0000876167-23-000036 | 10-K | XBRL Viewer | Progress Software Corp MA

Income Taxes

12 Months Ended

Nov. 30, 2022

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
U.S.	$	103,917	$	80,508	$	83,279
Foreign	13,338		15,026		13,356
Total	$	117,255	$	95,534	$	96,635

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Current:
Federal	$	20,118	$	11,964	$	12,294
State	5,039		2,602		3,871
Foreign	4,631		3,456		3,370
Total current	29,788		18,022		19,535
Deferred
Federal	(4,683)		366		(1,613)
State	(1,537)		(1,110)		(969)
Foreign	(1,382)		(164)		(40)
Total deferred	(7,602)		(908)		(2,622)
Total	$	22,186	$	17,114	$	16,913

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Tax at U.S. Federal statutory rate	$	24,624	$	20,062	$	20,293
Foreign rate differences	475		193		(200)
Effects of foreign operations included in U.S. Federal provision	401		(112)		(167)
State income taxes, net	2,424		1,215		2,087
Research credits	(1,268)		(410)		(905)
Tax-exempt interest	—		—		(3)
Nondeductible stock-based compensation	2,725		1,548		422
Meals and entertainment	185		61		162
Compensation subject to 162(m)	878		346		324
Uncertain tax positions and tax settlements	(163)		89		245
Net excess tax benefit or detriment from stock-based compensation plans	(266)		(11)		61
Global intangible low tax inclusion	17		606		(307)
Foreign derived intangible deduction	(7,769)		(6,386)		(5,297)
Other	(77)		(87)		198
Total	$	22,186	$	17,114	$	16,913

The effective income tax rate is based on the income for the year, the composition of the income in different countries, changes related to valuation allowances and adjustments, if any, for the potential tax consequences or benefits of audits or other tax contingencies. In

fiscal year 2022, our aggregate effective income tax rate in foreign jurisdictions is not materially different than our effective income tax rate in the United States. Our effective tax rate differed from the statutory U.S. Federal income tax rate primarily due to the net effects of the foreign derived intangible income (FDII) regime. In fiscal years 2021 and 2020 our aggregate effective income tax rate in foreign jurisdictions was lower than our effective income tax rate in the United States. A significant portion of income before provision for income taxes from foreign operations has been earned by subsidiaries with statutory income tax rates lower than the statutory U.S. Federal income tax rate.

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


	November 30, 2022		November 30, 2021
Deferred tax assets:
Accounts receivable	$	191	$	143
Accrued compensation	3,884		4,407
Accrued liabilities and other	1,352		2,898
Deferred revenue	12,461		8,081
Stock-based compensation	8,030		6,401
Original issue discount	7,169		9,132
Tax credit and loss carryforwards	27,809		35,376
Operating lease liabilities	4,082		5,257
Gross deferred tax assets	64,978		71,695
Valuation allowance	(6,275)		(7,315)
Total deferred tax assets	58,703		64,380
Deferred tax liabilities:
Goodwill	(23,745)		(21,867)
Right-of-use lease assets	(2,938)		(3,925)
Deferred revenue	—		(1,483)
Depreciation and amortization	(20,875)		(34,532)
Prepaid expenses	(4,008)		(1,906)
Notes payable	—		(13,415)
Total deferred tax liabilities	(51,566)		(77,128)
Total	$	7,137	$	(12,748)

The valuation allowance primarily applies to net operating loss carryforwards and unutilized tax credits in foreign jurisdictions under conditions where realization is not more likely than not. The $1 million decrease in the valuation allowance during fiscal year 2022 primarily relates to losses in a foreign subsidiary that have expired prior to utilization.

At November 30, 2022, we have federal and foreign net operating loss carryforwards of $96.9 million expiring on various dates through 2036 and $19.4 million that do not expire. In addition, we have state net operating loss carryforwards of $48.9 million expiring on various dates through 2044 and a minimal amount that does not expire. At November 30, 2022, we have state tax credit carryforwards of approximately $3.6 million expiring on various dates through 2037 and $2.4 million that may be carried forward indefinitely. In addition, we have federal tax credit carryforwards of approximately $5.9 million expiring on various dates through 2039.

It is our intention to indefinitely reinvest the earnings of our non-U.S. subsidiaries. We have not provided for U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries, which totaled $106.6 million as of November 30, 2022, as these earnings have been indefinitely reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability if the undistributed earnings were to be repatriated due to the complexity of the income tax laws and regulations. These earnings could be subject to non-U.S. withholding taxes and other federal, state and/or foreign taxes if they were remitted to the U.S.

As of November 30, 2022, the total amount of unrecognized tax benefits was $5.3 million, of which $1.3 million was recorded in other noncurrent liabilities on the consolidated balance sheet and $4.0 million of deferred tax assets, principally related to U.S net operating loss carry-forwards and federal and state research and development tax credits, have not been recorded.

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Balance, beginning of year	$	5,471	$	6,219	$	4,993
Tax positions related to current period	—		71		—
Tax positions related to a prior period	—		(820)		539
Tax positions acquired	—		439		1,596
Settlements with tax authorities	(45)		(168)		(12)
Lapses due to expiration of the statute of limitations	(150)		(270)		(897)
Balance, end of year	$	5,276	$	5,471	$	6,219

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

We recognize interest and penalties related to uncertain tax positions as a component of our provision for income taxes. In fiscal year 2022 there was a minimal amount of estimated interest and penalties recorded in the provision for income taxes. In fiscal year 2021 a net expense of $0.8 million was recorded to the provision for income taxes related to estimated interest and penalties. In fiscal year 2020 there was a minimal amount of estimated interest and penalties recorded in the provision for income taxes. We have accrued $1.3 million and $1.2 million of estimated interest and penalties at November 30, 2022 and 2021, respectively. We do not expect any significant changes to the amount of unrecognized tax benefits in the next twelve months.

Our federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2019. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2018, and we are no longer subject to audit for those periods.

Tax authorities for certain non-U.S. jurisdictions are also examining tax returns and the Company does not expect the results of these examinations to be material to our consolidated balance sheets, cash flows or statements of income. With some exceptions, we are generally no longer subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2017.

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ (1,000)
Net operating loss carryforwards	19,400
Cumulative undistributed foreign earnings	106,600
Tax positions related to a prior period	5,276	$ 5,471	$ 6,219	$ 4,993
Deferred tax assets related to operating loss carryforwards, not recorded	4,000
Interest and penalties recorded to provision for income taxes		800
Accrued estimated interest and penalties	1,300	$ 1,200
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Tax positions related to a prior period	1,300
Federal and Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	96,900
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	48,900
Tax credit carryforwards	3,600
Indefinite-Lived Carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,400
Federal
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 5,900

Earnings Per Share

12 Months Ended

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Basic earnings per common share	$	2.19	$	1.79	$	1.78

Diluted earnings per common share:
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Effect of dilution from common stock equivalents	772		704		435
Diluted weighted average shares outstanding	44,247		44,620		45,321
Diluted earnings per share	$	2.15	$	1.76	$	1.76

We excluded stock awards representing approximately 1,751,000 shares, 1,232,000 shares, and 1,268,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2022, 2021 and 2020, respectively, because these awards 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 fiscal year ended November 30, 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.

Business Combinations (Narrative) (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 01, 2021	Oct. 05, 2020	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Business Acquisition [Line Items]
Acquisition-related expenses			$ 4,603	$ 4,102	$ 3,637
Federal statutory income tax rate, percent			24.50%	24.50%
Revolving Line of Credit \| Amended Credit Agreement
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
Goodwill, expected tax deductible amount	179,400
Acquisition-related expenses			900
Kemp Acquisition \| Customer-related
Business Acquisition [Line Items]
Intangible assets	75,500		75,500
Kemp Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	39,400		39,400
Kemp Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 7,200		7,200
Chef Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition		220,000
Intangible assets				$ 141,300
Goodwill, expected tax deductible amount				$ 59,600
Acquisition-related expenses			200
Chef Acquisition \| Customer-related
Business Acquisition [Line Items]
Intangible assets		97,300	97,300
Chef Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets		38,300	38,300
Chef Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets		$ 5,700	$ 5,700

Leases (Schedule of Future Minimum Lease Payments After the Adoption of ASC 842) (Details) $ in Thousands	Nov. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 7,985
2024	7,561
2025	4,931
2026	1,799
2027	1,183
Thereafter	112
Total lease payments	23,571
Less imputed interest	(1,059)
Present value of lease liabilities	$ 22,512

Fair Value Measurements

12 Months Ended

Nov. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2022 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	27,254	$	27,254	$	—	$	—
Interest rate swap	4,407		—		4,407		—
Liabilities
Foreign exchange derivatives	$	(3,000)	$	—	$	(3,000)	$	—

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 fair value of the Company's Notes, as defined in Note 9: Debt, inclusive of the conversion feature embedded in the Notes, was $376.0 million as of November 30, 2022 and $372.1 million as of November 30, 2021. The fair value was determined based on the Notes’ quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 1 in the fair value hierarchy. See Note 9: Debt for additional information.

- Definition

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

+ References + Details

Business Combinations (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands	12 Months Ended		13 Months Ended	26 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2022	Nov. 01, 2021	Nov. 30, 2020	Oct. 05, 2020
Business Acquisition [Line Items]
Goodwill	$ 671,037	$ 671,152	$ 671,037	$ 671,037		$ 491,726
Measurement Period Adjustments
Goodwill	(88)	(77)
Kemp Acquisition
Business Acquisition [Line Items]
Net working capital	26,650		26,650	26,650	$ 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	(1,404)		(1,404)	(1,404)	(604)
Deferred taxes	(22,027)		(22,027)	(22,027)	(23,187)
Deferred revenue	(29,997)		(29,997)	(29,997)	(29,997)
Goodwill	179,433		179,433	179,433	179,521
Net assets acquired	275,747		275,747	275,747	275,881
Measurement Period Adjustments
Net working capital			(425)
Property, plant and equipment			(8)
Other assets			27
Other noncurrent liabilities			(800)
Deferred taxes			1,160
Goodwill			(88)
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
Intangible assets		$ 141,300
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

Cash, Cash Equivalents and Investments (Schedule of Cash and Cash Equivalents and Trading and Available-for-sale Investments) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 256,277	$ 155,406
Unrealized Gains	0	16
Unrealized Losses	0	0
Total amortized cost basis	256,277	157,357
Total fair value	256,277	157,373
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis		748
Unrealized Gains		9
Unrealized Losses		0
Fair Value		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	229,023	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 27,254	$ 25,035

Income Taxes (Schedule of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 5,471	$ 6,219	$ 4,993
Tax positions related to current period	0	71	0
Tax positions related to a prior period	0	(820)
Tax positions related to a prior period			539
Tax positions acquired	0	439	1,596
Settlements with tax authorities	(45)	(168)	(12)
Lapses due to expiration of the statute of limitations	(150)	(270)	(897)
Balance, end of year	$ 5,276	$ 5,471	$ 6,219

Intangible Assets and Goodwill (Narrative) (Details) - USD ($)	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, amortization expense	$ 68,900,000	$ 46,900,000	$ 27,900,000
Goodwill impairment	$ 0	$ 0	$ 0

Cash, Cash Equivalents and Investments

12 Months Ended

Nov. 30, 2022

Investments and Cash [Abstract]

Cash, Cash Equivalents and Investments

A summary of our cash and cash equivalents at November 30, 2022 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	229,023	$	—	$	—	$	229,023
Money market funds	27,254		—		—		27,254
Total	$	256,277	$	—	$	—	$	256,277

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 consolidated balance sheets as follows (in thousands):


	November 30, 2022				November 30, 2021
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	229,023	$	—	$	130,371	$	—
Money market funds	27,254		—		25,035		—
U.S. treasury bonds	—		—		—		757
Corporate bonds	—		—		—		1,210
Total	$	256,277	$	—	$	155,406	$	1,967

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

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

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended
	Feb. 28, 2022 metric	Feb. 28, 2021 metric	Feb. 29, 2020 metric	Feb. 28, 2019	Nov. 30, 2022 USD ($) plan period $ / shares shares	Nov. 30, 2021 $ / shares shares	Nov. 30, 2020 $ / shares shares	May 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan					1
Number of plans for which shareholder approval not required \| plan					2
Unrecognized stock-based compensation expense, net of expected forfeitures \| $					$ 45.8
Costs are expected to be recognized, weighted average period					2 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares					$ 10.95	$ 9.46	$ 9.59
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Number of common stock shares each restricted stock unit represents (in shares)					1
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics \| metric	2	2	2
Stock-based compensation service period	3 years	3 years		3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)					10,250,000
ESPP offering period					27 months
ESPP number of purchase periods \| period					9
ESPP purchase period					3 months
ESPP purchase price (as a percent)					85.00%
Employee stock purchase plan, issued shares (in shares)					301,000	277,000	237,000
Weighted average purchase price of shares (in dollars per share) \| $ / shares					$ 30.59	$ 28.20	$ 27.86
Shares available and reserved for issuance (in shares)					386,000
Additional holding period					3 months
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares					$ 11.01	$ 11.59	$ 8.73
2008 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under stock plans (in shares)								4,500,000
Shares available for grant under stock plans (in shares)					4,719,864
2002 Nonqualified Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)					56,093
2004 Inducement Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)					466,716
2020 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market conditions			50.00%
Cumulative performance condition			3 years
Percentage of shares based on cumulative performance condition			50.00%
2021 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market conditions						25.00%
Cumulative performance condition						3 years
Percentage of shares based on cumulative performance condition						75.00%
Market condition period						3 years
2022 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market conditions					25.00%
Cumulative performance condition					3 years
Percentage of shares based on cumulative performance condition					75.00%
Market condition period					3 years

Income Taxes (Schedule of Reconciliation of The U.S. Federal Statutory Rate to The Effective Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Tax at U.S. Federal statutory rate	$ 24,624	$ 20,062	$ 20,293
Foreign rate differences	475	193	(200)
Effects of foreign operations included in U.S. Federal provision	401	(112)	(167)
State income taxes, net	2,424	1,215	2,087
Research credits	(1,268)	(410)	(905)
Tax-exempt interest	0	0	(3)
Nondeductible stock-based compensation	2,725	1,548	422
Meals and entertainment	185	61	162
Compensation subject to 162(m)	878	346	324
Uncertain tax positions and tax settlements	(163)	89	245
Net excess tax benefit or detriment from stock-based compensation plans	(266)	(11)	61
Global intangible low tax inclusion	17	606	(307)
Foreign derived intangible deduction	(7,769)	(6,386)	(5,297)
Other	(77)	(87)	198
Total	$ 22,186	$ 17,114	$ 16,913

Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558,619	$ 558,619
Accumulated Amortization	(341,264)	(271,434)
Total	217,355	287,185
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	212,700	212,700
Accumulated Amortization	(150,877)	(128,797)
Total	61,823	83,903
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	306,308	306,308
Accumulated Amortization	(162,341)	(119,357)
Total	143,967	186,951
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,611	37,611
Accumulated Amortization	(26,046)	(21,556)
Total	11,565	16,055
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(2,000)	(1,724)
Total	$ 0	$ 276

Intangible Assets and Goodwill (Schedule of Future Amortization Expense From Intangible Assets Held) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 68,895
2024	56,079
2025	45,569
2026	36,098
2027	10,714
Total	$ 217,355	$ 287,185

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 879	$ 6,308	$ 5,906
2021 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	465	1,965
2020 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	414	$ 4,149	$ 3,947
Short-term restructuring reserves	$ 3,900

Debt (Schedule of Credit Facility) (Details) - USD ($)		12 Months Ended
Debt (Schedule of Credit Facility) (Details) - USD ($)	Jan. 25, 2022	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months		$ 6,875,000
Unamortized discount and issuance costs		10,046,000
Line of Credit
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months		6,875,000
Unamortized discount and issuance costs		2,671,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Principal repayments, option one		1,700,000
Principal repayments, option two		3,400,000
Principal repayments, option three		$ 5,200,000
Percentage of capital stock of domestic subsidiaries		100.00%
Percentage of capital stock of first-tier foreign subsidiaries		65.00%
Amended Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities		5.69%
Debt, weighted average interest rate		2.85%
Amended Credit Agreement \| Minimum \| Eurodollar \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities		1.00%
Amended Credit Agreement \| Minimum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities		0.00%
Amended Credit Agreement \| Maximum \| Eurodollar \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities		2.00%
Amended Credit Agreement \| Maximum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities		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 Line of Credit
Line of Credit Facility [Line Items]
Credit facility maturity, number of days prior to maturity date of Notes	181 days
Credit facility maturity, minimum number of days after refinancing of Notes	181 days
Fair value of term loan		$ 268,100,000
Long-term debt, maturity, next 12 months		6,900,000
Line of credit facility outstanding amount		$ 0
Amended Credit Agreement \| Revolving Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000
Amended Credit Agreement \| Revolving Line of Credit \| Minimum \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage		0.125%
Amended Credit Agreement \| Revolving Line of Credit \| 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
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
Unamortized discount and issuance costs		1,100,000
Amortization of debt issuance costs		$ 600,000	$ 600,000	$ 600,000

Inventories

12 Months Ended

Nov. 30, 2022

Inventory Disclosure [Abstract]

Inventories

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


	November 30, 2022		November 30, 2021
Finished goods	$	2,409	$	1,631
Purchased parts and fabricated assemblies	2,634		1,920
Total	$	5,043	$	3,551

At November 30, 2022 and November 30, 2021, the inventories balances of $5.0 million and $3.6 million, respectively, were recorded in other current assets on the consolidated balance sheets.

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Current assets:
Cash and cash equivalents	$ 256,277	$ 155,406
Short-term investments	0	1,967
Total cash, cash equivalents and short-term investments	256,277	157,373
Accounts receivable (less allowances of $859 in 2022 and $634 in 2021)	97,834	99,815
Unbilled receivables and contract assets, net	29,158	25,816
Other current assets	42,784	39,549
Assets held for sale	0	15,255
Total current assets	426,053	337,808
Long-term unbilled receivables and contract assets, net	39,936	17,464
Property and equipment, net	14,927	14,345
Intangible assets, net	217,355	287,185
Goodwill	671,037	671,152
Right-of-use lease assets	17,574	25,253
Deferred tax assets	11,765	1,415
Other assets	12,832	8,915
Total assets	1,411,479	1,363,537
Current liabilities:
Current portion of long-term debt, net	6,234	25,767
Accounts payable	9,282	9,683
Accrued compensation and related taxes	42,467	47,116
Dividends payable to stockholders	8,115	7,925
Short-term operating lease liabilities	7,471	7,926
Other accrued liabilities	16,765	19,491
Short-term deferred revenue, net	227,670	205,021
Total current liabilities	318,004	322,929
Long-term debt, net	259,220	239,992
Convertible senior notes, net	352,625	294,535
Long-term operating lease liabilities	15,041	23,130
Long-term deferred revenue, net	54,770	47,359
Deferred tax liabilities	4,628	14,163
Other noncurrent liabilities	8,687	8,940
Commitments and contingencies (Note 11)
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, 43,257,008 shares in 2022 and 44,146,193 shares in 2021	433	441
Additional paid-in capital	331,650	354,235
Retained earnings	101,656	90,256
Accumulated other comprehensive loss	(35,235)	(32,443)
Total stockholders’ equity	398,504	412,489
Total liabilities and stockholders’ equity	$ 1,411,479	$ 1,363,537

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Cash flows from operating activities:
Net income	$ 95,069	$ 78,420	$ 79,722
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	5,002	5,477	6,144
Amortization of acquired intangibles and other	69,730	47,507	28,621
Amortization of debt discount and issuance costs on Notes	2,112	8,195	0
Stock-based compensation	37,094	29,724	23,482
Non-cash lease expense	7,781	10,946	8,609
Loss on disposal of long-lived assets, net	0	7	1,025
Gain on sale of assets held for sale	(10,770)	0	0
Deferred income taxes	(7,602)	(908)	(2,622)
Allowances for bad debt and sales credits	774	(282)	164
Gain on sale of intangible assets	0	0	(889)
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivables	(27,254)	(10,998)	10,682
Other assets	(2,214)	(15,105)	1,561
Inventories	(1,556)	245	0
Accounts payable and accrued liabilities	(3,583)	5,486	(4,974)
Lease liabilities	(8,571)	(8,406)	(8,101)
Income taxes payable	(120)	(2,251)	3
Deferred revenue, net	36,268	30,473	1,420
Net cash flows from operating activities	192,160	178,530	144,847
Cash flows from (used in) investing activities:
Purchases of investments	0	0	(5,009)
Sales and maturities of investments	1,950	5,950	16,401
Purchases of property and equipment	(6,090)	(4,654)	(6,517)
Payments for acquisitions, net of cash acquired	0	(253,961)	(213,057)
Proceeds from sale of long-lived assets, net	25,998	0	889
Decrease in escrow receivable and other	134	2,330	0
Net cash flows from (used in) investing activities	21,992	(250,335)	(207,293)
Cash flows (used in) from financing activities:
Proceeds from stock-based compensation plans	16,165	15,033	11,099
Payments for taxes related to net share settlements of equity awards	(7,824)	(5,186)	(5,331)
Repurchases of common stock	(77,041)	(35,000)	(60,000)
Proceeds from issuance of senior convertible notes, net of issuance costs of $9.9 million	0	350,100	0
Purchase of capped calls	0	(43,056)	0
Dividend payments to stockholders	(31,063)	(31,561)	(29,900)
Proceeds from the issuance of debt	7,475	0	98,500
Payment of principal on long-term debt	(6,873)	(117,313)	(11,288)
Payment of issuance costs for long-term debt	(2,262)	(904)	0
Net cash flows (used in) from financing activities	(101,423)	132,113	3,080
Effect of exchange rate changes on cash	(11,858)	(2,892)	3,097
Net increase in cash and cash equivalents	100,871	57,416	(56,269)
Cash and cash equivalents, beginning of year	155,406	97,990	154,259
Cash and cash equivalents, end of year	256,277	155,406	97,990
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $968 in 2022, $894 in 2021 and $724 in 2020	28,680	25,915	16,107
Cash paid for interest	8,572	8,537	9,175
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	27,626	18,102	17,046
Dividends declared	$ 8,115	$ 7,925	$ 7,904

Leases

12 Months Ended

Nov. 30, 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 7 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 years ended November 30, 2022, 2021 and 2020 were as follows (in thousands):


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Lease costs under long-term operating leases	$	7,079	$	7,867	$	7,605
Lease costs under short-term operating leases	71		32		426
Variable lease cost under short-term and long-term operating leases(1)	282		434		325
Operating lease right-of-use asset impairment	—		3,057		1,189
Total operating lease cost	$	7,432	$	11,390	$	9,545

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

The table below presents supplemental cash flow information related to leases during the years ended November 30, 2022, 2021 and 2020 (in thousands):


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Cash paid for leases	$	8,571	$	8,406	$	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$	451	$	3,222	$	8,532

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


	November 30, 2022		November 30, 2021
Weighted average remaining lease term in years	3.33		4.15
Weighted average discount rate	2.6	%	2.6	%

Future payments under non-cancellable leases at November 30, 2022 are as follows (in thousands):


2023	$	7,985
2024	7,561
2025	4,931
2026	1,799
2027	1,183
Thereafter	112
Total lease payments	23,571
Less imputed interest(1)	(1,059)
Present value of lease liabilities	$	22,512

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

Our operating lease arrangements are subject to customary renewal and base rental fee escalation clauses. Total rent expense, net of sublease income which is insignificant, under operating lease arrangements was approximately $8.7 million, $9.3 million and $9.6 million in fiscal years 2022, 2021 and 2020, respectively.

Debt (Schedule of Interest Expense Related To The Notes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Aug. 31, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 3,600	$ 2,280
Amortization of debt discount and issuance costs	2,112	8,195
Interest expense, debt	$ 5,712	$ 10,475
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Annual interest rate	1.00%			1.00%
Debt instrument, interest rate, effective percentage	1.63%	5.71%	1.63%

Restructuring (Schedule of Restructuring Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 6,372	$ 3,973	$ 2,203
Costs incurred	879	6,308	5,906
Cash disbursements	(3,348)	(5,519)	(4,123)
Translation adjustments and other	(3)	1,610	(13)
Ending Balance	3,900	6,372	3,973
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	4,483	421	196
Costs incurred	414	3,518	1,812
Cash disbursements	(1,027)	(1,072)	(1,569)
Translation adjustments and other	0	1,616	(18)
Ending Balance	3,870	4,483	421
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	1,889	3,552	2,007
Costs incurred	465	2,790	4,094
Cash disbursements	(2,321)	(4,447)	(2,554)
Translation adjustments and other	(3)	(6)	5
Ending Balance	30	1,889	3,552
2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	1,882	0
Costs incurred	465	1,965
Cash disbursements	(2,314)	(69)
Translation adjustments and other	(3)	(14)
Ending Balance	30	1,882	0
2021 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs incurred	0	0
Cash disbursements	0	0
Translation adjustments and other	0	0
Ending Balance	0	0	0
2021 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	1,882	0
Costs incurred	465	1,965
Cash disbursements	(2,314)	(69)
Translation adjustments and other	(3)	(14)
Ending Balance	30	1,882	0
2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	4,490	3,523	0
Costs incurred	414	4,149	3,947
Cash disbursements	(1,034)	(4,805)	(429)
Translation adjustments and other		1,623	5
Ending Balance	3,870	4,490	3,523
2020 Restructuring Activities \| Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	4,483	0	0
Costs incurred	414	3,323	0
Cash disbursements	(1,027)	(455)	0
Translation adjustments and other		1,615	0
Ending Balance	3,870	4,483	0
2020 Restructuring Activities \| Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	7	3,523	0
Costs incurred	0	826	3,947
Cash disbursements	(7)	(4,350)	(429)
Translation adjustments and other		8	5
Ending Balance	$ 0	$ 7	$ 3,523

Business Segments and International Operations	12 Months Ended
Business Segments and International Operations	Nov. 30, 2022
Segment Reporting [Abstract]
Business Segments and International Operations	Business Segments and International Operations Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("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 applications. Our CODM evaluates financial information on a consolidated basis. As we operate as one operating segment, the required financial segment information can be found in the condensed consolidated financial statements. Long-lived assets totaled $7.6 million, $22.1 million and $22.8 million in the U.S. and $7.3 million, $7.5 million and $7.0 million outside of the U.S. at the end of fiscal years 2022, 2021, and 2020, respectively. During the fiscal year ended November 30, 2022, two countries outside of the U.S. accounted for more than 10% of our consolidated long-lived assets, and no individual country outside of the U.S. accounted for more than 10% of our consolidated long-lived assets in 2021 and 2020.

- 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
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

The Company

Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") is dedicated to propelling business forward in a technology-driven world. Progress helps customers 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.

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

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

Accounting Principles

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

Basis of Consolidation

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

Use of Estimates

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

Foreign Currency Translation

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

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

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

Cash Equivalents and Investments

Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2022, all of our cash equivalents were invested in money market funds.

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

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

Allowances for Doubtful Accounts and Sales Credit Memos

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

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

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



	November 30, 2022		November 30, 2021		November 30, 2020
Beginning balance	$	552	$	886	$	667
Charge to costs and expenses	493		58		429
Write-offs and other	(302)		(408)		(169)
Translation adjustments	(3)		16		(41)
Ending balance	$	740	$	552	$	886

Concentrations of Credit Risk

Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative instruments and trade receivables. We have cash investment policies which, among other things, limit investments to investment-grade securities. We hold our cash and cash equivalents, investments and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. No single customer represented more than 10% of consolidated accounts receivable or revenue in fiscal years 2022, 2021 or 2020.

Fair Value of Financial Instruments

The carrying amount of our cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. We base the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. We measure

and record derivative financial instruments at fair value. See Note 4: Fair Value Measurements for further discussion of financial instruments that are carried at fair value on a recurring and nonrecurring basis.

Derivative Instruments

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

Cash Flow Hedge

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

Forward Contracts

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

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

Inventories

Inventories consist of hardware and related component parts and are recorded at the lower of cost, as determined by the first-in, first-out method, or net realizable value. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to costs of revenue. At November 30, 2022 and 2021, the Company had no reserve for excess and obsolete inventories.

Property and Equipment

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

Property and equipment is classified as held for sale when it meets the held for sale criteria of Accounting Standards Codification Topic 360, Property, Plant, and Equipment and is measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, we stop recording depreciation expense on the asset. We assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification.

Goodwill, Intangible Assets, and Long-Lived Assets

Goodwill

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

impairment may have occurred. Factors that could indicate that an impairment may exist include significant underperformance relative to plan or long-term projections, significant changes in business strategy, significant negative industry or economic trends or a significant decline in our stock price for a sustained period of time.

The Company performed a quantitative assessment as of October 31, 2022 and 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of its reporting unit was less than its carrying value. We estimated the fair value of our reporting unit based on our market capitalization. We did not recognize any goodwill impairment charges during fiscal years 2022, 2021 or 2020.

Intangible Assets and Long-Lived Assets

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

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

We did not recognize any intangible asset impairment charges during fiscal years 2022, 2021 and 2020.

Comprehensive (Loss) Income

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

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


	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Investments		Unrealized (Losses) Gains on Hedging Activity		Total
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive (loss) income	(2,439)		(63)		2,837		335
Balance, December 1, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)
Other comprehensive (loss) income	(8,468)		(12)		5,688		(2,792)
Balance, November 30, 2022	$	(38,523)	$	(61)	$	3,349	$	(35,235)

The tax effect on accumulated unrealized (losses) gains on hedging activity and unrealized gains (losses) on investments was a tax provision of $1.1 million as of November 30, 2022, and a tax benefit of $0.7 million and $1.6 million as of November 30, 2021, and November 30, 2020, respectively.

Revenue Recognition

Revenue Policy

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

Software Licenses

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

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

Maintenance

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

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

Services

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

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

Arrangements with Multiple Performance Obligations

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

Advertising Costs

Advertising costs are expensed as incurred and were $1.1 million, $0.9 million, and $0.5 million in fiscal years 2022, 2021, and 2020, respectively.

Warranty Costs

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

Stock-Based Compensation

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

Cyber Incident Costs

Following the detection of irregular activity on certain portions of our corporate network, we engaged outside cybersecurity experts and other incident response professionals to conduct a forensic investigation and assess the extent and scope of the cyber incident. Cyber incident costs relate to the engagement of external cybersecurity experts and other incident response professionals. We incurred $0.6 million of cyber incident costs for the fiscal year ended November 30, 2022.

Acquisition-Related Costs

Acquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense. We incurred $4.6 million, $4.1 million, and $3.6 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2022, November 30, 2021, and November 30, 2020, respectively.

Restructuring Charges

Our restructuring charges are comprised primarily of costs related to property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements; and employee termination costs related to headcount reductions. We recognize and measure restructuring liabilities initially at fair value when the liability is incurred. We incurred $0.9 million, $6.3 million, and $5.9 million of restructuring related costs, which are included in restructuring expenses in our consolidated statement of operations, for the fiscal years ended November 30, 2022, November 30, 2021, and November 30, 2020, respectively.

Income Taxes

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

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

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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.

The adoption of ASU 2020-06 reduced non-cash interest expense in the current year and in future periods due to the de-recognition of the debt discount associated with the bifurcated components of our Notes. As a result of the adoption of this guidance, interest expense decreased by $11.5 million. For the fiscal year ending November 30, 2022, total interest expense for the Notes was $5.7 million. The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share.

Recently Issued Accounting Pronouncements Not Yet Adopted

Reference Rate Reform

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), as amended in December 2022 by Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU 2020-04 are optional and are effective from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06. As of November 30, 2022, we have not adopted any expedients and exceptions under ASU 2020-04. We will continue to evaluate the impact of ASU 2020-04 on our consolidated financial statements.

Business Segments and International Operations (Narrative) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($) segment	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment	1
Long-lived assets	$ 14,927	$ 14,345
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,600	22,100	$ 22,800
Outside United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 7,300	$ 7,500	$ 7,000

Derivative Instruments (Schedule of Outstanding Foreign Currency Forward Contracts) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Derivative [Line Items]
Notional Value	$ 75,122	$ 79,896
Fair Value	(3,000)	(372)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	120,000	133,125
Fair Value	4,407	(3,078)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	74,578	79,777
Fair Value	(2,995)	(371)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	544	119
Fair Value	$ (5)	$ (1)

Retirement Plan	12 Months Ended
Retirement Plan	Nov. 30, 2022
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanWe maintain a retirement plan covering all U.S. employees under Section 401(k) of the Internal Revenue Code. Company contributions to the plan are at the discretion of the Board of Directors and totaled approximately $3.3 million, $4.0 million and $3.6 million for fiscal years 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnification Obligations We include standard intellectual property indemnification provisions in our licensing agreements in the ordinary course of business. Pursuant to our product license agreements, we will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally business partners or customers, in connection with certain patent, copyright or other intellectual property infringement claims by third parties with respect to our products. Other agreements with our customers provide indemnification for claims relating to property damage or personal injury resulting from the performance of services by us or our subcontractors. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been insignificant. Accordingly, the estimated fair value of these indemnification provisions is immaterial. Legal Proceedings We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material effect on our financial position, results of operations or cash flows.

Fair Value Measurements (Schedule of Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 27,254	$ 25,035
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	4,407
Liabilities		(3,078)
U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		757
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		1,210
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(3,000)	(372)
Level 1 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	27,254	25,035
Level 1 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Liabilities		0
Level 1 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Level 1 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Level 1 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Level 2 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Level 2 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	4,407
Liabilities		(3,078)
Level 2 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		757
Level 2 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		1,210
Level 2 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(3,000)	(372)
Level 3 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Level 3 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Liabilities		0
Level 3 \| U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Level 3 \| Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets		0
Level 3 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 0	$ 0

Derivative Instruments (Tables)

12 Months Ended

Nov. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Foreign Currency Forward Contracts

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


	November 30, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	120,000	$	4,407	$	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):


	November 30, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	74,578	$	(2,995)	$	79,777	$	(371)
Forward contracts to purchase U.S. dollars	544		(5)		119		(1)
Total	$	75,122	$	(3,000)	$	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.

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+ Details

Derivative Instruments

12 Months Ended

Nov. 30, 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 assessed the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of November 30, 2022 and November 30, 2021, the fair value of the hedge was a gain of $4.4 million and a loss of $3.1 million, respectively, and was included in other assets and other noncurrent liabilities, respectively, on our consolidated balance sheets. The net amount of accumulated other comprehensive loss reclassified to interest expense during fiscal years 2022 and 2021 was an increase of $0.7 million and $2.5 million, respectively.


	November 30, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	120,000	$	4,407	$	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 expire between 30 days and 2 years from the date the contract was entered. At November 30, 2022, $3.1 million and $0.1 million were recorded in other noncurrent liabilities and other current assets, respectively, on the 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 the consolidated balance sheets.

In fiscal years 2022 and 2021, realized and unrealized losses of $7.7 million and $2.1 million, respectively, from our forward contracts were recognized in foreign currency loss, net on the consolidated statement of operations. In fiscal year 2020, realized and unrealized gains of $1.7 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statements of operations. These gains and losses were substantially offset by realized and unrealized losses and gains on the offsetting positions.

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


	November 30, 2022				November 30, 2021
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	74,578	$	(2,995)	$	79,777	$	(371)
Forward contracts to purchase U.S. dollars	544		(5)		119		(1)
Total	$	75,122	$	(3,000)	$	79,896	$	(372)

Restructuring

12 Months Ended

Nov. 30, 2022

Restructuring Charges [Abstract]

Restructuring

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2019	$	196	$	2,007	$	2,203
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Translation adjustments and other	(18)		5		(13)
Balance, November 30, 2020	$	421	$	3,552	$	3,973
Costs incurred	3,518		2,790		6,308
Cash disbursements	(1,072)		(4,447)		(5,519)
Translation adjustments and other	1,616		(6)		1,610
Balance, November 30, 2021	$	4,483	$	1,889	$	6,372
Costs incurred	414		465		879
Cash disbursements	(1,027)		(2,321)		(3,348)
Translation adjustments and other	—		(3)		(3)
Balance, November 30, 2022	$	3,870	$	30	$	3,900

2021 Restructurings

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

For the fiscal years ended November 30, 2022 and November 30, 2021, we incurred expenses of $0.5 million and $2.0 million, respectively, related to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations.


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	—	$	—	$	—
Costs incurred	—		1,965		1,965
Cash disbursements	—		(69)		(69)
Translation adjustments and other	—		(14)		(14)
Balance, November 30, 2021	$	—	$	1,882	$	1,882
Costs incurred	—		465		465
Cash disbursements	—		(2,314)		(2,314)
Translation adjustments and other	—		(3)		(3)
Balance, November 30, 2022	$	—	$	30	$	30

Minimal cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2023. Accordingly, the minimal balance of the restructuring reserve is included in other accrued liabilities on the consolidated balance sheet at November 30, 2022.

We do not expect to incur additional material expenses as part of this action during fiscal year 2023.

2020 Restructurings

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

For the fiscal years ended November 30, 2022, 2021 and 2020, we incurred expenses of $0.4 million, $4.1 million and $3.9 million, respectively, related to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations.

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523
Costs incurred	3,323		826		4,149
Cash disbursements	(455)		(4,350)		(4,805)
Translation adjustments and other	1,615		8		1,623
Balance, November 30, 2021	$	4,483	$	7	$	4,490
Costs incurred	414		—		414
Cash disbursements	(1,027)		(7)		(1,034)
Balance, November 30, 2022	$	3,870	$	—	$	3,870

Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2027. Accordingly, the balance of the restructuring reserve of $3.9 million is included in short-term and long-term lease liabilities on the consolidated balance sheet at November 30, 2022.

We expect to incur additional expenses as part of this action related to facility closures as we consolidate offices in various locations during fiscal year 2023, but we do not expect these costs to be material.

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Basic earnings per common share	$	2.19	$	1.79	$	1.78

Diluted earnings per common share:
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Effect of dilution from common stock equivalents	772		704		435
Diluted weighted average shares outstanding	44,247		44,620		45,321
Diluted earnings per share	$	2.15	$	1.76	$	1.76

Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)			12 Months Ended
	Nov. 30, 2021	Jul. 09, 2019	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Summary Of Significant Accounting Policies [Line Items]
Impairment of goodwill			$ 0	$ 0	$ 0
Impairment of intangible assets			0	0	0
Other comprehensive (loss) income, tax provision (benefit)			1,100,000	(700,000)	(1,600,000)
Advertising costs			1,100,000	900,000	500,000
Cyber incident			602,000	0	0
Acquisition-related expenses			4,603,000	4,102,000	3,637,000
Restructuring related costs			900,000	6,300,000	$ 5,900,000
Decrease in additional paid in capital	$ (354,235,000)		(331,650,000)	(354,235,000)
Retained earnings	90,256,000		101,656,000	90,256,000
Decrease in deferred tax liabilities	(14,163,000)		(4,628,000)	(14,163,000)
Increase (decrease) in interest expense			$ (5,712,000)	(10,475,000)
Interest rate swap
Summary Of Significant Accounting Policies [Line Items]
Percentage of variable rate debt, managed variability		50.00%
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Summary Of Significant Accounting Policies [Line Items]
Decrease in additional paid in capital	47,500,000			47,500,000
Unamortized discount	56,000,000			56,000,000
Retained earnings	4,900,000			4,900,000
Decrease in deferred tax liabilities	13,400,000			$ 13,400,000
Increase (decrease) in interest expense	$ 11,500,000
Software licenses
Summary Of Significant Accounting Policies [Line Items]
Period of payments of licenses upon execution of contract			30 days
Minimum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period			4 years
Minimum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period			3 years
Minimum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			1 year
Minimum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			1 year
Minimum \| Services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			1 year
Minimum \| Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset			3 years
Minimum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset			5 years
Maximum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period			5 years
Maximum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period			4 years
Maximum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			3 years
Maximum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			3 years
Maximum \| Services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period			3 years
Maximum \| Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset			7 years
Maximum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset			7 years

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Principles	Accounting Principles We prepare our consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP").
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries (all of which are wholly owned). We eliminate all intercompany balances and transactions.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; assets held for sale; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The functional currency of most of our foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, we translate assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date. We translate income and expense items at average rates of exchange prevailing during each period. We accumulate translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity. For foreign operations where the U.S. dollar is considered to be the functional currency, we remeasure monetary assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date and non-monetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. We translate income and expense items at average rates of exchange prevailing during each period. We recognize remeasurement adjustments currently as a component of foreign currency loss, net in the statements of operations. Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in foreign currency loss, net in the statements of operations as incurred.
Cash Equivalents and Investments	Cash Equivalents and Investments Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2022, all of our cash equivalents were invested in money market funds. We classify investments, state and municipal bond obligations, U.S. treasury and government agency bonds, and corporate bonds and notes, as investments available-for-sale, which are stated at fair value. We include aggregate unrealized holding gains and losses, net of taxes, on available-for-sale securities as a component of accumulated other comprehensive loss in stockholders’ equity. We include realized gains and losses in interest income and other, net on the consolidated statements of operations. We monitor our investment portfolio for impairment on a periodic basis. Fair value is calculated based on publicly available market information. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other (expense) income, net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, we may incur future impairments.
Allowance for Doubtful Accounts and Sales Credit Memos	Allowances for Doubtful Accounts and Sales Credit Memos We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. We establish this allowance using estimates that we make based on factors such as the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, changes to customer creditworthiness and current economic trends. We also record an allowance for estimates of potential sales credit memos. This allowance is determined based on an analysis of historical credit memos issued and current economic trends, and is recorded as a reduction of revenue.
Concentrations of Credit Risk	Concentrations of Credit RiskOur financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative instruments and trade receivables. We have cash investment policies which, among other things, limit investments to investment-grade securities. We hold our cash and cash equivalents, investments and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of our cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. We base the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. We measure and record derivative financial instruments at fair value.
Derivative Instruments	Derivative Instruments We record all derivatives on the consolidated balance sheets at fair value. We use derivative instruments to manage exposures to fluctuations in the value of foreign currencies, which exist as part of our ongoing business operations. Cash Flow Hedge We entered into an interest rate swap contract in July 2019 to manage the variability of cash flows associated with approximately one-half of our variable rate debt. We have designated the interest rate swap as a cash flow hedge and we assessed the hedge's effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our consolidated balance sheets. Although we determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. Forward Contracts Certain assets and forecasted transactions are exposed to foreign currency risk. Our objective for holding derivatives is to eliminate or reduce the impact of these exposures. We periodically monitor our foreign currency exposures to enhance the overall economic effectiveness of our foreign currency hedge positions. Principal currencies hedged include the euro, British pound, Brazilian real, Indian rupee, and Australian dollar. We do not enter into derivative instruments for speculative purposes, nor do we hold or issue any derivative instruments for trading purposes. We enter into certain derivative instruments that do not qualify for hedge accounting and are not designated as hedges. Although these derivatives do not qualify for hedge accounting, we believe that such instruments are closely correlated with the underlying exposure, thus managing the associated risk. The gains or losses from changes in the fair value of such derivative instruments that are not accounted for as hedges are recognized in earnings in foreign currency loss, net in the consolidated statements of operations.
Inventories	Inventories Inventories consist of hardware and related component parts and are recorded at the lower of cost, as determined by the first-in, first-out method, or net realizable value. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to costs of revenue. At November 30, 2022 and 2021, the Company had no reserve for excess and obsolete inventories.
Property and Equipment	Property and Equipment We record property and equipment at cost. We record property and equipment purchased in business combinations at fair value, which is then treated as the cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the useful lives of the assets. Useful lives by major asset class are as follows: computer equipment and software, 3 to 7 years and furniture and fixtures, 5 to 7 years. Repairs and maintenance costs are expensed as incurred. Property and equipment is classified as held for sale when it meets the held for sale criteria of Accounting Standards Codification Topic 360, Property, Plant, and Equipment and is measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, we stop recording depreciation expense on the asset. We assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification.
Goodwill	Goodwill Goodwill is the amount by which the cost of acquired net assets in a business combination exceeded the fair value of net identifiable assets on the date of purchase. The Company has a single reporting unit. We evaluate goodwill and other intangible assets with indefinite useful lives, if any, for impairment annually or on an interim basis when events and circumstances arise that indicate impairment may have occurred. Factors that could indicate that an impairment may exist include significant underperformance relative to plan or long-term projections, significant changes in business strategy, significant negative industry or economic trends or a significant decline in our stock price for a sustained period of time. The Company performed a quantitative assessment as of October 31, 2022 and 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of its reporting unit was less than its carrying value. We estimated the fair value of our reporting unit based on our market capitalization.
Intangible Assets	Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations. All of our intangible assets are amortized using the straight-line method over their estimated useful life. Refer to Note 8: Business Combinations for further information.
Intangible Assets and Long-Lived Assets Impairment	We periodically review long-lived assets (primarily property and equipment) and intangible assets with finite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. We base each impairment test on a comparison of the undiscounted cash flows to the carrying value of the asset or asset group. If impairment is indicated, we write down the asset to its estimated fair value based on a discounted cash flow analysis.
Comprehensive (Loss) Income	Comprehensive (Loss) Income The components of comprehensive loss include, in addition to net income, foreign currency translation adjustments and unrealized gains and losses on investments and hedging activity.
Revenue Recognition	Revenue Recognition Revenue Policy We derive our revenue primarily from software licenses and maintenance and services. Our license arrangements generally contain multiple performance obligations, including software maintenance services. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following steps: (i) identification of the contract(s) with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to performance obligations in the contract; and (v) recognition of revenue when or as we satisfy the performance obligations. Sales taxes collected from customers and remitted to government authorities are excluded from revenue and we do not license our software with a right of return. Software Licenses Software licenses are on-premise or cloud-based and fully functional when made available to the customer. As the customer can use and benefit from the license on its own, on-premise software licenses represent distinct performance obligations. Revenue is recognized upfront at the point in time when control is transferred, which is defined as the point in time when the client can use and benefit from the license. Our licenses are sold as perpetual or term licenses, and the arrangements typically contain various combinations of maintenance and services, which are generally accounted for as separate performance obligations. We use the residual approach to allocate the transaction price to our software license performance obligations because, due to the pricing of our licenses being highly variable, they do not have an observable stand-alone selling price ("SSP"). As required, we evaluate the residual approach estimate compared to all available observable data in order to conclude the estimate is representative of its SSP. Perpetual licenses are generally invoiced upon execution of the contract and payable within 30 days. Term licenses are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Any difference between the revenue recognized and the amount invoiced to the customer is recognized on our consolidated balance sheets as unbilled receivables until the customer is invoiced, at which point the amount is reclassified to accounts receivable. Maintenance Maintenance revenue is made up of technical support, bug fixes, and when-and-if available unspecified software upgrades. As these maintenance services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress, we have concluded that they represent one combined performance obligation. Revenue is recognized ratably over the contract period. The SSP of maintenance services is a percentage of the net selling price of the related software license, which has remained within a tight range and is consistent with the stand-alone pricing of subsequent maintenance renewals. Maintenance services are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Services Services revenue primarily includes consulting and customer education services. In general, services are distinct performance obligations. Services revenue is generally recognized as the services are delivered to the customer. We apply the practical expedient of recognizing revenue upon invoicing for time and materials-based arrangements as the invoiced amount corresponds to the value of the services provided. The SSP of services is based upon observable prices in similar transactions using the hourly rates sold in stand-alone services transactions. Services are either sold on a time and materials basis or prepaid upfront. We also offer products via a software-as-a-service ("SaaS") model, which is a subscription-based model. Our customers can use hosted software over the contract period without taking possession of it and the cloud services are available to them throughout the entire term, even if they do not use the service. Revenue related to SaaS offerings is recognized ratably over the contract period. The SSP of SaaS performance obligations is determined based upon observable prices in stand-alone SaaS transactions. SaaS arrangements are generally invoiced in advance on a monthly, quarterly, or annual basis over the term of the arrangement, which is typically one to three years. Arrangements with Multiple Performance Obligations When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation in a contract based on its relative SSP. Although we do not have a history of offering these elements, prior to allocating the transaction price to each performance obligation, we consider whether the arrangement has any discounts, material rights, or specified future upgrades that may represent additional performance obligations. Determining whether products and services are distinct performance obligations and the determination of the SSP may require significant judgment.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and were $1.1 million, $0.9 million, and $0.5 million in fiscal years 2022, 2021, and 2020, respectively.
Warranty Costs	Warranty Costs We make periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards, less the present value of expected dividends when applicable, measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. We recognize stock-based compensation expense related to options and restricted stock units on a straight-line basis over the service period of the award, which is generally 4 or 5 years for options and 3 or 4 years for restricted stock units, and adjust the expense each period for actual forfeitures. We recognize stock-based compensation expense related to performance stock units and our employee stock purchase plan using an accelerated attribution method.
Cyber Incident Costs	Cyber Incident CostsFollowing the detection of irregular activity on certain portions of our corporate network, we engaged outside cybersecurity experts and other incident response professionals to conduct a forensic investigation and assess the extent and scope of the cyber incident. Cyber incident costs relate to the engagement of external cybersecurity experts and other incident response professionals.
Acquisition-Related Costs	Acquisition-Related CostsAcquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense.
Restructuring Charges	Restructuring ChargesOur restructuring charges are comprised primarily of costs related to property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements; and employee termination costs related to headcount reductions. We recognize and measure restructuring liabilities initially at fair value when the liability is incurred.
Income Taxes	Income Taxes We provide for deferred income taxes resulting from temporary differences between financial and taxable income. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. We first determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is that we measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes on our consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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. The adoption of ASU 2020-06 reduced non-cash interest expense in the current year and in future periods due to the de-recognition of the debt discount associated with the bifurcated components of our Notes. As a result of the adoption of this guidance, interest expense decreased by $11.5 million. For the fiscal year ending November 30, 2022, total interest expense for the Notes was $5.7 million. The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share. Recently Issued Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), as amended in December 2022 by Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU 2020-04 are optional and are effective from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06. As of November 30, 2022, we have not adopted any expedients and exceptions under ASU 2020-04. We will continue to evaluate the impact of ASU 2020-04 on our consolidated financial statements.

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value notes	$ 376.0	$ 372.1

Stockholders’ Equity (Details)	12 Months Ended
Stockholders’ Equity (Details)	Nov. 30, 2022 USD ($) unit $ / shares shares	Nov. 30, 2021 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) shares	Jan. 10, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	43,257,008	44,146,193
Common stock, shares outstanding (in shares)	43,257,008	44,146,193
Common stock repurchased and retired (in shares)	1,700,000	800,000	1,400,000
Common stock repurchased and retired, value (in dollars) \| $	$ 77,041,000	$ 35,000,000	$ 60,000,000
Remaining authorized repurchase amount \| $	$ 78,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program additional authorized amount \| $				$ 150,000,000
Share repurchase program, authorized amount \| $				$ 228,000,000
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock units, shares outstanding (in shares)	292,991
Deferred stock unit of common stock in shares \| unit	1

Debt (Tables)

12 Months Ended

Nov. 30, 2022

Line of Credit Facility [Abstract]

Schedule of Maturities of Long-term Debt

As of November 30, 2022, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Revolving Credit Facility		Total
2023	$	—	$	6,875	$	6,875
2024	—		13,750		13,750
2025	—		20,625		20,625
2026	360,000		20,625		380,625
2027	—		206,250		206,250
Total face value of long-term debt	360,000		268,125		628,125
Unamortized discount and issuance costs	(7,375)		(2,671)		(10,046)
Less current portion of long-term debt, net	—		(6,234)		(6,234)
Long-term debt	$	352,625	$	259,220	$	611,845

Schedule of Net Carrying Amount of Notes


(In thousands)	November 30, 2021
Principal	$	360,000
Conversion option allocated to equity	(64,800)
Unamortized discount	(665)
Net carrying amount of the liability component	$	294,535

Net carrying amount of the Notes:


(In thousands)	November 30, 2022
Principal	$	360,000
Unamortized discount	(7,375)
	$	352,625

Schedule of Net Carrying Amount of Equity Component


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

Schedule of Interest Expense Related To Notes


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021
Contractual interest expense (1% coupon)	$	3,600	$	2,280
Amortization of debt discount and issuance costs(1)	2,112		8,195
	$	5,712	$	10,475
(1)After the adoption of ASU 2020-06, the effective interest rate for the Notes was 1.63%. Prior to adoption of ASU 2020-06, the effective interest rate for the Notes was 5.71%.

Stock-Based Compensation

12 Months Ended

Nov. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have one stockholder-approved stock plan from which we can issue stock-based awards, which was approved by our stockholders in fiscal year 2008 and most recently amended and approved by stockholders in May 2021 ("2008 Plan"). The 2008 Plan permits the granting of stock awards to officers, members of the Board of Directors, employees and consultants. Awards under the 2008 Plan may include nonqualified stock options, incentive stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals, deferred stock units and stock appreciation rights. In May 2021, stockholders of the Company approved an amendment to the 2008 Plan to add 4,500,000 shares to the plan. A total of 4,719,864 shares were available for issuance as of November 30, 2022.

We have previously adopted two stock plans for which the approval of stockholders was not required: the 2002 Nonqualified Stock Plan ("2002 Plan") and the 2004 Inducement Stock Plan ("2004 Plan"). The 2002 Plan permits the granting of stock awards to non-executive officer employees and consultants. Executive officers and members of the Board of Directors are not eligible for awards under the 2002 Plan. Awards under the 2002 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 56,093 shares were available for issuance under the 2002 Plan as of November 30, 2022. Additional shares cannot be added to the 2002 Plan without stockholder approval.

The 2004 Plan is reserved for persons to whom we may issue securities as an inducement to become employed by us pursuant to the rules and regulations of the NASDAQ Stock Market. Awards under the 2004 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals and stock appreciation rights. A total of 466,716 shares were available for issuance under the 2004 Plan as of November 30, 2022. Additional shares cannot be added to the 2002 Plan without stockholder approval.

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

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


	Shares	Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
	(in thousands)	Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2021	2,015	$	40.67
Granted	823	44.30
Exercised	(174)	39.04
Canceled	(184)	44.18
Options outstanding, November 30, 2022	2,480	$	41.73	4.3	$	27,609
Exercisable, November 30, 2022	1,244	$	40.00	3.1	$	15,986
Vested or expected to vest, November 30, 2022	2,480	$	41.73	4.3	$	27,609

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2022 and the exercise prices for all options outstanding.

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


	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2021	878	$	43.06
Granted	778	44.24
Issued	(466)	41.04
Canceled	(139)	44.52
Restricted stock units outstanding, November 30, 2022	1,051	$	44.80

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

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

During the first quarter of fiscal years 2020, 2021, and 2022, we granted performance-based restricted stock units that include two performance metrics under a Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. Vesting of the LTIP awards for the 2020 plan is based on the following: (i) 50% is based on achievement of a three-year cumulative performance condition (operating income), and (ii) 50% is based on our level of attainment of specified total stockholder return ("TSR") targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. For the 2021 and 2022 plans, the vesting terms were changed to the following: (i) 75% is based on achievement of a three-year cumulative operating income, and (ii) 25% is based on our level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. The vesting of LTIP awards is also subject to continued employment of the grantees through the performance period, except in the event of a qualifying termination. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award and used the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable, for the portion related to the performance condition.

The 1991 Employee Stock Purchase Plan was most recently amended and approved by stockholders in May 2021 ("ESPP") and permits eligible employees to purchase up to an aggregate of 10,250,000 shares of our common stock through accumulated payroll deductions. The ESPP has a 27-month offering period comprised of nine three-month purchase periods. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at the beginning of a 27-month offering period or the end of each three-month segment within such offering period. If the market price at any of the nine purchase periods is less than the market price

on the first date of the 27-month offering period, subsequent to the purchase, the offering period is canceled and the employee is entered into a new 27-month offering period with the then current market price as the new base price. We issued 301,000 shares, 277,000 shares, and 237,000 shares with weighted average purchase prices of $30.59, $28.20, and $27.86 per share, respectively, in fiscal years 2022, 2021, and 2020, respectively. At November 30, 2022, approximately 386,000 shares were available and reserved for issuance under the ESPP.

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2022, 2021, and 2020 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Stock options:
Expected volatility	31.0	%	30.0	%	29.0	%
Risk-free interest rate	1.9	%	0.5	%	1.1	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.6	%	1.6	%
Employee stock purchase plan:
Expected volatility	31.8	%	33.1	%	38.2	%
Risk-free interest rate	2.4	%	0.1	%	0.2	%
Expected life (in years)	1.2		1.3		1.3
Expected dividend yield	1.5	%	1.5	%	2.0	%
Long-term incentive plan:
Expected volatility	35.1	%	36.3	%	34.7	%
Risk-free interest rate	1.3	%	0.2	%	1.1	%
Expected life (in years)	2.9		2.8		2.8
Expected dividend yield	—	%	—	%	—	%

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

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

Based on the above assumptions, the weighted average estimated fair value of stock options granted in fiscal years 2022, 2021, and 2020 was $10.95, $9.46, and $9.59 per share, respectively. We amortize the estimated fair value of stock options to expense over the vesting period using the straight-line method. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2022, 2021, and 2020 was $11.01, $11.59, and $8.73 per share, respectively. We amortize the estimated fair value of shares issued under the ESPP to expense over the vesting period using a graded vesting model.

Total unrecognized stock-based compensation expense, net of expected forfeitures, related to unvested stock options and unvested restricted stock awards amounted to $45.8 million at November 30, 2022. These costs are expected to be recognized over a weighted average period of two years.

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Total intrinsic value of stock options on date exercised	$	1,717	$	2,523	$	1,340
Total fair value of deferred stock units on date vested	2,029		2,084		1,547
Total fair value of restricted stock units on date vested	25,597		16,018		15,499

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Cost of maintenance and services	$	1,969	$	1,561	$	1,336
Sales and marketing	4,884		6,055		4,462
Product development	10,326		8,104		7,286
General and administrative	19,915		14,004		10,398
Total stock-based compensation	$	37,094	$	29,724	$	23,482
Income tax benefit included in the provision for income taxes	$	6,344	$	5,281	$	4,541

Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) $ in Millions	Nov. 30, 2021 USD ($)
Investments and Cash [Abstract]
Due in one year or less	$ 2.0

Income Taxes (Schedule of Components of Pretax Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Income Tax Disclosure [Abstract]
U.S.	$ 103,917	$ 80,508	$ 83,279
Foreign	13,338	15,026	13,356
Income before income taxes	$ 117,255	$ 95,534	$ 96,635

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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-Name Accounting Standards Codification
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+ Details

Income Taxes (Schedule of Provisions For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Current:
Federal	$ 20,118	$ 11,964	$ 12,294
State	5,039	2,602	3,871
Foreign	4,631	3,456	3,370
Total current	29,788	18,022	19,535
Deferred
Federal	(4,683)	366	(1,613)
State	(1,537)	(1,110)	(969)
Foreign	(1,382)	(164)	(40)
Total deferred	(7,602)	(908)	(2,622)
Total	$ 22,186	$ 17,114	$ 16,913

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Revenue:
Total revenue	$ 602,013	$ 531,313	$ 442,150
Costs of revenue:
Amortization of acquired intangibles	22,076	14,936	7,897
Total costs of revenue	94,496	78,449	62,114
Gross profit	507,517	452,864	380,036
Operating expenses:
Sales and marketing	140,760	125,890	100,113
Product development	114,568	103,338	88,599
General and administrative	77,876	65,128	54,004
Amortization of acquired intangibles	46,868	31,996	20,049
Restructuring expenses	879	6,308	5,906
Acquisition-related expenses	4,603	4,102	3,637
Cyber incident	602	0	0
Gain on sale of assets held for sale	(10,770)	0	0
Total operating expenses	375,386	336,762	272,308
Income from operations	132,131	116,102	107,728
Other (expense) income:
Interest expense	(15,790)	(20,045)	(10,170)
Interest income and other, net	1,414	777	1,495
Foreign currency loss, net	(500)	(1,300)	(2,418)
Total other expense, net	(14,876)	(20,568)	(11,093)
Income before income taxes	117,255	95,534	96,635
Provision for income taxes	22,186	17,114	16,913
Net income	$ 95,069	$ 78,420	$ 79,722
Earnings per share:
Basic (in dollars per share)	$ 2.19	$ 1.79	$ 1.78
Diluted (in dollars per share)	$ 2.15	$ 1.76	$ 1.76
Weighted average shares outstanding:
Basic (in shares)	43,475	43,916	44,886
Diluted (in shares)	44,247	44,620	45,321
Cash dividends declared per common share (in dollars per share)	$ 0.70	$ 0.70	$ 0.67
Software licenses
Revenue:
Total revenue	$ 188,336	$ 156,590	$ 115,249
Costs of revenue:
Costs of revenue	10,243	5,271	4,473
Maintenance and services
Revenue:
Total revenue	413,677	374,723	326,901
Costs of revenue:
Costs of revenue	$ 62,177	$ 58,242	$ 49,744

Stock-Based Compensation (Schedule of Status of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Nov. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	878
Granted (in shares) \| shares	778
Issued (in shares) \| shares	(466)
Canceled (in shares) \| shares	(139)
Ending balance (in shares) \| shares	1,051
Weighted Average Fair Value
Beginning of year (in dollars per share) \| $ / shares	$ 43.06
Granted (in dollars per share) \| $ / shares	44.24
Issued (in dollars per share) \| $ / shares	41.04
Canceled (in dollars per share) \| $ / shares	44.52
End of year (in dollars per share) \| $ / shares	$ 44.80

Revenue Recognition (Narrative) (Details) - USD ($)	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 5,000,000
Deferred contract costs	$ 8,800,000	$ 7,900,000	$ 2,500,000
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

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

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Pretax Income

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
U.S.	$	103,917	$	80,508	$	83,279
Foreign	13,338		15,026		13,356
Total	$	117,255	$	95,534	$	96,635

Schedule of Provisions for Income Taxes

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Current:
Federal	$	20,118	$	11,964	$	12,294
State	5,039		2,602		3,871
Foreign	4,631		3,456		3,370
Total current	29,788		18,022		19,535
Deferred
Federal	(4,683)		366		(1,613)
State	(1,537)		(1,110)		(969)
Foreign	(1,382)		(164)		(40)
Total deferred	(7,602)		(908)		(2,622)
Total	$	22,186	$	17,114	$	16,913

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

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Tax at U.S. Federal statutory rate	$	24,624	$	20,062	$	20,293
Foreign rate differences	475		193		(200)
Effects of foreign operations included in U.S. Federal provision	401		(112)		(167)
State income taxes, net	2,424		1,215		2,087
Research credits	(1,268)		(410)		(905)
Tax-exempt interest	—		—		(3)
Nondeductible stock-based compensation	2,725		1,548		422
Meals and entertainment	185		61		162
Compensation subject to 162(m)	878		346		324
Uncertain tax positions and tax settlements	(163)		89		245
Net excess tax benefit or detriment from stock-based compensation plans	(266)		(11)		61
Global intangible low tax inclusion	17		606		(307)
Foreign derived intangible deduction	(7,769)		(6,386)		(5,297)
Other	(77)		(87)		198
Total	$	22,186	$	17,114	$	16,913

Schedule of Deferred Taxes

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


	November 30, 2022		November 30, 2021
Deferred tax assets:
Accounts receivable	$	191	$	143
Accrued compensation	3,884		4,407
Accrued liabilities and other	1,352		2,898
Deferred revenue	12,461		8,081
Stock-based compensation	8,030		6,401
Original issue discount	7,169		9,132
Tax credit and loss carryforwards	27,809		35,376
Operating lease liabilities	4,082		5,257
Gross deferred tax assets	64,978		71,695
Valuation allowance	(6,275)		(7,315)
Total deferred tax assets	58,703		64,380
Deferred tax liabilities:
Goodwill	(23,745)		(21,867)
Right-of-use lease assets	(2,938)		(3,925)
Deferred revenue	—		(1,483)
Depreciation and amortization	(20,875)		(34,532)
Prepaid expenses	(4,008)		(1,906)
Notes payable	—		(13,415)
Total deferred tax liabilities	(51,566)		(77,128)
Total	$	7,137	$	(12,748)

Schedule of Reconciliation of Unrecognized Tax Benefits

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Balance, beginning of year	$	5,471	$	6,219	$	4,993
Tax positions related to current period	—		71		—
Tax positions related to a prior period	—		(820)		539
Tax positions acquired	—		439		1,596
Settlements with tax authorities	(45)		(168)		(12)
Lapses due to expiration of the statute of limitations	(150)		(270)		(897)
Balance, end of year	$	5,276	$	5,471	$	6,219

Stock-Based Compensation (Schedule of Fair Value of Options and Employee Stock Purchase Plan) (Details)	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.00%	30.00%	29.00%
Risk-free interest rate	1.90%	0.50%	1.10%
Expected life (in years)	4 years 9 months 18 days	4 years 9 months 18 days	4 years 9 months 18 days
Expected dividend yield	1.60%	1.60%	1.60%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.80%	33.10%	38.20%
Risk-free interest rate	2.40%	0.10%	0.20%
Expected life (in years)	1 year 2 months 12 days	1 year 3 months 18 days	1 year 3 months 18 days
Expected dividend yield	1.50%	1.50%	2.00%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.10%	36.30%	34.70%
Risk-free interest rate	1.30%	0.20%	1.10%
Expected life (in years)	2 years 10 months 24 days	2 years 9 months 18 days	2 years 9 months 18 days
Expected dividend yield	0.00%	0.00%	0.00%

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

Income Taxes (Schedule of Deferred Taxes) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Deferred tax assets:
Accounts receivable	$ 191	$ 143
Accrued compensation	3,884	4,407
Accrued liabilities and other	1,352	2,898
Deferred revenue	12,461	8,081
Stock-based compensation	8,030	6,401
Original issue discount	7,169	9,132
Tax credit and loss carryforwards	27,809	35,376
Operating lease liabilities	4,082	5,257
Gross deferred tax assets	64,978	71,695
Valuation allowance	(6,275)	(7,315)
Total deferred tax assets	58,703	64,380
Deferred tax liabilities:
Goodwill	(23,745)	(21,867)
Right-of-use lease assets	(2,938)	(3,925)
Deferred revenue	0	(1,483)
Depreciation and amortization	(20,875)	(34,532)
Prepaid expenses	(4,008)	(1,906)
Notes payable	0	(13,415)
Total deferred tax liabilities	(51,566)	(77,128)
Total	$ 7,137
Total		$ (12,748)

Intangible Assets and Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Goodwill [Roll Forward]
Balance, beginning of year	$ 671,152	$ 491,726
Measurement Period Adjustments	(88)	(77)
Additions	0	179,521
Translation Adjustments	(27)	(18)
Balance, end of year	$ 671,037	$ 671,152

- 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

Intangible Assets and Goodwill (Tables)

12 Months Ended

Nov. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	November 30, 2022						November 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(150,877)	$	61,823	$	212,700	$	(128,797)	$	83,903
Customer-related	306,308		(162,341)		143,967		306,308		(119,357)		186,951
Trademarks and trade names	37,611		(26,046)		11,565		37,611		(21,556)		16,055
Non-compete agreement	2,000		(2,000)		—		2,000		(1,724)		276
Total	$	558,619	$	(341,264)	$	217,355	$	558,619	$	(271,434)	$	287,185

Schedule of Future Amortization Expense from Intangible Assets Held

Future amortization expense for intangible assets as of November 30, 2022 is as follows (in thousands):


2023	$	68,895
2024	56,079
2025	45,569
2026	36,098
2027	10,714
Total	$	217,355

Schedule of Goodwill

Changes in the carrying amount of goodwill for fiscal years 2022 and 2021 are as follows (in thousands):


	November 30, 2022		November 30, 2021
Balance, beginning of year	$	671,152	$	491,726
Measurement Period Adjustments(1)	(88)		(77)
Additions(2)	—		179,521
Translation Adjustments	(27)		(18)
Balance, end of year	$	671,037	$	671,152

(1) Represents final measurement period adjustments related to our Kemp acquisition. Refer to Note 8: Business Combinations for further information.

(2) The additions to goodwill during fiscal year 2021 are related to the acquisition of Kemp in November 2021. Refer to Note 8: Business Combinations for further information.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (b)
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+ Details

Stock-Based Compensation (Schedule of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	2,015
Granted (in shares) \| shares	823
Exercised (in shares) \| shares	(174)
Canceled (in shares) \| shares	(184)
Ending balance (in shares) \| shares	2,480
Exercisable (in shares) \| shares	1,244
Vested or expected to vest (in shares) \| shares	2,480
Weighted Average Exercise Price
Beginning of year (in dollars per share) \| $ / shares	$ 40.67
Granted (in dollars per share) \| $ / shares	44.30
Exercised (in dollars per share) \| $ / shares	39.04
Canceled (in dollars per share) \| $ / shares	44.18
End of year (in dollars per share) \| $ / shares	41.73
Exercisable (in dollars per share) \| $ / shares	40.00
Vested or expected to vest (in dollars per share) \| $ / shares	$ 41.73
Weighted Average Remaining Contractual Term
Options Outstanding (in years)	4 years 3 months 18 days
Exercisable (in years)	3 years 1 month 6 days
Vested or expected to vest (in years)	4 years 3 months 18 days
Aggregate Intrinsic Value
Options outstanding \| $	$ 27,609
Exercisable \| $	15,986
Vested or expected to vest \| $	$ 27,609

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	November 30, 2022		November 30, 2021
Computer equipment and software	$	42,672	$	45,774
Land, buildings and leasehold improvements	8,771		8,023
Furniture and fixtures	3,582		3,539
Capitalized software development costs	276		276
Property and equipment, gross	55,301		57,612
Less accumulated depreciation and amortization	(40,374)		(43,267)
Property and equipment, net	$	14,927	$	14,345

Business Combinations

12 Months Ended

Nov. 30, 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”). 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 allocated to Kemp’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 first and fourth quarters of fiscal year 2022 based on our valuation and purchase price allocation procedures. The measurement period adjustments were completed during the fourth quarter of fiscal year 2022.

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	$	27,075	$	(425)	$	26,650
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)		(800)		(1,404)
Deferred taxes	(23,187)		1,160		(22,027)
Deferred revenue	(29,997)		—		(29,997)
Goodwill	179,521		(88)		179,433
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 was recognized in the 12 months following the acquisition.

We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $179.4 million of goodwill, which is not deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal year ended November 30, 2022, we incurred approximately $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 Fiscal Year Ended November 30, 2021		Pro Forma Fiscal Year Ended November 30, 2020
Revenue	$	590,133	$	490,229
Net income	$	75,612	$	65,360
Net income per basic share	$	1.72	$	1.46
Net income per diluted share	$	1.69	$	1.44

Chef Acquisition

On October 5, 2020, we completed the acquisition of Chef Software Inc. (“Chef”). 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 existing revolving credit facility. Refer to Note 9: Debt for further information.

The acquisition consideration 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 recognized in the 12 months following the acquisition.

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

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal year ended November 30, 2022, we incurred approximately $0.2 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The operations of Chef are included in our operating results from the date of acquisition. We determined that disclosing the amount of Chef related earnings included in the consolidated statements of operations is impracticable, as certain operations of Chef were integrated into the operations of the Company from the date of acquisition.

Pro Forma Information

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

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


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

Nature of Business and Summary of Significant Accounting Policies (Schedule of Allowances) (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 552	$ 886	$ 667
Charge to costs and expenses	493	58	429
Write-offs and other	(302)	(408)	(169)
Translation adjustments	(3)	16	(41)
Ending balance	$ 740	$ 552	$ 886

Revenue Recognition (Performance Obligations) (Details) $ in Millions	Nov. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 295.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	81.00%
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period

Debt (Schedule of Future Maturities) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
2023	$ 6,875
2024	13,750
2025	20,625
2026	380,625
2027	206,250
Total face value of long-term debt	628,125
Unamortized discount and issuance costs	(10,046)
Less current portion of long-term debt, net	(6,234)	$ (25,767)
Long-term debt	611,845
2026 Notes
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	360,000
2027	0
Total face value of long-term debt	360,000
Unamortized discount and issuance costs	(7,375)
Less current portion of long-term debt, net	0
Long-term debt	352,625
Revolving Credit Facility
Debt Instrument [Line Items]
2023	6,875
2024	13,750
2025	20,625
2026	20,625
2027	206,250
Total face value of long-term debt	268,125
Unamortized discount and issuance costs	(2,671)
Less current portion of long-term debt, net	(6,234)
Long-term debt	$ 259,220

Nature of Business and Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	$ 412,489	$ 346,013	$ 330,282
Other comprehensive (loss) income	(2,792)	335	(2,804)
Balance, end of year	398,504	412,489	346,013
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(32,443)	(32,778)	(29,974)
Other comprehensive (loss) income	(2,792)	335	(2,804)
Balance, end of year	(35,235)	(32,443)	(32,778)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(30,055)	(27,616)
Other comprehensive (loss) income	(8,468)	(2,439)
Balance, end of year	(38,523)	(30,055)	(27,616)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(49)	14
Other comprehensive (loss) income	(12)	(63)
Balance, end of year	(61)	(49)	14
Unrealized (Losses) Gains on Hedging Activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(2,339)	(5,176)
Other comprehensive (loss) income	5,688	2,837
Balance, end of year	$ 3,349	$ (2,339)	$ (5,176)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 09, 2019	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Derivative [Line Items]
Derivative asset (liability) at fair value		$ (3,000)	$ (372)
Derivative instruments, gain (loss) reclassified from accumulated OCI into interest expense		$ 2,500	$ 700
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Expense	Interest Expense
Other Assets
Derivative [Line Items]
Derivative asset (liability) at fair value		$ 4,400
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative asset (liability) at fair value			$ (3,100)
Interest rate swap
Derivative [Line Items]
Notional amount	$ 150,000
Percentage of variable rate debt, managed variability	50.00%
Fixed interest rate	1.855%
Derivative asset (liability) at fair value		$ 4,407	(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		$ (7,700)	(2,100)	$ 1,700
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities		3,100
Derivative liability, gross asset			300
Forward Contracts \| Other Current Assets
Derivative [Line Items]
Derivative liabilities		$ 100
Forward Contracts \| Accrued Liabilities
Derivative [Line Items]
Derivative liability, gross asset			$ 100

Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Nov. 30, 2022

Investments and Cash [Abstract]

Schedule of Cash and Cash Equivalents and Trading and Available-for-sale Investments

A summary of our cash and cash equivalents at November 30, 2022 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	229,023	$	—	$	—	$	229,023
Money market funds	27,254		—		—		27,254
Total	$	256,277	$	—	$	—	$	256,277

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

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

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


	November 30, 2022				November 30, 2021
	Cash and Equivalents		Short-Term Investments		Cash and Equivalents		Short-Term Investments
Cash	$	229,023	$	—	$	130,371	$	—
Money market funds	27,254		—		25,035		—
U.S. treasury bonds	—		—		—		757
Corporate bonds	—		—		—		1,210
Total	$	256,277	$	—	$	155,406	$	1,967

Audit Information	12 Months Ended
Audit Information	Nov. 30, 2022
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

Leases (Tables)

12 Months Ended

Nov. 30, 2022

Leases [Abstract]

Schedule of Lease, Cost

The components of operating lease cost for the years ended November 30, 2022, 2021 and 2020 were as follows (in thousands):


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Lease costs under long-term operating leases	$	7,079	$	7,867	$	7,605
Lease costs under short-term operating leases	71		32		426
Variable lease cost under short-term and long-term operating leases(1)	282		434		325
Operating lease right-of-use asset impairment	—		3,057		1,189
Total operating lease cost	$	7,432	$	11,390	$	9,545

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

The table below presents supplemental cash flow information related to leases during the years ended November 30, 2022, 2021 and 2020 (in thousands):


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Cash paid for leases	$	8,571	$	8,406	$	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$	451	$	3,222	$	8,532

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


	November 30, 2022		November 30, 2021
Weighted average remaining lease term in years	3.33		4.15
Weighted average discount rate	2.6	%	2.6	%

Schedule of Lessee, Operating Lease, Liability, Maturity

Future payments under non-cancellable leases at November 30, 2022 are as follows (in thousands):


2023	$	7,985
2024	7,561
2025	4,931
2026	1,799
2027	1,183
Thereafter	112
Total lease payments	23,571
Less imputed interest(1)	(1,059)
Present value of lease liabilities	$	22,512

Business Combinations (Tables)

12 Months Ended

Nov. 30, 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		Final Purchase Price Allocation		Life
Net working capital	$	27,075	$	(425)	$	26,650
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)		(800)		(1,404)
Deferred taxes	(23,187)		1,160		(22,027)
Deferred revenue	(29,997)		—		(29,997)
Goodwill	179,521		(88)		179,433
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

Schedule of Business Acquisition, Pro Forma Information

These results are prepared in accordance with ASC 606.


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

These results are prepared in accordance with ASC 606.


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

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 8.7	$ 9.3	$ 9.6
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	7 years

Inventories (Tables)

12 Months Ended

Nov. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

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


	November 30, 2022		November 30, 2021
Finished goods	$	2,409	$	1,631
Purchased parts and fabricated assemblies	2,634		1,920
Total	$	5,043	$	3,551

Earnings Per Share (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 95,069	$ 78,420	$ 79,722
Weighted average shares outstanding (in shares)	43,475	43,916	44,886
Basic earnings per common share (in dollars per share)	$ 2.19	$ 1.79	$ 1.78
Diluted earnings per common share:
Net income	$ 95,069	$ 78,420	$ 79,722
Effect of dilution from common stock equivalents (in shares)	772	704	435
Diluted weighted average shares outstanding (in shares)	44,247	44,620	45,321
Diluted earnings per share (in dollars per share)	$ 2.15	$ 1.76	$ 1.76

- Definition

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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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.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2022

Fair Value Disclosures [Abstract]

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

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2022 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	27,254	$	27,254	$	—	$	—
Interest rate swap	4,407		—		4,407		—
Liabilities
Foreign exchange derivatives	$	(3,000)	$	—	$	(3,000)	$	—

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)	$	—

Revenue Recognition (Schedule of Net Deferred Revenue) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2022 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 252,380
Billings and other	632,073
Revenue recognized	602,013
Ending balance	$ 282,440

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance, beginning of year (in shares) at Nov. 30, 2019			45,037,000
Balance, beginning of year at Nov. 30, 2019	$ 330,282		$ 450	$ 295,503		$ 64,303		$ (29,974)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			237,000
Issuance of stock under employee stock purchase plan	6,606		$ 2	6,604
Exercise of stock options (in shares)			137,000
Exercise of stock options	4,361		$ 1	4,360
Vesting of restricted stock units and release of deferred stock units (in shares)			416,000
Vesting of restricted stock units and release of deferred stock units	0		$ 4	(4)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(140,000)
Withholding tax payments related to net issuance of restricted stock units	(5,331)		$ (1)	(5,330)
Stock-based compensation	23,482			23,482
Dividends declared	$ (30,305)					(30,305)
Treasury stock repurchases and retirements (in shares)	(1,400,000)		(1,446,000)
Treasury stock repurchases and retirements	$ (60,000)		$ (14)	(18,813)		(41,173)
Net income	79,722					79,722
Other comprehensive (loss) income	(2,804)							(2,804)
Balance, end of year (in shares) at Nov. 30, 2020			44,241,000
Balance, end of year at Nov. 30, 2020	346,013		$ 442	305,802		72,547		(32,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			277,000
Issuance of stock under employee stock purchase plan	7,818		$ 3	7,815
Exercise of stock options (in shares)			195,000
Exercise of stock options	6,997		$ 2	6,995
Vesting of restricted stock units and release of deferred stock units (in shares)			342,000
Vesting of restricted stock units and release of deferred stock units	0		$ 3	(3)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(112,000)
Withholding tax payments related to net issuance of restricted stock units	(5,186)		$ (1)	(5,185)
Stock-based compensation	29,724			29,724
Equity component of Notes, net of issuance costs and tax	47,456			47,456
Purchase of capped calls, net of tax	(32,507)			(32,507)
Dividends declared	$ (31,581)					(31,581)
Treasury stock repurchases and retirements (in shares)	(800,000)		(797,000)
Treasury stock repurchases and retirements	$ (35,000)		$ (8)	(5,862)		(29,130)
Net income	78,420					78,420
Other comprehensive (loss) income	$ 335							335
Balance, end of year (in shares) at Nov. 30, 2021	44,146,193		44,146,000
Balance, end of year at Nov. 30, 2021	$ 412,489	$ (42,563)	$ 441	354,235	$ (47,456)	90,256	$ 4,893	(32,443)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Issuance of stock under employee stock purchase plan (in shares)			301,000
Issuance of stock under employee stock purchase plan	$ 9,204		$ 3	9,201
Exercise of stock options (in shares)	174,000		174,000
Exercise of stock options	$ 6,785		$ 2	6,783
Vesting of restricted stock units and release of deferred stock units (in shares)			448,000
Vesting of restricted stock units and release of deferred stock units	0		$ 5	(5)
Withholding tax payments related to net issuance of restricted stock units (in shares)			(117,000)
Withholding tax payments related to net issuance of restricted stock units	(8,488)		$ (1)	(8,487)
Stock-based compensation	37,094			37,094
Dividends declared	$ (31,253)					(31,253)
Treasury stock repurchases and retirements (in shares)	(1,700,000)		(1,695,000)
Treasury stock repurchases and retirements	$ (77,041)		$ (17)	(19,715)		(57,309)
Net income	95,069					95,069
Other comprehensive (loss) income	$ (2,792)							(2,792)
Balance, end of year (in shares) at Nov. 30, 2022	43,257,008		43,257,000
Balance, end of year at Nov. 30, 2022	$ 398,504		$ 433	$ 331,650		$ 101,656		$ (35,235)

Revenue Recognition (Schedule of Geographic Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 602,013	$ 531,313	$ 442,150
United States
Disaggregation of Revenue [Line Items]
Total revenue	310,917	294,947	240,717
Canada
Disaggregation of Revenue [Line Items]
Total revenue	30,237	22,867	20,281
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	207,707	169,335	143,754
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	18,053	17,036	14,574
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 35,099	$ 27,128	$ 22,824

- 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.

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+ Details

Debt (Schedule of Net Carrying Amount of Notes) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Principal	$ 628,125
Convertible Debt
Debt Instrument [Line Items]
Principal	360,000
Convertible Debt \| Convertible Senior Notes
Debt Instrument [Line Items]
Principal	360,000	$ 360,000
Unamortized discount	(7,375)	(665)
Net carrying amount of the liability component	$ 352,625	$ 294,535

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stock-Based Compensation (Schedule of Activity Stock Options and Stock Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options on date exercised	$ 1,717	$ 2,523	$ 1,340
Total fair value of deferred stock units and restricted stock units on date vested	27,626	18,102	17,046
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of deferred stock units and restricted stock units on date vested	2,029	2,084	1,547
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of deferred stock units and restricted stock units on date vested	$ 25,597	$ 16,018	$ 15,499

Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 55,301	$ 57,612
Less accumulated depreciation and amortization	(40,374)	(43,267)
Property and equipment, net	14,927	14,345
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,672	45,774
Land, buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,771	8,023
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,582	3,539
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 276	$ 276

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Assets
Allowance for accounts receivable	$ 859	$ 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)	43,257,008	44,146,193
Common stock, shares outstanding (in shares)	43,257,008	44,146,193

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Statement of Cash Flows [Abstract]
Payments of debt issuance costs		$ 9,900
Proceeds from income tax refunds	$ 968	$ 894	$ 724

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Nov. 30, 2022
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Preferred Stock Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences and voting rights. As of November 30, 2022, there was no preferred stock issued or outstanding. Common Stock We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 43,257,008 were issued and outstanding at November 30, 2022. There were 292,991 deferred stock units ("DSUs") outstanding at November 30, 2022. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs. Common Stock Repurchases In fiscal years 2022, 2021, and 2020, we repurchased and retired 1.7 million, 0.8 million and 1.4 million shares of our common stock for $77.0 million, $35.0 million and $60.0 million, respectively, under this current authorization. As of November 30, 2022, there was $78.0 million remaining under the current authorization. On January 10, 2023, our Board of Directors increased our share repurchase authorization by $150.0 million, to an aggregate authorization of $228.0 million.

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Retirement Benefits [Abstract]
Company contributions to the plan	$ 3.3	$ 4.0	$ 3.6

Cash, Cash Equivalents and Investments (Schedule of Cash and Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 256,277	$ 155,406
Short-Term Investments	0	1,967
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	0	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	229,023	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 27,254	$ 25,035

Debt (Net Carrying Amount Of The Liability Component) (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Line of Credit Facility [Line Items]
Principal	$ 628,125
2026 Notes
Line of Credit Facility [Line Items]
Principal	360,000
Convertible Senior Notes \| 2026 Notes
Line of Credit Facility [Line Items]
Principal	360,000	$ 360,000
Conversion option allocated to equity		(64,800)
Unamortized discount	(7,375)	(665)
Net carrying amount of the liability component	$ 352,625	$ 294,535

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Lease costs under long-term operating leases	$ 7,079	$ 7,867	$ 7,605
Lease costs under short-term operating leases	71	32	426
Variable lease cost under short-term and long-term operating leases	282	434	325
Operating lease right-of-use asset impairment	0	3,057	1,189
Total operating lease cost	7,432	11,390	9,545
Cash paid for leases	8,571	8,406	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 451	$ 3,222	$ 8,532
Weighted average remaining lease term in years	3 years 3 months 29 days	4 years 1 month 24 days
Weighted average discount rate	2.60%	2.60%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Nov. 30, 2022	Jan. 20, 2023	May 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2022
Current Fiscal Year End Date	--11-30
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,068
Entity Common Stock, Shares Outstanding		43,345,287
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2023 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000876167
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Property and Equipment

12 Months Ended

Nov. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	November 30, 2022		November 30, 2021
Computer equipment and software	$	42,672	$	45,774
Land, buildings and leasehold improvements	8,771		8,023
Furniture and fixtures	3,582		3,539
Capitalized software development costs	276		276
Property and equipment, gross	55,301		57,612
Less accumulated depreciation and amortization	(40,374)		(43,267)
Property and equipment, net	$	14,927	$	14,345

Depreciation and amortization expense related to property and equipment was $5.0 million, $5.5 million, and $6.1 million for the years ended November 30, 2022, 2021, and 2020, respectively.

Revenue Recognition (Schedule of Unbilled Receivables and Contract Assets) (Details) $ in Thousands	Nov. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
2024	$ 17,594
2025	12,860
2026	9,482
Total	$ 39,936

Revenue Recognition

12 Months Ended

Nov. 30, 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:


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021		November 30, 2020
Performance obligations transferred at a point in time:
Software licenses	$	188,336	$	156,590	$	115,249
Performance obligations transferred over time:
Maintenance	362,335		325,863		288,887
Services	51,342		48,860		38,014
Total revenue	$	602,013	$	531,313	$	442,150

Geographic Revenue

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


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021		November 30, 2020
United States	$	310,917	$	294,947	$	240,717
Canada	30,237		22,867		20,281
EMEA	207,707		169,335		143,754
Latin America	18,053		17,036		14,574
Asia Pacific	35,099		27,128		22,824
Total revenue	$	602,013	$	531,313	$	442,150

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

Contract Balances

Unbilled Receivables and Contract Assets

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

As of November 30, 2022, billing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2024	$	17,594
2025	12,860
2026	9,482
Total	$	39,936

Contract assets arise when revenue is recognized in excess of billings 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. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We did not have any net contract assets as of November 30, 2022 and $5.0 million as of November 30, 2021. These amounts are included in unbilled receivables and contract assets, net or long-term unbilled receivables and contract assets, net on our consolidated balance sheets.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the consolidated balance sheets. Our net deferred revenue balance is primarily made up of deferred maintenance.

As of November 30, 2022, the changes in net deferred revenue were as follows (in thousands):


Balance, December 1, 2021	$	252,380
Billings and other	632,073
Revenue recognized	602,013
Balance, November 30, 2022	$	282,440

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of November 30, 2022, transaction price allocated to remaining performance obligations was $295.0 million. We expect to recognize approximately 81% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

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

Certain of our sales incentive programs do meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $8.8 million, $7.9 million, and $2.5 million as of November 30, 2022, 2021, and 2020, respectively, and are included in other current assets and other assets on our consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our consolidated statement of operations and was minimal in all periods presented.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Inventories (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Nov. 30, 2021
Inventory [Line Items]
Finished goods	$ 2,409	$ 1,631
Purchased parts and fabricated assemblies	2,634	1,920
Total	5,043	3,551
Other Current Assets
Inventory [Line Items]
Total	$ 5,000	$ 3,600

Stock-Based Compensation (Schedule of Classification of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 37,094	$ 29,724	$ 23,482
Income tax benefit included in the provision for income taxes	6,344	5,281	4,541
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,969	1,561	1,336
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,884	6,055	4,462
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	10,326	8,104	7,286
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 19,915	$ 14,004	$ 10,398

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

12 Months Ended

Nov. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowances Against Accounts Receivable

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



	November 30, 2022		November 30, 2021		November 30, 2020
Beginning balance	$	552	$	886	$	667
Charge to costs and expenses	493		58		429
Write-offs and other	(302)		(408)		(169)
Translation adjustments	(3)		16		(41)
Ending balance	$	740	$	552	$	886

Schedule of Accumulated Other Comprehensive (Loss) Income

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


	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Investments		Unrealized (Losses) Gains on Hedging Activity		Total
Balance, December 1, 2020	$	(27,616)	$	14	$	(5,176)	$	(32,778)
Other comprehensive (loss) income	(2,439)		(63)		2,837		335
Balance, December 1, 2021	$	(30,055)	$	(49)	$	(2,339)	$	(32,443)
Other comprehensive (loss) income	(8,468)		(12)		5,688		(2,792)
Balance, November 30, 2022	$	(38,523)	$	(61)	$	3,349	$	(35,235)

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on accumulated unrealized gain (loss) on hedging activity	$ 1,797	$ 940	$ (1,176)
Tax (benefit) provision on accumulated unrealized loss (gain) on investments	$ (4)	$ (20)	$ 32

Debt

12 Months Ended

Nov. 30, 2022

Line of Credit Facility [Abstract]

Debt

As of November 30, 2022, future maturities of the Company's long-term debt were as follows:


(In thousands)	2026 Notes		Revolving Credit Facility		Total
2023	$	—	$	6,875	$	6,875
2024	—		13,750		13,750
2025	—		20,625		20,625
2026	360,000		20,625		380,625
2027	—		206,250		206,250
Total face value of long-term debt	360,000		268,125		628,125
Unamortized discount and issuance costs	(7,375)		(2,671)		(10,046)
Less current portion of long-term debt, net	—		(6,234)		(6,234)
Long-term debt	$	352,625	$	259,220	$	611,845

Notes Payable

Convertible Senior Notes

In April 2021, the Company issued, in a private placement, Convertible Senior Notes (the "Notes") with an aggregate principal amount of $325 million, due April 15, 2026, unless earlier repurchased, redeemed or converted. There are no required principal payments prior to the maturity of the Notes. In addition, the Company also granted the initial purchasers of the Notes an option to purchase up to an additional $50.0 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, April 13, 2021, of which $35 million of additional Notes were purchased for total proceeds of $360 million. The Notes bear interest at an annual rate of 1%, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021. The Company incurred approximately $10.8 million in issuance costs for the issuance of the Convertible Notes. During the twelve months ended November 30, 2022, the Company did not enter into any new or amended agreements.

Conversion Rights

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

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

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

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

From and after January 15, 2026, Noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will satisfy its conversion obligations by paying cash up to the aggregate principal amount of Notes to be converted, by issuing shares of its common stock or a combination of cash and shares of its common stock, at its election. The initial conversion rate is 17.4525 shares of common stock per $1,000 principal amount of the Notes, representing an initial conversion price of approximately $57.30 per share of common stock. The conversion rate will be adjusted upon the occurrence of certain events, including spin-offs, tender offers, exchange offers, make-whole fundamental change and certain stockholder distributions.

Repurchase Rights

On or after April 20, 2024, and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the Notes, subject to the partial redemption limitation, at a repurchase price equal to 100% of the

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

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

Capped Call Transactions

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

We elected to integrate the capped call options with the applicable Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $43.1 million gross cost of the purchased capped calls will be deductible for income tax purposes as original discount interest over the term of the Notes.

Accounting for the Notes

The Company adopted ASU 2020-06 using the modified retrospective approach on December 1, 2021. Under ASU 2020-06, we no longer separate the Notes into liability and equity components. We recognized the cumulative effect of applying this new standard as of December 1, 2021.

In accounting for the transaction, prior to the adoption of ASU 2020-06, the Notes were separated into liability and equity components.

•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, was amortized as interest expense over the Notes’ contractual term.


(In thousands)	November 30, 2021
Principal	$	360,000
Conversion option allocated to equity	(64,800)
Unamortized discount	(665)
Net carrying amount of the liability component	$	294,535

•The equity component, which represented the difference between the gross proceeds and the initial liability component, was recorded as an increase to additional paid-in capital and was not remeasured.


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

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.

Net carrying amount of the Notes:


(In thousands)	November 30, 2022
Principal	$	360,000
Unamortized discount	(7,375)
	$	352,625


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021
Contractual interest expense (1% coupon)	$	3,600	$	2,280
Amortization of debt discount and issuance costs(1)	2,112		8,195
	$	5,712	$	10,475
(1)After the adoption of ASU 2020-06, the effective interest rate for the Notes was 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 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 line of credit may be increased, and new term loan commitments may be entered into, 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 on our leverage ratio. The average interest rate of the credit facility during the fiscal year ended November 30, 2022 was 2.85% and the interest rate as of November 30, 2022 was 5.69%.

The credit facility 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 November 30, 2022 was $268.1 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 November 30, 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.

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 consolidated balance sheets as of November 30, 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 $0.6 million for the fiscal years ended November 30, 2022, 2021 and 2020 and is recorded in interest expense on our consolidated statements of operations.

Revolving loans may be borrowed, repaid, and reborrowed until January 25, 2027, at which time all amounts outstanding must be repaid. As of November 30, 2022, there were no outstanding amounts under the revolving line of credit and $2.1 million of letters of credit.

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

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

The Credit Agreement includes customary events of default that include, among other things, non-payment defaults, covenant defaults, inaccuracy of representations and warranties, cross default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults and a change of control default. The occurrence of an event of default could result in the acceleration of the obligations under the amended credit agreement. We are in compliance with these financial covenants as of November 30, 2022.

- 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.

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+ Details

Revenue Recognition (Tables)

12 Months Ended

Nov. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Revenue Type


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021		November 30, 2020
Performance obligations transferred at a point in time:
Software licenses	$	188,336	$	156,590	$	115,249
Performance obligations transferred over time:
Maintenance	362,335		325,863		288,887
Services	51,342		48,860		38,014
Total revenue	$	602,013	$	531,313	$	442,150

Schedule of Revenue from External Customers from Different Geographical Areas


	Fiscal Year Ended
(In thousands)	November 30, 2022		November 30, 2021		November 30, 2020
United States	$	310,917	$	294,947	$	240,717
Canada	30,237		22,867		20,281
EMEA	207,707		169,335		143,754
Latin America	18,053		17,036		14,574
Asia Pacific	35,099		27,128		22,824
Total revenue	$	602,013	$	531,313	$	442,150

Schedule of Contract with Customer, Asset and Liability

As of November 30, 2022, billing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2024	$	17,594
2025	12,860
2026	9,482
Total	$	39,936

As of November 30, 2022, the changes in net deferred revenue were as follows (in thousands):


Balance, December 1, 2021	$	252,380
Billings and other	632,073
Revenue recognized	602,013
Balance, November 30, 2022	$	282,440

Intangible Assets and Goodwill

12 Months Ended

Nov. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	November 30, 2022						November 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	212,700	$	(150,877)	$	61,823	$	212,700	$	(128,797)	$	83,903
Customer-related	306,308		(162,341)		143,967		306,308		(119,357)		186,951
Trademarks and trade names	37,611		(26,046)		11,565		37,611		(21,556)		16,055
Non-compete agreement	2,000		(2,000)		—		2,000		(1,724)		276
Total	$	558,619	$	(341,264)	$	217,355	$	558,619	$	(271,434)	$	287,185

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $68.9 million, $46.9 million, and $27.9 million in fiscal years 2022, 2021, and 2020, respectively.

Future amortization expense for intangible assets as of November 30, 2022 is as follows (in thousands):


2023	$	68,895
2024	56,079
2025	45,569
2026	36,098
2027	10,714
Total	$	217,355

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2022 and 2021 are as follows (in thousands):


	November 30, 2022		November 30, 2021
Balance, beginning of year	$	671,152	$	491,726
Measurement Period Adjustments(1)	(88)		(77)
Additions(2)	—		179,521
Translation Adjustments	(27)		(18)
Balance, end of year	$	671,037	$	671,152

(1) Represents final measurement period adjustments related to our Kemp acquisition. Refer to Note 8: Business Combinations for further information.

(2) The additions to goodwill during fiscal year 2021 are related to the acquisition of Kemp in November 2021. Refer to Note 8: Business Combinations for further information.

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

During fiscal year 2022, we performed a quantitative assessment as of October 31, 2022 and concluded that there was no impairment since it was not more likely than not that the fair value of our reporting unit was less than its carrying value. We did not recognize any goodwill impairment charges during fiscal years 2022, 2021, or 2020.

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


	Shares	Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(1)
	(in thousands)	Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2021	2,015	$	40.67
Granted	823	44.30
Exercised	(174)	39.04
Canceled	(184)	44.18
Options outstanding, November 30, 2022	2,480	$	41.73	4.3	$	27,609
Exercisable, November 30, 2022	1,244	$	40.00	3.1	$	15,986
Vested or expected to vest, November 30, 2022	2,480	$	41.73	4.3	$	27,609

(1)The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2022 and the exercise prices for all options outstanding.

Schedule of Status of Restricted Stock Units

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


	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2021	878	$	43.06
Granted	778	44.24
Issued	(466)	41.04
Canceled	(139)	44.52
Restricted stock units outstanding, November 30, 2022	1,051	$	44.80

Schedule of Valuation Assumptions


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Stock options:
Expected volatility	31.0	%	30.0	%	29.0	%
Risk-free interest rate	1.9	%	0.5	%	1.1	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.6	%	1.6	%	1.6	%
Employee stock purchase plan:
Expected volatility	31.8	%	33.1	%	38.2	%
Risk-free interest rate	2.4	%	0.1	%	0.2	%
Expected life (in years)	1.2		1.3		1.3
Expected dividend yield	1.5	%	1.5	%	2.0	%
Long-term incentive plan:
Expected volatility	35.1	%	36.3	%	34.7	%
Risk-free interest rate	1.3	%	0.2	%	1.1	%
Expected life (in years)	2.9		2.8		2.8
Expected dividend yield	—	%	—	%	—	%

Schedule of Stock Options and Stock Awards Activity

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Total intrinsic value of stock options on date exercised	$	1,717	$	2,523	$	1,340
Total fair value of deferred stock units on date vested	2,029		2,084		1,547
Total fair value of restricted stock units on date vested	25,597		16,018		15,499

Schedule of Classification of Stock-Based Compensation

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


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Cost of maintenance and services	$	1,969	$	1,561	$	1,336
Sales and marketing	4,884		6,055		4,462
Product development	10,326		8,104		7,286
General and administrative	19,915		14,004		10,398
Total stock-based compensation	$	37,094	$	29,724	$	23,482
Income tax benefit included in the provision for income taxes	$	6,344	$	5,281	$	4,541

Subsequent Events	12 Months Ended
Subsequent Events	Nov. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 3, 2023, we entered into a definitive agreement with Vector Maven Holdings, Inc. and Vector Maven Holdings, L.P., subject to the satisfaction of the terms and conditions set forth in the definitive agreement, to acquire MarkLogic, a leader in managing complex data and metadata. Upon closing of the proposed transaction, MarkLogic is expected to enhance Progress’ commitment to delivering the best products to develop, deploy and manage high-impact applications by providing a unified enterprise-grade semantic data platform that empowers customers to derive value from complex data. The acquisition is currently expected to close in early 2023, subject to obtaining regulatory approvals and satisfaction of other customary closing conditions set forth in the definitive agreement. At closing, we will acquire all of the outstanding equity interests of Vector Maven Holdings, Inc. from Vector Maven Holdings, L.P. for an aggregate purchase price of approximately $355 million, subject to certain working capital and customary other adjustments, to be paid in cash.

Subsequent Events (Details) $ in Millions	Jan. 03, 2023 USD ($)
Vector Maven Holdings, L.P. \| Subsequent Event
Subsequent Event [Line Items]
Aggregate purchase price of acquisition	$ 355

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 95,069	$ 78,420	$ 79,722
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(8,468)	(2,439)	777
Unrealized gain (loss) on hedging activity, net of tax provision of $1,797 and $940 in 2022 and 2021, respectively, and a tax benefit of $1,176 in 2020	5,688	2,837	(3,625)
Unrealized (loss) gain on investments, net of tax benefit of $4 and $20 in 2022 and 2021, respectively, and a tax provision of $32 in 2020	(12)	(63)	44
Total other comprehensive (loss) income, net of tax	(2,792)	335	(2,804)
Comprehensive income	$ 92,277	$ 78,755	$ 76,918

- Definition

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

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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-URI https://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
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-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Property and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5.0	$ 5.5	$ 6.1

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,751	1,232	1,268

Restructuring (Tables)

12 Months Ended

Nov. 30, 2022

Restructuring Charges [Abstract]

Schedule of Restructuring Activity

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2019	$	196	$	2,007	$	2,203
Costs incurred	1,812		4,094		5,906
Cash disbursements	(1,569)		(2,554)		(4,123)
Translation adjustments and other	(18)		5		(13)
Balance, November 30, 2020	$	421	$	3,552	$	3,973
Costs incurred	3,518		2,790		6,308
Cash disbursements	(1,072)		(4,447)		(5,519)
Translation adjustments and other	1,616		(6)		1,610
Balance, November 30, 2021	$	4,483	$	1,889	$	6,372
Costs incurred	414		465		879
Cash disbursements	(1,027)		(2,321)		(3,348)
Translation adjustments and other	—		(3)		(3)
Balance, November 30, 2022	$	3,870	$	30	$	3,900

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2020	$	—	$	—	$	—
Costs incurred	—		1,965		1,965
Cash disbursements	—		(69)		(69)
Translation adjustments and other	—		(14)		(14)
Balance, November 30, 2021	$	—	$	1,882	$	1,882
Costs incurred	—		465		465
Cash disbursements	—		(2,314)		(2,314)
Translation adjustments and other	—		(3)		(3)
Balance, November 30, 2022	$	—	$	30	$	30

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


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2019	$	—	$	—	$	—
Costs incurred	—		3,947		3,947
Cash disbursements	—		(429)		(429)
Translation adjustments and other	—		5		5
Balance, November 30, 2020	$	—	$	3,523	$	3,523
Costs incurred	3,323		826		4,149
Cash disbursements	(455)		(4,350)		(4,805)
Translation adjustments and other	1,615		8		1,623
Balance, November 30, 2021	$	4,483	$	7	$	4,490
Costs incurred	414		—		414
Cash disbursements	(1,027)		(7)		(1,034)
Balance, November 30, 2022	$	3,870	$	—	$	3,870

Revenue Recognition (Schedule of Timing of Revenue Recognition) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 602,013	$ 531,313	$ 442,150
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	188,336	156,590	115,249
Software licenses \| Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	188,336	156,590	115,249
Maintenance \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	362,335	325,863	288,887
Services \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,342	$ 48,860	$ 38,014

- Definition

+ References

+ Details

Debt (Narrative) (Details) $ / shares in Units, shares in Millions		1 Months Ended	12 Months Ended
	Apr. 08, 2021 USD ($) $ / shares shares	Apr. 30, 2021 USD ($) trading_day day	Nov. 30, 2022 USD ($) day $ / shares	Nov. 30, 2021 USD ($)	Aug. 31, 2021
Line of Credit Facility [Line Items]
Payments of debt issuance costs				$ 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
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
Common stock exceeds			130.00%
Trading days \| day			20
Consecutive trading day \| day			30
Conversion ratio		0.0174525
Initial conversion price (in dollars per share) \| $ / shares			$ 57.30
Repurchase price			100.00%
Principal amount redeemable			$ 100,000,000
Share price (in dollars per share) \| $ / shares	$ 44.94
Debt instrument, interest rate, effective percentage			1.63%	5.71%	1.63%
Convertible Senior Notes \| Convertible Debt \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Common stock exceeds		130.00%
Trading days \| trading_day		20
Consecutive trading day \| trading_day		30
Convertible Senior Notes \| Convertible Debt \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Common stock exceeds		98.00%
Trading days \| day		5
Consecutive trading day \| trading_day		10