0000876167-22-000188 | 10-Q | XBRL Viewer | Progress Software Corp MA

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Cover - shares	9 Months Ended
Cover - shares	Aug. 31, 2022	Sep. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2022
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	15 Wayside Road, Suite 400
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		42,998,323
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Current assets:
Cash and cash equivalents	$ 224,115	$ 155,406
Short-term investments	749	1,967
Total cash, cash equivalents and short-term investments	224,864	157,373
Accounts receivable (less allowances of $1,150 and $634, respectively)	82,258	99,815
Unbilled receivables and contract assets	27,847	25,816
Other current assets	29,465	39,549
Assets held for sale	0	15,255
Total current assets	364,434	337,808
Long-term unbilled receivables and contract assets	25,972	17,464
Property and equipment, net	13,409	14,345
Intangible assets, net	233,436	287,185
Goodwill	672,901	671,152
Right-of-use lease assets	18,950	25,253
Deferred tax assets	5,735	1,415
Other assets	11,455	8,915
Total assets	1,346,292	1,363,537
Current liabilities:
Current portion of long-term debt, net	6,234	25,767
Accounts payable	7,717	9,683
Accrued compensation and related taxes	35,887	47,116
Dividends payable to stockholders	8,099	7,925
Short-term operating lease liabilities	7,443	7,926
Other accrued liabilities	16,878	19,491
Short-term deferred revenue	197,425	205,021
Total current liabilities	279,683	322,929
Long-term debt, net	260,779	239,992
Convertible senior notes, net	352,108	294,535
Long-term operating lease liabilities	16,662	23,130
Long-term deferred revenue	53,696	47,359
Deferred tax liabilities	5,712	14,163
Other noncurrent liabilities	10,679	8,940
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, 42,998,323 shares in 2022 and 44,146,193 shares in 2021	430	441
Additional paid-in capital	318,559	354,235
Retained earnings	86,513	90,256
Accumulated other comprehensive loss	(38,529)	(32,443)
Total stockholders’ equity	366,973	412,489
Total liabilities and stockholders’ equity	$ 1,346,292	$ 1,363,537

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Assets
Allowance for accounts receivable	$ 1,150	$ 634
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	42,998,323	44,146,193
Common stock, shares outstanding (in shares)	42,998,323	44,146,193

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Revenue:
Total revenue	$ 151,217	$ 147,417	$ 444,886	$ 391,185
Costs of revenue:
Amortization of acquired intangibles	5,558	3,599	16,589	10,719
Total costs of revenue	23,796	20,068	70,965	57,369
Gross profit	127,421	127,349	373,921	333,816
Operating expenses:
Sales and marketing	34,595	29,737	100,768	88,468
Product development	28,650	25,616	85,966	76,579
General and administrative	20,141	16,451	56,339	46,335
Amortization of acquired intangibles	11,716	7,978	35,330	22,836
Restructuring expenses	130	40	784	1,133
Acquisition-related expenses	168	1,481	3,816	2,721
Gain on sale of assets held for sale	0	0	(10,770)	0
Total operating expenses	95,400	81,303	272,233	238,072
Income from operations	32,021	46,046	101,688	95,744
Other (expense) income:
Interest expense	(4,009)	(6,510)	(11,368)	(13,625)
Interest income and other, net	247	99	991	222
Foreign currency gain (loss), net	(577)	(128)	(832)	(1,006)
Total other expense, net	(4,339)	(6,539)	(11,209)	(14,409)
Income before income taxes	27,682	39,507	90,479	81,335
Provision for income taxes	5,885	8,531	19,118	17,841
Net income	$ 21,797	$ 30,976	$ 71,361	$ 63,494
Earnings per share:
Basic (in dollars per share)	$ 0.50	$ 0.71	$ 1.64	$ 1.45
Diluted (in dollars per share)	$ 0.50	$ 0.70	$ 1.61	$ 1.43
Weighted average shares outstanding:
Basic (in shares)	43,211	43,762	43,589	43,896
Diluted (in shares)	43,935	44,502	44,299	44,542
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.525	$ 0.525
Software licenses
Revenue:
Total revenue	$ 47,618	$ 51,930	$ 135,182	$ 115,354
Costs of revenue:
Cost of revenue	2,477	1,574	7,669	3,763
Maintenance and services
Revenue:
Total revenue	103,599	95,487	309,704	275,831
Costs of revenue:
Cost of revenue	$ 15,761	$ 14,895	$ 46,707	$ 42,887

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 21,797	$ 30,976	$ 71,361	$ 63,494
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(7,632)	(2,179)	(10,955)	922
Unrealized gain on hedging activity, net of tax provision of $377 and $1,542 for the third quarter and first nine months of 2022, respectively and net of tax provision of $155 and $502 for the third quarter and first nine months of 2021, respectively	1,191	479	4,882	1,551
Unrealized loss on investments, net of tax of $0 and a tax benefit of $4 for the third quarter and first nine months of 2022 and net of tax benefit of $4 and $16 for the third quarter and first nine months of 2021, respectively	(1)	(15)	(13)	(54)
Total other comprehensive (loss) income, net of tax	(6,442)	(1,715)	(6,086)	2,419
Comprehensive income	$ 15,355	$ 29,261	$ 65,275	$ 65,913

- Definition

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

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

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized loss on hedging activity	$ 377	$ 155	$ 1,542	$ 502
Tax provision (benefit) on accumulated unrealized gain on investments	$ 0	$ (4)	$ (4)	$ (16)

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Cumulative effect of adoption of ASU 2020-06	Cumulative effect of adoption of ASU 2020-06 Additional Paid-In Capital	Cumulative effect of adoption of ASU 2020-06 Retained Earnings
Beginning balance (in shares) at Nov. 30, 2020		44,241,000
Beginning balance at Nov. 30, 2020	$ 346,013	$ 442	$ 305,802	$ 72,547	$ (32,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		212,000
Issuance of stock under employee stock purchase plan	5,926	$ 2	5,924
Exercise of stock options (in shares)		87,000
Exercise of stock options	2,841	$ 1	2,840
Vesting of restricted stock units and release of deferred stock units (in shares)		100,000
Vesting of restricted stock units and release of deferred stock units	0	$ 1	(1)
Withholding tax payments related to net issuance of RSUs	(2,398)		(2,398)
Stock-based compensation	21,985		21,985
Equity components 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	$ (23,456)			(23,456)
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	63,494			63,494
Other comprehensive loss (income)	2,419				2,419
Ending balance (in shares) at Aug. 31, 2021		43,843,000
Ending balance at Aug. 31, 2021	396,773	$ 438	343,239	83,455	(30,359)
Beginning balance (in shares) at Nov. 30, 2020		44,241,000
Beginning balance at Nov. 30, 2020	$ 346,013	$ 442	305,802	72,547	(32,778)
Ending balance (in shares) at Nov. 30, 2021	44,146,193	44,146,000
Ending balance at Nov. 30, 2021	$ 412,489	$ 441	354,235	90,256	(32,443)	$ (42,563)	$ (47,456)	$ 4,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 Cumulative Effect, Period of Adoption [Member]
Beginning balance (in shares) at May. 31, 2021		43,745,000
Beginning balance at May. 31, 2021	$ 365,721	$ 437	333,627	60,301	(28,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		67,000
Issuance of stock under employee stock purchase plan	1,886	$ 1	1,885
Exercise of stock options (in shares)		31,000
Exercise of stock options	1,009		1,009
Withholding tax payments related to net issuance of RSUs	(25)		(25)
Stock-based compensation	6,839		6,839
Equity components of Notes, net of issuance costs and tax	(341)		(341)
Purchase of capped calls, net of tax	245		245
Dividends declared	$ (7,822)			(7,822)
Treasury stock repurchases and retirements (in shares)	0
Net income	$ 30,976			30,976
Other comprehensive loss (income)	(1,715)				(1,715)
Ending balance (in shares) at Aug. 31, 2021		43,843,000
Ending balance at Aug. 31, 2021	$ 396,773	$ 438	343,239	83,455	(30,359)
Beginning balance (in shares) at Nov. 30, 2021	44,146,193	44,146,000
Beginning balance at Nov. 30, 2021	$ 412,489	$ 441	354,235	90,256	(32,443)	$ (42,563)	$ (47,456)	$ 4,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		246,000
Issuance of stock under employee stock purchase plan	7,237	$ 2	7,235
Exercise of stock options (in shares)		78,000
Exercise of stock options	2,879	$ 1	2,878
Vesting of restricted stock units and release of deferred stock units (in shares)		188,000
Vesting of restricted stock units and release of deferred stock units	0	$ 2	(2)
Withholding tax payments related to net issuance of RSUs	(5,405)		(5,405)
Stock-based compensation	26,110		26,110
Dividends declared	$ (23,525)			(23,525)
Treasury stock repurchases and retirements (in shares)	(1,700,000)	(1,660,000)
Treasury stock repurchases and retirements	$ (75,524)	$ (16)	(19,036)	(56,472)
Net income	71,361			71,361
Other comprehensive loss (income)	$ (6,086)				(6,086)
Ending balance (in shares) at Aug. 31, 2022	42,998,323	42,998,000
Ending balance at Aug. 31, 2022	$ 366,973	$ 430	318,559	86,513	(38,529)
Beginning balance (in shares) at May. 31, 2022		43,454,000
Beginning balance at May. 31, 2022	372,146	$ 435	309,913	93,885	(32,087)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		68,000
Issuance of stock under employee stock purchase plan	2,024		2,024
Exercise of stock options (in shares)		18,000
Exercise of stock options	643		643
Stock-based compensation	8,639		8,639
Dividends declared	$ (7,783)			(7,783)
Treasury stock repurchases and retirements (in shares)	(500,000)	(542,000)
Treasury stock repurchases and retirements	$ (24,051)	$ (5)	(2,660)	(21,386)
Net income	21,797			21,797
Other comprehensive loss (income)	$ (6,442)				(6,442)
Ending balance (in shares) at Aug. 31, 2022	42,998,323	42,998,000
Ending balance at Aug. 31, 2022	$ 366,973	$ 430	$ 318,559	$ 86,513	$ (38,529)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Cash flows from operating activities:
Net income	$ 71,361	$ 63,494
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	3,682	4,147
Amortization of acquired intangibles and other	52,545	33,988
Amortization of debt discount and issuance costs on Notes	1,595	4,942
Stock-based compensation	26,110	21,985
Non-cash lease expense	5,919	6,095
Gain on sale of assets held for sale	(10,770)	0
Deferred income taxes	(286)	(1,596)
Allowances for bad debt and sales credits	710	(370)
Changes in operating assets and liabilities:
Accounts receivable	2,858	(1,319)
Other assets	11,174	2,590
Inventories	(1,264)	0
Accounts payable and accrued liabilities	(10,055)	(5,994)
Lease liabilities	(6,481)	(6,440)
Income taxes payable	(748)	3,079
Deferred revenue	5,673	10,001
Net cash flows from operating activities	152,023	134,602
Cash flows from investing activities:
Sales and maturities of investments	1,200	4,150
Purchases of property and equipment	(3,086)	(2,741)
Proceeds from sale of long-lived assets, net	25,998	0
Decrease in escrow receivable and other	134	2,330
Net cash flows from investing activities	24,246	3,739
Cash flows (used in) from financing activities:
Proceeds from stock-based compensation plans	10,384	9,247
Payments for taxes related to net share settlements of equity awards	(5,405)	(2,398)
Repurchases of common stock	(75,524)	(35,000)
Proceeds from issuance of senior convertible notes, net of issuance costs of $9.9 million	0	350,100
Purchase of capped calls	0	(43,056)
Dividend payments to stockholders	(23,351)	(23,372)
Proceeds from the issuance of debt	7,474	0
Payment of principal on long-term debt	(5,154)	(111,669)
Payment of debt issuance costs	(1,957)	(904)
Net cash flows (used in) from financing activities	(93,533)	142,948
Effect of exchange rate changes on cash	(14,027)	616
Net increase in cash and cash equivalents	68,709	281,905
Cash and cash equivalents, beginning of period	155,406	97,990
Cash and cash equivalents, end of period	224,115	379,895
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $920 in 2022 and $807 in 2021	8,954	9,920
Cash paid for interest	5,470	6,564
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	18,204	8,779
Dividends declared	$ 8,099	$ 7,988

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Statement of Cash Flows [Abstract]
Payments of debt issuance costs	$ 9,900	$ 9,900
Proceeds from income tax refunds	$ 920	$ 807

Basis of Presentation	9 Months Ended
Basis of Presentation	Aug. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") is dedicated to propelling business forward in a technology-driven world. Progress helps businesses drive faster cycles of innovation, fuel momentum and accelerate their path to success. As the trusted provider of the best products to develop, deploy and manage high-impact applications, Progress enables customers to develop the applications and experiences the need, deploy where and how they want and manage it all safely and securely. Hundreds of thousands of enterprises, including 1,700 software companies and 3.5 million developers depend on Progress to achieve their goals—with confidence. 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), original equipment manufacturers ("OEMs"), distributors and value-added resellers. Independent software vendors 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 and Latin America (the "Americas"); Europe, the Middle East and Africa ("EMEA"); and the Asia Pacific region, through local subsidiaries as well as independent distributors. Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021, as filed with the SEC on January 27, 2022, as amended by a Form 10-K/A filed on March 30, 2022 (together, the "2021 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2021 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2021 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board 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 Company adopted this standard effective December 1, 2021. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial position and results of operations. Convertible Debt On December 1, 2021, we early adopted Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") on a modified retrospective basis. Under ASU 2020-06, we no longer separate the convertible senior notes into liability and equity components. We recognized the cumulative effect of initially applying this new standard as of December 1, 2021, as an adjustment to the December 1, 2021 opening balance of retained earnings. The conversion option that was previously accounted for in equity under the cash conversion model was recombined into the convertible debt outstanding, and as a result, additional paid in capital and the related unamortized debt discount on the convertible senior notes were reduced. The removal of the remaining debt discount recorded for this previous separation has the effect of increasing our net debt balance. We recorded 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. There was no impact to the Company’s statements of cash flows as the result of the adoption of ASU 2020-06. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. See Note 8: Debt for additional information regarding the terms of the Convertible Senior Notes (the "Notes"). The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share. Refer to Note 16: Earnings Per Share for effect of the convertible notes on diluted earnings per common share.

Cash, Cash Equivalents and Investments

9 Months Ended

Aug. 31, 2022

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2022 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	197,777	$	—	$	—	$	197,777
Money market funds	26,338		—		—		26,338
U.S. treasury bonds	750		—		(1)		749
Total	$	224,865	$	—	$	(1)	$	224,864

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

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


	August 31, 2022				November 30, 2021
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	197,777	$	—	$	130,371	$	—
Money market funds	26,338		—		25,035		—
U.S. treasury bonds	—		749		—		757
Corporate bonds	—		—		—		1,210
Total	$	224,115	$	749	$	155,406	$	1,967

The fair value of debt securities by contractual maturity due in one year or less was $0.7 million and $2.0 million as of August 31, 2022 and November 30, 2021, respectively. There were no debt securities by contractual maturity due after one year as of August 31, 2022 or November 30, 2021.

We did not hold any investments with continuous unrealized losses as of August 31, 2022 or November 30, 2021.

Derivative Instruments

9 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Cash Flow Hedge

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

We have designated the interest rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our condensed consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. On January 25, 2022, we amended our prior credit facility (see Note 8: Debt). We reassessed the hedge in connection with the debt amendment and determined that it is still highly effective. As of August 31, 2022, the fair value of the hedge was a gain of $3.3 million, which was included in other assets on our condensed consolidated balance sheets.

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


	August 31, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	123,750	$	3,346	$	133,125	$	(3,078)

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 generally expire between 30 days and 2 years from the date the contract was entered. At August 31, 2022, $4.3 million and $0.1 million was recorded in other noncurrent liabilities and other current assets on our condensed consolidated balance sheets. At November 30, 2021, $0.3 million and $0.1 million were recorded in other noncurrent liabilities and other accrued liabilities, respectively, on our condensed consolidated balance sheets.

In the three and nine months ended August 31, 2022, realized and unrealized losses of $5.4 million and $9.0 million, respectively, from our forward contracts were recognized in foreign currency gain (loss), net, on our condensed consolidated statements of operations. In the three and nine month ended August 31, 2021, realized and unrealized losses of $2.3 million and realized and unrealized gains of $0.4 million, respectively, from our forward contracts were recognized in foreign currency gain (loss), net, on our condensed consolidated statements of operations. These gains and losses were substantially offset by realized and unrealized gains and losses in the offsetting positions.

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


	August 31, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	81,089	$	(4,211)	$	79,777	$	(371)
Forward contracts to purchase U.S. dollars	618		4		119		(1)
Total	$	81,707	$	(4,207)	$	79,896	$	(372)

Fair Value Measurements

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2022 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	26,338	$	26,338	$	—	$	—
U.S. treasury bonds	749		—		749		—
Interest rate swap	3,346		—		3,346		—
Liabilities
Foreign exchange derivatives	$	(4,207)	$	—	$	(4,207)	$	—

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)	$	—

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 Notes’ fair value, inclusive of the conversion feature embedded in the Notes, was $364.1 million as of August 31, 2022. 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 8: 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

9 Months Ended

Aug. 31, 2022

Inventory Disclosure [Abstract]

Inventories

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


	August 31, 2022		November 30, 2021
Finished goods	$	1,773	$	1,631
Purchased parts and fabricated assemblies	2,867		1,920
Total	$	4,640	$	3,551

At August 31, 2022 and November 30, 2021, the inventories balances of $4.6 million and $3.6 million were recorded in other current assets on the condensed consolidated balance sheets.

Intangible Assets and Goodwill

9 Months Ended

Aug. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	August 31, 2022						November 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(145,389)	$	67,311	$	212,700	$	(128,797)	$	83,903
Customer-related	306,308		(152,864)		153,444		306,308		(119,357)		186,951
Trademarks and trade names	37,611		(24,930)		12,681		37,611		(21,556)		16,055
Non-compete agreement	2,000		(2,000)		—		2,000		(1,724)		276
Total	$	558,619	$	(325,183)	$	233,436	$	558,619	$	(271,434)	$	287,185

In the three and nine months ended August 31, 2022, amortization expense related to intangible assets was $17.3 million and $51.9 million, respectively. In the three and nine months ended August 31, 2021, amortization expense related to intangible assets was $11.6 million and $33.6 million, respectively.

Future amortization expense for intangible assets as of August 31, 2022, is as follows (in thousands):


Remainder of 2022	$	17,177
2023	68,895
2024	56,079
2025	45,569
2026	35,968
Thereafter	9,748
Total	$	233,436

Goodwill

Changes in the carrying amount of goodwill in the nine months ended August 31, 2022 are as follows (in thousands):


Balance, November 30, 2021	$	671,152
Measurement period adjustments	1,752
Translation adjustments	(3)
Balance, August 31, 2022	$	672,901

Business Combinations

9 Months Ended

Aug. 31, 2022

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”), which is described in greater detail in our 2021 10-K. The acquisition was completed for a base purchase price of $258.0 million (subject to certain customary adjustments) in cash.

The acquisition consideration for Kemp 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.

We recorded measurement period adjustments based on our ongoing valuation and purchase price allocation procedures. We are still finalizing the valuation and purchase price allocation as it relates to the net working capital amount in the table below.

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Adjusted Purchase Price Allocation		Life
Net working capital	$	27,075	$	(772)	$	26,303
Property, plant and equipment	803		(8)		795
Purchased technology	39,400		—		39,400		5 years
Trade name	7,200		—		7,200		5 years
Customer relationships	75,500		—		75,500		5 years
Other assets	170		27		197
Other noncurrent liabilities	(604)		(1,133)		(1,737)
Deferred taxes	(23,187)		—		(23,187)
Deferred revenue	(29,997)		—		(29,997)
Goodwill	179,521		1,752		181,273
Net assets acquired	$	275,881	$	(134)	$	275,747

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. We determined the acquisition date deferred revenue balance based on our assessment of the individual contracts acquired. 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 $181.3 million of goodwill, which is not deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the three and nine months ended August 31, 2022, we incurred approximately $0.1 million and $0.9 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

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 Three Months Ended August 31, 2021
Revenue	$	163,735
Net income	$	30,420
Net income per basic share	$	0.70
Net income per diluted share	$	0.68


(in thousands, except per share data)	Pro Forma Nine Months Ended August 31, 2021
Revenue	$	438,372
Net income	$	59,883
Net income per basic share	$	1.36
Net income per diluted share	$	1.34

Chef Acquisition

On October 5, 2020, we completed the acquisition of Chef Software Inc. (“Chef”), which is described in greater detail in our 2021 10-K. The acquisition was completed for a base purchase price of $220.0 million (subject to certain customary adjustments) in cash. We funded the acquisition through a combination of existing cash resources and by drawing down $98.5 million from our then-existing revolving credit facility. Refer to Note 8: Debt for further information.

The acquisition considerations for Chef 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 were completed during the fourth quarter of fiscal year 2021.

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 expected to be recognized in the 12 months following the acquisition.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $59.6 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 three and nine months ended August 31, 2022, we incurred approximately $0.1 million and $0.2 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The operations of Chef were included in our operating results beginning on 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.

Debt

9 Months Ended

Aug. 31, 2022

Line of Credit Facility [Abstract]

Debt

As of August 31, 2022, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Revolving Credit Facility		Total
Remainder of 2022	$	—	$	1,719	$	1,719
2023	—		6,875		6,875
2024	—		13,750		13,750
2025	—		20,625		20,625
2026	—		20,625		20,625
2027	360,000		206,250		566,250
Total face value of long-term debt	360,000		269,844		629,844
Unamortized discount and issuance costs	(7,892)		(2,831)		(10,723)
Less current portion of long-term debt, net	—		(6,234)		(6,234)
Long-term debt	$	352,108	$	260,779	$	612,887

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, the Notes with an aggregate principal amount of $325.0 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 maturity. 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 $35.0 million of additional Notes were purchased for total proceeds of $360.0 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. The Company incurred approximately $10.8 million in issuance cost for the issuance of the Notes. During the nine months ended August 31, 2022, the Company did not enter into any new or amended Notes.

Conversion Rights

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; (i) 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 (ii) 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, prior to the adoption of ASU 2020-06 on December 1, 2021, the Notes were 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 - at an effective interest rate of 5.7%.

•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 prior to the adoption of ASU 2020-06.

•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.

Upon adoption of ASU 2020-06 on December 1, 2021, the Company reversed the separation of the debt and equity components and accounted for the Notes wholly as debt. The Company also reversed the amortization of the debt discount that was due to the equity component, with a cumulative adjustment to retained earnings on the adoption date. Further, the Company reversed the allocation of the issuance costs to the equity component and accounted for the entire amount as debt issuance cost that will be amortized as interest expense over the remaining term at an effective interest rate of 1.63% with a cumulative adjustment to retained earnings on the adoption date.

Refer to Note 1, Basis of Presentation for further details on the impact of adoption.

Interest expense related to the Notes:


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Contractual interest expense (1% coupon)	$	900	$	900	$	2,690	$	1,370
Amortization of debt discount and issuance costs	541		3,260		1,595		4,942
	$	1,441	$	4,160	$	4,285	$	6,312

After the adoption of ASU 2020-06, the effective interest rate for the Notes is 1.63%. Prior to adoption of ASU 2020-06, the effective interest rate for the Notes was 5.71%.

Credit Facility

On January 25, 2022, the Company entered into an amended and restated credit agreement (the "Credit Agreement"), which provides for a $275.0 million secured term loan and a $300.0 million secured revolving line of credit. 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 Consolidated EBITDA (as defined in the Credit Agreement) 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. 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. This new credit facility replaces our prior secured credit facility dated April 30, 2019.

The amount of the term loan outstanding under our prior secured credit facility was incorporated into the amended and restated credit facility.

Interest rates for the Credit Agreement are determined by reference to a term benchmark rate or a base rate at our option and would range from 1.00% to 2.00% above the term benchmark rate or would range from 0.00% to 1.00% above the defined base rate for base rate borrowings, in each case based upon our leverage ratio. Additionally, we may borrow certain foreign currencies at rates set in the same range above the respective term benchmark rates for those currencies, based on our leverage ratio. We will incur a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.125% to 0.275% per annum, based upon our leverage ratio. At closing of the revolving credit facility, the applicable interest rate and commitment fee are at the third lowest rate in each range.

The Credit Agreement matures on the earlier of (i) January 25, 2027, and (ii) the date that is 181 days prior to the maturity date of our Notes subject to certain conditions as set forth in the Credit Agreement, including the repayment of the Notes, the refinancing of the Notes including a maturity date that is at least 181 days after January 25, 2027 and compliance with a liquidity test 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 August 31, 2022 was $269.8 million, with $6.9 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 February 28, 2022. The principal repayment amounts are in accordance with the following schedule: (i) eight payments of $1.7 million each, (ii) four payments of $3.4 million each, (iii) eight payments of $5.2 million each, and (iv) 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 August 31, 2022, 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. The interest rate as of August 31, 2022 was 3.81%.

Costs incurred to obtain our long-term debt of $3.2 million, including $1.1 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 long-term debt liability on our condensed consolidated balance sheets as of August 31, 2022. These costs are being amortized over the term of the Credit Agreement using the effective interest rate method. Amortization expense related to the debt issuance costs was $0.2 million and $0.1 million, for the three months ended August 31, 2022 and August 31, 2021, respectively. Amortization expense related to the debt issuance costs was $0.5 million and $0.4 million for the nine months ended August 31, 2022 and August 31, 2021, respectively. These amounts are recorded in interest expense on our condensed consolidated statements of operations.

The revolving line of credit may be borrowed, repaid, and reborrowed until January 25, 2027, at which time all amounts outstanding must be repaid. As of August 31, 2022, there were no amounts outstanding under the revolving line of credit and $2.1 million of letters of credit outstanding.

- 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
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://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 https://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
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://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
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

9 Months Ended

Aug. 31, 2022

Leases [Abstract]

Leases

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.

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. The Company makes variable payments on certain of its leases related to taxes, insurance, common area maintenance, and utilities, among other things.

The components of operating lease cost for the three and nine months ended August 31, 2022 were as follows (in thousands):


	Three Months Ended		Nine Months Ended
	August 31, 2022		August 31, 2022
Lease costs under long-term operating leases	$	1,760	$	5,344
Lease costs under short-term operating leases	19		50
Variable lease cost under short-term and long-term operating leases(1)	143		437
Total operating lease cost	$	1,922	$	5,831

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

The components of operations lease cost for the three and nine months ended August 31, 2021 were as follows (in thousands):


	Three Months Ended		Nine Months Ended
	August 31, 2021		August 31, 2021
Lease costs under long-term operating leases	$	1,991	$	6,135
Lease costs under short-term operating leases	3		22
Variable lease cost under short-term and long-term operating leases(1)	130		280
Operating lease right-of-use asset impairment	—		36
Total operating lease cost	$	2,124	$	6,473

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

The table below presents supplemental cash flow information related to leases during the nine months ended August 31, 2022 and August 31, 2021 (in thousands):


	Nine Months Ended
	August 31, 2022		August 31, 2021
Cash paid for leases	$	6,481	$	6,440
Right-of-use assets recognized for new leases and amendments (non-cash)	$	343	$	3,222

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


	August 31, 2022		November 30, 2021
Weighted average remaining lease term in years	3.54		4.15
Weighted average discount rate	2.7	%	2.6	%

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


	August 31, 2022
Remainder of 2022	$	2,100
2023	7,823
2024	7,444
2025	4,867
2026	1,781
Thereafter	1,300
Total lease payments	25,315
Less imputed interest(1)	(1,210)
Present value of lease liabilities	$	24,105

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

Common Stock Repurchases	9 Months Ended
Common Stock Repurchases	Aug. 31, 2022
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesIn January 2020, our Board of Directors increased the total share repurchase authorization from $75 million to $250 million. In the three months ended August 31, 2022, we repurchased and retired 0.5 million shares for $24.1 million. In the three months ended August 31, 2021, we did not repurchase any shares of our common stock. In the nine months ended August 31, 2022 and August 31, 2021, we repurchased and retired 1.7 million shares for $75.5 million and 0.8 million shares for $35.0 million, respectively. The shares were repurchased in both periods as part of our Board of Directors authorized share repurchase program. As of August 31, 2022, there was $79.5 million remaining under the current authorization.

Stock-Based Compensation

9 Months Ended

Aug. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense reflects the fair value of stock-based awards, less the present value of expected dividends when applicable, measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model.

In 2020, 2021 and 2022, we granted performance-based restricted stock units that include two performance metrics under our Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. Vesting of the LTIP awards on the 2020 plan is based on the following: (i) 50% is based on our level of attainment of specified total stockholder return ("TSR") targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods, and (ii) 50% is based on achievement of a three-year cumulative performance condition (operating income). For the 2021 and 2022 plan, the vesting terms were changed to the following: (i) 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, and (ii) 75% is based on achievement of a three-year cumulative operating income. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award, and used the closing price of our common stock on the date of grant for the portion related to the performance condition.

The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. We recognize stock-based compensation expense related to options and restricted stock units on a straight-line basis over the service period of the award, which is generally 4 years for options and 3 years for restricted stock units. We recognize stock-based compensation expense related to our employee stock purchase plan using an accelerated attribution method.

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


	Three Months Ended				Nine Months Ended
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Cost of maintenance and services	$	527	$	374	$	1,410	$	1,234
Sales and marketing	1,331		1,424		3,423		4,679
Product development	2,586		1,848		7,548		6,179
General and administrative	4,195		3,193		13,729		9,893
Total stock-based compensation	$	8,639	$	6,839	$	26,110	$	21,985

Accumulated Other Comprehensive Loss

9 Months Ended

Aug. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2022 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized (Losses) Gains on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)
Other comprehensive (loss) income before reclassifications, net of tax	(10,955)		(13)		4,882		(6,086)
Balance, August 31, 2022	$	(41,010)	$	(62)	$	2,543	$	(38,529)

The tax effect on accumulated unrealized losses and gains on investments and hedging activity was $0.9 million and $0.7 million as of August 31, 2022 and November 30, 2021, respectively.

Revenue Recognition

9 Months Ended

Aug. 31, 2022

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 (in thousands):


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Performance obligations transferred at a point in time:
Software licenses	$	47,618	$	51,930	$	135,182	$	115,354
Performance obligations transferred over time:
Maintenance	91,043		82,875		272,337		239,921
Services	12,556		12,612		37,367		35,910
Total revenue	$	151,217	$	147,417	$	444,886	$	391,185

Geographic Revenue

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


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
North America	$	84,826	$	93,880	$	248,313	$	236,479
EMEA	52,670		40,999		156,006		122,560
Latin America	4,577		5,298		13,138		12,544
Asia Pacific	9,144		7,240		27,429		19,602
Total revenue	$	151,217	$	147,417	$	444,886	$	391,185

No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our total revenue for the three and nine months ended August 31, 2022 and August 31, 2021.

Contract Balances

Unbilled Receivables and Contract Assets

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

As of August 31, 2022, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2023	$	4,246
2024	11,390
2025	7,137
2026	3,199
Total	$	25,972

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 $2.4 million as of August 31, 2022 and $5.0 million as of November 30, 2021. These amounts are included in unbilled receivables or long-term unbilled receivables on our condensed consolidated balance sheets.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Our deferred revenue balance is primarily made up of deferred maintenance.

As of August 31, 2022, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2021	$	252,380
Billings and other	443,627
Revenue recognized	(444,886)
Balance, August 31, 2022	$	251,121

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 August 31, 2022, transaction price allocated to remaining performance obligations was $256 million. We expect to recognize approximately 78% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $8.2 million and $7.9 million as of August 31, 2022 and November 30, 2021, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring Charges

9 Months Ended

Aug. 31, 2022

Restructuring Charges [Abstract]

Restructuring Charges

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2021	$	4,483	$	1,889	$	6,372
Costs incurred	319		465		784
Cash disbursements	(772)		(2,247)		(3,019)
Translation adjustments and other	—		(1)		(1)
Balance, August 31, 2022	$	4,030	$	106	$	4,136

During the fourth quarter of fiscal year 2021, we restructured our operations in connection with the acquisition of Kemp. Refer to Note 7: Business Combinations for further discussion. This restructuring resulted in a reduction in redundant positions, primarily within the administrative functions of Kemp.

For the three and nine months ended August 31, 2022, we incurred expenses of $0.1 million and $0.5 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, 2021	$	—	$	1,882	$	1,882
Costs incurred	—		465		465
Cash disbursements	—		(2,240)		(2,240)
Translation adjustments and other	—		(1)		(1)
Balance, August 31, 2022	$	—	$	106	$	106

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 liability of $0.1 million is included in other accrued liabilities on the consolidated balance sheet at August 31, 2022.

We expect to incur additional expenses as part of this action related to employee costs during fiscal year 2022, but we do not expect these costs to be material.

During the fourth quarter of fiscal year 2020, we restructured our operations in connection with the acquisition of Chef. Refer to Note 7: Business Combinations for further discussion. This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of Chef.

For the three and nine months ended August 31, 2022, we incurred expenses of $0.2 million and $0.3 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, 2021	$	4,483	$	7	$	4,490
Costs incurred	319		—		319
Cash disbursements	(772)		(7)		(779)
Balance, August 31, 2022	$	4,030	$	—	$	4,030

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2027. Accordingly, $1.0 million and $3.0 million of the total restructuring liability of $4.0 million is included in short-term and long-term lease liabilities, respectively, on the consolidated balance sheet at August 31, 2022. We do not expect to incur additional material expenses as part of this action.

Income Taxes	9 Months Ended
Income Taxes	Aug. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision for the third quarter of fiscal years 2022 and 2021 reflects our estimate of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events, which are recorded in the period in which they occur. The estimates are reevaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 21% in the third fiscal quarter of 2022, compared to 22% in the third fiscal quarter of 2021.There were no significant discrete tax items in the third fiscal quarter of either 2022 or 2021. 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. Tax authorities for certain non-U.S. jurisdictions are also examining returns. With some exceptions, we are generally not subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2016 because they are closed by statute.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings per share

9 Months Ended

Aug. 31, 2022

Earnings Per Share [Abstract]

Earnings per share

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


	Three Months Ended				Nine Months Ended
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Net income	$	21,797	$	30,976	$	71,361	$	63,494
Weighted average shares outstanding	43,211		43,762		43,589		43,896
Basic earnings per common share	$	0.50	$	0.71	$	1.64	$	1.45

Diluted earnings per common share:
Net income	$	21,797	$	30,976	$	71,361	$	63,494
Weighted average shares outstanding	43,211		43,762		43,589		43,896
Effect of dilution from common stock equivalents	724		740		710		646
Diluted weighted average shares outstanding	43,935		44,502		44,299		44,542
Diluted earnings per share	$	0.50	$	0.70	$	1.61	$	1.43

We excluded stock awards representing approximately 1,777,000 and 1,739,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2022, respectively, as these awards were anti-dilutive. In the three and nine months ended August 31, 2021, we excluded stock awards representing 1,250,000 shares and 1,241,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.

As a result of our adoption of ASU 2020-06 on December 1, 2021, the dilutive impact of the Notes on our calculation of diluted earnings per share is considered using the if-converted method. However, because the principal amount of the Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Notes. During the three and nine months ended August 31, 2022, we did not include the Notes in our diluted earnings per share calculation because the conversion feature in the Notes was out of the money. For periods prior to our December 1, 2021 adoption of ASU 2020-06, we applied the treasury stock method to account for the dilutive impact of the Notes for diluted earnings per share purposes.

Segment Information	9 Months Ended
Segment Information	Aug. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. We operate as one operating segment: software products to develop, deploy, and manage high-impact business 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Aug. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021, as filed with the SEC on January 27, 2022, as amended by a Form 10-K/A filed on March 30, 2022 (together, the "2021 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2021 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2021 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year.
Use of Estimates	Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board 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 Company adopted this standard effective December 1, 2021. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial position and results of operations. Convertible Debt On December 1, 2021, we early adopted Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") on a modified retrospective basis. Under ASU 2020-06, we no longer separate the convertible senior notes into liability and equity components. We recognized the cumulative effect of initially applying this new standard as of December 1, 2021, as an adjustment to the December 1, 2021 opening balance of retained earnings. The conversion option that was previously accounted for in equity under the cash conversion model was recombined into the convertible debt outstanding, and as a result, additional paid in capital and the related unamortized debt discount on the convertible senior notes were reduced. The removal of the remaining debt discount recorded for this previous separation has the effect of increasing our net debt balance. We recorded 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. There was no impact to the Company’s statements of cash flows as the result of the adoption of ASU 2020-06. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. See Note 8: Debt for additional information regarding the terms of the Convertible Senior Notes (the "Notes"). The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share. Refer to Note 16: Earnings Per Share for effect of the convertible notes on diluted earnings per common share.

Cash, Cash Equivalents and Investments (Tables)

9 Months Ended

Aug. 31, 2022

Investments and Cash [Abstract]

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

A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2022 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	197,777	$	—	$	—	$	197,777
Money market funds	26,338		—		—		26,338
U.S. treasury bonds	750		—		(1)		749
Total	$	224,865	$	—	$	(1)	$	224,864

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

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

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


	August 31, 2022				November 30, 2021
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	197,777	$	—	$	130,371	$	—
Money market funds	26,338		—		25,035		—
U.S. treasury bonds	—		749		—		757
Corporate bonds	—		—		—		1,210
Total	$	224,115	$	749	$	155,406	$	1,967

Derivative Instruments (Tables)

9 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts


	August 31, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	123,750	$	3,346	$	133,125	$	(3,078)

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


	August 31, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	81,089	$	(4,211)	$	79,777	$	(371)
Forward contracts to purchase U.S. dollars	618		4		119		(1)
Total	$	81,707	$	(4,207)	$	79,896	$	(372)

- Definition

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

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Aug. 31, 2022

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 August 31, 2022 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	26,338	$	26,338	$	—	$	—
U.S. treasury bonds	749		—		749		—
Interest rate swap	3,346		—		3,346		—
Liabilities
Foreign exchange derivatives	$	(4,207)	$	—	$	(4,207)	$	—

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)	$	—

Inventories (Tables)

9 Months Ended

Aug. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

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


	August 31, 2022		November 30, 2021
Finished goods	$	1,773	$	1,631
Purchased parts and fabricated assemblies	2,867		1,920
Total	$	4,640	$	3,551

Intangible Assets and Goodwill (Tables)

9 Months Ended

Aug. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	August 31, 2022						November 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(145,389)	$	67,311	$	212,700	$	(128,797)	$	83,903
Customer-related	306,308		(152,864)		153,444		306,308		(119,357)		186,951
Trademarks and trade names	37,611		(24,930)		12,681		37,611		(21,556)		16,055
Non-compete agreement	2,000		(2,000)		—		2,000		(1,724)		276
Total	$	558,619	$	(325,183)	$	233,436	$	558,619	$	(271,434)	$	287,185

Schedule of Future Amortization Expense From Intangible Assets Held

Future amortization expense for intangible assets as of August 31, 2022, is as follows (in thousands):


Remainder of 2022	$	17,177
2023	68,895
2024	56,079
2025	45,569
2026	35,968
Thereafter	9,748
Total	$	233,436

Schedule of Goodwill

Changes in the carrying amount of goodwill in the nine months ended August 31, 2022 are as follows (in thousands):


Balance, November 30, 2021	$	671,152
Measurement period adjustments	1,752
Translation adjustments	(3)
Balance, August 31, 2022	$	672,901

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Business Combinations (Tables)

9 Months Ended

Aug. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Adjusted Purchase Price Allocation		Life
Net working capital	$	27,075	$	(772)	$	26,303
Property, plant and equipment	803		(8)		795
Purchased technology	39,400		—		39,400		5 years
Trade name	7,200		—		7,200		5 years
Customer relationships	75,500		—		75,500		5 years
Other assets	170		27		197
Other noncurrent liabilities	(604)		(1,133)		(1,737)
Deferred taxes	(23,187)		—		(23,187)
Deferred revenue	(29,997)		—		(29,997)
Goodwill	179,521		1,752		181,273
Net assets acquired	$	275,881	$	(134)	$	275,747

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

Business Acquisition, Pro Forma Information

These results are prepared in accordance with ASC 606.


(in thousands, except per share data)	Pro Forma Three Months Ended August 31, 2021
Revenue	$	163,735
Net income	$	30,420
Net income per basic share	$	0.70
Net income per diluted share	$	0.68


(in thousands, except per share data)	Pro Forma Nine Months Ended August 31, 2021
Revenue	$	438,372
Net income	$	59,883
Net income per basic share	$	1.36
Net income per diluted share	$	1.34

Debt (Tables)

9 Months Ended

Aug. 31, 2022

Line of Credit Facility [Abstract]

Schedule of Maturities of Long-term Debt

As of August 31, 2022, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Revolving Credit Facility		Total
Remainder of 2022	$	—	$	1,719	$	1,719
2023	—		6,875		6,875
2024	—		13,750		13,750
2025	—		20,625		20,625
2026	—		20,625		20,625
2027	360,000		206,250		566,250
Total face value of long-term debt	360,000		269,844		629,844
Unamortized discount and issuance costs	(7,892)		(2,831)		(10,723)
Less current portion of long-term debt, net	—		(6,234)		(6,234)
Long-term debt	$	352,108	$	260,779	$	612,887

Schedule of Interest Expense Related to Notes

Interest expense related to the Notes:


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Contractual interest expense (1% coupon)	$	900	$	900	$	2,690	$	1,370
Amortization of debt discount and issuance costs	541		3,260		1,595		4,942
	$	1,441	$	4,160	$	4,285	$	6,312

Leases (Tables)

9 Months Ended

Aug. 31, 2022

Leases [Abstract]

Lease, Cost

The components of operating lease cost for the three and nine months ended August 31, 2022 were as follows (in thousands):


	Three Months Ended		Nine Months Ended
	August 31, 2022		August 31, 2022
Lease costs under long-term operating leases	$	1,760	$	5,344
Lease costs under short-term operating leases	19		50
Variable lease cost under short-term and long-term operating leases(1)	143		437
Total operating lease cost	$	1,922	$	5,831

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

The components of operations lease cost for the three and nine months ended August 31, 2021 were as follows (in thousands):


	Three Months Ended		Nine Months Ended
	August 31, 2021		August 31, 2021
Lease costs under long-term operating leases	$	1,991	$	6,135
Lease costs under short-term operating leases	3		22
Variable lease cost under short-term and long-term operating leases(1)	130		280
Operating lease right-of-use asset impairment	—		36
Total operating lease cost	$	2,124	$	6,473

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

The table below presents supplemental cash flow information related to leases during the nine months ended August 31, 2022 and August 31, 2021 (in thousands):


	Nine Months Ended
	August 31, 2022		August 31, 2021
Cash paid for leases	$	6,481	$	6,440
Right-of-use assets recognized for new leases and amendments (non-cash)	$	343	$	3,222

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


	August 31, 2022		November 30, 2021
Weighted average remaining lease term in years	3.54		4.15
Weighted average discount rate	2.7	%	2.6	%

Lessee, Operating Lease, Liability, Maturity

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


	August 31, 2022
Remainder of 2022	$	2,100
2023	7,823
2024	7,444
2025	4,867
2026	1,781
Thereafter	1,300
Total lease payments	25,315
Less imputed interest(1)	(1,210)
Present value of lease liabilities	$	24,105

Stock-Based Compensation (Tables)

9 Months Ended

Aug. 31, 2022

Share-Based Payment Arrangement [Abstract]

Classification of Stock-based Compensation

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


	Three Months Ended				Nine Months Ended
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Cost of maintenance and services	$	527	$	374	$	1,410	$	1,234
Sales and marketing	1,331		1,424		3,423		4,679
Product development	2,586		1,848		7,548		6,179
General and administrative	4,195		3,193		13,729		9,893
Total stock-based compensation	$	8,639	$	6,839	$	26,110	$	21,985

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Aug. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2022 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized (Losses) Gains on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)
Other comprehensive (loss) income before reclassifications, net of tax	(10,955)		(13)		4,882		(6,086)
Balance, August 31, 2022	$	(41,010)	$	(62)	$	2,543	$	(38,529)

Revenue Recognition (Tables)

9 Months Ended

Aug. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue From External Customers by Products and Services


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Performance obligations transferred at a point in time:
Software licenses	$	47,618	$	51,930	$	135,182	$	115,354
Performance obligations transferred over time:
Maintenance	91,043		82,875		272,337		239,921
Services	12,556		12,612		37,367		35,910
Total revenue	$	151,217	$	147,417	$	444,886	$	391,185

Revenue From External Customers From Different Geographical Areas


	Three Months Ended				Nine Months Ended
(In thousands)	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
North America	$	84,826	$	93,880	$	248,313	$	236,479
EMEA	52,670		40,999		156,006		122,560
Latin America	4,577		5,298		13,138		12,544
Asia Pacific	9,144		7,240		27,429		19,602
Total revenue	$	151,217	$	147,417	$	444,886	$	391,185

Schedule of Contract With Customer, Asset and Liability

As of August 31, 2022, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2023	$	4,246
2024	11,390
2025	7,137
2026	3,199
Total	$	25,972

As of August 31, 2022, the changes in deferred revenue were as follows (in thousands):


Balance, December 1, 2021	$	252,380
Billings and other	443,627
Revenue recognized	(444,886)
Balance, August 31, 2022	$	251,121

Restructuring Charges (Tables)

9 Months Ended

Aug. 31, 2022

Restructuring Charges [Abstract]

Summary of Restructuring Activity

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2021	$	4,483	$	1,889	$	6,372
Costs incurred	319		465		784
Cash disbursements	(772)		(2,247)		(3,019)
Translation adjustments and other	—		(1)		(1)
Balance, August 31, 2022	$	4,030	$	106	$	4,136

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, 2021	$	—	$	1,882	$	1,882
Costs incurred	—		465		465
Cash disbursements	—		(2,240)		(2,240)
Translation adjustments and other	—		(1)		(1)
Balance, August 31, 2022	$	—	$	106	$	106

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, 2021	$	4,483	$	7	$	4,490
Costs incurred	319		—		319
Cash disbursements	(772)		(7)		(779)
Balance, August 31, 2022	$	4,030	$	—	$	4,030

Earnings per share (Tables)

9 Months Ended

Aug. 31, 2022

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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


	Three Months Ended				Nine Months Ended
	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Net income	$	21,797	$	30,976	$	71,361	$	63,494
Weighted average shares outstanding	43,211		43,762		43,589		43,896
Basic earnings per common share	$	0.50	$	0.71	$	1.64	$	1.45

Diluted earnings per common share:
Net income	$	21,797	$	30,976	$	71,361	$	63,494
Weighted average shares outstanding	43,211		43,762		43,589		43,896
Effect of dilution from common stock equivalents	724		740		710		646
Diluted weighted average shares outstanding	43,935		44,502		44,299		44,542
Diluted earnings per share	$	0.50	$	0.70	$	1.61	$	1.43

Basis of Presentation - Narrative (Details) $ in Thousands, developer in Millions	9 Months Ended
	Aug. 31, 2022 USD ($) software_vendor developer	Nov. 30, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of independent software vendors (more than) \| software_vendor	1,700
Number of developers \| developer	3.5
Decrease to additional paid in capital	$ (318,559)	$ (354,235)
Retained earnings	86,513	90,256
Decrease to deferred tax liabilities	$ (5,712)	(14,163)
Cumulative effect of adoption of ASU 2020-06 \| Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to additional paid in capital		47,500
Decrease to debt discount		56,000
Retained earnings		4,900
Decrease to deferred tax liabilities		$ 13,400

Cash, Cash Equivalents and Investments - Summary Of Cash, Cash Equivalents and Available-For-Sale Investments (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 224,115	$ 155,406
Unrealized Gains	0	16
Unrealized Losses	(1)	0
Total amortized cost basis	224,865	157,357
Total fair value	224,864	157,373
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	750	748
Unrealized Gains	0	9
Unrealized Losses	(1)	0
Fair Value	749	757
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis		1,203
Unrealized Gains		7
Unrealized Losses		0
Fair Value		1,210
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	197,777	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 26,338	$ 25,035

Cash, Cash Equivalents and Investments - Summary of Cash, Cash Equivalents and Available-for-sale Investments by Balance Sheet Classification (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 224,115	$ 155,406
Short-Term Investments	749	1,967
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	749	757
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	0	1,210
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	197,777	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 26,338	$ 25,035

Cash, Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Investments and Cash [Abstract]
Due in one year or less	$ 0.7	$ 2.0

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021	Jul. 09, 2019
Derivative [Line Items]
Derivative liabilities, at fair value, net	$ 4,207		$ 4,207		$ 372
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities, at fair value, net	(3,300)		(3,300)
Interest Rate Swap
Derivative [Line Items]
Notional amount						$ 150,000
Fixed interest rate						1.855%
Derivative liabilities, at fair value, net	(3,346)		$ (3,346)		3,078
Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate						0.00%
Forward Contracts
Derivative [Line Items]
Minimum maturity period, foreign currency derivative			30 days
Maximum maturity period, foreign currency derivative			2 years
Derivative, gain (loss) on derivative, net	(5,400)	$ (2,300)	$ (9,000)	$ 400
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities	4,300		4,300		300
Forward Contracts \| Current Liabilities
Derivative [Line Items]
Derivative liabilities	$ 100		$ 100
Forward Contracts \| Accrued Liabilities
Derivative [Line Items]
Derivative liabilities					$ 100

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Derivative [Line Items]
Notional Value	$ 81,707	$ 79,896
Fair Value	(4,207)	(372)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	123,750	133,125
Fair Value	3,346	(3,078)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	81,089	79,777
Fair Value	(4,211)	(371)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	618	119
Fair Value	$ 4	$ (1)

Fair Value Measurements - Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 26,338	$ 25,035
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	26,338	25,035
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Money market funds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	749	757
U.S. treasury bonds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	749	757
U.S. treasury bonds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		1,210
Corporate bonds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Corporate bonds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		1,210
Corporate bonds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	3,346
Liabilities		(3,078)
Interest rate swap \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Liabilities		0
Interest rate swap \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	3,346
Liabilities		(3,078)
Interest rate swap \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Liabilities		0
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(4,207)	(372)
Foreign exchange derivatives \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Foreign exchange derivatives \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(4,207)	(372)
Foreign exchange derivatives \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 0	$ 0

Fair Value Measurements - Narrative (Details) $ in Millions	Aug. 31, 2022 USD ($)
Convertible Debt
Debt Instrument [Line Items]
Fair value notes	$ 364.1

Inventories (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Inventory [Line Items]
Finished goods	$ 1,773	$ 1,631
Purchased parts and fabricated assemblies	2,867	1,920
Total	4,640	3,551
Other Current Assets
Inventory [Line Items]
Total	$ 4,600	$ 3,600

Intangible Assets and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558,619	$ 558,619
Accumulated Amortization	(325,183)	(271,434)
Net Book Value	233,436	287,185
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	212,700	212,700
Accumulated Amortization	(145,389)	(128,797)
Net Book Value	67,311	83,903
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	306,308	306,308
Accumulated Amortization	(152,864)	(119,357)
Net Book Value	153,444	186,951
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,611	37,611
Accumulated Amortization	(24,930)	(21,556)
Net Book Value	12,681	16,055
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(2,000)	(1,724)
Net Book Value	$ 0	$ 276

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangibles and other	$ 17.3	$ 11.6	$ 51.9	$ 33.6

Intangible Assets and Goodwill - Schedule Of Future Amortization Expense (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 17,177
2023	68,895
2024	56,079
2025	45,569
2026	35,968
Thereafter	9,748
Net Book Value	$ 233,436	$ 287,185

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2022 USD ($)
Goodwill [Roll Forward]
Balance, November 30, 2021	$ 671,152
Measurement period adjustments	1,752
Translation adjustments	(3)
Balance, August 31, 2022	$ 672,901

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Combinations - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Nov. 01, 2021	Oct. 05, 2020	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Business Acquisition [Line Items]
Acquisition-related expenses			$ 168	$ 1,481	$ 3,816	$ 2,721
Federal statutory income tax rate, percent					24.50%
Credit Agreement \| Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from lines of credit		$ 98,500
Kemp Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition	$ 258,000
Intangible assets			122,100		$ 122,100
Goodwill, expected tax deductible amount	181,300
Acquisition-related expenses			100		900
Kemp Acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	75,500		75,500		75,500
Kemp Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	39,400		39,400		39,400
Kemp Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 7,200		7,200		7,200
Chef Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition		220,000
Goodwill, expected tax deductible amount		59,600
Acquisition-related expenses			100		200
Chef Acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		97,300	97,300		97,300
Chef Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets		38,300	38,300		38,300
Chef Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets		$ 5,700	$ 5,700		$ 5,700

Business Combinations - Schedule of Net Assets Acquired (Details) - USD ($) $ in Thousands	9 Months Ended	10 Months Ended	23 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Aug. 31, 2022	Nov. 30, 2021	Nov. 01, 2021	Oct. 05, 2020
Business Acquisition [Line Items]
Goodwill	$ 672,901	$ 672,901	$ 672,901	$ 671,152
Measurement Period Adjustments
Goodwill	1,752
Kemp Acquisition
Business Acquisition [Line Items]
Net working capital	26,303	26,303	26,303		$ 27,075
Property, plant and equipment	795	795	795		803
Intangible assets	122,100	122,100	122,100
Other assets	197	197	197		170
Other noncurrent liabilities	(1,737)	(1,737)	(1,737)		(604)
Deferred taxes	(23,187)	(23,187)	(23,187)		(23,187)
Deferred revenue	(29,997)	(29,997)	(29,997)		(29,997)
Goodwill	181,273	181,273	181,273		179,521
Net assets acquired	275,747	275,747	275,747		275,881
Measurement Period Adjustments
Net working capital		(772)
Property, plant and equipment		(8)
Other assets		27
Other noncurrent liabilities		(1,133)
Goodwill		1,752
Net assets acquired		(134)
Kemp Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	39,400	$ 39,400	39,400		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	$ 7,200	7,200		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	$ 75,500	75,500		$ 75,500
Measurement Period Adjustments
Finite-lived intangible assets, useful life		5 years
Chef Acquisition
Business Acquisition [Line Items]
Net working capital	52,477	$ 52,477	52,477			$ 52,330
Property, plant and equipment	498	498	498			498
Other assets	122	122	122			122
Other noncurrent liabilities	(841)	(841)	(841)			(841)
Lease liabilities, net	(1,810)	(1,810)	(1,810)			(1,810)
Deferred taxes	(7,691)	(7,691)	(7,691)			(7,817)
Deferred revenue	(12,525)	(12,525)	(12,525)			(12,525)
Goodwill	59,585	59,585	59,585			59,858
Net assets acquired	231,115	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			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			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			$ 97,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life			7 years

Business Combinations - Pro Forma Information (Details) - Kemp Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 163,735	$ 438,372
Net income	$ 30,420	$ 59,883
Net income per basic share (in dollars per share)	$ 0.70	$ 1.36
Net income per diluted share (in dollars per share)	$ 0.68	$ 1.34

Debt - Future Maturities (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Remainder of 2022	$ 1,719
2023	6,875
2024	13,750
2025	20,625
2026	20,625
2027	566,250
Total face value of long-term debt	629,844
Unamortized discount and issuance costs	(10,723)
Less current portion of long-term debt, net	(6,234)	$ (25,767)
Long-term debt	612,887
Convertible Debt
Debt Instrument [Line Items]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
2027	360,000
Total face value of long-term debt	360,000
Unamortized discount and issuance costs	(7,892)
Less current portion of long-term debt, net	0
Long-term debt	352,108
Line of Credit
Debt Instrument [Line Items]
Remainder of 2022	1,719
2023	6,875
2024	13,750
2025	20,625
2026	20,625
2027	206,250
Total face value of long-term debt	269,844
Unamortized discount and issuance costs	(2,831)
Less current portion of long-term debt, net	(6,234)
Long-term debt	$ 260,779

Debt - Narrative (Details) $ / shares in Units, shares in Millions		1 Months Ended	9 Months Ended
	Apr. 08, 2021 USD ($) $ / shares shares	Apr. 30, 2021 USD ($)	Aug. 31, 2022 USD ($) day $ / shares	Aug. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Payments of debt issuance costs			$ 9,900,000	$ 9,900,000
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%
Payments for derivative instrument	$ 43,100,000
DTA, derivative instruments	$ 10,600,000
Convertible Debt
Line of Credit Facility [Line Items]
Debt issuance cost					$ 10,800,000
Debt issuance costs, liability component					8,900,000
Debt issuance costs, equity component					$ 1,900,000
Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face 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%
Payments of debt issuance costs		$ 10,800,000
Initial conversion price (in dollars per share) \| $ / shares			$ 57.30
Repurchase price			100.00%
Common stock exceeds			130.00%
Trading days \| day			20
Consecutive trading day \| day			30
Conversion ratio		0.0174525
Principal amount redeemable			$ 100,000,000
Share price (in dollars per share) \| $ / shares	$ 44.94
Debt instrument, interest rate, effective percentage			1.63%		5.71%

Debt - Interest Expense Related To The Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 900	$ 900	$ 2,690	$ 1,370
Amortization of debt discount	541	3,260	1,595	4,942
Interest expense, debt	$ 1,441	$ 4,160	$ 4,285	$ 6,312
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Annual interest rate	1.00%		1.00%		1.00%

Debt - Credit Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Credit Facility (Details) - USD ($)	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Jan. 25, 2022
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months	$ 6,875,000		$ 6,875,000
Unamortized discount and issuance costs	10,723,000		10,723,000
Line of Credit
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months	6,875,000		6,875,000
Unamortized discount and issuance costs	$ 2,831,000		$ 2,831,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	3.81%		3.81%
Principal repayments, option one	$ 1,700,000		$ 1,700,000
Principal repayments, option three	3,400,000		3,400,000
Principal repayments, option four	$ 5,200,000		$ 5,200,000
Amended Credit Agreement \| Minimum \| Eurodollar \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.00%		1.00%
Amended Credit Agreement \| Minimum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	0.00%		0.00%
Amended Credit Agreement \| Maximum \| Eurodollar \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	2.00%		2.00%
Amended Credit Agreement \| Maximum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.00%		1.00%
Amended Credit Agreement \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 275,000,000
Amended Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Fair value of term loan	$ 269,800,000		$ 269,800,000
Long-term debt, maturity, next 12 months	6,900,000		6,900,000
Line of credit facility outstanding amount	0		$ 0
Amended Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					300,000,000
Additional borrowing capacity available					$ 260,000,000
Debt EBITDA. percentage					100.00%
Debt leverage ratio, net					3.75
Amended Credit Agreement \| Revolving Credit Facility \| Minimum \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage			0.125%
Amended Credit Agreement \| Revolving Credit Facility \| Maximum \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage			0.275%
Amended Credit Agreement \| Bridge Loan \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 25,000,000
Amended Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	2,100,000		$ 2,100,000
Amended Credit Agreement \| Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 25,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Debt issuance cost	3,200,000		3,200,000
Unamortized discount and issuance costs	1,100,000		1,100,000
Amortization of debt issuance costs	$ 200,000	$ 100,000	$ 500,000	$ 400,000

Leases - Narrative (Details)	Aug. 31, 2022
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

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Leases [Abstract]
Lease costs under long-term operating leases	$ 1,760	$ 1,991	$ 5,344	$ 6,135
Lease costs under short-term operating leases	19	3	50	22
Variable lease cost under short-term and long-term operating leases	143	130	437	280
Operating lease right-of-use asset impairment		0		36
Total operating lease cost	1,922	$ 2,124	$ 5,831	6,473
Cash paid for leases	6,481			6,440
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 343			$ 3,222
Weighted average remaining lease term in years	3 years 6 months 14 days		3 years 6 months 14 days		4 years 1 month 24 days
Weighted average discount rate	2.70%		2.70%		2.60%

Leases - Schedule of Future Minimum Lease Payments After the Adoption of ASC 842 (Details) $ in Thousands	Aug. 31, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 2,100
2023	7,823
2024	7,444
2025	4,867
2026	1,781
Thereafter	1,300
Total lease payments	25,315
Less imputed interest	(1,210)
Present value of lease liabilities	$ 24,105

Common Stock Repurchases (Details) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Jan. 31, 2020	Nov. 30, 2019
Equity [Abstract]
Stock repurchase authorization					$ 250,000,000	$ 75,000,000
Common stock repurchased and retired (in shares)	0.5	0.0	1.7	0.8
Common stock repurchased and retired	$ 24,051,000		$ 75,524,000	$ 35,000,000
Remaining authorized repurchase amount	$ 79,500,000		$ 79,500,000

Stock-Based Compensation - Narrative (Details) - metric	9 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details) - metric	Aug. 31, 2022	Nov. 30, 2021	Nov. 30, 2020
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics	2	2	2
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Long-term Incentive Plan (LTIP) \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return			50.00%
Cumulative performance condition			3 years
Percentage of shares based on cumulative performance condition			50.00%
Long-term Incentive Plan (LTIP) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return		25.00%
Cumulative performance condition	3 years
Percentage of shares based on cumulative performance condition	75.00%
Market condition period		3 years
Long-term Incentive Plan (LTIP) \| 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return	25.00%
Cumulative performance condition		3 years
Percentage of shares based on cumulative performance condition		75.00%
Market condition period	3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years

Stock-Based Compensation - Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,639	$ 6,839	$ 26,110	$ 21,985
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	527	374	1,410	1,234
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,331	1,424	3,423	4,679
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,586	1,848	7,548	6,179
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,195	$ 3,193	$ 13,729	$ 9,893

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2022	Nov. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 412,489	$ 346,013
Other comprehensive (loss) income before reclassifications, net of tax	(6,086)
Ending balance	366,973	412,489
Other comprehensive income (loss), tax	900	700
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(32,443)	(32,778)
Ending balance	(38,529)	(32,443)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(30,055)
Other comprehensive (loss) income before reclassifications, net of tax	(10,955)
Ending balance	(41,010)	(30,055)
Unrealized Losses on Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(49)
Other comprehensive (loss) income before reclassifications, net of tax	(13)
Ending balance	(62)	(49)
Unrealized (Losses) Gains on Hedging Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,339)
Other comprehensive (loss) income before reclassifications, net of tax	4,882
Ending balance	$ 2,543	$ (2,339)

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

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

+ References

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-Paragraph 1
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+ Details

Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 151,217	$ 147,417	$ 444,886	$ 391,185
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	47,618	51,930	135,182	115,354
Software licenses \| Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	47,618	51,930	135,182	115,354
Maintenance \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	91,043	82,875	272,337	239,921
Services \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,556	$ 12,612	$ 37,367	$ 35,910

- 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

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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 151,217	$ 147,417	$ 444,886	$ 391,185
North America
Disaggregation of Revenue [Line Items]
Total revenue	84,826	93,880	248,313	236,479
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	52,670	40,999	156,006	122,560
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	4,577	5,298	13,138	12,544
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,144	$ 7,240	$ 27,429	$ 19,602

- Definition

+ References

+ Details

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Aug. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
2023	$ 4,246
2024	11,390
2025	7,137
2026	3,199
Total	$ 25,972

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Disaggregation of Revenue [Line Items]
Contract asset	$ 2.4	$ 5.0
Deferred contract costs	$ 8.2	$ 7.9
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	5 years

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2022 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 252,380
Billings and other	443,627
Revenue recognized	(444,886)
Ending balance	$ 251,121

Revenue Recognition - Performance Obligations (Details) $ in Millions	Aug. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 256
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	78.00%

Restructuring Charges - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning Balance				$ 6,372
Costs incurred		$ 130	$ 40	784	$ 1,133
Cash disbursements				(3,019)
Translation adjustments and other				(1)
Ending Balance	$ 4,136	4,136		4,136
2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				1,882
Costs incurred	100	100		465
Cash disbursements				(2,240)
Translation adjustments and other				(1)
Ending Balance	106	106		106
2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				4,490
Costs incurred	4,000	200		319
Cash disbursements				(779)
Ending Balance	4,030	4,030		4,030
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance				4,483
Costs incurred				319
Cash disbursements				(772)
Translation adjustments and other				0
Ending Balance	4,030	4,030		4,030
Excess Facilities and Other Costs \| 2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				0
Costs incurred				0
Cash disbursements				0
Translation adjustments and other				0
Ending Balance	0	0		0
Excess Facilities and Other Costs \| 2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				4,483
Costs incurred				319
Cash disbursements				(772)
Ending Balance	4,030	4,030		4,030
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance				1,889
Costs incurred				465
Cash disbursements				(2,247)
Translation adjustments and other				(1)
Ending Balance	106	106		106
Employee Severance and Related Benefits \| 2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				1,882
Costs incurred				465
Cash disbursements				(2,240)
Translation adjustments and other				(1)
Ending Balance	106	106		106
Employee Severance and Related Benefits \| 2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance				7
Costs incurred				0
Cash disbursements				(7)
Ending Balance	$ 0	$ 0		$ 0

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 130	$ 40	$ 784	$ 1,133
2021 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 100	100		465
2020 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	4,000	$ 200		$ 319
2020 Restructuring Activities \| Operating Lease, Liability, Current
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	1,000
2020 Restructuring Activities \| Operating Lease, Liability, Noncurrent
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 3,000

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Aug. 31, 2022	Aug. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	21.00%	22.00%

Earnings per share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 21,797	$ 30,976	$ 71,361	$ 63,494
Weighted average shares outstanding (in shares)	43,211	43,762	43,589	43,896
Basic earnings per common share (in dollars per share)	$ 0.50	$ 0.71	$ 1.64	$ 1.45
Diluted earnings per common share:
Net income	$ 21,797	$ 30,976	$ 71,361	$ 63,494
Effect of dilution from common stock equivalents (in shares)	724	740	710	646
Diluted weighted average shares outstanding (in shares)	43,935	44,502	44,299	44,542
Diluted earnings per share (in dollars shares)	$ 0.50	$ 0.70	$ 1.61	$ 1.43

- Definition

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

+ References

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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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

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Earnings per share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,777	1,250	1,739	1,241

Segment Information (Details) - segment	3 Months Ended	9 Months Ended
Segment Information (Details) - segment	May 31, 2021	Aug. 31, 2022
Segment Reporting [Abstract]
Number of operating segments	1	1