0000876167-24-000080 | 10-Q | XBRL Viewer | Progress Software Corp MA

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Feb. 29, 2024

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the three months ended February 29, 2024 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized Gain (Losses) on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2023	$	(33,234)	$	(61)	$	1,135	$	(32,160)
Other comprehensive loss before reclassifications, net of tax	(1,546)		—		(690)		(2,236)
Balance, February 29, 2024	$	(34,780)	$	(61)	$	445	$	(34,396)

Segment Information	3 Months Ended
Segment Information	Feb. 29, 2024
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.

- Definition

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

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+ Details

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, amortization expense	$ 25.2	$ 19.9

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Feb. 29, 2024
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, 2023, as filed with the SEC on January 26, 2024 (our "2023 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2023 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2023 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 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	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. Early adoption is permitted. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending November 30, 2025, and interim periods beginning after December 1, 2025. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company’s consolidated financial statements

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Statement of Comprehensive Income [Abstract]
Tax benefit on accumulated unrealized gain on hedging activity	$ 218	$ 45
Tax provision on accumulated unrealized loss on investments		$ 4

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Nov. 30, 2022		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)		50,000
Issuance of stock under employee stock purchase plan	1,787	$ 1	1,786
Exercise of stock options (in shares)		141,000
Exercise of stock options	6,003	$ 1	6,002
Vesting of restricted stock units and release of deferred stock units (in shares)		215,000
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)		(90,000)
Withholding tax payments related to net issuance of RSUs	(4,817)	$ (1)	(4,816)
Stock-based compensation	9,752		9,752
Dividends declared	$ (8,049)			(8,049)
Treasury stock repurchases and retirements (in shares)	(300,000)	(266,000)
Treasury stock repurchases and retirements	$ (15,000)	$ (3)	(6,002)	(8,995)
Net income	23,674			23,674
Other comprehensive (loss) income	1,589				1,589
Ending balance (in shares) at Feb. 28, 2023		43,307,000
Ending balance at Feb. 28, 2023	$ 413,443	$ 433	338,370	108,286	(33,646)
Beginning balance (in shares) at Nov. 30, 2023	43,795,955	43,796,000
Beginning balance at Nov. 30, 2023	$ 459,715	$ 438	370,579	120,858	(32,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		66,000
Issuance of stock under employee stock purchase plan	2,531	$ 1	2,530
Exercise of stock options (in shares)		80,000
Exercise of stock options	3,250	$ 1	3,249
Vesting of restricted stock units and release of deferred stock units (in shares)		244,000
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)		(103,000)
Withholding tax payments related to net issuance of RSUs	(5,890)	$ (1)	(5,889)
Stock-based compensation	12,464		12,464
Dividends declared	$ (8,230)			(8,230)
Treasury stock repurchases and retirements (in shares)	(400,000)	(394,000)
Treasury stock repurchases and retirements	$ (22,500)	$ (4)	(10,658)	(11,838)
Net income	22,639			22,639
Other comprehensive (loss) income	$ (2,236)				(2,236)
Ending balance (in shares) at Feb. 29, 2024	43,689,037	43,689,000
Ending balance at Feb. 29, 2024	$ 461,743	$ 437	$ 372,273	$ 123,429	$ (34,396)

Business Combinations - Schedule of Allocation of the Purchase Price (Details) - USD ($) $ in Thousands	Feb. 07, 2023	Feb. 29, 2024	Nov. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 832,806	$ 832,101
MarkLogic Acquisition
Business Acquisition [Line Items]
Net working capital		46,335
Property, plant and equipment		723
Intangible assets		232,100
Other assets, including long-term unbilled receivables		4,477
Deferred taxes		(24,478)
Deferred revenue		(32,418)
Goodwill		161,770
Net assets acquired		388,509
MarkLogic Acquisition \| Purchased technology
Business Acquisition [Line Items]
Intangible assets		67,300
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition \| Trade name
Business Acquisition [Line Items]
Intangible assets		12,500
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 152,300
Finite-lived intangible assets, useful life	7 years

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 22,639	$ 23,674
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(1,546)	1,737
Unrealized loss on hedging activity, net of tax benefit of $218 and $45 for the first quarter of 2024 and 2023, respectively	(690)	(127)
Unrealized loss on investments, net of tax provision of $4 for the first quarter of 2023	0	(21)
Total other comprehensive (loss) income, net of tax	(2,236)	1,589
Comprehensive income	$ 20,403	$ 25,263

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Pay vs Performance Disclosure
Net income	$ 22,639	$ 23,674

- Definition

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

+ References

+ Details

Debt - Credit Facility (Details) - Line of Credit - Subsequent Event	Mar. 07, 2024 USD ($)
Amended Credit Agreement
Line of Credit Facility [Line Items]
Additional borrowing capacity	$ 260,000,000
Debt issuance cost	$ 6,000,000
Amended Credit Agreement \| Minimum \| Term Benchmark Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Amended Credit Agreement \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Amended Credit Agreement \| Maximum \| Term Benchmark Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%
Amended Credit Agreement \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Amended Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 900,000,000
Amended Credit Agreement \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Undrawn portion, commitment fee percentage	0.15%
Amended Credit Agreement \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Undrawn portion, commitment fee percentage	0.40%
Amended Credit Agreement \| Bridge Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000
Amended Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Unamortized debt issuance cost	$ 900,000

Common Stock Repurchases	3 Months Ended
Common Stock Repurchases	Feb. 29, 2024
Equity [Abstract]
Common Stock Repurchases	Common Stock Repurchases In 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 February 29, 2024 and February 28, 2023, we repurchased and retired 0.4 million shares for $22.5 million and 0.3 million shares for $15.0 million, respectively. As of February 29, 2024, there was $171.5 million remaining under the current authorization. On March 1, 2024, the Company repurchased and retired 0.4 million shares for $25.0 million.

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Feb. 29, 2024 USD ($)
Goodwill [Roll Forward]
Balance, December 1, 2023	$ 832,101
Additions	700
Translation adjustments	5
Balance, February 29, 2024	$ 832,806

- Definition

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

+ References + Details

Business Combinations (Tables)

3 Months Ended

Feb. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation Of The Purchase Price

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


	Purchase Price Allocation		Life
Net working capital	$	46,335
Property, plant and equipment	723
Purchased technology	67,300		7 years
Trade name	12,500		7 years
Customer relationships	152,300		7 years
Other assets, including long-term unbilled receivables	4,477
Deferred taxes	(24,478)
Deferred revenue	(32,418)
Goodwill	161,770
Net assets acquired	$	388,509

Schedule of Business Acquisition, Pro Forma Information


(in thousands, except per share data)	Pro Forma Three Months Ended February 28, 2023
Revenue	$	203,076
Net income	$	32,888
Net income per basic share	$	0.76
Net income per diluted share	$	0.74

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Classification of Stock-Based Compensation

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


	Three Months Ended
	February 29, 2024		February 28, 2023
Cost of maintenance and services	$	986	$	620
Sales and marketing	2,312		1,495
Product development	3,665		2,998
General and administrative	5,501		4,639
Total stock-based compensation	$	12,464	$	9,752

Cyber Related Matters (Details) $ in Millions		3 Months Ended		15 Months Ended
Cyber Related Matters (Details) $ in Millions	Aug. 31, 2023 plaintiff claim	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Feb. 29, 2024 USD ($)	Nov. 30, 2022 USD ($)
Business Interruption Loss [Line Items]
Percentage of determined vulnerability in company’s MOVEit Transfer product, revenue		4.00%
Number of customers with a claim \| plaintiff	35
Number of class action lawsuits \| claim	127
Insurance recoveries				$ 7.0
Cybersecurity insurance, maximum amount					$ 15.0
Cybersecurity insurance, additional coverage		$ 8.0		8.0
Cybersecurity insurance, per claim deductible		0.5		0.5
Moveit Vulnerability
Business Interruption Loss [Line Items]
Cyber incident costs		1.0
Insurance recoveries		0.8		$ 4.5
November 2022 Cyber Incident
Business Interruption Loss [Line Items]
Cyber incident costs			$ 2.7
Insurance recoveries		$ 2.5

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Feb. 29, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
2025	$ 18,209
2026	13,538
2027	1,894
Total	$ 33,641

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 07, 2023	Feb. 29, 2024	Nov. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 832,806	$ 832,101
MarkLogic Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition	$ 355,000
Goodwill, purchase accounting adjustments		700
Goodwill		161,770
Revenue of acquisition		31,700
Intangible assets		$ 232,100

- Definition

+ References + Details

Stock-Based Compensation - Narrative (Details) - metric	3 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details) - metric	Feb. 29, 2024	Nov. 30, 2023	Nov. 30, 2022
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	5 years
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Number of performance metrics	2	2	2
Long-term Incentive Plan (LTIP) \| 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on cumulative performance condition			75.00%
Cumulative performance condition			3 years
Percentage of shares based on market condition of total shareholder return			25.00%
Market condition period			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 cumulative performance condition		75.00%
Cumulative performance condition		3 years
Percentage of shares based on market condition of total shareholder return		25.00%
Market condition period		3 years
Long-term Incentive Plan (LTIP) \| 2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on cumulative performance condition	75.00%
Cumulative performance condition	3 years
Percentage of shares based on market condition of total shareholder return	25.00%
Market condition period	3 years

Intangible Assets and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 788,719	$ 788,719
Accumulated Amortization	(460,710)	(434,441)
Net Book Value	328,009	354,278
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	280,000	280,000
Accumulated Amortization	(188,904)	(181,045)
Net Book Value	91,096	98,955
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	458,608	458,608
Accumulated Amortization	(238,217)	(221,362)
Net Book Value	220,391	237,246
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,111	50,111
Accumulated Amortization	(33,589)	(32,034)
Net Book Value	$ 16,522	$ 18,077

Cash and Cash Equivalents (Tables)

3 Months Ended

Feb. 29, 2024

Investments and Cash [Abstract]

Schedule of Cash and Cash Equivalents

A summary of our cash and cash equivalents at February 29, 2024 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	127,872	$	—	$	—	$	127,872
Money market funds	5,350		—		—		5,350
Total	$	133,222	$	—	$	—	$	133,222

A summary of our cash and cash equivalents at November 30, 2023 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	126,958	$	—	$	—	$	126,958

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 09, 2019	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Derivative [Line Items]
Derivative assets (liabilities), at fair value		$ (2,781)		$ (2,530)
Other comprehensive loss, cash flow hedge loss reclassified to earnings		900	$ 700
Other Current Assets
Derivative [Line Items]
Derivative assets (liabilities), at fair value		600
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		$ 587		1,495
Interest Rate Swap \| Secured Overnight Financing Rate
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		$ (600)	$ 500
Forward Contracts \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities		$ 2,800
Derivative liability, gross asset				$ 2,500

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 459,715	$ 398,504
Other comprehensive loss before reclassifications, net of tax	(2,236)
Ending balance	461,743	459,715
Other comprehensive income (loss), tax provision	200	400
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(32,160)	(35,235)
Ending balance	(34,396)	(32,160)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(33,234)
Other comprehensive loss before reclassifications, net of tax	(1,546)
Ending balance	(34,780)	(33,234)
Unrealized Losses on Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(61)
Other comprehensive loss before reclassifications, net of tax	0
Ending balance	(61)	(61)
Unrealized Gain (Losses) on Hedging Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,135
Other comprehensive loss before reclassifications, net of tax	(690)
Ending balance	$ 445	$ 1,135

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
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+ Details

Cash and Cash Equivalents

3 Months Ended

Feb. 29, 2024

Investments and Cash [Abstract]

Cash and Cash Equivalents

A summary of our cash and cash equivalents at February 29, 2024 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	127,872	$	—	$	—	$	127,872
Money market funds	5,350		—		—		5,350
Total	$	133,222	$	—	$	—	$	133,222

A summary of our cash and cash equivalents at November 30, 2023 is as follows (in thousands):


	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	126,958	$	—	$	—	$	126,958

There were no debt securities by contractual maturity due after one year as of February 29, 2024.

Restructuring Charges

3 Months Ended

Feb. 29, 2024

Restructuring Charges [Abstract]

Restructuring Charges

The following table provides a summary of activity for our restructuring actions (in thousands):


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2023	$	3,297	$	1,890	$	5,187
Costs incurred	2,187		162		2,349
Cash disbursements	(629)		(1,380)		(2,009)
Translation and other adjustments	—		(4)		(4)
Balance, February 29, 2024	$	4,855	$	668	$	5,523

In the three months ended February 29, 2024, costs incurred primarily related to a facility closure in connection with the restructuring action from the first fiscal quarter of 2023. We do not expect to incur additional material expenses as part of this action.

Fair Value Measurements

3 Months Ended

Feb. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at February 29, 2024 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	5,350	$	5,350	$	—	$	—
Interest rate swap	587		—		587		—
Liabilities
Foreign exchange derivatives	$	(2,781)	$	—	$	(2,781)	$	—

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2023 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets

Interest rate swap	$	1,495	$	—	$	1,495	$	—
Liabilities
Foreign exchange derivatives	$	(2,530)	$	—	$	(2,530)	$	—

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.

Assets and Liabilities Not Carried at Fair Value

Fair Value of the Convertible Senior Notes

The fair value of our Convertible Senior Notes, with a carrying value of $355.3 million and $354.8 million, was $378.0 million and $377.1 million as of February 29, 2024 and November 30, 2023, respectively. The fair value was determined based on the quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 2 in the fair value hierarchy.

Fair Value of Other Financial Assets and Liabilities

The carrying amounts of other financial assets and liabilities including cash, accounts receivable, unbilled accounts receivable, accounts payable, and accrued liabilities approximate their respective fair values because of the relatively short period of time between their origination and their expected realization or settlement.

- 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

Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 184,685	$ 164,226
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	64,100	57,568
Software licenses \| Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	64,100	57,568
Maintenance \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	102,025	92,513
Services \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 18,560	$ 14,145

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-Topic 606
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-Topic 280
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-Publisher FASB
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+ Details

Revenue Recognition (Tables)

3 Months Ended

Feb. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Revenue Type

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


	Three Months Ended
(In thousands)	February 29, 2024		February 28, 2023
Performance obligations transferred at a point in time:
Software licenses	$	64,100	$	57,568
Performance obligations transferred over time:
Maintenance	102,025		92,513
Services	18,560		14,145
Total revenue	$	184,685	$	164,226

Schedule of Revenue from External Customers from Different Geographical Areas

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


	Three Months Ended
(In thousands)	February 29, 2024		February 28, 2023
North America	$	107,282	$	98,828
EMEA	63,087		53,405
Latin America	4,668		4,189
Asia Pacific	9,648		7,804
Total revenue	$	184,685	$	164,226

Schedule of Contract With Customer, Asset and Liability

As of February 29, 2024, billing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2025	$	18,209
2026	13,538
2027	1,894

Total	$	33,641

As of February 29, 2024, the changes in net deferred revenue were as follows (in thousands):


Balance, December 1, 2023	$	295,036
Billings and other	185,782
Revenue recognized	(184,685)
Balance, February 29, 2024	$	296,133

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 856	$ 264

Restructuring Charges (Tables)

3 Months Ended

Feb. 29, 2024

Restructuring Charges [Abstract]

Schedule of Restructuring Activity

The following table provides a summary of activity for our restructuring actions (in thousands):


	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2023	$	3,297	$	1,890	$	5,187
Costs incurred	2,187		162		2,349
Cash disbursements	(629)		(1,380)		(2,009)
Translation and other adjustments	—		(4)		(4)
Balance, February 29, 2024	$	4,855	$	668	$	5,523

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Convertible debt fair value	$ 378.0	$ 377.1
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	$ 355.3	$ 354.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 835
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+ Details

- Definition

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

+ References + Details

Earnings per share (Tables)

3 Months Ended

Feb. 29, 2024

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


	Three Months Ended
	February 29, 2024		February 28, 2023
Net income	$	22,639	$	23,674
Weighted average shares outstanding	43,802		43,300
Basic earnings per common share	$	0.52	$	0.55

Diluted earnings per common share:
Net income	$	22,639	$	23,674
Weighted average shares outstanding	43,802		43,300
Effect of dilution from common stock equivalents	1,024		1,053

Diluted weighted average shares outstanding	44,826		44,353
Diluted earnings per share	$	0.51	$	0.53

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Cash flows from operating activities:
Net income	$ 22,639	$ 23,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	1,589	1,671
Amortization of acquired intangibles and other	25,408	19,937
Amortization of debt discount and issuance costs on Notes	547	534
Stock-based compensation	12,464	9,752
Non-cash lease expense	4,259	1,959
Deferred income taxes	(3,295)	(6,324)
Credit losses and other sales allowances	363	158
Changes in operating assets and liabilities:
Accounts receivable	30,454	25,839
Other assets	1,530	4,483
Inventories	0	(604)
Accounts payable and accrued liabilities	(24,897)	(17,649)
Lease liabilities	(2,949)	(2,314)
Income taxes payable	(461)	170
Deferred revenue, net	2,853	(14,519)
Net cash flows from operating activities	70,504	46,767
Cash flows used in investing activities:
Purchases of investments	0	(15,262)
Sales and maturities of investments	0	400
Purchases of property and equipment	(309)	(385)
Payments for acquisitions, net of cash acquired	0	(355,821)
Net cash flows used in investing activities	(309)	(371,068)
Cash flows (used in) from financing activities:
Proceeds from stock-based compensation plans	7,583	9,357
Payments for taxes related to net share settlements of equity awards	(5,890)	(4,817)
Repurchases of common stock	(22,500)	(15,000)
Dividend payments to stockholders	(8,171)	(8,023)
Proceeds from the issuance of debt	0	195,000
Repayment of revolving line of credit	(30,000)	0
Principal payment on term loan	(3,437)	(1,719)
Net cash flows (used in) from financing activities	(62,415)	174,798
Effect of exchange rate changes on cash and cash equivalents	(1,516)	1,207
Net increase (decrease) in cash and cash equivalents	6,264	(148,296)
Cash and cash equivalents, beginning of period	126,958	256,277
Cash and cash equivalents, end of period	133,222	107,981
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $856 in 2024 and $264 in 2023	3,179	3,801
Cash paid for interest	5,570	4,060
Non-cash investing and financing activities:
Dividends declared and unpaid	$ 8,435	$ 8,141

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Revenue:
Total revenue	$ 184,685	$ 164,226
Costs of revenue:
Amortization of acquired intangibles	7,859	6,264
Total costs of revenue	32,809	26,217
Gross profit	151,876	138,009
Operating expenses:
Sales and marketing	39,111	33,754
Product development	34,988	30,438
General and administrative	21,344	18,786
Amortization of acquired intangibles	17,389	13,611
Cyber incident and vulnerability response expenses, net	987	2,692
Restructuring expenses	2,349	1,397
Acquisition-related expenses	702	1,743
Total operating expenses	116,870	102,421
Income from operations	35,006	35,588
Other (expense) income:
Interest expense	(7,344)	(5,848)
Interest income and other, net	624	515
Foreign currency loss, net	(679)	(331)
Total other expense, net	(7,399)	(5,664)
Income before income taxes	27,607	29,924
Provision for income taxes	4,968	6,250
Net income	$ 22,639	$ 23,674
Earnings per share:
Basic (in dollars per share)	$ 0.52	$ 0.55
Diluted (in dollars per share)	$ 0.51	$ 0.53
Weighted average shares outstanding:
Basic (in shares)	43,802	43,300
Diluted (in shares)	44,826	44,353
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175
Software licenses
Revenue:
Total revenue	$ 64,100	$ 57,568
Costs of revenue:
Cost of revenue	2,731	2,452
Maintenance and services
Revenue:
Total revenue	120,585	106,658
Costs of revenue:
Cost of revenue	$ 22,219	$ 17,501

Intangible Assets and Goodwill (Tables)

3 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	February 29, 2024						November 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	280,000	$	(188,904)	$	91,096	$	280,000	$	(181,045)	$	98,955
Customer-related	458,608		(238,217)		220,391		458,608		(221,362)		237,246
Trademarks and trade names	50,111		(33,589)		16,522		50,111		(32,034)		18,077

Total	$	788,719	$	(460,710)	$	328,009	$	788,719	$	(434,441)	$	354,278

Schedule of Future Amortization Expense From Intangible Assets Held

Future amortization expense for intangible assets as of February 29, 2024, is as follows (in thousands):


Remainder of 2024	$	63,887
2025	78,759
2026	68,677
2027	44,740
2028	33,157
Thereafter	38,789
Total	$	328,009

Schedule of Goodwill

Changes in the carrying amount of goodwill in the three months ended February 29, 2024 are as follows (in thousands):


Balance, December 1, 2023	$	832,101
Additions(1)	700
Translation adjustments	5
Balance, February 29, 2024	$	832,806

(1) The additions to goodwill during fiscal year 2024 are related to the acquisition of MarkLogic in February 2023. See Note 6: Business Combinations for additional information.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Cyber Related Matters	3 Months Ended
Cyber Related Matters	Feb. 29, 2024
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 incident. We do not expect to incur additional costs related to this incident as the investigation is closed. We incurred expenses of $2.7 million related this incident during the three months ended February 28, 2023. MOVEit Vulnerability As previously reported, 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). A "zero-day vulnerability" is a vulnerability that has been publicly disclosed (e.g., by an independent researcher or threat actor) before the software vendor has an opportunity to patch it. 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 customer-dedicated cloud instances that are hosted, separate and apart from the public instances of our MOVEit Cloud platform). We will continue to assess the potential impact of the MOVEit Vulnerability on our business, operations, and financial results. MOVEit Transfer and MOVEit Cloud represented less than 4% in aggregate of our revenue for the three months ended February 29, 2024. Litigation and Governmental Investigations As of the date of the issuance of the financial statements, (i) we have received formal letters from 35 customers and others that claim to have been impacted by the MOVEit Vulnerability, some of which have indicated that they intend to seek indemnification from us related to the MOVEit Vulnerability, (ii) we have received a letter from an insurer providing for notice of a subrogation claim (where the insurer is seeking recovery for all expenses incurred in connection with the MOVEit Vulnerability), which has resulted in the filing of a lawsuit in the District of Massachusetts, and (iii) we are party to approximately 127 class action lawsuits filed by individuals who claim to have been impacted by the exfiltration of data from the environments of our MOVEit Transfer customers, which the Judicial Panel on Multidistrict Litigation transferred to the District of Massachusetts for coordinated and consolidated proceedings. We have also been cooperating with; (i) several inquiries from domestic and foreign data privacy regulators (as further described hereafter); (ii) several inquiries and two formal investigations from state attorneys general (as further described hereafter); (iii) a formal investigation from a U.S. federal law enforcement agency (as of the date of the filing of this report, the law enforcement investigation that we are cooperating with is not an enforcement action or formal governmental investigation of which we have been told that we are a target); and (iv) a formal investigation from the SEC (as further described hereafter). On October 2, 2023, Progress received a subpoena from the SEC seeking various documents and information relating to the MOVEit Vulnerability. As described in the cover letter accompanying the subpoena, at this stage, the SEC investigation is a fact-finding inquiry, the investigation does not mean that Progress or anyone else has violated federal securities laws, and the investigation does not mean that the SEC has a negative opinion of any person, entity, or security. Progress is cooperating fully with the SEC in its investigation. On December 21, 2023, Progress received a preservation notice from the Federal Trade Commission (the "FTC"), but has not otherwise received a request for information nor is Progress aware of any formal FTC investigation. On January 18, 2024, Progress received a subpoena from the Office of the Attorney General for the District of Columbia seeking various documents and information relating to the MOVEit Vulnerability. At this stage, the investigation is a fact-finding inquiry, and the investigation does not mean that Progress or anyone else has violated applicable laws. Progress is cooperating fully with the Office of the Attorney General for the District of Columbia in its investigation. On February 9, 2024, Progress received a subpoena from the Office of the Attorney General for the State of New Jersey seeking various documents and information relating to the MOVEit Vulnerability. At this stage, the investigation is a fact-finding inquiry, and the investigation does not mean that Progress or anyone else has violated applicable laws. Progress is cooperating fully with the Office of the Attorney General for the State of New Jersey in its investigation. On November 3, 2023, the United Kingdom’s Information Commissioner’s Office informed Progress that based upon the information provided, the Commissioner’s Office determined that regulatory action against Progress was not required in relation to the MOVEit Vulnerability. Additionally, on March 14, 2024, the Office of the Australian Information Commissioner’s Office informed Progress that it has closed its file investigating the MOVEit Vulnerability. Expenses Incurred and Future Costs For the three months ended February 29, 2024, we incurred $1.0 million of costs related to the MOVEit Vulnerability. The costs recognized are net of received and expected insurance recoveries of approximately $0.8 million. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. 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 insurance recoveries. While a loss from these matters is reasonably possible, we cannot reasonably estimate a range of possible losses at this time, particularly while the foregoing matters remain 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. Also, each of the governmental inquiries and investigations mentioned above could result in adverse judgements, settlements, fines, penalties, or other resolutions, the amount, scope and timing of which could be material, but which we are currently unable to predict. Therefore, we have not recorded a loss contingency liability for the MOVEit Vulnerability as of February 29, 2024. In addition, we may accelerate or make additional investments in our information technology systems, infrastructure, software products or networks following the MOVEit Vulnerability, however, we currently do not expect such amounts to be material to any fiscal period. Insurance Coverage During the period when the November 2022 cyber incident and the MOVEit Vulnerability occurred, we maintained $15.0 million of cybersecurity insurance coverage, which is expected to reduce our exposure to expenses and liabilities arising from these events. As of February 29, 2024, we have recorded approximately $7.0 million in insurance recoveries, of which $2.5 million was related to the November 2022 cyber incident and $4.5 million was related to the May 2023 MOVEit Vulnerability, providing us with $8.0 million of additional cybersecurity insurance coverage (which is subject to a $0.5 million retention per claim). We will pursue recoveries to the maximum extent available under our insurance policies.

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Derivative [Line Items]
Notional Value	$ 81,499	$ 103,073
Fair Value	(2,781)	(2,530)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	98,438	103,125
Fair Value	587	1,495
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	81,499	102,229
Fair Value	(2,781)	(2,526)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	0	844
Fair Value	$ 0	$ (4)

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Derivative Instruments

3 Months Ended

Feb. 29, 2024

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 our interest rate swap contract, we receive a floating rate based on the greater of 1-month SOFR or 0.00%, and pay a fixed rate of 1.855% on the outstanding notional amount.

We have designated the interest rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our condensed consolidated balance sheets. Although we determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of February 29, 2024, the fair value of the hedge was a gain of $0.6 million, which was included in other current assets on our condensed consolidated balance sheets. The net amount of accumulated other comprehensive loss reclassified to interest expense during the three months ended February 29, 2024 and February 28, 2023 was a decrease of $0.9 million and $0.7 million, respectively.

The following table presents our interest rate swap contract where the notional amount is equal to approximately one-half of the corresponding reduction in the balance of our term loan. 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 payment schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands):


	February 29, 2024				November 30, 2023
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	98,438	$	587	$	103,125	$	1,495

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 in other current assets, other assets, other accrued liabilities, or other noncurrent liabilities on the condensed consolidated balance sheets at the end of each reporting period and generally expire between 30 days and 2 years from the date the contract was entered. At February 29, 2024 $2.8 million was recorded in other accrued liabilities on our condensed consolidated balance sheets. At November 30, 2023, $2.5 million was recorded in other accrued liabilities on our condensed consolidated balance sheets.

In the three months ended February 29, 2024, realized and unrealized losses of $0.6 million from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. In the three months ended February 28, 2023, realized and unrealized gains of $0.5 million from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. These gains and losses were substantially offset by realized and unrealized gains and losses in the offsetting positions.

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


	February 29, 2024				November 30, 2023
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	81,499	$	(2,781)	$	102,229	$	(2,526)
Forward contracts to purchase U.S. dollars	—		—		844		(4)
Total	$	81,499	$	(2,781)	$	103,073	$	(2,530)

Earnings per share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Earnings Per Share [Abstract]
Net income	$ 22,639	$ 23,674
Weighted average shares outstanding (in shares)	43,802	43,300
Basic earnings per common share (in dollars per share)	$ 0.52	$ 0.55
Diluted earnings per common share:
Net income	$ 22,639	$ 23,674
Weighted average shares outstanding (in shares)	43,802	43,300
Effect of dilution from common stock equivalents (in shares)	1,024	1,053
Diluted weighted average shares outstanding (in shares)	44,826	44,353
Diluted earnings per share (in dollars shares)	$ 0.51	$ 0.53

- 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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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

Stock-Based Compensation - Schedule of Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 12,464	$ 9,752
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	986	620
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,312	1,495
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	3,665	2,998
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,501	$ 4,639

Intangible Assets and Goodwill

3 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

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


	February 29, 2024						November 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	280,000	$	(188,904)	$	91,096	$	280,000	$	(181,045)	$	98,955
Customer-related	458,608		(238,217)		220,391		458,608		(221,362)		237,246
Trademarks and trade names	50,111		(33,589)		16,522		50,111		(32,034)		18,077

Total	$	788,719	$	(460,710)	$	328,009	$	788,719	$	(434,441)	$	354,278

In the first quarter of fiscal years 2024 and 2023, amortization expense related to intangible assets was $25.2 million and $19.9 million, respectively.

Future amortization expense for intangible assets as of February 29, 2024, is as follows (in thousands):


Remainder of 2024	$	63,887
2025	78,759
2026	68,677
2027	44,740
2028	33,157
Thereafter	38,789
Total	$	328,009

Goodwill

Changes in the carrying amount of goodwill in the three months ended February 29, 2024 are as follows (in thousands):


Balance, December 1, 2023	$	832,101
Additions(1)	700
Translation adjustments	5
Balance, February 29, 2024	$	832,806

(1) The additions to goodwill during fiscal year 2024 are related to the acquisition of MarkLogic in February 2023. See Note 6: Business Combinations for additional information.

Common Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
	Mar. 01, 2024	Feb. 29, 2024	Feb. 28, 2023	Jan. 31, 2023
Class of Stock [Line Items]
Stock repurchase program additional authorized amount				$ 150,000
Stock repurchase authorization				$ 228,000
Common stock repurchased and retired (in shares)		0.4	0.3
Common stock repurchased and retired		$ 22,500	$ 15,000
Remaining authorized repurchase amount		$ 171,500
Subsequent Event
Class of Stock [Line Items]
Common stock repurchased and retired (in shares)	0.4
Common stock repurchased and retired	$ 25,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Feb. 29, 2024 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 295,036
Billings and other	185,782
Revenue recognized	(184,685)
Ending balance	$ 296,133

Cover - shares	3 Months Ended
Cover - shares	Feb. 29, 2024	Mar. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2024
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)		43,218,086
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30

Derivative Instruments (Tables)

3 Months Ended

Feb. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Foreign Currency Forward Contracts


	February 29, 2024				November 30, 2023
	Notional Value		Fair Value		Notional Value		Fair Value
Interest rate swap contracts designated as cash flow hedges	$	98,438	$	587	$	103,125	$	1,495

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


	February 29, 2024				November 30, 2023
	Notional Value		Fair Value		Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	81,499	$	(2,781)	$	102,229	$	(2,526)
Forward contracts to purchase U.S. dollars	—		—		844		(4)
Total	$	81,499	$	(2,781)	$	103,073	$	(2,530)

- Definition

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

+ References + Details

Business Combinations

3 Months Ended

Feb. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Business Combinations

MarkLogic Acquisition

On February 7, 2023, we completed the acquisition of the parent company of MarkLogic Corporation ("MarkLogic"), pursuant to the Stock Purchase Agreement (the "Purchase Agreement"), dated as of January 3, 2023. The acquisition was completed for a base purchase price of $355.0 million (subject to certain customary adjustments) in cash.

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

During the quarter ended February 29, 2024, the measurement period adjustments were completed, which resulted in a $0.7 million increase in goodwill. The purchase price allocation is now complete.

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


	Purchase Price Allocation		Life
Net working capital	$	46,335
Property, plant and equipment	723
Purchased technology	67,300		7 years
Trade name	12,500		7 years
Customer relationships	152,300		7 years
Other assets, including long-term unbilled receivables	4,477
Deferred taxes	(24,478)
Deferred revenue	(32,418)
Goodwill	161,770
Net assets acquired	$	388,509

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

Tangible assets acquired and assumed liabilities were recorded at fair value. We determined the acquisition date deferred revenue balances 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 $161.8 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.

The amount of revenue of MarkLogic included in our condensed consolidated statement of operations during the three months ended February 29, 2024 was approximately $31.7 million. The amount of revenue of MarkLogic included in our condensed consolidated statement of operations during the three months ended February 28, 2023 was not material. We determined that disclosing the amount of MarkLogic related earnings included in the condensed consolidated statements of operations is impracticable, as certain operations of MarkLogic 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 MarkLogic as if the acquisition had occurred on December 1, 2021, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the MarkLogic acquisition and factually supportable. These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense relating to the $232.1 million of acquired identifiable intangible assets, (ii) an increase in interest expense to record interest for the period presented as a result of drawing down our revolving line of credit in connection with the acquisition, and (iii) 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, 2021.


(in thousands, except per share data)	Pro Forma Three Months Ended February 28, 2023
Revenue	$	203,076
Net income	$	32,888
Net income per basic share	$	0.76
Net income per diluted share	$	0.74

Fair Value Measurements - Schedule of Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	$ 5,350
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	587	$ 1,495
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	(2,781)	(2,530)
Level 1 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	5,350
Level 1 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Level 1 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	0	0
Level 2 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	0
Level 2 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	587	1,495
Level 2 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	(2,781)	(2,530)
Level 3 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	0
Level 3 \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Level 3 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	$ 0	$ 0

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 184,685	$ 164,226
North America
Disaggregation of Revenue [Line Items]
Total revenue	107,282	98,828
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	63,087	53,405
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	4,668	4,189
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,648	$ 7,804

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Basis of Presentation	3 Months Ended
Basis of Presentation	Feb. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides enterprise software products for the development, deployment and management of high-impact applications. Our products are generally sold as perpetual licenses, but certain products also use term licensing models and our cloud-based offerings use a subscription-based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally independent software vendors, original equipment manufacturers, distributors and value-added resellers. Independent software vendors develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. Original equipment manufacturers 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, 2023, as filed with the SEC on January 26, 2024 (our "2023 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2023 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2023 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 Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. Early adoption is permitted. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for the Company in the consolidated financial statements for the year ending November 30, 2025, and interim periods beginning after December 1, 2025. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company’s consolidated financial statements

Accumulated Other Comprehensive Loss

3 Months Ended

Feb. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balances of other comprehensive loss during the three months ended February 29, 2024 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized Gain (Losses) on Hedging Activity		Accumulated Other Comprehensive Loss
Balance, December 1, 2023	$	(33,234)	$	(61)	$	1,135	$	(32,160)
Other comprehensive loss before reclassifications, net of tax	(1,546)		—		(690)		(2,236)
Balance, February 29, 2024	$	(34,780)	$	(61)	$	445	$	(34,396)

The tax effect on accumulated unrealized gains (losses) on hedging activity and unrealized losses on investments was a tax provision of $0.2 million and $0.4 million as of February 29, 2024 and November 30, 2023, respectively.

Stock-Based Compensation

3 Months Ended

Feb. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense reflects the fair value of stock-based awards 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.

In 2022, 2023 and 2024, we granted performance-based restricted stock units that include two performance metrics under our Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. Vesting of the LTIP awards on the 2022, 2023 and 2024 plans are based on 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 following table provides the classification of stock-based compensation as reflected on our condensed consolidated statements of operations (in thousands):


	Three Months Ended
	February 29, 2024		February 28, 2023
Cost of maintenance and services	$	986	$	620
Sales and marketing	2,312		1,495
Product development	3,665		2,998
General and administrative	5,501		4,639
Total stock-based compensation	$	12,464	$	9,752

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Assets
Allowance for accounts receivable	$ 1,311	$ 851
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)	43,689,037	43,795,955
Common stock, shares outstanding (in shares)	43,689,037	43,795,955

Fair Value Measurements (Tables)

3 Months Ended

Feb. 29, 2024

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 February 29, 2024 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	5,350	$	5,350	$	—	$	—
Interest rate swap	587		—		587		—
Liabilities
Foreign exchange derivatives	$	(2,781)	$	—	$	(2,781)	$	—

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2023 (in thousands):


			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3
Assets

Interest rate swap	$	1,495	$	—	$	1,495	$	—
Liabilities
Foreign exchange derivatives	$	(2,530)	$	—	$	(2,530)	$	—

Cash and Cash Equivalents - Schedule Of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 133,222	$ 126,958
Total amortized cost basis	133,222
Total Fair Value	133,222
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	127,872	$ 126,958
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 5,350

Revenue Recognition

3 Months Ended

Feb. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Timing of Revenue Recognition


	Three Months Ended
(In thousands)	February 29, 2024		February 28, 2023
Performance obligations transferred at a point in time:
Software licenses	$	64,100	$	57,568
Performance obligations transferred over time:
Maintenance	102,025		92,513
Services	18,560		14,145
Total revenue	$	184,685	$	164,226

Geographic Revenue


	Three Months Ended
(In thousands)	February 29, 2024		February 28, 2023
North America	$	107,282	$	98,828
EMEA	63,087		53,405
Latin America	4,668		4,189
Asia Pacific	9,648		7,804
Total revenue	$	184,685	$	164,226

No single customer, partner, or country outside the U.S. has accounted for more than 10% of our total revenue for the three months ended February 29, 2024 and February 28, 2023.

Contract Balances

Unbilled Receivables and Contract Assets

As of February 29, 2024, billing of our long-term unbilled receivables is expected to occur as follows (in thousands):


2025	$	18,209
2026	13,538
2027	1,894

Total	$	33,641

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 February 29, 2024 or November 30, 2023.

Deferred Revenue

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 condensed consolidated balance sheets. Our deferred revenue balance is primarily made up of deferred maintenance.

As of February 29, 2024, the changes in net deferred revenue were as follows (in thousands):


Balance, December 1, 2023	$	295,036
Billings and other	185,782
Revenue recognized	(184,685)
Balance, February 29, 2024	$	296,133

As of February 29, 2024, transaction price allocated to remaining performance obligations was $348 million. We expect to recognize approximately 75% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $7.0 million and $7.6 million as of February 29, 2024 and November 30, 2023, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Business Combinations - Schedule of Pro Forma Information (Details) - MarkLogic Acquisition $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Revenue \| $	$ 203,076
Net income \| $	$ 32,888
Net income per basic share (in dollars per share) \| $ / shares	$ 0.76
Net income per diluted share (in dollars per share) \| $ / shares	$ 0.74

Debt	3 Months Ended
Debt	Feb. 29, 2024
Line of Credit Facility [Abstract]
Debt	Debt In March of 2024, the Company refinanced its debt by issuing 2030 Convertible Senior Notes (described below) and used the proceeds to pay off the outstanding balance of the term loan and revolving line of credit under our previous credit agreement. We also entered into an amended and restated credit facility. Accordingly, we classified the balance of the term loan on the balance sheet as long-term as of February 29, 2024. Notes Payable 2030 Convertible Senior Notes On March 1, 2024, the Company issued, in a private placement, Convertible Senior Notes with an aggregate principal amount of $450 million, due March 1, 2030 (the “2030 Convertible Notes”), unless earlier repurchased, redeemed or converted. The proceeds from the 2030 Convertible Notes were used in part to enter into the 2024 Capped Call Transactions (described below), working capital, and other general corporate purposes, including paying off the existing term loan and revolving line of credit. There are no required principal payments prior to the maturity of the 2030 Convertible Notes. The 2030 Convertible Notes bear interest at an annual rate of 3.5%, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on September 1, 2024. The Company incurred approximately $12.2 million in issuance costs for the issuance of the 2030 Convertible Notes. Conversion Rights Before November 1, 2029, Noteholders may convert their 2030 Convertible Notes in the following circumstances: •During any fiscal quarter commencing after the fiscal quarter ending on May 31, 2024, 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; or •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 distributions on the Company’s common stock, which distribution per share of common stock has a value exceeding 10% of the last reported sale price per share on the trading day immediately before the date such distribution is announced; or •Upon the occurrence of certain corporate events or if the Company calls such Notes for redemption, then the Noteholder of any Note may convert such Note. From and after November 1, 2029, Noteholders may convert their 2030 Convertible 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 2030 Convertible 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 14.7622 shares of common stock per $1,000 principal amount of the 2030 Convertible Notes, representing an initial conversion price of approximately $67.74 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 March 5, 2027, and on or before the 60th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2030 Convertible Notes, subject to partial redemption limitation, at a repurchase price equal to 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 2030 Convertible Notes unless at least $100.0 million aggregate principal amount of 2030 Convertible 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 2030 Convertible Notes in whole or in part for cash at a price equal to the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date. A fundamental change relates to events such as business combination transactions involving the Company, shareholder approval of liquidation or dissolution of the Company, and certain de-listing events with respect to the Company’s common stock. 2024 Capped Call Transactions On February 27, 2024, in connection with the pricing of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (“2024 Capped Call Transactions”). The 2024 Capped Call Transactions cover approximately 6.6 million shares (representing the number of shares of common stock initially underlying the Notes) of the Company’s common stock. The 2024 Capped Call Transactions are generally expected to reduce potential dilution to our common stock upon any conversion of 2030 Convertible 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 2024 Capped Call Transactions will initially be $92.98 per share of common stock, which represents a premium of 75% over the last reported sale price of the common stock of $53.13 per share on February 27, 2024, and is subject to certain adjustments under the terms of the 2024 Capped Call Transactions. The cost of the purchased capped calls of $42.2 million was recorded as a reduction to additional paid-in-capital upon settlement in March 2024. Credit Facility On March 7, 2024, the Company entered into an amended and restated credit agreement (the "Credit Agreement") with certain lenders, which provides a $900.0 million secured revolving credit facility. The revolving credit facility may be made available in U.S. Dollars and certain other currencies and may be increased, and new term loan commitments may be entered into, by up to an additional $260.0 million if the existing or additional lenders are willing to make such increased commitments. The revolving credit facility 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. We expect to use the revolving credit facility for general corporate purposes. Interest rates for the revolving credit facility are determined by reference to a Term Benchmark Rate or a base rate at our option and would range from 1.50% to 3.00% above the Term Benchmark Rate for Term Benchmark-based borrowings or from 0.50% to 2.00% above the defined base rate for base rate borrowings, in each case based upon our consolidated total net 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 consolidated total net leverage ratio. A quarterly commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.150% to 0.400% per annum, based upon our consolidated total net leverage ratio. The credit facility matures on March 7, 2029. The revolving credit facility does not require amortization of principal. Revolving loans may be borrowed, repaid and reborrowed until the maturity date, at which time all amounts outstanding must be repaid. Accrued interest on the loans is payable quarterly in arrears. Costs incurred to obtain our long-term debt of $6.0 million, along with $0.9 million of unamortized debt issuance costs related to the previous credit agreement, will be recorded as debt issuance costs and amortized over the term of the debt agreement using the effective interest method. Further, unamortized debt issuance costs related to the repaid term loan will be expensed in accordance with the accounting for a debt extinguishment. We are the sole borrower under the credit facility and 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 each of our material domestic subsidiaries. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, grant liens, make investments, make acquisitions, incur indebtedness, merge or consolidate, dispose of assets, pay dividends or make distributions, repurchase stock, change the nature of the business, enter into certain transactions with affiliates and enter into burdensome agreements, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a consolidated interest charge coverage ratio, a consolidated senior secured net leverage ratio and a consolidated total net leverage ratio.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Restructuring Charges - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 5,187
Costs incurred	2,349	$ 1,397
Cash disbursements	(2,009)
Translation and other adjustments	(4)
Ending Balance	5,523
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	3,297
Costs incurred	2,187
Cash disbursements	(629)
Translation and other adjustments	0
Ending Balance	4,855
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	1,890
Costs incurred	162
Cash disbursements	(1,380)
Translation and other adjustments	(4)
Ending Balance	$ 668

Revenue Recognition - Performance Obligations (Details) $ in Millions	Feb. 29, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 348
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	75.00%
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period

Earnings per share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	714	340

Insider Trading Arrangements

3 Months Ended

Feb. 29, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the first quarter of fiscal year 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name and Title

Character of Trading Arrangement1

Date Adopted

Duration2

Aggregate Number of
Shares of Common
Stock to be Sold Pursuant to Trading Arrangement

John Ainsworth,

EVP & GM, Application and Data Platform

Rule 10b5-1
Trading Arrangement

February 13, 2024

August 13, 2024

30,631

Loren Jarrett,

EVP & GM, Digital Experience

Rule 10b5-1
Trading Arrangement

February 6, 2024

February 28, 2025

21,701

Kathryn Kulikoski,

EVP & Chief People Officer

Rule 10b5-1
Trading Arrangement

February 14, 2024

December 31, 2024

9,3683

YuFan Stephanie Wang,

EVP & Chief Legal Officer

Rule 10b5-1
Trading Arrangement

February 5, 2024

October 31, 2024

Up to 4,0974

1. Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

2. Except as indicated by footnote, each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

3. Includes: (i) 7,248 shares of our common stock; and (ii) 2,120 employee stock options expected to be exercised via same-day sale.

4. Includes all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of 4,097 restricted stock units.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

John Ainsworth [Member]

Trading Arrangements, by Individual

Name

John Ainsworth

Title

EVP & GM, Application and Data Platform

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

February 13, 2024

Arrangement Duration

182 days

Aggregate Available

30,631

Loren Jarrett [Member]

Trading Arrangements, by Individual

Name

Loren Jarrett

Title

EVP & GM, Digital Experience

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

February 6, 2024

Arrangement Duration

388 days

Aggregate Available

21,701

Kathryn Kulikoski [Member]

Trading Arrangements, by Individual

Name

Kathryn Kulikoski

Title

EVP & Chief People Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

February 14, 2024

Arrangement Duration

321 days

Aggregate Available

9,368

YuFan Stephanie Wang [Member]

Trading Arrangements, by Individual

Name

YuFan Stephanie Wang

Title

EVP & Chief Legal Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

February 5, 2024

Arrangement Duration

269 days

Aggregate Available

4,097

Kathryn Kulikoski Trading Arrangement, Common Stock [Member] | Kathryn Kulikoski [Member]

Trading Arrangements, by Individual

Aggregate Available

7,248

Kathryn Kulikoski Trading Arrangement, Employee Stock Options [Member] | Kathryn Kulikoski [Member]

Trading Arrangements, by Individual

Aggregate Available

2,120

Revenue Recognition - Narrative (Details) - USD ($)	Feb. 29, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 0
Deferred contract costs	$ 7,000,000	$ 7,600,000
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Current assets:
Cash and cash equivalents	$ 133,222	$ 126,958
Accounts receivable (less allowances of $1,311 and $851, respectively)	88,811	125,825
Unbilled receivables	29,175	29,965
Other current assets	46,048	48,040
Total current assets	297,256	330,788
Long-term unbilled receivables	33,641	28,373
Property and equipment, net	14,081	15,225
Intangible assets, net	328,009	354,278
Goodwill	832,806	832,101
Right-of-use lease assets	15,318	18,711
Deferred tax assets	19,271	15,052
Other assets	7,387	8,255
Total assets	1,547,769	1,602,783
Current liabilities:
Current portion of long-term debt, net	0	13,109
Accounts payable	9,921	12,371
Accrued compensation and related taxes	33,421	49,559
Dividends payable to stockholders	8,435	8,376
Short-term operating lease liabilities	9,821	10,114
Other accrued liabilities	18,044	22,499
Short-term deferred revenue, net	232,566	236,090
Total current liabilities	312,208	352,118
Long-term debt, net	335,943	356,111
Convertible senior notes, net	355,319	354,772
Long-term operating lease liabilities	11,208	13,000
Long-term deferred revenue, net	63,567	58,946
Deferred tax liabilities	3,628	3,574
Other noncurrent liabilities	4,153	4,547
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, 43,689,037 shares in 2024 and 43,795,955 shares in 2023	437	438
Additional paid-in capital	372,273	370,579
Retained earnings	123,429	120,858
Accumulated other comprehensive loss	(34,396)	(32,160)
Total stockholders’ equity	461,743	459,715
Total liabilities and stockholders’ equity	$ 1,547,769	$ 1,602,783

Debt - Notes Payable (Details) $ / shares in Units, shares in Millions			1 Months Ended
	Mar. 01, 2024 USD ($) day	Feb. 27, 2024 $ / shares shares	Mar. 31, 2024 USD ($)	Mar. 07, 2024 $ / shares
Line of Credit Facility [Line Items]
Number of shares subject to anti-dilution adjustments (in shares) \| shares		6.6
Capped call transactions (in dollars per share) \| $ / shares		$ 92.98
Represents premium price		75.00%
Subsequent Event
Line of Credit Facility [Line Items]
Adjustment to additional paid-in-capital, purchase of capped calls \| $			$ 42,200,000
2030 Convertible Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Share price (in dollars per share) \| $ / shares		$ 53.13
2030 Convertible Notes \| Convertible Debt \| Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, face amount \| $	$ 450,000,000
Annual interest rate	3.50%
Debt issuance cost \| $	$ 12,200,000
Common stock exceeds	130.00%
Trading days	20
Consecutive trading day	30
Conversion ratio	0.0147622
Initial conversion price (in dollars per share) \| $ / shares				$ 67.74
Principal amount redeemable \| $	$ 100,000,000
2030 Convertible Notes \| Convertible Debt \| Debt Instrument, Redemption, Period One \| Subsequent Event
Line of Credit Facility [Line Items]
Common stock exceeds	130.00%
Trading days	20
Consecutive trading day	30
2030 Convertible Notes \| Convertible Debt \| Debt Instrument, Redemption, Period Two \| Subsequent Event
Line of Credit Facility [Line Items]
Common stock exceeds	98.00%
Trading days	5
Consecutive trading day	10
2030 Convertible Notes \| Convertible Debt \| Debt Instrument, Redemption, Period Three \| Subsequent Event
Line of Credit Facility [Line Items]
Common stock exceeds	10.00%

Earnings per share

3 Months Ended

Feb. 29, 2024

Earnings Per Share [Abstract]

Earnings per share

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


	Three Months Ended
	February 29, 2024		February 28, 2023
Net income	$	22,639	$	23,674
Weighted average shares outstanding	43,802		43,300
Basic earnings per common share	$	0.52	$	0.55

Diluted earnings per common share:
Net income	$	22,639	$	23,674
Weighted average shares outstanding	43,802		43,300
Effect of dilution from common stock equivalents	1,024		1,053

Diluted weighted average shares outstanding	44,826		44,353
Diluted earnings per share	$	0.51	$	0.53

We excluded stock awards representing approximately 714,000 and 340,000 shares of common stock from the calculation of diluted earnings per share in the three months ended February 29, 2024 and February 28, 2023, respectively, as these awards were anti-dilutive.

The dilutive impact of the Notes on our calculation of diluted earnings per share is considered using the if-converted method. However, because the principal amount of the Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Notes. During the three months ended February 29, 2024, 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.

Intangible Assets and Goodwill - Schedule Of Future Amortization Expense (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 63,887
2025	78,759
2026	68,677
2027	44,740
2028	33,157
Thereafter	38,789
Net Book Value	$ 328,009	$ 354,278