0000876167-23-000130 | 10-Q | XBRL Viewer | Progress Software Corp MA

Business Combinations (Tables)

6 Months Ended

May 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


	Initial Purchase Price Allocation		Measurement Period Adjustments		Adjusted Purchase Price Allocation		Life
Net working capital	$	49,477	$	(799)	$	48,678
Property, plant and equipment	723		—		723
Purchased technology	67,600		(300)		67,300		7 years
Trade name	12,500		—		12,500		7 years
Customer relationships	162,200		(10,900)		151,300		7 years
Other assets, including long-term unbilled receivables	6,172		(704)		5,468
Deferred taxes	(17,441)		(957)		(18,398)
Deferred revenue	(33,116)		—		(33,116)
Goodwill	140,964		13,935		154,899
Net assets acquired	$	389,079	$	275	$	389,354

Schedule of Business Acquisition, Pro Forma Information

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, 2021.


(in thousands, except per share data)	Pro Forma Three Months Ended May 31, 2022
Revenue	$	171,111
Net income	$	21,580
Net income per basic share	$	0.50
Net income per diluted share	$	0.49


(in thousands, except per share data)	Pro Forma Six Months Ended May 31, 2023		Pro Forma Six Months Ended May 31, 2022
Revenue	$	381,327	$	336,933
Net income	$	44,996	$	32,375
Net income per basic share	$	1.04	$	0.74
Net income per diluted share	$	1.01	$	0.73

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Current assets:
Cash and cash equivalents	$ 125,531	$ 256,277
Accounts receivable (less allowances of $701 and $859, respectively)	87,183	97,834
Unbilled receivables	32,958	29,158
Other current assets	35,410	42,784
Total current assets	281,082	426,053
Long-term unbilled receivables	38,727	39,936
Property and equipment, net	14,655	14,927
Intangible assets, net	404,515	217,355
Goodwill	825,944	671,037
Right-of-use lease assets	23,396	17,574
Deferred tax assets	4,374	11,765
Other assets	9,192	12,832
Total assets	1,601,885	1,411,479
Current liabilities:
Current portion of long-term debt, net	9,671	6,234
Accounts payable	7,162	9,282
Accrued compensation and related taxes	34,258	42,467
Dividends payable to stockholders	8,192	8,115
Short-term operating lease liabilities	10,090	7,471
Other accrued liabilities	26,514	16,765
Short-term deferred revenue, net	227,607	227,670
Total current liabilities	323,494	318,004
Long-term debt, net	422,666	259,220
Convertible senior notes, net	353,696	352,625
Long-term operating lease liabilities	17,654	15,041
Long-term deferred revenue, net	56,030	54,770
Deferred tax liabilities	4,547	4,628
Other noncurrent liabilities	4,983	8,687
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 43,357,557 shares in 2023 and 43,257,008 shares in 2022	436	433
Additional paid-in capital	347,101	331,650
Retained earnings	103,995	101,656
Accumulated other comprehensive loss	(32,717)	(35,235)
Total stockholders’ equity	418,815	398,504
Total liabilities and stockholders’ equity	$ 1,601,885	$ 1,411,479

Cover - shares	6 Months Ended
Cover - shares	May 31, 2023	Jun. 29, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	15 Wayside Road, Suite 400
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		43,365,973
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30

Stock-Based Compensation - Narrative (Details) - metric	6 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details) - metric	May 31, 2023	Nov. 30, 2022	Nov. 30, 2021
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics	2	2	2
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Long-term Incentive Plan (LTIP) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return		25.00%
Market condition period		3 years
Percentage of shares based on cumulative performance condition		75.00%
Cumulative performance condition		3 years
Long-term Incentive Plan (LTIP) \| 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return			25.00%
Market condition period			3 years
Percentage of shares based on cumulative performance condition			75.00%
Cumulative performance condition			3 years
Long-term Incentive Plan (LTIP) \| 2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return	25.00%
Market condition period	3 years
Percentage of shares based on cumulative performance condition	75.00%
Cumulative performance condition	3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 841	$ 364

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	May 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
2024	$ 12,880
2025	15,502
2026	9,859
2027	486
Total	$ 38,727

Intangible Assets and Goodwill

6 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	May 31, 2023						November 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	280,000	$	(165,135)	$	114,865	$	212,700	$	(150,877)	$	61,823
Customer-related	457,608		(189,183)		268,425		306,308		(162,341)		143,967
Trademarks and trade names	50,111		(28,886)		21,225		37,611		(26,046)		11,565
Non-compete agreement	—		—		—		2,000		(2,000)		—
Total	$	787,719	$	(383,204)	$	404,515	$	558,619	$	(341,264)	$	217,355

In the three and six months ended May 31, 2023, amortization expense related to intangible assets was $25.5 million and $45.4 million, respectively. In the three and six months ended May 31, 2022, amortization expense related to intangible assets was $17.5 million and $34.6 million, respectively.

Future amortization expense for intangible assets as of May 31, 2023, is as follows (in thousands):


Remainder of 2023	$	50,970
2024	88,934
2025	78,424
2026	69,453
2027	44,598
Thereafter	72,136
Total	$	404,515

Goodwill

Changes in the carrying amount of goodwill in the six months ended May 31, 2023 are as follows (in thousands):


Balance, November 30, 2022	$	671,037
Additions(1)	154,899
Translation adjustments	8
Balance, May 31, 2023	$	825,944

(1) The additions to goodwill during fiscal year 2023 are related to the acquisition of MarkLogic in February 2023. See Note 6: Business Combinations for additional information.

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 178,251	$ 148,747	$ 342,477	$ 293,669
North America
Disaggregation of Revenue [Line Items]
Total revenue	105,732	85,394	204,560	163,487
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	56,185	49,634	109,590	103,336
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	4,790	4,678	8,979	8,561
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,544	$ 9,041	$ 19,348	$ 18,285

Segment Information (Details)	6 Months Ended
Segment Information (Details)	May 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Cyber Related Matters (Details) $ in Millions		3 Months Ended		6 Months Ended
Cyber Related Matters (Details) $ in Millions	May 30, 2023 plaintiff claim investigation	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	May 31, 2023 USD ($)
Health Care Organizations [Abstract]
Cyber incident costs		$ 1.5		$ 4.2
Insurance recoveries			$ 3.0	$ 3.0
Percentage of determined vulnerability in company’s MOVEit Transfer product, revenue				4.00%
Number of customers with a claim \| plaintiff	4
Number of class action lawsuits \| claim	11
Number of formal investigation \| investigation	1
Cybersecurity insurance, maximum amount		15.0		$ 15.0
Cybersecurity insurance, additional coverage		12.0		12.0
Cybersecurity insurance, per claim deductible		$ 0.5		$ 0.5

Condensed 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
Beginning balance (in shares) at Nov. 30, 2021			44,146,000
Beginning balance 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]
Issuance of stock under employee stock purchase plan (in shares)			178,000
Issuance of stock under employee stock purchase plan	5,213		$ 2	5,211
Exercise of stock options (in shares)			60,000
Exercise of stock options	2,236		$ 1	2,235
Vesting of restricted stock units and release of deferred stock units (in shares)			188,000
Vesting of restricted stock units and release of deferred stock units	0		$ 2	(2)
Withholding tax payments related to net issuance of RSUs	(5,405)			(5,405)
Stock-based compensation	17,471			17,471
Dividends declared	$ (15,742)					(15,742)
Treasury stock repurchases and retirements (in shares)	(1,100,000)		(1,118,000)
Treasury stock repurchases and retirements	$ (51,473)		$ (11)	(16,376)		(35,086)
Net income	49,564					49,564
Other comprehensive income (loss)	356							356
Ending balance (in shares) at May. 31, 2022			43,454,000
Ending balance at May. 31, 2022	372,146		$ 435	309,913		93,885		(32,087)
Beginning balance (in shares) at Feb. 28, 2022			43,766,000
Beginning balance at Feb. 28, 2022	368,323		$ 438	303,240		93,661		(29,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			115,000
Issuance of stock under employee stock purchase plan	3,386		$ 1	3,385
Exercise of stock options (in shares)			41,000
Exercise of stock options	1,601		$ 1	1,600
Vesting of restricted stock units and release of deferred stock units (in shares)			98,000
Vesting of restricted stock units and release of deferred stock units	0		$ 1	(1)
Withholding tax payments related to net issuance of RSUs	(2,266)			(2,266)
Stock-based compensation	9,357			9,357
Dividends declared	$ (7,821)					(7,821)
Treasury stock repurchases and retirements (in shares)	(600,000)		(566,000)
Treasury stock repurchases and retirements	$ (26,473)		$ (6)	(5,402)		(21,065)
Net income	29,110					29,110
Other comprehensive income (loss)	(3,071)							(3,071)
Ending balance (in shares) at May. 31, 2022			43,454,000
Ending balance at May. 31, 2022	$ 372,146		$ 435	309,913		93,885		(32,087)
Beginning balance (in shares) at Nov. 30, 2022	43,257,008		43,257,000
Beginning balance at Nov. 30, 2022	$ 398,504		$ 433	331,650		101,656		(35,235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			145,000
Issuance of stock under employee stock purchase plan	5,270		$ 2	5,268
Exercise of stock options (in shares)			260,000
Exercise of stock options	10,769		$ 3	10,766
Vesting of restricted stock units and release of deferred stock units (in shares)			378,000
Vesting of restricted stock units and release of deferred stock units	0		$ 4	(4)
Withholding tax payments related to net issuance of RSUs (in shares)			(147,000)
Withholding tax payments related to net issuance of RSUs	(8,101)		$ (1)	(8,100)
Stock-based compensation	20,039			20,039
Dividends declared	$ (15,948)					(15,948)
Treasury stock repurchases and retirements (in shares)	(500,000)		(535,000)
Treasury stock repurchases and retirements	$ (30,000)		$ (5)	(12,518)		(17,477)
Net income	35,764					35,764
Other comprehensive income (loss)	$ 2,518							2,518
Ending balance (in shares) at May. 31, 2023	43,357,557		43,358,000
Ending balance at May. 31, 2023	$ 418,815		$ 436	347,101		103,995		(32,717)
Beginning balance (in shares) at Feb. 28, 2023			43,307,000
Beginning balance at Feb. 28, 2023	413,443		$ 433	338,370		108,286		(33,646)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			95,000
Issuance of stock under employee stock purchase plan	3,483		$ 1	3,482
Exercise of stock options (in shares)			119,000
Exercise of stock options	4,766		$ 2	4,764
Vesting of restricted stock units and release of deferred stock units (in shares)			163,000
Vesting of restricted stock units and release of deferred stock units	0		$ 2	(2)
Withholding tax payments related to net issuance of RSUs (in shares)			(57,000)
Withholding tax payments related to net issuance of RSUs	(3,284)			(3,284)
Stock-based compensation	10,287			10,287
Dividends declared	$ (7,899)					(7,899)
Treasury stock repurchases and retirements (in shares)	(300,000)		(269,000)
Treasury stock repurchases and retirements	$ (15,000)		$ (2)	(6,516)		(8,482)
Net income	12,090					12,090
Other comprehensive income (loss)	$ 929							929
Ending balance (in shares) at May. 31, 2023	43,357,557		43,358,000
Ending balance at May. 31, 2023	$ 418,815		$ 436	$ 347,101		$ 103,995		$ (32,717)

Fair Value Measurements - Narrative (Details) - 2026 Notes - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Long-term debt	$ 353.7	$ 352.6
Fair value notes	$ 404.1	$ 376.0

Revenue Recognition - Performance Obligations (Details) $ in Millions	May 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 288
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	80.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period

Intangible Assets and Goodwill (Schedule of Goodwill) (Details) $ in Thousands	6 Months Ended
	May 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance, November 30, 2022	$ 671,037
Additions	154,899
Translation adjustments	8
Balance, May 31, 2023	$ 825,944

Business Combinations (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands		4 Months Ended
	Feb. 07, 2023	May 31, 2023	Nov. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 825,944	$ 671,037
MarkLogic Acquisition
Business Acquisition [Line Items]
Net working capital	$ 49,477	48,678
Property, plant and equipment	723	723
Intangible assets		231,100
Other assets, including long-term unbilled receivables	6,172	5,468
Deferred taxes	(17,441)	(18,398)
Deferred revenue	(33,116)	(33,116)
Goodwill	140,964	154,899
Net assets acquired	389,079	389,354
Measurement Period Adjustments
Net working capital		(799)
Other assets, including long-term unbilled receivables		(704)
Deferred taxes		(957)
Goodwill		13,935
Net assets acquired		275
MarkLogic Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 67,600	67,300
Measurement Period Adjustments
Intangible assets		(300)
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 12,500	12,500
Measurement Period Adjustments
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 162,200	151,300
Measurement Period Adjustments
Intangible assets		$ (10,900)
Finite-lived intangible assets, useful life	7 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2023	May 31, 2022
Cash flows from operating activities:
Net income	$ 35,764	$ 49,564
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	3,171	2,432
Amortization of acquired intangibles and other	45,298	35,111
Amortization of debt discount and issuance costs on Notes	1,071	1,054
Stock-based compensation	20,039	17,471
Non-cash lease expense	4,707	4,033
Loss on disposal of long-lived assets, net	0	8
Gain on sale of assets held for sale	0	(10,770)
Deferred income taxes	(11,036)	1,735
Allowances for bad debt and sales credits	173	339
Changes in operating assets and liabilities:
Accounts receivable	36,685	19,894
Other assets	13,066	6,833
Inventories	1,496	738
Accounts payable and accrued liabilities	(18,822)	(20,330)
Lease liabilities	(5,138)	(4,337)
Income taxes payable	2,177	(200)
Deferred revenue, net	(33,933)	8,778
Net cash flows from operating activities	94,718	112,353
Cash flows (used in) from investing activities:
Purchases of investments	(15,262)	0
Sales and maturities of investments	15,700	900
Purchases of property and equipment	(1,969)	(1,979)
Payments for acquisitions, net of cash acquired	(356,096)	0
Proceeds from sale of long-lived assets, net	0	25,998
Net cash flows (used in) from investing activities	(357,627)	24,919
Cash flows from (used in) financing activities:
Proceeds from stock-based compensation plans	16,365	7,771
Payments for taxes related to net share settlements of equity awards	(8,101)	(5,405)
Repurchases of common stock	(30,000)	(51,473)
Dividend payments to stockholders	(15,871)	(15,573)
Proceeds from the issuance of debt	195,000	7,474
Repayment of revolving line of credit	(25,000)	0
Principal payment on term loan	(3,437)	(3,435)
Payment of debt issuance costs	0	(1,957)
Net cash flows from (used in) financing activities	128,956	(62,598)
Effect of exchange rate changes on cash and cash equivalents	3,207	(5,217)
Net (decrease) increase in cash and cash equivalents	(130,746)	69,457
Cash and cash equivalents, beginning of period	256,277	155,406
Cash and cash equivalents, end of period	125,531	224,863
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $841 in 2023 and $364 in 2022	5,953	4,982
Cash paid for interest	10,796	3,291
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	23,077	18,204
Dividends declared and unpaid	$ 8,192	$ 8,094

Basis of Presentation	6 Months Ended
Basis of Presentation	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") is dedicated to propelling business forward in a technology-driven world. Progress helps customers drive faster cycles of innovation, fuel momentum and accelerate their path to success. As the trusted provider of products to develop, deploy and manage high-impact applications, Progress enables customers to develop the applications and experiences they 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. Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the SEC on January 27, 2023 (our "2022 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2022 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2022 Annual Report, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to revenue recognition and business combinations. Actual results could differ from those estimates. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The Company adopted ASU 2020-04 in June 2023, in connection with the amendment of its interest rate swap agreement to implement certain changes in the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The application of this expedient preserves the cash flow hedge designation of the interest rate swaps and presentation consistent with past presentation and did not have a material impact on our consolidated financial statements.

Common Stock Repurchases	6 Months Ended
Common Stock Repurchases	May 31, 2023
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesIn January 2023, our Board of Directors increased the share repurchase authorization by $150.0 million, to an aggregate authorization of $228.0 million. In the three months ended May 31, 2023 and May 31, 2022, we repurchased and retired 0.3 million shares for $15.0 million and 0.6 million shares for $26.5 million, respectively. In the six months ended May 31, 2023 and May 31, 2022, we repurchased and retired 0.5 million shares for $30.0 million and 1.1 million shares for $51.5 million, respectively. The shares were repurchased in both periods as part of our Board of Directors authorized share repurchase program. As of May 31, 2023, there was $198.0 million remaining under the current authorization.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Assets
Allowance for accounts receivable	$ 701	$ 859
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)	43,357,557	43,257,008
Common stock, shares outstanding (in shares)	43,357,557	43,257,008

Segment Information	6 Months Ended
Segment Information	May 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. We operate as one operating segment: software products to develop, deploy, and manage high-impact 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.

Fair Value Measurements - Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 109	$ 27,254
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	109	27,254
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Money market funds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	3,173	4,407
Interest rate swap \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Interest rate swap \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	3,173	4,407
Interest rate swap \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(2,915)	(3,000)
Foreign exchange derivatives \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Foreign exchange derivatives \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(2,915)	(3,000)
Foreign exchange derivatives \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 0	$ 0

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the SEC on January 27, 2023 (our "2022 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2022 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2022 Annual Report, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year.
Use of Estimates	Use of EstimatesThe preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to revenue recognition and business combinations. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The Company adopted ASU 2020-04 in June 2023, in connection with the amendment of its interest rate swap agreement to implement certain changes in the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The application of this expedient preserves the cash flow hedge designation of the interest rate swaps and presentation consistent with past presentation and did not have a material impact on our consolidated financial statements.

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 09, 2019	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Derivative [Line Items]
Derivative assets (liabilities), at fair value		$ (2,915)		$ (2,915)		$ (3,000)
Other comprehensive loss, cash flow hedge (loss) gain reclassified to earnings				$ (1,600)	$ 1,000
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]				Interest Expense	Interest Expense
Other Current Assets
Derivative [Line Items]
Derivative assets (liabilities), at fair value		3,200		$ 3,200
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 150,000
Percentage of variable rate debt, managed variability	50.00%
Fixed interest rate	1.855%
Derivative assets (liabilities), at fair value		3,173		$ 3,173		4,407
Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	0.00%
Forward Contracts
Derivative [Line Items]
Minimum maturity period, foreign currency derivative				30 days
Maximum maturity period, foreign currency derivative				2 years
Derivative, gain (loss) on derivative, net		1,100	$ (3,900)	$ 1,600	$ (3,600)
Forward Contracts \| Other Current Assets
Derivative [Line Items]
Derivative liability, gross asset						100
Forward Contracts \| Accrued Liabilities
Derivative [Line Items]
Derivative liabilities		$ 2,900		$ 2,900
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability, gross asset						$ 3,100

Cash and Cash Equivalents - Summary Of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 125,531	$ 256,277
Unrealized Gains	0	0
Unrealized Losses	0	0
Total amortized cost basis	125,531	256,277
Total fair value	125,531	256,277
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	125,422	229,023
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 109	$ 27,254

Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 787,719	$ 558,619
Accumulated Amortization	(383,204)	(341,264)
Net Book Value	404,515	217,355
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	280,000	212,700
Accumulated Amortization	(165,135)	(150,877)
Net Book Value	114,865	61,823
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	457,608	306,308
Accumulated Amortization	(189,183)	(162,341)
Net Book Value	268,425	143,967
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,111	37,611
Accumulated Amortization	(28,886)	(26,046)
Net Book Value	21,225	11,565
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	2,000
Accumulated Amortization	0	(2,000)
Net Book Value	$ 0	$ 0

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	6 Months Ended
	May 31, 2023 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 282,440
Billings and other	343,674
Revenue recognized	(342,477)
Ending balance	$ 283,637

Debt- Schedule of Future Maturities (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Remainder of 2023	$ 3,438
2024	13,750
2025	20,625
2026	380,625
2027	376,250
Total face value of long-term debt	794,688
Unamortized discount and issuance costs	(8,655)
Less current portion of long-term debt, net	(9,671)	$ (6,234)
Long-term debt	776,362
2026 Notes
Debt Instrument [Line Items]
Remainder of 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	(6,304)
Less current portion of long-term debt, net	0
Long-term debt	353,696
Revolving Line of Credit
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	170,000
Total face value of long-term debt	170,000
Unamortized discount and issuance costs	0
Less current portion of long-term debt, net	0
Long-term debt	170,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2023	3,438
2024	13,750
2025	20,625
2026	20,625
2027	206,250
Total face value of long-term debt	264,688
Unamortized discount and issuance costs	(2,351)
Less current portion of long-term debt, net	(9,671)
Long-term debt	$ 252,666

Intangible Assets and Goodwill (Schedule Of Future Amortization Expense) (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 50,970
2024	88,934
2025	78,424
2026	69,453
2027	44,598
Thereafter	72,136
Net Book Value	$ 404,515	$ 217,355

Cyber Related Matters	6 Months Ended
Cyber Related Matters	May 31, 2023
Health Care Organizations [Abstract]
Cyber Related Matters	Cyber Related Matters November 2022 Cyber Incident 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 $1.5 million and $4.2 million of cyber incident costs for the three and six month periods ended May 31, 2023, respectively. Costs are provided net of received and expected insurance recoveries of approximately $3.0 million, which was recognized during the first quarter of fiscal year 2023. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. MOVEit Vulnerability On the evening of May 28, 2023, our MOVEit technical support team received an initial customer support call indicating unusual activity within their MOVEit Transfer instance. An investigative team was mobilized and, on May 30, 2023, the investigative team discovered a zero-day vulnerability in MOVEit Transfer (including our cloud-hosted version of MOVEit Transfer known as MOVEit Cloud). The investigative team determined the zero-day vulnerability (the “MOVEit Vulnerability”) could provide for unauthorized escalated privileges and access to the customer’s underlying environment in both MOVEit Transfer (the on-premise version) and MOVEit Cloud (a cloud-hosted version of MOVEit Transfer that we deploy in both (i) a public cloud format, as well as (ii) for a small group of customers, in a customer-dedicated cloud instance which is managed separately from the public-cloud). The Company has engaged outside cybersecurity experts and other incident response professionals to conduct a forensic investigation and assess the extent and scope of the MOVEit Vulnerability. As the investigation remains ongoing, the Company will continue to assess the potential impact on its business, operations and financial results. MOVEit Transfer and MOVEit Cloud represented approximately 4% in aggregate of the Company’s revenue for the six months ended May 31, 2023. Litigation and Governmental Investigations As of the date of the filing of this report on Form 10-Q, (i) four customers that claim to have been impacted by the MOVEit Vulnerability have indicated that they intend to seek indemnification from the Company related to the MOVEit Vulnerability, and (ii) there have been eleven class action lawsuits filed by individuals who claim to have been impacted by exfiltration of data from the environments of our MOVEit Transfer customers. The Company has also been cooperating with several inquiries and one formal investigation from domestic and foreign law enforcement agencies and data privacy regulators. Expenses Incurred and Future Costs Given that the MOVEit Vulnerability occurred near the end of the current quarter, we incurred minimal costs during the second quarter of fiscal year 2023. We expect to incur investigation, legal and professional services expenses associated with the MOVEit Vulnerability in future periods. We will recognize these expenses as services are received, net of received and expected insurance recoveries. While a loss from these matters is possible, we cannot reasonably estimate a range of possible losses at this time and our investigation into the matter is ongoing. Furthermore, with respect to the litigation, the proceedings remain in the early stages, alleged damages have not been specified, there is uncertainty as to the likelihood of a class or classes being certified or the ultimate size of any class if certified, and there are significant factual and legal issues to be resolved. Therefore, we have not recorded a loss contingency liability for the MOVEit Vulnerability as of May 31, 2023. Insurance Coverage We maintain cybersecurity insurance and other types of insurance coverage for up to $15.0 million in losses, which are expected to reduce our exposure to liabilities arising from the November 2022 cyber incident and the MOVEit Vulnerability. We will pursue recoveries to the maximum extent available under the policies. As of May 31, 2023, we have recorded approximately $3.0 million in insurance recoveries, all of which was related to the November 2022 cyber incident, providing us with $12.0 million of additional coverage (which is subject to a $0.5 million per claim deductible).

Revenue Recognition - Narrative (Details) - USD ($)	May 31, 2023	Nov. 30, 2022
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 0
Deferred contract costs	$ 7,700,000	$ 8,800,000
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

Debt - Narrative (Details) - Term Loan - Amended Credit Agreement - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2023	May 31, 2023
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 195.0
Line of credit facility outstanding amount		$ 170.0

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	May 31, 2023	Nov. 30, 2022
Derivative [Line Items]
Notional Value	$ 79,121	$ 75,122
Fair Value	(2,915)	(3,000)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	112,500	120,000
Fair Value	3,173	4,407
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	78,643	74,578
Fair Value	(2,919)	(2,995)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	478	544
Fair Value	$ 4	$ (5)