreement	2,000		(1,724)		276		2,000		(1,057)		943
Total	$	558,619	$	(271,434)	$	287,185	$	437,268	$	(224,521)	$	212,747

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $46.9 million, $27.9 million, and $48.1 million in fiscal years 2021, 2020, and 2019, respectively.

The additions to intangible assets during fiscal years 2021 and 2020 are related to the acquisition of Kemp in November 2021 and Chef in October 2020, respectively. Refer to Note 8: Business Combinations for further information.

Future amortization expense for intangible assets as of November 30, 2021 is as follows (in thousands):


2022	$	69,106
2023	68,830
2024	56,014
2025	45,504
2026	36,148
Thereafter	11,583
Total	$	287,185

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2021 and 2020 are as follows (in thousands):


	November 30, 2021		November 30, 2020
Balance, beginning of year	$	491,726	$	432,824
Measurement Period Adjustments(1)	(77)		(838)
Additions(2)	179,521		59,858
Translation Adjustments	(18)		(118)
Balance, end of year	$	671,152	$	491,726

(1) Represents final measurement period adjustments related to our Chef and Ipswitch acquisitions. Refer to Note 8: Business Combinations for further information.

(2) The additions to goodwill during fiscal years 2021 and 2020 are related to the acquisition of Kemp in November 2021 and Chef in October 2020, respectively. Refer to Note 8: Business Combinations for further information.

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

During fiscal year 2021, we performed a quantitative assessment as of October 31, 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of our reporting unit was less than its carrying value. We did not recognize any goodwill impairment charges during fiscal years 2021, 2020, or 2019.

Business Combinations

12 Months Ended

Nov. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Kemp Acquisition

On November 1, 2021, we completed the acquisition of the parent company of Kemp Technologies, Inc. (“Kemp”) pursuant to the Stock Purchase Agreement (the “Purchase Agreement”), dated as of September 23, 2021. The acquisition was completed for a base purchase price of $258.0 million, subject to certain customary adjustments as further described in the Purchase Agreement (the “Aggregate Consideration”), which was paid in cash from existing cash balances. Pursuant to the Purchase Agreement, $2.0 million of the Aggregate Consideration was deposited into an escrow account to secure certain potential obligations of the former Kemp equity holders.

Kemp is an application experience company that helps enterprises deliver, optimize and secure applications and networks across any cloud or hybrid environment. With this acquisition, we extended our portfolio of products in DevOps, Application Development, Data Connectivity and Digital Experience, adding Application Experience Management (AX). Kemp Loadmaster and Flowmon Network Visibility products monitor application performance, and distribute and balance traffic and workloads across servers, in the cloud or on premise, ensuring high performance and availability.

The Aggregate Consideration has been preliminarily allocated to Kemp’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 preliminary allocation of the purchase price is as follows (in thousands):


	Preliminary Purchase Price Allocation		Life
Net working capital	$	27,075
Property, plant and equipment	803
Purchased technology	39,400		5 years
Trade name	7,200		5 years
Customer relationships	75,500		5 years
Other assets	170
Other noncurrent liabilities	(604)
Deferred taxes	(23,187)
Deferred revenue	(29,997)
Goodwill	179,521
Net assets acquired	$	275,881

The fair value of the intangible assets was estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital. The valuation assumptions take into consideration our estimates of customer attrition, technology obsolescence, and revenue growth projections. Based on the preliminary valuation, the acquired intangible assets are comprised of customer relationships of approximately $75.5 million, existing technology of approximately $39.4 million, and trade names of approximately $7.2 million.

Tangible assets acquired and assumed liabilities were recorded at fair value. As described in Note 1: Nature of Business and Summary of Significant Accounting Policies, we adopted ASU 2021-08, which amended ASC 805 to require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. We determined the acquisition date deferred revenue balance based on our assessment of the individual contracts acquired and our application of Topic 606. 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 $179.5 million of goodwill, which is not deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal year ended November 30, 2021, we incurred approximately $1.9 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The amount of revenue of Kemp included in our consolidated statement of operations during the fiscal year ended November 30, 2021 was approximately $5.9 million. We determined that disclosing the amount of Kemp related earnings included in the consolidated statements of operations is impracticable, as certain operations of Kemp 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 Kemp as if the acquisition had occurred on December 1, 2019, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the Kemp acquisition and factually supportable. These pro forma adjustments include: (i) an increase in revenue from Kemp as a result of the application of Topic 606 to recognize and measure contract assets and contract liabilities in the business combination, (ii) a net increase in amortization expense to record amortization expense relating to the $122.1 million of acquired identifiable intangible assets, (iii) a decrease in interest expense to remove the interest expense associated with Kemp’s debt obligations, 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, 2019. These results are prepared in accordance with ASC 606.


(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2021		Pro Forma Fiscal Year Ended November 30, 2020
Revenue	$	590,133	$	490,229
Net income	$	75,612	$	65,360
Net income per basic share	$	1.72	$	1.46
Net income per diluted share	$	1.69	$	1.44

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 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. Refer to Note 9: Debt for further information.

The Aggregate Consideration has been allocated to Chef’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities was recorded as goodwill.

We recorded measurement period adjustments in accordance with FASB’s guidance regarding business combinations in the third and fourth quarters of fiscal year 2021 based on our valuation and purchase price allocation procedures. The measurement period adjustments, which were completed during the fourth quarter of fiscal year 2021, resulted in a decrease to goodwill of $0.3 million, primarily due to a decrease to accrued expenses and deferred taxes.

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	52,330	$	147	$	52,477
Property, plant and equipment	498		—		498
Purchased technology	38,300		—		38,300		5 years
Trade name	5,700		—		5,700		5 years
Customer relationships	97,300		—		97,300		7 years
Other assets	122		—		122
Other noncurrent liabilities	(841)		—		(841)
Lease liabilities, net	(1,810)		—		(1,810)
Deferred taxes	(7,817)		126		(7,691)
Deferred revenue	(12,525)		—		(12,525)
Goodwill	59,858		(273)		59,585
Net assets acquired	$	231,115	$	—	$	231,115

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 was recognized in the 12 months following the acquisition.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $59.6 million of goodwill, which is not deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal year ended November 30, 2021, we incurred approximately $0.7 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 from the date of acquisition. We determined that disclosing the amount of Chef related earnings included in the consolidated statements of operations is impracticable, as certain operations of Chef were integrated into the operations of the Company from the date of acquisition.

Pro Forma Information

The following pro forma financial information presents the combined results of operations of Progress and Chef as if the acquisition had occurred on December 1, 2018, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the Chef acquisition and factually supportable. These pro forma adjustments include (i) a decrease in revenue from Chef due to the beginning balance of deferred revenue being adjusted to reflect the fair value of the acquired balance, (ii) a net increase in amortization expense to record amortization expense for the $141.3 million of acquired identifiable intangible assets, (iii) an increase in interest expense to record interest for the period presented as a result of drawing down our revolving credit facility in connection with the acquisition, and (iv) the income tax effect of the adjustments made at the statutory tax rate of the U.S. (approximately 24.5%).

The pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on December 1, 2018. These results are prepared in accordance with ASC 606.


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

Ipswitch Acquisition

On April 30, 2019, we completed the acquisition of all of the outstanding equity interests of Ipswitch, Inc. (“Ipswitch”) from Roger Greene (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of March 28, 2019, by and among Progress, Ipswitch and the Seller. The acquisition was completed for an aggregate purchase price of $225.0 million, subject to certain customary adjustments as further described in the Stock Purchase Agreement, which was paid in cash. Pursuant to the Stock Purchase Agreement, $22.5 million of the purchase price was deposited into an escrow account to secure certain indemnification and other potential obligations of the Seller to Progress. This escrow was released in full in May 2020 upon expiration of the twelve-month escrow period. The Seller also received an award of approximately $2.0 million in Progress restricted stock as consideration for the Seller entering into a non-competition agreement for three years as set forth in the Stock Purchase Agreement.

Ipswitch enables approximately 24,000 small and medium-sized businesses and enterprises to provide secure data sharing and ensure high-performance infrastructure availability. Through this acquisition, we bolstered our core offerings to small and medium-sized businesses and enterprises, enabling those businesses to respond faster to business demands and to improve productivity. We funded the acquisition through a combination of existing cash resources and a $185.0 million term loan, which is part of our $401.0 million term loan and revolving line of credit. Refer to Note 9: Debt for further information.

The purchase price has been allocated to Ipswitch’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities was recorded as goodwill.

We recorded measurement period adjustments in accordance with FASB’s guidance regarding business combinations in the fourth quarter of fiscal year 2019 and the second quarter of fiscal year 2020 based on our valuation and purchase price allocation procedures. The measurement period adjustments, which were completed during the second quarter of fiscal year 2020, resulted in a decrease to goodwill of $0.6 million, primarily due to a decrease to the sales tax reserve, partially offset by increased accrued expenses.

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	6,068	$	651	$	6,719
Property, plant and equipment	4,661		—		4,661
Purchased technology	33,100		—		33,100		5 years
Trade name	9,600		—		9,600		5 years
Customer relationships	66,600		—		66,600		5 years
Other assets	314		(4)		310
Deferred revenue	(12,696)		(29)		(12,725)
Goodwill	117,651		(618)		117,033
Net assets acquired	$	225,298	$	—	$	225,298

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

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

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $117.0 million of goodwill, which is deductible for tax purposes.

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

As previously noted, the Seller received a restricted stock award of approximately $2.0 million, subject to continued compliance with the three-year non-compete agreement. We concluded that the restricted stock award is not a compensation arrangement and we recorded the fair value of the award as an intangible asset separate from goodwill. We will recognize intangible asset amortization expense over the term of the agreement, which is 3 years. We recorded $0.7 million of amortization expense related to this restricted stock award for the fiscal year ended November 30, 2021 in operating expenses on our condensed consolidated statement of operations.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. We did not incur acquisition-related transaction costs during the fiscal year ended November 30, 2021.

The operations of Ipswitch are included in our operating results during the fiscal year ending November 30, 2021. We determined that disclosing the amount of Ipswitch related earnings included in the consolidated statements of operations during fiscal year ending November 30, 2021 is impracticable, as certain operations of Ipswitch have been integrated into the operations of the Company.

Debt

12 Months Ended

Nov. 30, 2021

Line of Credit Facility [Abstract]

Debt

As of November 30, 2021, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Credit Facility Maturing in 2024		Total
2022	$	—	$	26,338	$	26,338
2023	—		33,863		33,863
2024	—		206,936		206,936
2025	—		—		—
2026	360,000		—		360,000
Total face value of long-term debt	360,000		267,137		627,137
Unamortized discount and issuance costs	(65,465)		(1,378)		(66,843)
Less current portion of long-term debt, net	—		(25,767)		(25,767)
Long-term debt	$	294,535	$	239,992	$	534,527

Notes Payable

Convertible Senior Notes and Capped Calls

In April 2021, the Company issued, in a private placement to certain initial purchasers in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act in transactions not involving any public offering, for resale by the initial purchasers to persons whom the initial purchasers believe are qualified institutional buyers pursuant to Rule144A under the Securities Act, Convertible Senior Notes (the "Notes") with an aggregate principal amount of $325 million, due April 15, 2026, unless earlier repurchased, redeemed or converted. The proceeds from the Notes were used or are anticipated to be used for the Capped Call Transactions (described below), working capital, and other general corporate purposes, including acquisitions. There are no required principal payments prior to the maturity of the Notes. In addition, the Company also granted the initial purchasers of the Notes an option to purchase up to an additional $50.0 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, April 13, 2021, of which $35 million of additional Notes were purchased for total proceeds of $360 million. The Notes bear interest at an annual rate of 1%, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021.

Proceeds from the Notes:


(In thousands)
Principal	$	360,000
Less: issuance costs	(10,804)
	$	349,196

Conversion Rights

Before January 15, 2026, Noteholders may convert their Notes in the following circumstances:

•During any fiscal quarter (and only during such fiscal quarter) commencing after the fiscal quarter ending on May 31, 2021, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least twenty trading days (whether or not consecutive) during the thirty consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter;

•During the five consecutive business days immediately after any ten consecutive trading day period (the “Measurement Period”), if the trading price per $1,000 principal amount of Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of Company’s common stock on such trading day and the conversion rate on such trading day; or

•Upon the occurrence of certain corporate events or distributions on the Company’s common stock, or if the Company calls such Notes for redemption, then the Noteholder of any Note may convert such Note at any time before the close of business on the business day immediately before the related redemption date.

From and after January 15, 2026, Noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will satisfy its conversion obligations by paying

cash up to the aggregate principal amount of Notes to be converted, by issuing shares of its common stock or a combination of cash and shares of its common stock, at its election. The initial conversion rate is 17.4525 shares of common stock per $1,000 principal amount of the Notes, representing an initial conversion price of approximately $57.30 per share of common stock. The conversion rate will be adjusted upon the occurrence of certain events, including spin-offs, tender offers, exchange offers, make-whole fundamental change and certain stockholder distributions.

Repurchase Rights

On or after April 20, 2024, and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the Notes, subject to the partial redemption limitation, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest, if the last reported sale price per share of the Company’s common stock exceeded 130% of the conversion price on (1) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides a redemption notice and (2) the trading day immediately before the date the Company sends such notice. Pursuant to the partial redemption limitation, the Company may not elect to redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not subject to redemption as of the time it sends the related redemption notice.

If certain corporate events that constitute a “fundamental change” (as described below) occur at any time, holders may, subject to certain exceptions, require the Company to purchase their Notes in whole or in part for cash at a price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. A fundamental change relates to events such as business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

Capped Call Transactions

On April 8, 2021, in connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions (“Capped Call Transactions”) with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, approximately 6.3 million shares (representing the number of shares of common stock initially underlying the Notes) of the Company’s common stock. The Capped Call Transactions are generally expected to reduce potential dilution to our common stock upon any conversion of Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the Capped Call Transactions will initially be $89.88 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $44.94 per share on April 8, 2021, and is subject to certain adjustments under the terms of the Capped Call Transactions. The cost of the purchased capped calls of $43.1 million was recorded as a reduction to additional paid-in-capital.

We elected to integrate the capped call options with the applicable Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $43.1 million gross cost of the purchased capped calls will be deductible for income tax purposes as original discount interest over the term of the Notes. We recorded deferred tax assets of $10.6 million with respect to the capped calls which represents the tax benefit of these deductions with an offsetting entry to additional paid-in capital.

Accounting for the Notes

In accounting for the transaction, the Notes have been separated into liability and equity components.

•The conversion option of the Notes does not require bifurcation as an embedded derivative.

•The initial carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The excess of the Notes’ principal amount over the initial carrying amount of the liability component, referred to as the debt discount, is amortized as interest expense over the Notes’ contractual term.

•The equity component, which represents the difference between the gross proceeds and the initial liability component, was recorded as an increase to additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification.

The Company incurred issuance costs of $10.8 million related to the Notes, allocated between the Notes’ liability and equity components proportionate to the initial carrying amount of the liability and equity components.

•Issuance costs attributable to the liability component of $8.9 million are recorded as an offset to the Notes’ principal balance. They are amortized as interest expense using the effective interest method over the contractual term of the Notes.

•Issuance costs attributable to the equity component of $1.9 million are recorded as an offset to the equity component in additional paid-in capital and are not amortized.

Net carrying amount of the liability component:


(In thousands)	November 30, 2021
Principal	$	360,000
Conversion option allocated to equity	(64,800)
Unamortized discount	(665)
	$	294,535

Net carrying amount of the equity component, included in additional paid-in capital:


(In thousands)	November 30, 2021
Conversion options(1)	$	62,855
Capped call	(43,056)
	$	19,799
(1) Net of issuance costs


	Twelve Months Ended
(In thousands)	November 30, 2021		November 30, 2020
Contractual interest expense (1% coupon)	$	2,280	$	—
Amortization of debt discount(1)	7,209		—
Amortization of issuance costs(1)	986		—
	$	10,475	$	—
(1) Amortized based upon an effective interest rate of 5.7%.

Credit Facility

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, which we repaid in full during fiscal year 2021. Refer to Note 8: Business Combinations for further discussion.

Interest rates for the term loan and revolving line of credit are based upon our leverage ratio and determined based on an index selected at our option. The rates range from 1.50% to 2.00% above the Eurocurrency rate for Eurocurrency-based borrowings or from 0.50% to 1.00% above the defined base rate for base rate borrowings. Additionally, we may borrow certain foreign currencies at rates set in the same respective range above the London interbank offered interest rates for those currencies. A quarterly commitment fee on the undrawn portion of the revolving credit facility is required and ranges from 0.25% to 0.35% per annum based on our leverage ratio. The average interest rate of the credit facility during the fiscal year ended November 30, 2021 was 1.90% and the interest rate as of November 30, 2021 was 1.88%.

The credit facility matures on April 30, 2024, when all amounts outstanding will be due and payable in full. The revolving line of credit does not require amortization of principal. The outstanding balance of the term loan as of November 30, 2021 was $267.1 million, with $26.3 million due in the next 12 months. The term loan requires repayment of principal at the end of each fiscal quarter, beginning with the fiscal quarter ended August 31, 2019. The principal repayment amounts are in accordance with the following schedule: (i) four payments of $1.9 million each, (ii) four payments of $3.8 million each, (iii) four payments of $5.6 million each, (iv) four payments of $7.5 million each, (v) three payments of $9.4 million each, and (vi) the last payment is of the remaining principal amount. Any amounts outstanding under the term loan thereafter would be due on the maturity date. The term loan may be prepaid before maturity in whole or in part at our option without penalty or premium. As of November 30, 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 consolidated balance sheets as of November 30, 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 of $0.6 million for the fiscal years ended November 30, 2021 and 2020 and $0.4 million for the fiscal year ended November 30, 2019 and is recorded in interest expense on our consolidated statements of operations.

Revolving loans may be borrowed, repaid, and reborrowed until April 30, 2024, at which time all amounts outstanding must be repaid. Accrued interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of each interest rate period (or at each three-month interval in the case of loans with interest periods greater than three months) with respect to Eurocurrency rate loans. We may prepay the loans or terminate or reduce the commitments in whole or in part at any time, without premium or penalty, subject to certain conditions and reimbursement of certain costs in the case of Eurocurrency rate loans. As of November 30, 2021, there were no outstanding amounts under the revolving line of credit and $2.3 million of letters of credit.

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

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, grant liens, make investments, make acquisitions, incur indebtedness, merge or consolidate, dispose of assets, pay dividends or make distributions, repurchase stock, change the nature of the business, enter into certain transactions with affiliates and enter into burdensome agreements, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a consolidated fixed charge coverage ratio, a consolidated total leverage ratio and a consolidated senior secured leverage ratio. We are in compliance with these financial covenants as of November 30, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

12 Months Ended

Nov. 30, 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 determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term. ROU assets are recorded and recognized at commencement for the lease liability amount, plus initial direct costs incurred less lease incentives received. Lease liabilities are recorded at the present value of future lease payments over the lease term at commencement. Operating leases liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in the lease contracts is not readily determinable. As such, we utilize the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Lease expenses relating to operating leases are recognized on a straight-line basis over the lease term.

The Company has operating leases for administrative, product development, and sales and marketing facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company’s leases have remaining lease terms ranging from 1 year to 8 years. The Company’s lease terms may include options to extend or terminate the lease where it is reasonably certain that the Company will exercise those options. The Company considers several economic factors when making the determination as to whether the Company will exercise options to extend or terminate the lease, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of operating lease cost for the year ended November 30, 2021 was as follows (in thousands):


	Fiscal Year Ended
	November 30, 2021
Lease costs under long-term operating leases	$	7,867
Lease costs under short-term operating leases	32
Variable lease cost under short-term and long-term operating leases(1)	434
Operating lease right-of-use asset impairment	3,057
Total operating lease cost	$	11,390

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

The table below presents supplemental cash flow information related to leases during the year ended November 30, 2021 (in thousands):


	Fiscal Year Ended
	November 30, 2021
Cash paid for leases	$	8,406
Right-of-use assets recognized for new leases and amendments (non-cash)	$	3,222

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


	November 30, 2021
Weighted average remaining lease term in years	4.15
Weighted average discount rate	2.6	%

Future payments under non-cancellable leases at November 30, 2021 are as follows (in thousands):


2022	$	8,654
2023	8,158
2024	7,791
2025	5,110
Thereafter	3,146
Total lease payments	32,859
Less imputed interest(1)	(1,803)
Present value of lease liabilities	$	31,056

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

Our operating lease arrangements are subject to customary renewal and base rental fee escalation clauses. Total rent expense, net of sublease income which is insignificant, under operating lease arrangements was approximately $9.3 million, $9.6 million and $8.9 million in fiscal years 2021, 2020 and 2019, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnification Obligations We include standard intellectual property indemnification provisions in our licensing agreements in the ordinary course of business. Pursuant to our product license agreements, we will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally business partners or customers, in connection with certain patent, copyright or other intellectual property infringement claims by third parties with respect to our products. Other agreements with our customers provide indemnification for claims relating to property damage or personal injury resulting from the performance of services by us or our subcontractors. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been insignificant. Accordingly, the estimated fair value of these indemnification provisions is immaterial. Legal Proceedings We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material effect on our financial position, results of operations or cash flows.

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Nov. 30, 2021
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Preferred Stock Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences and voting rights. As of November 30, 2021, there was no preferred stock issued or outstanding. Common Stock We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 44,146,193 were issued and outstanding at November 30, 2021. There were 253,255 deferred stock units ("DSUs") outstanding at November 30, 2021. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs. Common Stock Repurchases In January 2020, our Board of Directors increased the total share repurchase authorization from $75.0 million to $250.0 million. In fiscal years 2021 and 2020, we repurchased and retired 0.8 million shares of our common stock for $35.0 million and 1.4 million shares of our common stock for $60.0 million, respectively, under this current authorization. In fiscal year 2019, we repurchased and retired 0.7 million shares of our common stock for $25.0 million. As of November 30, 2021, there was $155.0 million remaining under the current authorization. Dividends We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and have paid quarterly dividends since that time. On September 21, 2021, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that was paid on December 15, 2021 to stockholders of record as of the close of business on December 1, 2021. We have declared aggregate per share quarterly cash dividends totaling $0.700, $0.670, and $0.630 for the years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively. We have paid aggregate cash dividends totaling $31.6 million, $29.9 million, and $27.8 million and for the years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively.

Stock-Based Compensation

12 Months Ended

Nov. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have one stockholder-approved stock plan from which we can issue stock-based awards, which was approved by our stockholders in fiscal year 2008 ("2008 Plan"). The 2008 Plan replaced the 1992 Incentive and Nonqualified Stock Option Plan, the 1994 Stock Incentive Plan and the 1997 Stock Incentive Plan (collectively, the “Previous Plans”). The Previous Plans solely exist to satisfy outstanding options previously granted under those plans. The 2008 Plan permits the granting of stock awards to officers, members of the Board of Directors, employees and consultants. Awards under the 2008 Plan may include nonqualified stock options, incentive stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals, deferred stock units and stock appreciation rights. In May 2021, stockholders of the Company approved an amendment to the 2008 Plan to add 4,500,000 shares to the plan. A total of 6,534,788 shares were available for issuance as of November 30, 2021.

We have adopted two stock plans for which the approval of stockholders was not required: the 2002 Nonqualified Stock Plan ("2002 Plan") and the 2004 Inducement Stock Plan ("2004 Plan"). The 2002 Plan permits the granting of stock awards to non-executive officer employees and consultants. Executive officers and members of the Board of Directors are not eligible for awards under the 2002 Plan. Awards under the 2002 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 107,329 shares were available for issuance under the 2002 Plan as of November 30, 2021. Additional shares cannot be added to the 2002 Plan without stockholder approval.

The 2004 Plan is reserved for persons to whom we may issue securities as an inducement to become employed by us pursuant to the rules and regulations of the NASDAQ Stock Market. Awards under the 2004 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 466,534 shares were available for issuance under the 2004 Plan as of November 30, 2021. Additional shares cannot be added to the 2002 Plan without stockholder approval.

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

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


	Shares	Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
	(in thousands)	Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2020	1,673	$	39.28
Granted	645	43.17
Exercised	(195)	35.82
Canceled	(108)	42.85
Options outstanding, November 30, 2021	2,015	$	40.67	4.6	$	16,330
Exercisable, November 30, 2021	938	$	38.84	3.6	$	9,509
Vested or expected to vest, November 30, 2021	2,015	$	40.67	4.6	$	16,330

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2021 of $48.46 and the exercise prices for all options outstanding.

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


	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2020	796	$	42.63
Granted	551	43.73
Issued	(326)	41.79
Canceled	(143)	46.37
Restricted stock units outstanding, November 30, 2021	878	$	43.06

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

The fair value of outright stock awards, restricted stock units and DSUs is equal to the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable. Beginning in fiscal year 2020, restricted stock units have forfeitable dividend equivalent rights equal to the dividend paid on our common stock.

During the first quarter of fiscal years 2019, 2020, and 2021, we granted performance-based restricted stock units that include two performance metrics under a Long-Term Incentive Plan (“LTIP”) where the performance measurement period is three years. Vesting of the LTIP awards for the 2019 and 2020 plans is based on the following: (i) 50% is based on achievement of a three-year cumulative performance condition (operating income), and (ii) 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. For the 2021 plan, the vesting terms were changed to the following: (i) 75% is based on achievement of a three-year cumulative operating income, and (ii) 25% is based on our level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. The vesting of LTIP awards is also subject to continued employment of the grantees. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award and used the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable, for the portion related to the performance condition.

The 1991 Employee Stock Purchase Plan ("ESPP") permits eligible employees to purchase up to an aggregate of 10,250,000 shares of our common stock through accumulated payroll deductions. The ESPP has a 27-month offering period comprised of nine three-month purchase periods. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at the beginning of a 27-month offering period or the end of each three-month segment within such offering period. If the market price at any of the nine purchase periods is less than the market price on the first date of the 27-month offering period, subsequent to the purchase, the offering period is canceled and the employee is entered into a new 27-month offering period with the then current market price as the new base

price. We issued 277,000 shares, 237,000 shares, and 189,000 shares with weighted average purchase prices of $28.20, $27.86, and $29.23 per share, respectively, in fiscal years 2021, 2020, and 2019, respectively. At November 30, 2021, approximately 687,000 shares were available and reserved for issuance under the ESPP.

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2021, 2020, and 2019 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Stock options:
Expected volatility	30.0	%	29.0	%	25.0	%
Risk-free interest rate	0.5	%	1.1	%	2.5	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.6	%	1.8	%
Employee stock purchase plan:
Expected volatility	33.1	%	38.2	%	30.6	%
Risk-free interest rate	0.1	%	0.2	%	2.3	%
Expected life (in years)	1.3		1.3		1.6
Expected dividend yield	1.5	%	2.0	%	1.7	%
Long-term incentive plan:
Expected volatility	36.3	%	34.7	%	32.2	%
Risk-free interest rate	0.2	%	1.1	%	2.5	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—	%	—	%	1.7	%

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

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

Based on the above assumptions, the weighted average estimated fair value of stock options granted in fiscal years 2021, 2020, and 2019 was $9.46, $9.59, and $7.38 per share, respectively. We amortize the estimated fair value of stock options to expense over the vesting period using the straight-line method. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2021, 2020, and 2019 was $11.59, $8.73, and $11.07 per share, respectively. We amortize the estimated fair value of shares issued under the ESPP to expense over the vesting period using a graded vesting model.

Total unrecognized stock-based compensation expense, net of expected forfeitures, related to unvested stock options and unvested restricted stock awards amounted to $36.5 million at November 30, 2021. These costs are expected to be recognized over a weighted average period of two years.

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Total intrinsic value of stock options on date exercised	$	2,523	$	1,340	$	1,388
Total fair value of deferred stock units on date vested	2,084		1,547		1,853
Total fair value of restricted stock units on date vested	16,018		15,499		14,720

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Cost of maintenance and services	$	1,561	$	1,336	$	1,134
Sales and marketing	6,055		4,462		4,155
Product development	8,104		7,286		7,205
General and administrative	14,004		10,398		10,817
Total stock-based compensation	$	29,724	$	23,482	$	23,311
Income tax benefit included in the provision for income taxes	$	5,281	$	4,541	$	4,661

Retirement Plan	12 Months Ended
Retirement Plan	Nov. 30, 2021
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanWe maintain a retirement plan covering all U.S. employees under Section 401(k) of the Internal Revenue Code. Company contributions to the plan are at the discretion of the Board of Directors and totaled approximately $4.0 million, $3.6 million and $2.3 million for fiscal years 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Revenue Recognition

12 Months Ended

Nov. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Timing of Revenue Recognition

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:


	Fiscal Year Ended
(In thousands)	November 30, 2021		November 30, 2020		November 30, 2019
Performance obligations transferred at a point in time:
Software licenses	$	156,590	$	115,249	$	122,552
Performance obligations transferred over time:
Maintenance	325,863		288,887		259,006
Services	48,860		38,014		31,740
Total revenue	$	531,313	$	442,150	$	413,298

Geographic Revenue

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


	Fiscal Year Ended
(In thousands)	November 30, 2021		November 30, 2020		November 30, 2019
United States	$	294,947	$	240,717	$	213,252
Canada	22,867		20,281		20,659
EMEA	169,335		143,754		137,301
Latin America	17,036		14,574		19,665
Asia Pacific	27,128		22,824		22,421
Total revenue	$	531,313	$	442,150	$	413,298

No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our consolidated revenue in any year presented.

Contract Balances

Unbilled Receivables and Contract Assets

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

As of November 30, 2021, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2023	$	10,279
2024	2,813
2025	1,498
Total	$	14,590

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 $5.0 million and $11.3 million as of November 30, 2021 and November 30, 2020, respectively. These amounts are included in unbilled receivables and contract assets or long-term unbilled receivables and contract assets on our consolidated balance sheets.

Deferred Revenue

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

As of November 30, 2021, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2020	$	193,295
Billings and other	560,401
Acquired from business combinations	29,997
Revenue recognized	(531,313)
Balance, November 30, 2021	$	252,380

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of November 30, 2021, transaction price allocated to remaining performance obligations was $213.7 million. We expect to recognize approximately 81% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

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

Certain of our sales incentive programs do meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $7.9 million, $2.5 million, and $1.7 million as of November 30, 2021, 2020, and 2019, respectively, and are included in other current assets and other assets on our consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our consolidated statement of operations and was minimal in all periods presented.

- 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
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-Name Accounting Standards Codification
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+ Details

Restructuring

12 Months Ended

Nov. 30, 2021

Restructuring Charges [Abstract]

Restructuring

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2018	$	307	$	4	$	311
Costs incurred	740		5,591		6,331
Cash disbursements	(760)		(3,647)		(4,407)
Translation adjustments and other	(91)		59		(32)
Balance, November 30, 2019	$	196	$	2,007	$	2,203
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Translation adjustments and other	(18)		5		(13)
Balance, November 30, 2020	$	421	$	3,552	$	3,973
Costs incurred	3,518		2,790		6,308
Cash disbursements	(1,072)		(4,447)		(5,519)
Translation adjustments and other	1,616		(6)		1,610
Balance, November 30, 2021	$	4,483	$	1,889	$	6,372

2021 Restructurings

During the fourth quarter of fiscal year 2021, we restructured our operations in connection with the acquisition of Kemp. Refer to Note 8: Business Combinations for further discussion. This restructuring resulted in a reduction in redundant positions, primarily within the administrative functions of Kemp.

For the fiscal year ended November 30, 2021, we incurred expenses of $2.0 million related to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations.


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	—	$	—	$	—
Costs incurred	—		1,965		1,965
Cash disbursements	—		(69)		(69)
Translation adjustments and other	—		(14)		(14)
Balance, November 30, 2021	$	—	$	1,882	$	1,882

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2022. Accordingly, the balance of the restructuring reserve of $1.9 million is included in other accrued liabilities on the consolidated balance sheet at November 30, 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 2022, but we do not expect these costs to be material.

2020 Restructurings

During the fourth quarter of fiscal year 2020, we restructured our operations in connection with the acquisition of Chef. Refer to Note 8: Business Combinations for further discussion. This restructuring resulted in a reduction in redundant positions, primarily within the administrative functions of Chef.

For the fiscal years ended November 30, 2021 and November 30, 2020, we incurred expenses of $4.1 million and $3.9 million, respectively, 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, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523
Costs incurred	3,323		826		4,149
Cash disbursements	(455)		(4,350)		(4,805)
Translation adjustments and other	1,615		8		1,623
Balance, November 30, 2021	$	4,483	$	7	$	4,490

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2027. Accordingly, the balance of the restructuring reserve of $4.5 million is included in other accrued liabilities, and short-term and long-term lease liabilities on the consolidated balance sheet at November 30, 2021.

2019 Restructurings

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

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

For the fiscal year ended November 30, 2021, we incurred minimal expenses related to this restructuring. For the fiscal years ended November 30, 2020 and 2019, we incurred expenses of $0.1 million and $2.5 million, respectively, 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, 2018	$	—	$	—	$	—
Costs incurred	—		2,494		2,494
Cash disbursements	—		(1,035)		(1,035)
Translation adjustments and other	—		1		1
Balance, December 1, 2019	$	—	$	1,460	$	1,460
Costs incurred	—		108		108
Cash disbursements	—		(1,546)		(1,546)
Balance, November 30, 2020	$	—	$	22	$	22
Costs incurred	—		6		6
Cash disbursements	—		(28)		(28)
Balance, November 30, 2021	$	—	$	—	$	—

We do not expect to incur additional material costs with respect to this restructuring.

During the second quarter of fiscal year 2019, we restructured our operations in connection with the acquisition of Ipswitch. Refer to Note 8: Business Combinations for further discussion. This restructuring resulted in a reduction in redundant positions, primarily within the administrative functions of Ipswitch.

For the fiscal year ended November 30, 2021, we incurred minimal expenses related to this restructuring. For the fiscal years ended November 30, 2020 and 2019, we incurred expenses of $1.5 million and $3.1 million, respectively, 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, 2018	$	—	$	—	$	—
Costs incurred	5		3,093		3,098
Cash disbursements	—		(2,604)		(2,604)
Translation adjustments and other	$	—	$	58	$	58
Balance, December 1, 2019	$	5	$	547	$	552
Costs incurred	1,447		39		1,486
Cash disbursements	(1,020)		(579)		(1,599)
Asset impairment	—		—		—
Translation adjustments and other	$	(15)	$	—	$	(15)
Balance, November 30, 2020	417		7		424
Costs incurred	(2)		(7)		(9)
Cash disbursements	(416)		—		(416)
Translation adjustments and other	1		—		1
Balance, November 30, 2021	$	—	$	—	$	—

We do not expect to incur additional material costs with respect to this restructuring.

Income Taxes

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
U.S.	$	80,508	$	83,279	$	(11,778)
Foreign	15,026		13,356		40,273
Total	$	95,534	$	96,635	$	28,495

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Current:
Federal	$	11,964	$	12,294	$	9,294
State	2,602		3,871		1,862
Foreign	3,456		3,370		5,808
Total current	18,022		19,535		16,964
Deferred
Federal	366		(1,613)		(12,191)
State	(1,110)		(969)		(2,399)
Foreign	(164)		(40)		(279)
Total deferred	(908)		(2,622)		(14,869)
Total	$	17,114	$	16,913	$	2,095

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Tax at U.S. Federal statutory rate	$	20,062	$	20,293	$	5,984
Foreign rate differences	193		(200)		(2,619)
Effects of foreign operations included in U.S. Federal provision	(112)		(167)		451
State income taxes, net	1,215		2,087		(918)
Research credits	(410)		(905)		(1,086)
Domestic production activities deduction	—		—		(248)
Tax-exempt interest	—		(3)		(27)
Nondeductible stock-based compensation	1,548		422		1,043
Meals and entertainment	61		162		198
Compensation subject to 162(m)	346		324		422
Uncertain tax positions and tax settlements	89		245		(720)
Net excess tax benefit or detriment from stock-based compensation plans	(11)		61		(103)
Global intangible low tax inclusion	606		(307)		2,100
Foreign derived intangible deduction	(6,386)		(5,297)		(2,300)
Other	(87)		198		(82)
Total	$	17,114	$	16,913	$	2,095

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

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

During the first quarter of fiscal year 2018, the Tax Cuts and Jobs Act (the "Act") was enacted in the United States. The Act reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, moved to a territorial tax system and eliminated the domestic production activities deduction.

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

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


	November 30, 2021		November 30, 2020
Deferred tax assets:
Accounts receivable	$	143	$	241
Accrued compensation	4,407		2,861
Accrued liabilities and other	2,898		4,430
Deferred revenue	8,081		9,032
Stock-based compensation	6,401		4,814
Original issue discount	9,132		—
Tax credit and loss carryforwards	35,376		42,189
Operating lease liabilities	5,257		5,531
Gross deferred tax assets	71,695		69,098
Valuation allowance	(7,315)		(9,876)
Total deferred tax assets	64,380		59,222
Deferred tax liabilities:
Goodwill	(21,867)		(20,624)
Right-of-use lease assets	(3,925)		(4,837)
Deferred revenue	(1,483)		(3,027)
Depreciation and amortization	(34,532)		(15,924)
Prepaid expenses	(1,906)		(334)
Notes payable	(13,415)		—
Total deferred tax liabilities	(77,128)		(44,746)
Total	$	(12,748)	$	14,476

The valuation allowance primarily applies to net operating loss carryforwards and unutilized tax credits in foreign jurisdictions under conditions where realization is not more likely than not. The $2.6 million decrease in the valuation allowance during fiscal year 2021 primarily relates to losses in a foreign subsidiary that have expired prior to utilization. The $1.0 million increase in the valuation allowance during fiscal year 2020 primarily relates to the currency revaluation of foreign net operating losses which have a valuation allowance recorded against them. The $0.1 million increase in the valuation allowance during fiscal year 2019 primarily relates to acquired foreign net operating losses which have a valuation allowance recorded against them.

At November 30, 2021, we have federal and foreign net operating loss carryforwards of $130.1 million expiring on various dates through 2036 and $26.6 million that do not expire. In addition, we have state net operating loss carryforwards of $49.7 million expiring on various dates through 2044 and a minimal amount that does not expire. At November 30, 2021, we have state tax credit carryforwards of approximately $3.7 million expiring on various dates through 2036 and $2.4 million that may be carried forward indefinitely. In addition, we have federal tax credit carryforwards of approximately $5.9 million expiring on various dates through 2039.

It is our intention to indefinitely reinvest the earnings of our non-U.S. subsidiaries. We have not provided for U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries, which totaled $98.4 million as of November 30, 2021, as these earnings have been indefinitely reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability if the undistributed earnings were to be repatriated due to the complexity of the income tax laws and regulations and the effects of the Act. These earnings could be subject to non-U.S. withholding taxes and other federal, state and/or foreign taxes if they were remitted to the U.S.

As of November 30, 2021, the total amount of unrecognized tax benefits was $5.5 million, of which $1.5 million was recorded in other noncurrent liabilities on the consolidated balance sheet and $4.0 million of deferred tax assets, principally related to U.S net operating loss carry-forwards and federal and state research and development tax credits, have not been recorded.

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Balance, beginning of year	$	6,219	$	4,993	$	5,787
Tax positions related to current period	71		—		—
Tax positions related to a prior period	(820)		539		110
Tax positions acquired	439		1,596		—
Settlements with tax authorities	(168)		(12)		(181)
Lapses due to expiration of the statute of limitations	(270)		(897)		(723)
Balance, end of year	$	5,471	$	6,219	$	4,993

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

We recognize interest and penalties related to uncertain tax positions as a component of our provision for income taxes. In fiscal year 2021 a net expense of $0.8 million was recorded to the provision for income taxes related to estimated interest and penalties. In fiscal years 2020 and 2019 there was a minimal amount of estimated interest and penalties recorded in the provision for income taxes. We have accrued $1.2 million and $0.4 million of estimated interest and penalties at November 30, 2021 and 2020, respectively. We do not expect any significant changes to the amount of unrecognized tax benefits in the next twelve months.

Our federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2018. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2017, and we are no longer subject to audit for those periods.

Tax authorities for certain non-U.S. jurisdictions are also examining tax returns and the Company does not expect the results of these examinations to be material to our consolidated balance sheets, cash flows or statements of income. With some exceptions, we are generally no longer subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2016.

- 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.

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+ Details

Earnings Per Share

12 Months Ended

Nov. 30, 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 from continuing operations (in thousands, expect per share data):


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Net income	$	78,420	$	79,722	$	26,400
Weighted average shares outstanding	43,916		44,886		44,791
Dilutive impact from common stock equivalents	704		435		549
Diluted weighted average shares outstanding	44,620		45,321		45,340
Basic earnings per share	$	1.79	$	1.78	$	0.59
Diluted earnings per share	$	1.76	$	1.76	$	0.58

We excluded stock awards representing approximately 1,232,000 shares, 1,268,000 shares, and 932,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2021, 2020 and 2019, respectively, because these awards were anti-dilutive.

Business Segments and International Operations	12 Months Ended
Business Segments and International Operations	Nov. 30, 2021
Segment Reporting [Abstract]
Business Segments and International Operations	Business Segments and International OperationsOperating 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 ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. Beginning in the second quarter of fiscal year 2021, we operate as one operating segment: software products to develop, deploy, and manage high-impact applications. Our CODM evaluates financial information on a consolidated basis. As we operate as one operating segment, the required financial segment information can be found in the condensed consolidated financial statements. Long-lived assets totaled $22.1 million, $22.8 million and $25.7 million in the U.S. and $7.5 million, $7.0 million and $4.1 million outside of the U.S. at the end of fiscal years 2021, 2020, and 2019, respectively. No individual country outside of the U.S. accounted for more than 10% of our consolidated long-lived 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.

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Nov. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 25, 2022, we entered into an amended credit agreement providing for a $275.0 million secured term loan and a $300.0 million secured revolving credit facility. The revolving credit facility may be increased, and new term loan commitments may be entered into, by up to an additional amount up to the sum of (A) the greater of (x) $260.0 million and (y) 100% of our consolidated EBITDA and (B) an unlimited additional amount subject to pro forma compliance with a consolidated senior secured net leverage ratio of no greater than 3.75 to 1.00 if the existing or additional lenders are willing to make such increased commitments. This new credit facility replaces our existing secured credit facility dated April 30, 2019. The amount of the term loan outstanding under our existing secured credit facility was incorporated into the amended and restated credit facility.

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Principles	Accounting Principles We prepare our consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP").
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries (all of which are wholly owned). We eliminate all intercompany balances and transactions.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; assets held for sale; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The functional currency of most of our foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, we translate assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date. We translate income and expense items at average rates of exchange prevailing during each period. We accumulate translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity. For foreign operations where the U.S. dollar is considered to be the functional currency, we remeasure monetary assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date and non-monetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. We translate income and expense items at average rates of exchange prevailing during each period. We recognize remeasurement adjustments currently as a component of foreign currency loss, net in the statements of operations. Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in foreign currency loss, net in the statements of operations as incurred.
Cash Equivalents and Investments	Cash Equivalents and Investments Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2021, all of our cash equivalents were invested in money market funds. We classify investments, state and municipal bond obligations, U.S. treasury and government agency bonds, and corporate bonds and notes, as investments available-for-sale, which are stated at fair value. We include aggregate unrealized holding gains and losses, net of taxes, on available-for-sale securities as a component of accumulated other comprehensive loss in stockholders’ equity. We include realized gains and losses in interest income and other, net on the consolidated statements of operations. We monitor our investment portfolio for impairment on a periodic basis. Fair value is calculated based on publicly available market information. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other (expense) income, net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, we may incur future impairments.
Allowance for Doubtful Accounts and Sales Credit Memos	Allowances for Doubtful Accounts and Sales Credit Memos We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. We establish this allowance using estimates that we make based on factors such as the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, changes to customer creditworthiness and current economic trends. We also record an allowance for estimates of potential sales credit memos. This allowance is determined based on an analysis of historical credit memos issued and current economic trends, and is recorded as a reduction of revenue.
Concentrations of Credit Risk	Concentrations of Credit RiskOur financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative instruments and trade receivables. We have cash investment policies which, among other things, limit investments to investment-grade securities. We hold our cash and cash equivalents, investments and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe carrying amount of our cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. We base the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. We measure and record derivative financial instruments at fair value.
Derivative Instruments	Derivative Instruments We record all derivatives on the consolidated balance sheets at fair value. We use derivative instruments to manage exposures to fluctuations in the value of foreign currencies, which exist as part of our ongoing business operations. Cash Flow Hedge We entered into an interest rate swap contract in July 2019 to manage the variability of cash flows associated with approximately one-half of our variable rate debt. We have designated the interest rate swap as a cash flow hedge and we assessed the hedge's effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. Forward Contracts Certain assets and forecasted transactions are exposed to foreign currency risk. Our objective for holding derivatives is to eliminate or reduce the impact of these exposures. We periodically monitor our foreign currency exposures to enhance the overall economic effectiveness of our foreign currency hedge positions. Principal currencies hedged include the euro, British pound, Brazilian real, Indian rupee, and Australian dollar. We do not enter into derivative instruments for speculative purposes, nor do we hold or issue any derivative instruments for trading purposes. We enter into certain derivative instruments that do not qualify for hedge accounting and are not designated as hedges. Although these derivatives do not qualify for hedge accounting, we believe that such instruments are closely correlated with the underlying exposure, thus managing the associated risk. The gains or losses from changes in the fair value of such derivative instruments that are not accounted for as hedges are recognized in earnings in foreign currency loss, net in the consolidated statements of operations.
Inventories	Inventories Inventories consist of hardware and related component parts and are recorded at the lower of cost, as determined by the first-in, first-out method, or net realizable value. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to costs of revenue. At November 30, 2021, the Company had no reserve for excess and obsolete inventories.
Property and Equipment	Property and Equipment We record property and equipment at cost. We record property and equipment purchased in business combinations at fair value, which is then treated as the cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the useful lives of the assets. Useful lives by major asset class are as follows: computer equipment and software, 3 to 7 years; buildings and improvements, 5 to 39 years; and furniture and fixtures, 5 to 7 years. Repairs and maintenance costs are expensed as incurred. Property and equipment is classified as held for sale when it meets the held for sale criteria of Accounting Standards Codification Topic 360, Property, Plant, and Equipment and is measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, we stop recording depreciation expense on the asset. We assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification. In the fourth quarter of fiscal year 2021, we reclassified certain corporate land and building assets previously reported as property and equipment to assets held for sale on our consolidated balance sheet as we began an active program to sell and expect to sell these assets within one year. If the assets held for sale were carried at fair value, it would be considered a Level 3 fair value measurement, and determined based on the use of appraisals and input from market participants. As we determined that fair value was significantly above carrying value as of November 30, 2021, we have continued to record the assets held for sale at their carrying value.
Product Development and Internal Use Software	Product Development and Internal Use Software Expenditures for product development, other than internal use software costs, are expensed as incurred. Product development expenses primarily consist of personnel and related expenses for our product development staff, the cost of various third-party contractor fees, and allocated overhead expenses. Software development costs associated with internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Certain internal and external qualifying costs incurred during the application development stage are capitalized as property and equipment. Internal use software is amortized on a straight-line basis over its estimated useful life of three years, beginning when the software is ready for its intended use.
Goodwill, Intangible Assets, and Long-Lived Assets	Goodwill, Intangible Assets, and Long-Lived Assets Goodwill Goodwill is the amount by which the cost of acquired net assets in a business combination exceeded the fair value of net identifiable assets on the date of purchase. The Company has a single reporting unit. We evaluate goodwill and other intangible assets with indefinite useful lives, if any, for impairment annually or on an interim basis when events and circumstances arise that indicate impairment may have occurred. The Company performed a quantitative assessment as of October 31, 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of its reporting unit was less than its carrying value. We estimated the fair value of our reporting unit based on our market capitalization. In performing our annual assessment as of October 31, 2020 and 2019, we first performed a qualitative test and if necessary, performed a quantitative test. To conduct the quantitative impairment test of goodwill, we compared the fair value of a reporting unit to its carrying value. We estimated the fair values of our reporting units using discounted cash flow models or other valuation models, such as comparative transactions and market multiples. We did not recognize any goodwill impairment charges during fiscal years 2020 or 2019. Intangible Assets and Long-Lived Assets Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations. All of our intangible assets are amortized using the straight-line method over their estimated useful life. Refer to Note 8: Business Combinations for further information. We periodically review long-lived assets (primarily property and equipment) and intangible assets with finite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. We base each impairment test on a comparison of the undiscounted cash flows to the carrying value of the asset or asset group. If impairment is indicated, we write down the asset to its estimated fair value based on a discounted cash flow analysis.
Comprehensive (Loss) Income	Comprehensive (Loss) Income The components of comprehensive loss include, in addition to net income, foreign currency translation adjustments and unrealized gains and losses on investments and hedging activity.
Revenue Recognition	Revenue Recognition Revenue Policy We derive our revenue primarily from software licenses and maintenance and services. Our license arrangements generally contain multiple performance obligations, including software maintenance services. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following steps: (i) identification of the contract(s) with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to performance obligations in the contract; and (v) recognition of revenue when or as we satisfy the performance obligations. Sales taxes collected from customers and remitted to government authorities are excluded from revenue and we do not license our software with a right of return. Software Licenses Software licenses are on-premise and fully functional when made available to the customer. As the customer can use and benefit from the license on its own, on-premise software licenses represent distinct performance obligations. Revenue is recognized upfront at the point in time when control is transferred, which is defined as the point in time when the client can use and benefit from the license. Our licenses are sold as perpetual or term licenses, and the arrangements typically contain various combinations of maintenance and services, which are generally accounted for as separate performance obligations. We use the residual approach to allocate the transaction price to our software license performance obligations because, due to the pricing of our licenses being highly variable, they do not have an observable stand-alone selling price ("SSP"). As required, we evaluate the residual approach estimate compared to all available observable data in order to conclude the estimate is representative of its SSP. Perpetual licenses are generally invoiced upon execution of the contract and payable within 30 days. Term licenses are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Any difference between the revenue recognized and the amount invoiced to the customer is recognized on our consolidated balance sheets as unbilled receivables until the customer is invoiced, at which point the amount is reclassified to accounts receivable. Maintenance Maintenance revenue is made up of technical support, bug fixes, and when-and-if available unspecified software upgrades. As these maintenance services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress, we have concluded that they represent one combined performance obligation. Revenue is recognized ratably over the contract period. The SSP of maintenance services is a percentage of the net selling price of the related software license, which has remained within a tight range and is consistent with the stand-alone pricing of subsequent maintenance renewals. Maintenance services are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Services Services revenue primarily includes consulting and customer education services. In general, services are distinct performance obligations. Services revenue is generally recognized as the services are delivered to the customer. We apply the practical expedient of recognizing revenue upon invoicing for time and materials-based arrangements as the invoiced amount corresponds to the value of the services provided. The SSP of services is based upon observable prices in similar transactions using the hourly rates sold in stand-alone services transactions. Services are either sold on a time and materials basis or prepaid upfront. We also offer products via a software-as-a-service ("SaaS") model, which is a subscription-based model. Our customers can use hosted software over the contract period without taking possession of it and the cloud services are available to them throughout the entire term, even if they do not use the service. Revenue related to SaaS offerings is recognized ratably over the contract period. The SSP of SaaS performance obligations is determined based upon observable prices in stand-alone SaaS transactions. SaaS arrangements are generally invoiced in advance on a monthly, quarterly, or annual basis over the term of the arrangement, which is typically one to three years. Arrangements with Multiple Performance Obligations When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation in a contract based on its relative SSP. Although we do not have a history of offering these elements, prior to allocating the transaction price to each performance obligation, we consider whether the arrangement has any discounts, material rights, or specified future upgrades that may represent additional performance obligations. Determining whether products and services are distinct performance obligations and the determination of the SSP may require significant judgment.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and were $0.9 million, $0.5 million, and $0.8 million in fiscal years 2021, 2020, and 2019, respectively.
Warranty Costs	Warranty Costs We make periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards, less the present value of expected dividends when applicable, measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. We recognize stock-based compensation expense related to options and restricted stock units on a straight-line basis over the service period of the award, which is generally 4 or 5 years for options and 3 or 4 years for restricted stock units, and adjust the expense each period for actual forfeitures. We recognize stock-based compensation expense related to performance stock units and our employee stock purchase plan using an accelerated attribution method.
Acquisition-Related Costs	Acquisition-Related CostsAcquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense.
Restructuring Charges	Restructuring ChargesOur restructuring charges are comprised primarily of costs related to property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements; and employee termination costs related to headcount reductions. We recognize and measure restructuring liabilities initially at fair value when the liability is incurred.
Income Taxes	Income Taxes We provide for deferred income taxes resulting from temporary differences between financial and taxable income. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. We first determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is that we measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes on our consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Business Combinations In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which improves the accounting for acquired revenue contracts with customers in a business combination by addressing inconsistency in practice related to (1) the recognition of an acquired contract liability; and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this update require an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance in ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We adopted this standard at the beginning of the fourth quarter of fiscal year 2021. Upon adoption, this update did not have a material effect on our consolidated financial position or results of operations. 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. Recently Issued Accounting Pronouncements Not Yet Adopted Convertible Debt In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the liability and equity separation model for convertible instruments with a cash conversion feature. As a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Additionally, the embedded conversion feature will no longer be amortized into income as interest expense over the instrument’s life. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, the standard requires applying the if-converted method to calculate convertible instruments’ impact on diluted earnings per share (“EPS”). The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. It can be adopted on either a full retrospective or modified retrospective basis. We plan to early adopt the new standard in the first quarter of fiscal year 2022 in accordance with the modified retrospective approach. Upon adoption, we expect to record a $47.5 million decrease to additional paid-in capital, a $56.0 million decrease to debt discount, a $4.9 million increase to retained earnings, and a $13.4 million decrease to long-term deferred tax liabilities. Income Taxes In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 updates specific areas of ASC 740, Income Taxes, to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. The new standard will be effective for us in the first quarter of fiscal year 2022. We do not expect this update to have a material effect on our consolidated financial position and results of operations.

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

12 Months Ended

Nov. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Allowances Against Accounts Receivable

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



	November 30, 2021		November 30, 2020		November 30, 2019
Beginning balance	$	886	$	667	$	574
Charge to costs and expenses	58		429		606
Write-offs and other	(408)		(169)		(457)
Translation adjustments	16		(41)		(56)
Ending balance	$	552	$	886	$	667

Schedule of Activity in Allowance for Sales Credit Memos

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



	November 30, 2021		November 30, 2020		November 30, 2019
Beginning balance	$	429	$	158	$	266
(Credit) charge to revenue	(340)		265		(60)
Write-offs and other	—		—		(46)
Translation adjustments	(7)		6		(2)
Ending balance	$	82	$	429	$	158

Accumulated Other Comprehensive (Loss) Income

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


	Foreign Currency Translation Adjustment		Unrealized (Losses) Gains on Investments		Unrealized Losses on Hedging Activity		Total
Balance, December 1, 2019	$	(28,393)	$	(30)	$	(1,551)	$	(29,974)
Other comprehensive income (loss)	777		44		(3,625)		(2,804)
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive (loss) income	(2,439)		(63)		2,837		335
Balance, November 30, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)

Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Nov. 30, 2021

Investments and Cash [Abstract]

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

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2021 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	130,371	$	—	$	—	$	130,371
Money market funds	25,035		—		—		25,035
U.S. treasury bonds	748		9		—		757
Corporate bonds	1,203		7		—		1,210
Total	$	157,357	$	16	$	—	$	157,373

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 Trading and Available-for-sale Investments by Balance Sheet Classification

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


	November 30, 2021				November 30, 2020
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	130,371	$	—	$	79,026	$	—
Money market funds	25,035		—		18,964		—
U.S. treasury bonds	—		757		—		5,051
Corporate bonds	—		1,210		—		2,954
Total	$	155,406	$	1,967	$	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):


	November 30, 2021		November 30, 2020
Due in one year or less	$	1,967	$	5,998
Due after one year (1)	—		2,007
Total	$	1,967	$	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 consolidated balance sheets.

Derivative Instruments (Tables)

12 Months Ended

Nov. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

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


	November 30, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	133,125	$	(3,078)	$	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):


	November 30, 2021				November 30, 2020
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	79,777	$	(371)	$	69,031	$	1,445
Forward contracts to purchase U.S. dollars	119		(1)		440		(3)
Total	$	79,896	$	(372)	$	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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 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 November 30, 2021 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	25,035	$	25,035	$	—	$	—
U.S. treasury bonds	757		—		757		—
Corporate bonds	1,210		—		1,210		—
Liabilities
Foreign exchange derivatives	(372)		—		(372)		$	—
Interest rate swap	$	(3,078)	$	—	$	(3,078)	$	—

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)	$	—

Inventories (Tables)

12 Months Ended

Nov. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The components of inventories were as follows (in thousands):


	November 30, 2021		November 30, 2020
Raw materials	$	1,920	$	—
Work in process	—		—
Finished goods	1,631		—
Total	$	3,551	$	—

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	November 30, 2021		November 30, 2020
Computer equipment and software	$	45,774	$	50,103
Land, buildings and leasehold improvements	8,023		31,610
Furniture and fixtures	3,539		5,107
Capitalized software development costs	276		276
Property and equipment, gross	57,612		87,096
Less accumulated depreciation and amortization	(43,267)		(57,279)
Property and equipment, net	$	14,345	$	29,817

Intangible Assets and Goodwill (Tables)

12 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	November 30, 2021						November 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(128,797)	$	83,903	$	173,486	$	(113,863)	$	59,623
Customer-related	306,308		(119,357)		186,951		231,342		(91,326)		140,016
Trademarks and trade names	37,611		(21,556)		16,055		30,440		(18,275)		12,165
Non-compete agreement	2,000		(1,724)		276		2,000		(1,057)		943
Total	$	558,619	$	(271,434)	$	287,185	$	437,268	$	(224,521)	$	212,747

Schedule of Future Amortization Expense from Intangible Assets Held

Future amortization expense for intangible assets as of November 30, 2021 is as follows (in thousands):


2022	$	69,106
2023	68,830
2024	56,014
2025	45,504
2026	36,148
Thereafter	11,583
Total	$	287,185

Summary of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for fiscal years 2021 and 2020 are as follows (in thousands):


	November 30, 2021		November 30, 2020
Balance, beginning of year	$	491,726	$	432,824
Measurement Period Adjustments(1)	(77)		(838)
Additions(2)	179,521		59,858
Translation Adjustments	(18)		(118)
Balance, end of year	$	671,152	$	491,726

(1) Represents final measurement period adjustments related to our Chef and Ipswitch acquisitions. Refer to Note 8: Business Combinations for further information.

Business Combinations (Tables)

12 Months Ended

Nov. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


	Preliminary Purchase Price Allocation		Life
Net working capital	$	27,075
Property, plant and equipment	803
Purchased technology	39,400		5 years
Trade name	7,200		5 years
Customer relationships	75,500		5 years
Other assets	170
Other noncurrent liabilities	(604)
Deferred taxes	(23,187)
Deferred revenue	(29,997)
Goodwill	179,521
Net assets acquired	$	275,881

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	52,330	$	147	$	52,477
Property, plant and equipment	498		—		498
Purchased technology	38,300		—		38,300		5 years
Trade name	5,700		—		5,700		5 years
Customer relationships	97,300		—		97,300		7 years
Other assets	122		—		122
Other noncurrent liabilities	(841)		—		(841)
Lease liabilities, net	(1,810)		—		(1,810)
Deferred taxes	(7,817)		126		(7,691)
Deferred revenue	(12,525)		—		(12,525)
Goodwill	59,858		(273)		59,585
Net assets acquired	$	231,115	$	—	$	231,115

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation		Life
Net working capital	$	6,068	$	651	$	6,719
Property, plant and equipment	4,661		—		4,661
Purchased technology	33,100		—		33,100		5 years
Trade name	9,600		—		9,600		5 years
Customer relationships	66,600		—		66,600		5 years
Other assets	314		(4)		310
Deferred revenue	(12,696)		(29)		(12,725)
Goodwill	117,651		(618)		117,033
Net assets acquired	$	225,298	$	—	$	225,298

Business Acquisition, Pro Forma Information

These results are prepared in accordance with ASC 606.


(In thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2021		Pro Forma Fiscal Year Ended November 30, 2020
Revenue	$	590,133	$	490,229
Net income	$	75,612	$	65,360
Net income per basic share	$	1.72	$	1.46
Net income per diluted share	$	1.69	$	1.44


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

Debt (Tables)

12 Months Ended

Nov. 30, 2021

Line of Credit Facility [Abstract]

Schedule of Maturities of Long-term Debt

As of November 30, 2021, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Credit Facility Maturing in 2024		Total
2022	$	—	$	26,338	$	26,338
2023	—		33,863		33,863
2024	—		206,936		206,936
2025	—		—		—
2026	360,000		—		360,000
Total face value of long-term debt	360,000		267,137		627,137
Unamortized discount and issuance costs	(65,465)		(1,378)		(66,843)
Less current portion of long-term debt, net	—		(25,767)		(25,767)
Long-term debt	$	294,535	$	239,992	$	534,527

Schedule Of Proceeds From Notes

Proceeds from the Notes:


(In thousands)
Principal	$	360,000
Less: issuance costs	(10,804)
	$	349,196

Schedule Of Net Carrying Amount Of liability Component

Net carrying amount of the liability component:


(In thousands)	November 30, 2021
Principal	$	360,000
Conversion option allocated to equity	(64,800)
Unamortized discount	(665)
	$	294,535

Schedule Of Net Carrying Amount Of Equity Component

Net carrying amount of the equity component, included in additional paid-in capital:


(In thousands)	November 30, 2021
Conversion options(1)	$	62,855
Capped call	(43,056)
	$	19,799
(1) Net of issuance costs

Schedule Of Interest Expense Related To Notes


	Twelve Months Ended
(In thousands)	November 30, 2021		November 30, 2020
Contractual interest expense (1% coupon)	$	2,280	$	—
Amortization of debt discount(1)	7,209		—
Amortization of issuance costs(1)	986		—
	$	10,475	$	—
(1) Amortized based upon an effective interest rate of 5.7%.

Leases (Tables)

12 Months Ended

Nov. 30, 2021

Leases [Abstract]

Lease, Cost

The components of operating lease cost for the year ended November 30, 2021 was as follows (in thousands):


	Fiscal Year Ended
	November 30, 2021
Lease costs under long-term operating leases	$	7,867
Lease costs under short-term operating leases	32
Variable lease cost under short-term and long-term operating leases(1)	434
Operating lease right-of-use asset impairment	3,057
Total operating lease cost	$	11,390

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

The table below presents supplemental cash flow information related to leases during the year ended November 30, 2021 (in thousands):


	Fiscal Year Ended
	November 30, 2021
Cash paid for leases	$	8,406
Right-of-use assets recognized for new leases and amendments (non-cash)	$	3,222

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


	November 30, 2021
Weighted average remaining lease term in years	4.15
Weighted average discount rate	2.6	%

Lessee, Operating Lease, Liability, Maturity

Future payments under non-cancellable leases at November 30, 2021 are as follows (in thousands):


2022	$	8,654
2023	8,158
2024	7,791
2025	5,110
Thereafter	3,146
Total lease payments	32,859
Less imputed interest(1)	(1,803)
Present value of lease liabilities	$	31,056

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

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


	Shares	Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
	(in thousands)	Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2020	1,673	$	39.28
Granted	645	43.17
Exercised	(195)	35.82
Canceled	(108)	42.85
Options outstanding, November 30, 2021	2,015	$	40.67	4.6	$	16,330
Exercisable, November 30, 2021	938	$	38.84	3.6	$	9,509
Vested or expected to vest, November 30, 2021	2,015	$	40.67	4.6	$	16,330

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2021 of $48.46 and the exercise prices for all options outstanding.

Summary of Status of Restricted Stock Units

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


	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2020	796	$	42.63
Granted	551	43.73
Issued	(326)	41.79
Canceled	(143)	46.37
Restricted stock units outstanding, November 30, 2021	878	$	43.06

Schedule of Valuation Assumptions


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Stock options:
Expected volatility	30.0	%	29.0	%	25.0	%
Risk-free interest rate	0.5	%	1.1	%	2.5	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.6	%	1.8	%
Employee stock purchase plan:
Expected volatility	33.1	%	38.2	%	30.6	%
Risk-free interest rate	0.1	%	0.2	%	2.3	%
Expected life (in years)	1.3		1.3		1.6
Expected dividend yield	1.5	%	2.0	%	1.7	%
Long-term incentive plan:
Expected volatility	36.3	%	34.7	%	32.2	%
Risk-free interest rate	0.2	%	1.1	%	2.5	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—	%	—	%	1.7	%

Stock Options and Stock Awards Activity

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Total intrinsic value of stock options on date exercised	$	2,523	$	1,340	$	1,388
Total fair value of deferred stock units on date vested	2,084		1,547		1,853
Total fair value of restricted stock units on date vested	16,018		15,499		14,720

Classification of Stock-Based Compensation

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Cost of maintenance and services	$	1,561	$	1,336	$	1,134
Sales and marketing	6,055		4,462		4,155
Product development	8,104		7,286		7,205
General and administrative	14,004		10,398		10,817
Total stock-based compensation	$	29,724	$	23,482	$	23,311
Income tax benefit included in the provision for income taxes	$	5,281	$	4,541	$	4,661

Revenue Recognition (Tables)

12 Months Ended

Nov. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Revenue Type


	Fiscal Year Ended
(In thousands)	November 30, 2021		November 30, 2020		November 30, 2019
Performance obligations transferred at a point in time:
Software licenses	$	156,590	$	115,249	$	122,552
Performance obligations transferred over time:
Maintenance	325,863		288,887		259,006
Services	48,860		38,014		31,740
Total revenue	$	531,313	$	442,150	$	413,298

Revenue from External Customers from Different Geographical Areas


	Fiscal Year Ended
(In thousands)	November 30, 2021		November 30, 2020		November 30, 2019
United States	$	294,947	$	240,717	$	213,252
Canada	22,867		20,281		20,659
EMEA	169,335		143,754		137,301
Latin America	17,036		14,574		19,665
Asia Pacific	27,128		22,824		22,421
Total revenue	$	531,313	$	442,150	$	413,298

Schedule of Contract with Customer, Asset and Liability

As of November 30, 2021, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2023	$	10,279
2024	2,813
2025	1,498
Total	$	14,590

As of November 30, 2021, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2020	$	193,295
Billings and other	560,401
Acquired from business combinations	29,997
Revenue recognized	(531,313)
Balance, November 30, 2021	$	252,380

Restructuring (Tables)

12 Months Ended

Nov. 30, 2021

Restructuring Charges [Abstract]

Summary of Restructuring Activity

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2018	$	307	$	4	$	311
Costs incurred	740		5,591		6,331
Cash disbursements	(760)		(3,647)		(4,407)
Translation adjustments and other	(91)		59		(32)
Balance, November 30, 2019	$	196	$	2,007	$	2,203
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Translation adjustments and other	(18)		5		(13)
Balance, November 30, 2020	$	421	$	3,552	$	3,973
Costs incurred	3,518		2,790		6,308
Cash disbursements	(1,072)		(4,447)		(5,519)
Translation adjustments and other	1,616		(6)		1,610
Balance, November 30, 2021	$	4,483	$	1,889	$	6,372

The expenses are recorded as restructuring expenses in the consolidated statements of operations.


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	—	$	—	$	—
Costs incurred	—		1,965		1,965
Cash disbursements	—		(69)		(69)
Translation adjustments and other	—		(14)		(14)
Balance, November 30, 2021	$	—	$	1,882	$	1,882

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523
Costs incurred	3,323		826		4,149
Cash disbursements	(455)		(4,350)		(4,805)
Translation adjustments and other	1,615		8		1,623
Balance, November 30, 2021	$	4,483	$	7	$	4,490

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2018	$	—	$	—	$	—
Costs incurred	—		2,494		2,494
Cash disbursements	—		(1,035)		(1,035)
Translation adjustments and other	—		1		1
Balance, December 1, 2019	$	—	$	1,460	$	1,460
Costs incurred	—		108		108
Cash disbursements	—		(1,546)		(1,546)
Balance, November 30, 2020	$	—	$	22	$	22
Costs incurred	—		6		6
Cash disbursements	—		(28)		(28)
Balance, November 30, 2021	$	—	$	—	$	—

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2018	$	—	$	—	$	—
Costs incurred	5		3,093		3,098
Cash disbursements	—		(2,604)		(2,604)
Translation adjustments and other	$	—	$	58	$	58
Balance, December 1, 2019	$	5	$	547	$	552
Costs incurred	1,447		39		1,486
Cash disbursements	(1,020)		(579)		(1,599)
Asset impairment	—		—		—
Translation adjustments and other	$	(15)	$	—	$	(15)
Balance, November 30, 2020	417		7		424
Costs incurred	(2)		(7)		(9)
Cash disbursements	(416)		—		(416)
Translation adjustments and other	1		—		1
Balance, November 30, 2021	$	—	$	—	$	—

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Components of Pretax Income

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
U.S.	$	80,508	$	83,279	$	(11,778)
Foreign	15,026		13,356		40,273
Total	$	95,534	$	96,635	$	28,495

Provisions for Income Taxes

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Current:
Federal	$	11,964	$	12,294	$	9,294
State	2,602		3,871		1,862
Foreign	3,456		3,370		5,808
Total current	18,022		19,535		16,964
Deferred
Federal	366		(1,613)		(12,191)
State	(1,110)		(969)		(2,399)
Foreign	(164)		(40)		(279)
Total deferred	(908)		(2,622)		(14,869)
Total	$	17,114	$	16,913	$	2,095

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

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Tax at U.S. Federal statutory rate	$	20,062	$	20,293	$	5,984
Foreign rate differences	193		(200)		(2,619)
Effects of foreign operations included in U.S. Federal provision	(112)		(167)		451
State income taxes, net	1,215		2,087		(918)
Research credits	(410)		(905)		(1,086)
Domestic production activities deduction	—		—		(248)
Tax-exempt interest	—		(3)		(27)
Nondeductible stock-based compensation	1,548		422		1,043
Meals and entertainment	61		162		198
Compensation subject to 162(m)	346		324		422
Uncertain tax positions and tax settlements	89		245		(720)
Net excess tax benefit or detriment from stock-based compensation plans	(11)		61		(103)
Global intangible low tax inclusion	606		(307)		2,100
Foreign derived intangible deduction	(6,386)		(5,297)		(2,300)
Other	(87)		198		(82)
Total	$	17,114	$	16,913	$	2,095

Summary of Deferred Taxes

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


	November 30, 2021		November 30, 2020
Deferred tax assets:
Accounts receivable	$	143	$	241
Accrued compensation	4,407		2,861
Accrued liabilities and other	2,898		4,430
Deferred revenue	8,081		9,032
Stock-based compensation	6,401		4,814
Original issue discount	9,132		—
Tax credit and loss carryforwards	35,376		42,189
Operating lease liabilities	5,257		5,531
Gross deferred tax assets	71,695		69,098
Valuation allowance	(7,315)		(9,876)
Total deferred tax assets	64,380		59,222
Deferred tax liabilities:
Goodwill	(21,867)		(20,624)
Right-of-use lease assets	(3,925)		(4,837)
Deferred revenue	(1,483)		(3,027)
Depreciation and amortization	(34,532)		(15,924)
Prepaid expenses	(1,906)		(334)
Notes payable	(13,415)		—
Total deferred tax liabilities	(77,128)		(44,746)
Total	$	(12,748)	$	14,476

Reconciliation of Unrecognized Tax Benefits

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


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Balance, beginning of year	$	6,219	$	4,993	$	5,787
Tax positions related to current period	71		—		—
Tax positions related to a prior period	(820)		539		110
Tax positions acquired	439		1,596		—
Settlements with tax authorities	(168)		(12)		(181)
Lapses due to expiration of the statute of limitations	(270)		(897)		(723)
Balance, end of year	$	5,471	$	6,219	$	4,993

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 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 from continuing operations (in thousands, expect per share data):


	Fiscal Year Ended
	November 30, 2021		November 30, 2020		November 30, 2019
Net income	$	78,420	$	79,722	$	26,400
Weighted average shares outstanding	43,916		44,886		44,791
Dilutive impact from common stock equivalents	704		435		549
Diluted weighted average shares outstanding	44,620		45,321		45,340
Basic earnings per share	$	1.79	$	1.78	$	0.59
Diluted earnings per share	$	1.76	$	1.76	$	0.58

Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Nov. 30, 2021 USD ($) software_vendor developer	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)	Feb. 28, 2022 USD ($)	Nov. 30, 2018 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of independent software vendors, more than \| software_vendor	1,700
Number of developers, more than \| developer	3,500,000
Capitalized software development costs	$ 0	$ 0	$ 0
Impairment of goodwill and intangible assets	0	0	0
Impairment of intangible assets	0	0	22,700,000
Other comprehensive income (loss), tax	700,000	1,600,000	400,000
Advertising costs	900,000	500,000	800,000
Acquisition-related expenses	4,102,000	3,637,000	1,658,000
Restructuring related costs	6,308,000	5,906,000	6,331,000
Stockholders' equity attributable to parent	412,489,000	346,013,000	$ 330,282,000		$ 324,002,000
Decrease in additional paid in capital	(354,235,000)	(305,802,000)
Increase in retained earnings	(90,256,000)	(72,547,000)
Decrease in deferred tax liabilities	$ (14,163,000)	0
Cumulative Effect, Period of Adoption, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Stockholders' equity attributable to parent					$ 4,781,000
Forecast \| Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Decrease in additional paid in capital				$ 47,500,000
Unamortized discount				56,000,000
Increase in retained earnings				(4,900,000)
Decrease in deferred tax liabilities				$ 13,400,000
Software licenses
Summary Of Significant Accounting Policies [Line Items]
Period of payments of licenses upon execution of contract	30 days
Minimum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period	4 years
Minimum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period	3 years
Minimum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	1 year
Minimum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	1 year
Minimum \| Services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	1 year
Maximum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period	5 years
Maximum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period	4 years
Maximum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	3 years
Maximum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	3 years
Maximum \| Services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period	3 years
Computer equipment and software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	3 years
Computer equipment and software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	7 years
Buildings and Improvements \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	5 years
Buildings and Improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	39 years
Furniture and fixtures \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	5 years
Furniture and fixtures \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	7 years
Internal Use Software
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset	3 years
Amortization	$ 0	$ 0

Nature of Business and Summary of Significant Accounting Policies (Summary of Allowances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
SEC Schedule, 12-09, Allowance, Credit Loss
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 886	$ 667	$ 574
Charge to costs and expenses	58	429	606
Write-offs and other	(408)	(169)	(457)
Translation adjustments	16	(41)	(56)
Ending balance	552	886	667
Allowance for Sales Credit Memos
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	429	158	266
Charge to costs and expenses	(340)	265	(60)
Write-offs and other	0	0	(46)
Translation adjustments	(7)	6	(2)
Ending balance	$ 82	$ 429	$ 158

Nature of Business and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	$ 346,013	$ 330,282	$ 324,002
Other comprehensive loss	335	(2,804)	(1,798)
Balance, end of year	412,489	346,013	330,282
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(32,778)	(29,974)	(28,176)
Other comprehensive loss	335	(2,804)	(1,798)
Balance, end of year	(32,443)	(32,778)	(29,974)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(27,616)	(28,393)
Other comprehensive loss	(2,439)	777
Balance, end of year	(30,055)	(27,616)	(28,393)
Unrealized (Losses) Gains on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	14	(30)
Other comprehensive loss	(63)	44
Balance, end of year	(49)	14	(30)
Unrealized Losses on Hedging Activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(5,176)	(1,551)
Other comprehensive loss	2,837	(3,625)
Balance, end of year	$ (2,339)	$ (5,176)	$ (1,551)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-For-Sale Investments) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 155,406	$ 97,990
Unrealized Gains	16	99
Unrealized Losses	0	0
Cash, cash equivalents and investments cost basis	157,357	105,896
Cash, cash equivalents and investments at fair value	157,373	105,995
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	748	4,993
Unrealized Gains	9	58
Unrealized Losses	0	0
Fair Value	757	5,051
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	1,203	2,913
Unrealized Gains	7	41
Unrealized Losses	0	0
Fair Value	1,210	2,954
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	130,371	79,026
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 25,035	$ 18,964

Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 155,406	$ 97,990
Short-Term Investments	1,967	8,005
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	757	5,051
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	1,210	2,954
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	130,371	79,026
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 25,035	$ 18,964

Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Investments and Cash [Abstract]
Due in one year or less	$ 1,967	$ 5,998
Due after one year	0	2,007
Total	$ 1,967	$ 8,005

Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Jul. 09, 2019
Derivative [Line Items]
Derivative assets (liabilities), at fair value	$ (372)	$ 1,442
Interest Rate Swap
Derivative [Line Items]
Notional amount				$ 150,000
Percentage of variable rate debt, managed variability	50.00%
Fixed interest rate				1.855%
Derivative assets (liabilities), at fair value	$ (3,078)	(6,855)
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	3 years
Gains (losses) on foreign currency option contracts	$ (2,100)	1,700	$ (1,100)
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities, gross liability	300
Forward Contracts \| Accrued Liabilities
Derivative [Line Items]
Derivative liabilities, gross liability	$ 100
Forward Contracts \| Other Assets
Derivative [Line Items]
Derivative liability, gross asset		$ 1,400

Derivative Instruments (Outstanding Foreign Currency Forward Contracts) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Derivative [Line Items]
Derivative contracts, notional value	$ 79,896	$ 69,471
Derivative assets (liabilities), at fair value	(372)	1,442
Interest rate swap
Derivative [Line Items]
Derivative contracts, notional value	133,125	142,500
Derivative assets (liabilities), at fair value	(3,078)	(6,855)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	79,777	69,031
Derivative assets (liabilities), at fair value	(371)	1,445
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Derivative contracts, notional value	119	440
Derivative assets (liabilities), at fair value	$ (1)	$ (3)

Fair Value Measurements (Narrative) (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal	$ 627,137
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate principal amount	295,200
Principal	360,000
Fair value notes	$ 372,100

Inventories (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Inventory [Line Items]
Raw materials	$ 1,920	$ 0
Work in process	0	0
Finished goods	1,631	0
Total	3,551	$ 0
Other Current Assets
Inventory [Line Items]
Total	$ 3,600

Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 57,612	$ 87,096
Less accumulated depreciation and amortization	(43,267)	(57,279)
Property and equipment, net	14,345	29,817
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	45,774	50,103
Land, buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,023	31,610
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,539	5,107
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 276	$ 276

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5.5	$ 6.1	$ 7.6

Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558,619	$ 437,268
Accumulated Amortization	(271,434)	(224,521)
Total	287,185	212,747
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	212,700	173,486
Accumulated Amortization	(128,797)	(113,863)
Total	83,903	59,623
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	306,308	231,342
Accumulated Amortization	(119,357)	(91,326)
Total	186,951	140,016
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,611	30,440
Accumulated Amortization	(21,556)	(18,275)
Total	16,055	12,165
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(1,724)	(1,057)
Total	$ 276	$ 943

Intangible Assets and Goodwill (Narrative) (Details) - USD ($)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, amortization expense	$ 46,900,000	$ 27,900,000	$ 48,100,000
Impairment of goodwill and intangible assets	$ 0	$ 0	$ 0

Intangible Assets and Goodwill (Schedule of Future Amortization Expense From Intangible Assets Held) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 69,106
2023	68,830
2024	56,014
2025	45,504
2026	36,148
Thereafter	11,583
Total	$ 287,185	$ 212,747

Intangible Assets and Goodwill (Summary of Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Balance, beginning of year	$ 491,726	$ 432,824
Measurement period adjustment	(77)	(838)
Additions	179,521	59,858
Translation Adjustments	(18)	(118)
Balance, end of year	$ 671,152	$ 491,726

Business Combinations (Narrative) (Details) business in Thousands				1 Months Ended	3 Months Ended	12 Months Ended			13 Months Ended	14 Months Ended
	Nov. 01, 2021 USD ($)	Oct. 05, 2020 USD ($)	Apr. 30, 2019 USD ($) business	Oct. 31, 2020 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)	May 30, 2020 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2020 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 671,152,000	$ 671,152,000	$ 491,726,000	$ 432,824,000		$ 671,152,000
Acquisition-related expenses						$ 4,102,000	3,637,000	1,658,000
Federal statutory income tax rate, percent						24.50%
Goodwill, purchase accounting adjustments						$ 77,000	838,000
Share-based payment arrangement, expense						$ 29,724,000	$ 23,482,000	$ 23,311,000
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Vesting period						3 years
Revolving Line of Credit
Business Acquisition [Line Items]
Proceeds from lines of credit				$ 98,500,000
Credit Agreement \| Revolving Line of Credit
Business Acquisition [Line Items]
Proceeds from lines of credit		$ 98,500,000
Kemp Acquisition
Business Acquisition [Line Items]
Payments to acquire businesses	$ 258,000,000
Escrow deposit	2,000,000
Intangible assets					122,100,000	$ 122,100,000				122,100,000
Goodwill	179,521,000
Acquisition-related expenses					1,900,000
Revenue of acquisition						5,900,000
Kemp Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	39,400,000
Kemp Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	7,200,000
Kemp Acquisition \| Customer-related
Business Acquisition [Line Items]
Intangible assets	$ 75,500,000
Chef Acquisition
Business Acquisition [Line Items]
Payments to acquire businesses		220,000,000
Escrow deposit		12,000,000
Intangible assets					141,300,000	141,300,000				141,300,000
Goodwill		59,858,000			59,585,000	59,585,000				59,585,000
Acquisition-related expenses						700,000
Goodwill, purchase accounting adjustments										273,000
Chef Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets		38,300,000			38,300,000	38,300,000				38,300,000
Chef Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets		5,700,000			5,700,000	5,700,000				5,700,000
Chef Acquisition \| Customer-related
Business Acquisition [Line Items]
Intangible assets		$ 97,300,000			$ 97,300,000	97,300,000				$ 97,300,000
Ipswitch
Business Acquisition [Line Items]
Escrow deposit			$ 22,500,000
Goodwill			117,651,000								$ 117,033,000
Total purchase consideration			$ 225,000,000
Number of businesses acquired \| business			24
Goodwill, purchase accounting adjustments									$ 618,000
Ipswitch \| Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Consideration payable in the form of restricted stock units			$ 2,000,000
Vesting period			3 years
Remaining amortization period			3 years
Share-based payment arrangement, expense						$ 700,000
Ipswitch \| Purchased technology
Business Acquisition [Line Items]
Intangible assets			$ 33,100,000								33,100,000
Ipswitch \| Trade name
Business Acquisition [Line Items]
Intangible assets			9,600,000								9,600,000
Ipswitch \| Customer-related
Business Acquisition [Line Items]
Intangible assets			66,600,000								$ 66,600,000
Ipswitch \| Term Loan
Business Acquisition [Line Items]
Aggregate principal amount			185,000,000
Term loan and maximum borrowing capacity			$ 401,000,000

Business Combinations (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands				12 Months Ended		13 Months Ended	14 Months Ended
	Nov. 01, 2021	Oct. 05, 2020	Apr. 30, 2019	Nov. 30, 2021	Nov. 30, 2020	May 30, 2020	Nov. 30, 2021	May 31, 2020	Nov. 30, 2019
Business Acquisition [Line Items]
Goodwill				$ 671,152	$ 491,726		$ 671,152		$ 432,824
Measurement Period Adjustments
Goodwill				77	$ 838
Kemp Acquisition
Business Acquisition [Line Items]
Net working capital	$ 27,075
Property, plant and equipment	803
Intangible assets				122,100			122,100
Other assets	170
Other noncurrent liabilities	(604)
Deferred taxes	(23,187)
Deferred revenue	(29,997)
Goodwill	179,521
Net assets acquired	275,881
Kemp Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 39,400
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Kemp Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 7,200
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Kemp Acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 75,500
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Chef acquisition
Business Acquisition [Line Items]
Net working capital		$ 52,330		52,477			52,477
Property, plant and equipment		498		498			498
Intangible assets				141,300			141,300
Other assets		122		122			122
Other noncurrent liabilities		(841)		(841)			(841)
Lease liabilities, net		(1,810)		(1,810)			(1,810)
Deferred taxes		(7,817)		(7,691)			(7,691)
Deferred revenue		(12,525)		(12,525)			(12,525)
Goodwill		59,858		59,585			59,585
Net assets acquired		231,115		231,115			231,115
Measurement Period Adjustments
Net working capital							147
Deferred taxes							126
Goodwill							273
Net assets acquired							0
Chef acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets		$ 38,300		38,300			38,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life		5 years
Chef acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets		$ 5,700		5,700			5,700
Measurement Period Adjustments
Finite-lived intangible assets, useful life		5 years
Chef acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 97,300		$ 97,300			$ 97,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life		7 years
Ipswitch
Business Acquisition [Line Items]
Net working capital			$ 6,068					$ 6,719
Property, plant and equipment			4,661					4,661
Other assets			314					310
Deferred revenue			(12,696)					(12,725)
Goodwill			117,651					117,033
Net assets acquired			225,298					225,298
Measurement Period Adjustments
Net working capital						$ 651
Other assets						(4)
Deferred revenue						(29)
Goodwill						618
Net assets acquired						$ 0
Ipswitch \| Purchased technology
Business Acquisition [Line Items]
Intangible assets			$ 33,100					33,100
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Ipswitch \| Trade name
Business Acquisition [Line Items]
Intangible assets			$ 9,600					9,600
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Ipswitch \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 66,600					$ 66,600
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years

Business Combinations (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Kemp Acquisition
Business Acquisition [Line Items]
Revenue	$ 590,133	$ 490,229
Net income	$ 75,612	$ 65,360
Net income per basic share (in dollars per share)	$ 1,720	$ 1,460
Net income per diluted share (in dollars per share)	$ 1,690	$ 1,440
Chef Acquisition
Business Acquisition [Line Items]
Revenue		$ 497,700
Net income		$ 61,952
Net income per basic share (in dollars per share)		$ 1.38
Net income per diluted share (in dollars per share)		$ 1.37

Debt - Future Maturities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
2022	$ 26,338
2023	33,863
2024	206,936
2025	0
2026	360,000
Total face value of long-term debt	627,137
Unamortized discount and issuance costs	(66,843)
Less current portion of long-term debt, net	(25,767)	$ (18,242)
Long-term debt, net	534,527
2026 Notes
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	360,000
Total face value of long-term debt	360,000
Unamortized discount and issuance costs	(65,465)
Less current portion of long-term debt, net	0
Long-term debt, net	294,535
Credit Facility Maturing in 2024
Debt Instrument [Line Items]
2022	26,338
2023	33,863
2024	206,936
2025	0
2026	0
Total face value of long-term debt	267,137
Unamortized discount and issuance costs	(1,378)
Less current portion of long-term debt, net	(25,767)
Long-term debt, net	$ 239,992

Debt - Narrative (Details) $ / shares in Units, shares in Millions		1 Months Ended	3 Months Ended
	Apr. 08, 2021 USD ($) $ / shares shares	Apr. 30, 2021 USD ($)	Nov. 30, 2021 USD ($) trading_day day $ / shares
Line of Credit Facility [Line Items]
Number of shares subject to anti-dilution adjustments (in shares) \| shares	6.3
Capped call transactions (in dollars per share) \| $ / shares	$ 89.88
Represents premium price	100.00%
Share price (in dollars per share) \| $ / shares			$ 48.46
Payments for derivative instrument	$ 43,100,000
DTA, derivative instruments	$ 10,600,000
2026 Notes
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 295,200,000
Debt issuance cost			10,800,000
Debt issuance cost			8,900,000
Debt issuance costs, liability component			1,900,000
Convertible Senior Notes
Line of Credit Facility [Line Items]
Debt issuance cost			$ 10,804,000
Convertible Senior Notes \| 2026 Notes
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 325,000,000
Convertible debt , additional purchase amount available		$ 50,000,000
Convertible debt , additional purchase amount, settlement period		13 days
Convertible debt, additional purchase amount		$ 35,000,000
Proceeds from convertible debt		$ 360,000,000
Annual interest rate		1.00%	1.00%
Conversion ratio		0.0174525
Common stock exceeds			130.00%
Trading days \| day			20
Consecutive trading day \| day			30
Initial conversion price (in dollars per share) \| $ / shares			$ 57.30
Repurchase price			100.00%
Principal amount redeemable			$ 100,000,000
Share price (in dollars per share) \| $ / shares	$ 44.94
Convertible Senior Notes \| 2026 Notes \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Common stock exceeds			130.00%
Trading days \| trading_day			20
Consecutive trading day \| trading_day			30
Convertible Senior Notes \| 2026 Notes \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Common stock exceeds			98.00%
Trading days \| day			5
Consecutive trading day \| trading_day			10

Debt - Proceeds from Notes (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Debt Instrument [Line Items]
Principal	$ 627,137
Convertible Senior Notes
Debt Instrument [Line Items]
Principal	360,000
Less: issuance costs	(10,804)
Long-term Debt, Total	$ 349,196

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Net Carrying Amount Of The Liability Component (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Debt Instrument [Line Items]
Principal	$ 627,137
Convertible Senior Notes
Debt Instrument [Line Items]
Principal	360,000
Long-term Debt, Total	349,196
2026 Notes
Debt Instrument [Line Items]
Principal	360,000
2026 Notes \| Convertible Senior Notes
Debt Instrument [Line Items]
Principal	360,000
Conversion option allocated to equity	(64,800)
Decrease in debt discount	(665)
Long-term Debt, Total	$ 294,535

- Definition

+ References + Details

Debt - Net Carrying Amount Of The Equity Component (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Line of Credit Facility [Abstract]
Conversion options	$ 62,855
Capped call	(43,056)
Total	$ 19,799

Debt - Interest Expense Related To The Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Apr. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 2,280	$ 0
Amortization of debt discount	7,209	0
Amortization of issuance costs	986	0
Interest expense, debt	$ 10,475	$ 0
Convertible Senior Notes \| 2026 Notes
Debt Instrument [Line Items]
Annual interest rate	1.00%		1.00%
Debt Instrument, Interest Rate, Effective Percentage	5.70%

Debt - Credit Facility (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Credit Facility (Details) - USD ($)	Oct. 05, 2020	Oct. 31, 2020	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Apr. 30, 2019
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months			$ 26,338,000
Unamortized debt issuance costs			66,843,000
Amortization of issuance costs			$ 986,000	$ 0
Secured Revolving Credit Facility Maturing in 2024
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 98,500,000
Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities			1.88%
Debt, weighted average interest rate			1.90%
Debt issuance cost			$ 1,600,000
Unamortized debt issuance costs			1,200,000
Amortization of issuance costs			$ 600,000	$ 400,000	$ 400,000
Percentage of capital stock of domestic subsidiaries			100.00%
Percentage of capital stock of first-tier foreign subsidiaries			65.00%
Credit Agreement \| 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 \| 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 \| Secured Revolving Credit Facility Maturing in 2024
Line of Credit Facility [Line Items]
Unsecured credit facility						$ 100,000,000
Additional borrowing capacity available						125,000,000
Proceeds from lines of credit	$ 98,500,000
Line of credit facility outstanding amount			$ 0
Credit Agreement \| Secured Revolving Credit Facility Maturing in 2024 \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.25%
Credit Agreement \| Secured Revolving Credit Facility Maturing in 2024 \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage			0.35%
Credit Agreement \| Swing Line Loans
Line of Credit Facility [Line Items]
Aggregate principal amount						25,000,000
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount						25,000,000
Line of credit facility outstanding amount			$ 2,300,000
Credit Agreement \| Credit Facility Maturing in 2024
Line of Credit Facility [Line Items]
Aggregate principal amount						301,000,000
Additional borrowing capacity available						$ 185,000,000
Line of credit facility outstanding amount			267,100,000
Long-term debt, maturity, next 12 months			26,300,000
Principal repayments, option one			1,900,000
Principal repayments, option two			3,800,000
Principal repayments, option three			5,600,000
Principal repayments, option four			7,500,000
Principal repayments, three payment schedules			$ 9,400,000

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Dec. 01, 2019
Lessee, Lease, Description [Line Items]
Right-of-use lease assets	$ 25,253	$ 30,635
Operating lease, liability	31,056
Operating lease, expense	$ 9,300	$ 9,600	$ 8,900
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	8 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) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Leases [Abstract]
Lease costs under long-term operating leases	$ 7,867
Lease costs under short-term operating leases	32
Variable lease cost under short-term and long-term operating leases	434
Operating lease right-of-use asset impairment	3,057
Total operating lease cost	11,390
Cash paid for leases	8,406
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 3,222
Weighted average remaining lease term in years	4 years 1 month 24 days
Weighted average discount rate	2.60%

Leases - Schedule of Future Minimum Lease Payments After the Adoption of ASC 842 (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Leases [Abstract]
2022	$ 8,654
2023	8,158
2024	7,791
2025	5,110
Thereafter	3,146
Total lease payments	32,859
Less imputed interest	(1,803)
Present value of lease liabilities	$ 31,056

Stockholders’ Equity (Details)		12 Months Ended			60 Months Ended
Stockholders’ Equity (Details)	Dec. 15, 2021 $ / shares	Nov. 30, 2021 USD ($) unit $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Nov. 30, 2019 USD ($) $ / shares shares	Nov. 30, 2021 USD ($) $ / shares shares	Jan. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares issued (in shares)		0	0		0
Preferred stock, shares outstanding (in shares)		0			0
Common stock, shares authorized (in shares)		200,000,000	200,000,000		200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)		44,146,193	44,240,635		44,146,193
Common stock, shares outstanding (in shares)		44,146,193	44,240,635		44,146,193
Share repurchase program, authorized amount \| $						$ 250,000,000	$ 75,000,000
Common stock repurchased and retired (in shares)		800,000	1,400,000	700,000
Common stock repurchased and retired, value (in dollars) \| $		$ 35,000,000	$ 60,000,000	$ 25,000,000
Remaining authorized repurchase amount \| $		$ 155,000,000			$ 155,000,000
Cash dividends paid per common share (in dollars per share) \| $ / shares					$ 0.125
Cash dividends declared per common share (in dollars per share) \| $ / shares		$ 0.700	$ 0.670	$ 0.630
Dividends paid \| $		$ 31,600,000	$ 29,900,000	$ 27,800,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividends paid per common share (in dollars per share) \| $ / shares	$ 0.175
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock units, shares outstanding (in shares)		253,255			253,255
Deferred stock unit of common stock (in shares) \| unit		1

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Feb. 28, 2021 metric	Feb. 29, 2020 metric	Feb. 28, 2019 metric	Nov. 30, 2021 USD ($) plan period $ / shares shares	Nov. 30, 2020 $ / shares shares	Nov. 30, 2019 $ / shares shares	May 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan				1
Number of plans for which shareholder approval not required \| plan				2
Unrecognized stock-based compensation expense, net of expected forfeitures \| $				$ 36.5
Costs are expected to be recognized, weighted average period				2 years
2008 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)							4,500,000
Shares available for grant under stock plans (in shares)				6,534,788
2002 Nonqualified Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)				107,329
2004 Inducement Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)				466,534
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Number of common stock shares each restricted stock unit represents (in shares)				1
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics \| metric	2	2	2
Stock-based compensation service period	3 years	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Cumulative Performance Condition				3 years
Percentage of shares based on market conditions		50.00%	50.00%
Percentage of shares based on cumulative performance condition		50.00%	50.00%
Long-Term Incentive Plan \| Twenty Twenty One Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Cumulative Performance Condition				3 years
Percentage of shares based on market conditions				25.00%
Percentage of shares based on cumulative performance condition				75.00%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)				10,250,000
ESPP offering period				27 months
ESPP number of purchase periods \| period				9
ESPP purchase period				3 months
ESPP purchase price (as a percent)				85.00%
Employee stock purchase plan, issued shares (in shares)				277,000	237,000	189,000
Weighted average purchase price of shares (in dollars per share) \| $ / shares				$ 28.20	$ 27.86	$ 29.23
Shares available and reserved for issuance (in shares)				687,000
Additional holding period				3 months
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares				$ 11.59	8.73	11.07
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares				$ 9.46	$ 9.59	$ 7.38

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2021 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	1,673
Granted (in shares) \| shares	645
Exercised (in shares) \| shares	(195)
Canceled (in shares) \| shares	(108)
Ending balance (in shares) \| shares	2,015
Exercisable (in shares) \| shares	938
Vested or expected to vest (in shares) \| shares	2,015
Weighted Average Exercise Price
Beginning of year (in dollars per share)	$ 39.28
Granted (in dollars per share)	43.17
Exercised (in dollars per share)	35.82
Canceled (in dollars per share)	42.85
End of year (in dollars per share)	40.67
Exercisable (in dollars per share)	38.84
Vested or expected to vest (in dollars per share)	$ 40.67
Weighted Average Remaining Contractual Term
Options Outstanding (in years)	4 years 7 months 6 days
Exercisable (in years)	3 years 7 months 6 days
Vested or expected to vest (in years)	4 years 7 months 6 days
Aggregate Intrinsic Value
Options outstanding \| $	$ 16,330
Exercisable \| $	9,509
Vested or expected to vest \| $	$ 16,330
Share price (in dollars per share)	$ 48.46

Stock-Based Compensation (Summary of Status of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Nov. 30, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	796
Granted (in shares) \| shares	551
Issued (in shares) \| shares	(326)
Canceled (in shares) \| shares	(143)
Ending balance (in shares) \| shares	878
Weighted Average Fair Value
Beginning of year (in dollars per share) \| $ / shares	$ 42.63
Granted (in dollars per share) \| $ / shares	43.73
Issued (in dollars per share) \| $ / shares	41.79
Canceled (in dollars per share) \| $ / shares	46.37
End of year (in dollars per share) \| $ / shares	$ 43.06

Stock-Based Compensation (Fair Value of Options and Employee Stock Purchase Plan) (Details)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	30.00%	29.00%	25.00%
Risk-free interest rate	0.50%	1.10%	2.50%
Expected life (in years)	4 years 9 months 18 days	4 years 9 months 18 days	4 years 9 months 18 days
Expected dividend yield	1.60%	1.60%	1.80%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	33.10%	38.20%	30.60%
Risk-free interest rate	0.10%	0.20%	2.30%
Expected life (in years)	1 year 3 months 18 days	1 year 3 months 18 days	1 year 7 months 6 days
Expected dividend yield	1.50%	2.00%	1.70%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	36.30%	34.70%	32.20%
Risk-free interest rate	0.20%	1.10%	2.50%
Expected life (in years)	2 years 9 months 18 days	2 years 9 months 18 days	2 years 9 months 18 days
Expected dividend yield	0.00%	0.00%	1.70%

Stock-Based Compensation (Activity Stock Options and Stock Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options on date exercised	$ 2,523	$ 1,340	$ 1,388
Total fair value of restricted stock units and deferred stock units on date vested	18,102	17,046	16,573
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock units and deferred stock units on date vested	2,084	1,547	1,853
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock units and deferred stock units on date vested	$ 16,018	$ 15,499	$ 14,720

Stock-Based Compensation (Classification of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 29,724	$ 23,482	$ 23,311
Income tax benefit included in the provision for income taxes	5,281	4,541	4,661
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,561	1,336	1,134
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	6,055	4,462	4,155
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	8,104	7,286	7,205
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 14,004	$ 10,398	$ 10,817

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Retirement Benefits [Abstract]
Company contributions to the plan	$ 4.0	$ 3.6	$ 2.3

Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 531,313	$ 442,150	$ 413,298
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	156,590	115,249	122,552
Software licenses \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	156,590	115,249	122,552
Maintenance \| Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenue	325,863	288,887	259,006
Services \| Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 48,860	$ 38,014	$ 31,740

- 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
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 531,313	$ 442,150	$ 413,298
United States
Disaggregation of Revenue [Line Items]
Total revenue	294,947	240,717	213,252
Canada
Disaggregation of Revenue [Line Items]
Total revenue	22,867	20,281	20,659
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	169,335	143,754	137,301
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	17,036	14,574	19,665
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 27,128	$ 22,824	$ 22,421

- Definition

+ References

+ Details

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
2023	$ 10,279
2024	2,813
2025	1,498
Total	$ 14,590

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Contract asset	$ 5.0	$ 11.3
Deferred contract costs	$ 7.9	$ 2.5	$ 1.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	81.00%
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 - Performance Obligations (Details) $ in Millions	Nov. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 213.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2021 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance at period start	$ 193,295
Billings and other	560,401
Acquired from business combinations	29,997
Revenue recognized	(531,313)
Balance at period end	$ 252,380

Restructuring (Summary of Restructuring Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 3,973	$ 2,203	$ 311
Costs incurred	6,308	5,906	6,331
Cash disbursements	(5,519)	(4,123)	(4,407)
Translation adjustments and other	1,610	(13)	(32)
Ending Balance	6,372	3,973	2,203
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	421	196	307
Costs incurred	3,518	1,812	740
Cash disbursements	(1,072)	(1,569)	(760)
Translation adjustments and other	1,616	(18)	(91)
Ending Balance	4,483	421	196
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	3,552	2,007	4
Costs incurred	2,790	4,094	5,591
Cash disbursements	(4,447)	(2,554)	(3,647)
Translation adjustments and other	(6)	5	59
Ending Balance	1,889	3,552	2,007
2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	1,965
Cash disbursements	(69)
Translation adjustments and other	(14)
Ending Balance	1,882	0
2021 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	0
Cash disbursements	0
Translation adjustments and other	0
Ending Balance	0	0
2021 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	1,965
Cash disbursements	(69)
Translation adjustments and other	(14)
Ending Balance	1,882	0
2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	3,523	0
Costs incurred	4,149	3,947
Cash disbursements	(4,805)	(429)
Translation adjustments and other	1,623	5
Ending Balance	4,490	3,523	0
2020 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs incurred	3,323	0
Cash disbursements	(455)	0
Translation adjustments and other	1,615	0
Ending Balance	4,483	0	0
2020 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	3,523	0
Costs incurred	826	3,947
Cash disbursements	(4,350)	(429)
Translation adjustments and other	8	5
Ending Balance	7	3,523	0
2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	22	1,460	0
Costs incurred	6	108	2,494
Cash disbursements	(28)	(1,546)	(1,035)
Translation adjustments and other			1
Ending Balance	0	22	1,460
2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0	0
Costs incurred	0	0	0
Cash disbursements	0	0	0
Translation adjustments and other			0
Ending Balance	0	0	0
2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	22	1,460	0
Costs incurred	6	108	2,494
Cash disbursements	(28)	(1,546)	(1,035)
Translation adjustments and other			1
Ending Balance	0	22	1,460
Ipswitch \| 2019 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	424	552	0
Costs incurred	(9)	1,486	3,098
Cash disbursements	(416)	(1,599)	(2,604)
Asset impairment		0
Translation adjustments and other	1	(15)	58
Ending Balance	0	424	552
Ipswitch \| 2019 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	417	5	0
Costs incurred	(2)	1,447	5
Cash disbursements	(416)	(1,020)	0
Asset impairment		0
Translation adjustments and other	1	(15)	0
Ending Balance	0	417	5
Ipswitch \| 2019 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	7	547	0
Costs incurred	(7)	39	3,093
Cash disbursements	0	(579)	(2,604)
Asset impairment		0
Translation adjustments and other	0	0	58
Ending Balance	$ 0	$ 7	$ 547

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 6,308	$ 5,906	$ 6,331
2021 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		1,965
Short-term restructuring reserves		1,900
2020 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		4,149	3,947
Short-term restructuring reserves		4,500
2019 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		6	108	2,494
Ipswitch \| 2019 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ (9)	$ 1,486	$ 3,098
Trademarks and Trade Names \| DataRPM and Kinvey
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets	$ 22,700

Income Taxes (Components of Pretax Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
U.S.	$ 80,508	$ 83,279	$ (11,778)
Foreign	15,026	13,356	40,273
Income before income taxes	$ 95,534	$ 96,635	$ 28,495

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Provisions For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Current:
Federal	$ 11,964	$ 12,294	$ 9,294
State	2,602	3,871	1,862
Foreign	3,456	3,370	5,808
Total current	18,022	19,535	16,964
Deferred, as adjusted:
Federal	366	(1,613)	(12,191)
State	(1,110)	(969)	(2,399)
Foreign	(164)	(40)	(279)
Total deferred	(908)	(2,622)	(14,869)
Total	$ 17,114	$ 16,913	$ 2,095

Income Taxes (Reconciliation of The U.S. Federal Statutory Rate to The Effective Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Tax at U.S. Federal statutory rate	$ 20,062	$ 20,293	$ 5,984
Foreign rate differences	193	(200)	(2,619)
Effects of foreign operations included in U.S. Federal provision	(112)	(167)	451
State income taxes, net	1,215	2,087	(918)
Research credits	(410)	(905)	(1,086)
Domestic production activities deduction	0	0	(248)
Tax-exempt interest	0	(3)	(27)
Nondeductible stock-based compensation	1,548	422	1,043
Meals and entertainment	61	162	198
Compensation subject to 162(m)	346	324	422
Uncertain tax positions and tax settlements	89	245	(720)
Net excess tax benefit or detriment from stock-based compensation plans	(11)	61	(103)
Global intangible low tax inclusion	606	(307)	2,100
Foreign derived intangible deduction	(6,386)	(5,297)	(2,300)
Other	(87)	198	(82)
Total	$ 17,114	$ 16,913	$ 2,095

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ (2,600)	$ 1,000	$ 100
Net operating loss carryforwards	26,600
Cumulative undistributed foreign earnings	98,400
Tax positions related to a prior period	5,471	6,219	$ 4,993	$ 5,787
Deferred tax assets related to operating loss carryforwards, not recorded	4,000
Interest and penalties recorded to provision for income taxes	800
Accrued estimated interest and penalties	1,200	$ 400
Federal and Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	130,100
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	49,700
Tax credit carryforwards	3,700
Indefinite-Lived Carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,400
Federal
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	5,900
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Tax positions related to a prior period	$ 1,500

Income Taxes (Summary Of Deferred Taxes) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Deferred tax assets:
Accounts receivable	$ 143	$ 241
Accrued compensation	4,407	2,861
Accrued liabilities and other	2,898	4,430
Deferred revenue	8,081	9,032
Stock-based compensation	6,401	4,814
Original issue discount	9,132	0
Tax credit and loss carryforwards	35,376	42,189
Operating lease liabilities	5,257	5,531
Gross deferred tax assets	71,695	69,098
Valuation allowance	(7,315)	(9,876)
Total deferred tax assets	64,380	59,222
Deferred tax liabilities:
Goodwill	(21,867)	(20,624)
Right-of-use lease assets	(3,925)	(4,837)
Deferred revenue	(1,483)	(3,027)
Depreciation and amortization	(34,532)	(15,924)
Prepaid expenses	(1,906)	(334)
Notes payable	(13,415)	0
Total deferred tax liabilities	(77,128)	(44,746)
Total	$ (12,748)
Total		$ 14,476

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 6,219	$ 4,993	$ 5,787
Tax positions related to current period	71	0	0
Tax positions related to a prior period	(820)
Tax positions related to a prior period		539	110
Tax positions acquired	439	1,596	0
Settlements with tax authorities	(168)	(12)	(181)
Lapses due to expiration of the statute of limitations	(270)	(897)	(723)
Balance, end of year	$ 5,471	$ 6,219	$ 4,993

Earnings Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 78,420	$ 79,722	$ 26,400
Weighted average shares outstanding (in shares)	43,916	44,886	44,791
Dilutive impact from common stock equivalents (in shares)	704	435	549
Diluted weighted average shares outstanding (in shares)	44,620	45,321	45,340
Basic earnings per share (in dollars per share)	$ 1.79	$ 1.78	$ 0.59
Diluted earnings per share (in dollars per share)	$ 1.76	$ 1.76	$ 0.58

- Definition

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

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- Definition

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

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- Definition

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

+ References

+ Details

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,232	1,268	932

Business Segments and International Operations (Narrative) (Details) $ in Thousands	3 Months Ended
	May 31, 2021 segment	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment	1
Long-lived assets		$ 14,345	$ 29,817
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets		22,100	22,800	$ 25,700
Outside United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets		$ 7,500	$ 7,000	$ 4,100

Subsequent Events (Details) - Credit Agreement - USD ($)	Jan. 25, 2022	Apr. 30, 2019
Revolving Line of Credit
Subsequent Event [Line Items]
Secured credit facility		$ 100,000,000
Revolving credit facility increased		$ 125,000,000
Subsequent Event \| Secured Debt
Subsequent Event [Line Items]
Aggregate principal amount	$ 275,000,000
Subsequent Event \| Revolving Line of Credit \| Line of Credit
Subsequent Event [Line Items]
Secured credit facility	300,000,000
Revolving credit facility increased	$ 260,000,000
Debt leverage ratio, net	3.75
Debt EBITDA. percentage	100.00%

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-09 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Fair Value Measurements (Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	$ 25,035	$ 18,964
U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	757	5,051
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	1,210	2,954
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets		1,442
Fair value of financial liabilities	(372)
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial liabilities	(3,078)	(6,855)
Level 1 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	25,035	18,964
Level 1 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 1 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 1 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets		0
Fair value of financial liabilities	0
Level 1 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial liabilities	0	0
Level 2 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 2 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	757	5,051
Level 2 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	1,210	2,954
Level 2 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets		1,442
Fair value of financial liabilities	(372)
Level 2 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial liabilities	(3,078)	(6,855)
Level 3 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 3 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 3 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets	0	0
Level 3 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets		0
Fair value of financial liabilities	0
Level 3 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial liabilities	$ 0	$ 0