0000876167-26-000008 | 10-K | XBRL Viewer | Progress Software Corp MA

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Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Retirement Benefits [Abstract]
Company contributions to the plan	$ 5.2	$ 4.0	$ 3.8

Business Combinations - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Jun. 30, 2025	Oct. 31, 2024	Feb. 07, 2023	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Business Combination [Line Items]
Contingent consideration, liability				$ 1,080	$ 0	$ 0
Goodwill, purchase accounting adjustments				1,480	700
Goodwill				1,309,054	1,292,177	832,101
Acquisition-related expenses				5,317	17,109	$ 4,704
Amended Credit Agreement \| Revolving Line of Credit
Business Combination [Line Items]
Proceeds from lines of credit		$ 730,000
Share File Acquisition
Business Combination [Line Items]
Cash payments in business acquisition		875,000
Payments for previous acquisition				1,200
Expected working capital credit		$ 25,000
Goodwill				460,972
Acquisition-related expenses				3,800	15,600
Revenue of acquisition				261,600	21,100
Intangible assets				464,000
MarkLogic Acquisition
Business Combination [Line Items]
Cash payments in business acquisition			$ 355,000
Goodwill, purchase accounting adjustments				1,500
Goodwill					$ 161,800		$ 161,770
Intangible assets				$ 232,100
Nuclia
Business Combination [Line Items]
Purchase price, aggregate fair value	$ 21,400
Cash payments in business acquisition	20,300
Contingent consideration, liability	1,100
Contingent earn-out consideration (up to)	$ 5,000

Leases

12 Months Ended

Nov. 30, 2025

Leases [Abstract]

Leases

The Company has operating leases for facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company's leases have remaining lease terms ranging from 1 year to 12 years. The Company's lease terms may include options to extend or terminate the lease. The Company considers several economic factors when making the determination as to whether the Company will exercise options to extend or terminate the lease, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company's operating lease arrangements primarily consist of base office rent. The Company makes variable payments on certain of its leases related to taxes, insurance, common area maintenance, and utilities, among other things. We sublease certain facilities to third parties, which have remaining lease terms of up to one year.

The components of net operating lease cost for the years ended November 30, 2025, 2024, and 2023 were as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Lease costs under long-term operating leases	$	8,629	$	8,463	$	8,935
Lease costs under short-term operating leases	1,088		156		170
Variable lease cost under short-term and long-term operating leases(1)	350		410		354
Operating lease right-of-use asset impairment	1,277		2,432		115
Sublease income	(212)		(599)		(468)
Total net operating lease cost	$	11,132	$	10,862	$	9,106

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

The table below presents supplemental cash flow information related to leases during the years ended November 30, 2025, 2024, and 2023:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Cash paid for leases	$	12,006	$	11,556	$	10,472
Right-of-use assets recognized for new leases and amendments (non-cash)	$	3,122	$	19,404	$	3,444

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


	November 30, 2025		November 30, 2024
Weighted average remaining lease term in years	4.45		4.61
Weighted average discount rate	5.7	%	5.8	%

Future payments under non-cancelable leases at November 30, 2025 are as follows:


(in thousands)
2026	$	10,155
2027	7,170
2028	5,059
2029	4,697
2030	4,295
Thereafter	2,222
Total lease payments	33,598
Less imputed interest	(4,031)
Present value of lease liabilities	$	29,567

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

The Company

Progress provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences.

Many of our products are sold as perpetual licenses, but certain products use term licensing models and our cloud-based offerings are marketed as Software-as-a-Service ("SaaS") offerings. In 2024, we acquired ShareFile and in 2025 we acquired Nuclia, each of which is a SaaS offering.

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

Accounting Principles

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

Basis of Consolidation

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

Use of Estimates

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Foreign Currency Translation

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

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

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

Cash Equivalents

Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2025 and 2024, all of our cash equivalents were invested in money market funds.

Allowances for Doubtful Accounts and Sales Credit Memos

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

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

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



(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Beginning balance	$	454	$	678	$	740
Charge to costs and expenses	1,561		420		435
Write-offs and other	(644)		(638)		(499)
Translation adjustments	3		(6)		2
Ending balance	$	1,374	$	454	$	678

Concentrations of Credit Risk

Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, derivative instruments, and trade receivables. We hold our cash and cash equivalents and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. No single customer represented more than 10% of consolidated accounts receivable or revenue in the years presented.

Fair Value Measurements

We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 investments include money market funds.

•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies. Our Level 2 derivative assets and liabilities include certain over-the-counter forward contracts. In addition, our disclosures related to the fair value of our 2026 Notes and 2030 Notes (together referred to as "the Notes") are Level 2 measurements.

•Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our disclosures related to the fair value of the contingent consideration payable from the Nuclia acquisition are Level 3 measurements.

When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings, and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

Derivative Instruments

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

Forward Contracts

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

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

Property and Equipment

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

Software Development Costs

Internal and external costs incurred in the preliminary project stage of internal-use software development and content are expensed as incurred. Internal costs that cannot be reasonably separated between maintenance and relatively minor upgrades and enhancements are also expensed as incurred. The direct costs associated with computer software developed or purchased for internal use incurred during the application development stage have not been significant in the periods presented.

Goodwill, Intangible Assets, and Long-Lived Assets

Goodwill

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

Intangible Assets and Long-Lived Assets

Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations. All of our intangible assets are amortized using the straight-line method over their estimated useful life.

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

We did not recognize any asset impairment charges in the years presented.

Comprehensive Income

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

Accumulated other comprehensive loss by components, net of tax:


(in thousands)	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized Gains (Losses) on Hedging Activity		Total
Balance, December 1, 2023	$	(33,234)	$	(61)	$	1,135	$	(32,160)
Other comprehensive loss	(2,914)		—		(689)		(3,603)
Amounts reclassified into net income	(61)		61		(446)		(446)
Balance, November 30, 2024	$	(36,209)	$	—	$	—	$	(36,209)
Other comprehensive income	3,066		—		—		3,066

Balance, November 30, 2025	$	(33,143)	$	—	$	—	$	(33,143)

Revenue Recognition

Revenue Policy

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

Software Licenses

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

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

Maintenance

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

SaaS

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

Professional Services

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

Arrangements with Multiple Performance Obligations

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

Advertising Costs

Advertising costs are expensed as incurred and were insignificant in the periods presented.

Warranty Costs

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

Litigation and Loss Contingencies

We recognize losses for various claims, legal proceedings, and investigations when we believe the potential losses are probable and reasonably estimable. Legal fees and other defense costs are recognized as incurred, and insurance recoveries are recognized when collection is probable.

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.

Acquisition-Related Costs

Acquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense. We incurred $5.3 million, $17.1 million, and $4.7 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations for the fiscal years ended November 30, 2025, 2024, and 2023, respectively.

Restructuring Expenses

We record restructuring expense when management commits to and approves a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the restructuring plan are not likely to occur, and employees who are impacted have been notified of the pending involuntary termination. Restructuring expense is comprised primarily of costs related to employee-related severance and benefits and property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements.

Income Taxes

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

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

Leases

Operating leases are included in right-of-use ("ROU") lease assets and operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the remaining lease payments over the lease term. When a lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. We have made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, we recognize the lease payments in the consolidated statements of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. ASU 2023-07 did not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. Under ASU 2023-07, public entities with a single reportable segment must apply all of ASU 2023-07's disclosure requirements and the existing segment disclosure and reconciliation requirements in ASC 280 – Segment Reporting on an annual and interim basis. We implemented ASU 2023-07 with retrospective application in the 2025 annual financial statements and have included the additional disclosures in Note 16, Segment Information and Geographic Information.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 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 us beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. We are currently evaluating the impact that the adoption of these standards will have on our consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for us in our first quarter of 2029, and may be adopted on a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. We are currently evaluating the timing, method of adoption, and impact of ASU 2025-06 on our consolidated financial statements and disclosures.

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 5,234	$ 5,172	$ 5,276
Tax positions related to a prior period	0	416	19
Tax positions acquired	0	311	423
Settlements with tax authorities	(102)	0	(367)
Lapses due to expiration of the statute of limitations	(362)	(665)	(179)
Balance, end of year	$ 4,770	$ 5,234	$ 5,172

Revenue Recognition

12 Months Ended

Nov. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Timing of Revenue Recognition

Our revenues are derived from licensing our products, and from related services, which consist of maintenance, SaaS, and professional services. Information relating to revenue from external customers by revenue type is as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Performance obligations transferred at a point in time:
Software licenses	$	237,887	$	249,331	$	220,789
Performance obligations transferred over time:
Maintenance	410,174		410,556		401,501
SaaS	287,928		44,564		20,693
Professional services	41,842		48,958		51,456
Total revenue	$	977,831	$	753,409	$	694,439

Geographic Revenue

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


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
United States	$	595,336	$	421,890	$	380,672
Canada	28,430		25,105		30,998
EMEA	280,908		245,287		222,862
Latin America	21,667		20,305		21,112
Asia Pacific	51,490		40,822		38,795
Total revenue	$	977,831	$	753,409	$	694,439

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

Contract Balances

Unbilled Receivables and Contract Assets

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

As of November 30, 2025, billing of our non-current unbilled receivables is expected to occur as follows:


(in thousands)
2027	$	18,172
2028	6,868
2029	4,910
Total	$	29,950

Contract assets arise when revenue is recognized in excess of billings and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation. We did not have any net contract assets as of November 30, 2025 or 2024.

Deferred Revenue

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

As of November 30, 2025, the changes in deferred revenue were as follows:


(in thousands)
Balance, December 1, 2023	$	295,036
Billings and other	766,626
Acquired from business combinations	96,159
Revenue recognized that was deferred in prior periods	(270,965)
Revenue recognized from current period arrangements	(482,444)
Balance, November 30, 2024	$	404,412
Billings and other	998,498

Revenue recognized that was deferred in prior periods	(372,029)
Revenue recognized from current period arrangements	(605,802)
Balance, November 30, 2025	$	425,079

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of November 30, 2025, transaction price allocated to remaining performance obligations was $536.3 million. We expect to recognize approximately 74% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

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

Certain of our sales incentive programs 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 $6.5 million, $6.7 million, and $7.6 million as of November 30, 2025, 2024, and 2023, respectively, and are included in other current assets and other assets on our consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our consolidated statement of operations and was minimal in all periods presented.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: 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 Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Feb. 07, 2023	Nov. 30, 2025	Nov. 30, 2024	Feb. 29, 2024	Nov. 30, 2023
Business Combination [Line Items]
Goodwill			$ 1,309,054	$ 1,292,177		$ 832,101
Share File Acquisition
Business Combination [Line Items]
Net working capital			2,048
Property, plant and equipment			54
Intangible assets			464,000
Deferred taxes			23,078
Deferred revenue			(96,255)
Goodwill			460,972
Net assets acquired			853,897
Share File Acquisition \| Purchased technology
Business Combination [Line Items]
Intangible assets			119,000
Finite-lived intangible assets, useful life (in years)	7 years
Share File Acquisition \| Trade name
Business Combination [Line Items]
Intangible assets			27,000
Finite-lived intangible assets, useful life (in years)	7 years
Share File Acquisition \| Customer relationships
Business Combination [Line Items]
Intangible assets			318,000
Finite-lived intangible assets, useful life (in years)	7 years
MarkLogic Acquisition
Business Combination [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				$ 161,800	161,770
Net assets acquired					388,509
MarkLogic Acquisition \| Purchased technology
Business Combination [Line Items]
Intangible assets					67,300
Finite-lived intangible assets, useful life (in years)		7 years
MarkLogic Acquisition \| Trade name
Business Combination [Line Items]
Intangible assets					12,500
Finite-lived intangible assets, useful life (in years)		7 years
MarkLogic Acquisition \| Customer relationships
Business Combination [Line Items]
Intangible assets					$ 152,300
Finite-lived intangible assets, useful life (in years)		7 years

Segment Information and Geographic Information - Narrative (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2025 USD ($) segment	Nov. 30, 2024 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Long-lived assets	$ 13,694	$ 13,746
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	15,900	23,000
Outside United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 23,600	$ 21,600

Fair Value Measurements (Tables)

12 Months Ended

Nov. 30, 2025

Fair Value Disclosures [Abstract]

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

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2025:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	779	$	779	$	—	$	—

Liabilities
Foreign exchange derivatives	$	(95)	$	—	$	(95)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2024:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	1,823	$	1,823	$	—	$	—

Liabilities
Foreign exchange derivatives	$	(624)	$	—	$	(624)	$	—

Schedule of Contingent Consideration Obligation Measured on Recurring Basis

The following table reflects the activity for our contingent consideration obligation measured at fair value using Level 3 inputs for the fiscal year ended November 30, 2025:


(in thousands)
Balance, December 1, 2024	$	—
Acquisition date fair value of contingent consideration	(1,080)

Balance, November 30, 2025	$	(1,080)

Schedule of Fair Value and Carrying Value of Convertible Senior Notes

The following table details the fair value and carrying value of the Notes:


	November 30, 2025				November 30, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible senior notes due 2026(1)	$	359,163	$	357,300	$	356,946	$	449,094
Convertible senior notes due 2030(2)	441,186		452,295		439,321		550,827
Total	$	800,349	$	809,595	$	796,267	$	999,921

(1) The carrying value of the convertible senior notes due 2026 (the "2026 Notes"), is reflected net of $0.8 million and $3.1 million of unamortized debt issuance costs as of November 30, 2025 and 2024, respectively.

(2) The carrying value of the convertible senior notes due 2030 (the "2030 Notes"), is reflected net of $8.8 million and $10.7 million of unamortized debt issuance costs as of November 30, 2025 and 2024, respectively.

Business Combinations (Tables)

12 Months Ended

Nov. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Allocation of Purchase Price

The allocation of the purchase price is as follows:


(in thousands)	Purchase Price Allocation		Life
Net working capital	$	2,048
Property, plant and equipment	54
Purchased technology	119,000		7 years
Trade name	27,000		7 years
Customer relationships	318,000		7 years
Deferred taxes	23,078
Deferred revenue	(96,255)
Goodwill	460,972
Net assets acquired	$	853,897

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 Fiscal Year Ended November 30, 2024		Pro Forma Fiscal Year Ended November 30, 2023
Revenue	$	978,757	$	907,010
Net income	$	35,678	$	2,457
Net income per basic share	$	0.82	$	0.06
Net income per diluted share	$	0.80	$	0.06

The unaudited 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 Fiscal Year Ended November 30, 2023
Revenue	$	733,289
Net income	$	79,411
Net income per basic share	$	1.83
Net income per diluted share	$	1.78

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to The Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Tax at U.S. federal statutory rate	$ 17,142	$ 19,795	$ 16,728
Foreign rate differences	(158)	(728)	(644)
Effects of foreign operations included in U.S. federal provision	703	1,158	447
State income taxes, net	1,649	1,480	1,814
Research credits	(3,643)	(2,513)	(894)
Nondeductible stock-based compensation	4,282	2,625	2,498
Meals and entertainment	186	155	162
Compensation subject to 162(m)	1,391	1,028	928
Uncertain tax positions and tax settlements	(210)	(108)	(1,056)
Net excess tax benefit from stock-based compensation plans	(80)	(1,419)	(2,058)
Global intangible low tax inclusion	855	797	244
Foreign derived intangible deduction	(8,064)	(10,218)	(8,297)
Tax on unremitted earnings	(7,497)	13,889	0
Tax on intercompany restructuring	2,502	0	0
Other	(563)	(115)	(412)
Total	$ 8,495	$ 25,826	$ 9,460

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)		279,000
Issuance of stock under employee stock purchase plan	10,289	$ 2	10,287
Exercise of stock options (in shares)		485,000
Exercise of stock options	15,275	$ 5	15,270
Vesting of RSUs (in shares)		615,000
Vesting of RSUs	0	$ 6	(6)
Withholding tax payments related to net issuance of RSUs (in shares)		(229,000)
Withholding tax payments related to net issuance of RSUs	(12,377)	$ (2)	(12,375)
Stock-based compensation	40,529		40,529
Dividends declared	$ (31,815)			(31,815)
Common stock repurchases and retirements (in shares)	(600,000)	(611,000)
Common stock repurchases and retirements	$ (33,962)	$ (6)	(14,776)	(19,180)
Net income	70,197			70,197
Other comprehensive income	3,075				3,075
Ending balance (in shares) at Nov. 30, 2023		43,796,000
Ending 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)		324,000
Issuance of stock under employee stock purchase plan	12,333	$ 3	12,330
Exercise of stock options (in shares)		379,000
Exercise of stock options	15,466	$ 4	15,462
Vesting of RSUs (in shares)		796,000
Vesting of RSUs	0	$ 8	(8)
Withholding tax payments related to net issuance of RSUs (in shares)		(292,000)
Withholding tax payments related to net issuance of RSUs	(17,170)	$ (3)	(17,167)
Stock-based compensation	46,756		46,756
Purchase of capped calls, net of tax	(32,080)		(32,080)
Dividends declared	$ (23,844)			(23,844)
Common stock repurchases and retirements (in shares)	(1,600,000)	(1,642,000)
Common stock repurchases and retirements	$ (86,777)	$ (16)	(41,714)	(45,047)
Net income	68,438			68,438
Other comprehensive income	$ (4,049)				(4,049)
Ending balance (in shares) at Nov. 30, 2024	43,360,695	43,361,000
Ending balance at Nov. 30, 2024	$ 438,788	$ 434	354,158	120,405	(36,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		324,000
Issuance of stock under employee stock purchase plan	$ 13,772	$ 3	13,769
Exercise of stock options (in shares)	185,000	185,000
Exercise of stock options	$ 5,162	$ 2	5,160
Vesting of RSUs (in shares)		822,000
Vesting of RSUs	0	$ 8	(8)
Withholding tax payments related to net issuance of RSUs (in shares)		(293,000)
Withholding tax payments related to net issuance of RSUs	(15,184)	$ (3)	(15,181)
Stock-based compensation	$ 64,768		64,768
Common stock repurchases and retirements (in shares)	(2,100,000)	(2,063,000)
Common stock repurchases and retirements	$ (105,156)	$ (21)	(38,970)	(66,165)
Net income	73,133			73,133
Other comprehensive income	$ 3,066				3,066
Ending balance (in shares) at Nov. 30, 2025	42,335,700	42,336,000
Ending balance at Nov. 30, 2025	$ 478,349	$ 423	$ 383,696	$ 127,373	$ (33,143)

Leases - Narrative (Details)	Nov. 30, 2025
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	12 years
Remaining lease term (in years)	1 year

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Current assets:
Cash and cash equivalents	$ 94,807	$ 118,077
Accounts receivable, net	195,783	163,575
Unbilled receivables, current portion	46,599	34,672
Other current assets	62,776	52,489
Total current assets	399,965	368,813
Unbilled receivables, non-current portion	29,950	28,893
Property and equipment, net	13,694	13,746
Intangible assets, net	584,028	723,571
Goodwill	1,309,054	1,292,177
Right-of-use lease assets	25,842	30,894
Deferred tax assets	77,442	56,179
Other assets	17,683	12,693
Total assets	2,457,658	2,526,966
Current liabilities:
Accounts payable	15,934	13,910
Accrued compensation and related payroll taxes	71,804	64,672
Convertible senior notes, current portion, net	359,163	0
Operating lease liabilities, current portion	8,490	9,202
Other accrued current liabilities	29,593	35,219
Deferred revenue, current portion	324,750	332,142
Total current liabilities	809,734	455,145
Long-term debt	600,000	730,000
Convertible senior notes, non-current portion, net	441,186	796,267
Operating lease liabilities, non-current portion	21,077	26,259
Deferred revenue, non-current portion	100,329	72,270
Deferred tax liabilities	1,158	2,279
Other non-current liabilities	5,825	5,958
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, 42,335,700 shares in 2025 and 43,360,695 shares in 2024	423	434
Additional paid-in capital	383,696	354,158
Retained earnings	127,373	120,405
Accumulated other comprehensive loss	(33,143)	(36,209)
Total stockholders' equity	478,349	438,788
Total liabilities and stockholders' equity	$ 2,457,658	$ 2,526,966

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2025	Nov. 30, 2024
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	42,335,700	43,360,695
Common stock, shares outstanding (in shares)	42,335,700	43,360,695

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Cash flows from operating activities:
Net income	$ 73,133	$ 68,438	$ 70,197
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,232	6,426	6,345
Amortization of acquired intangibles and other	145,492	96,618	96,802
Amortization of debt discount and issuance costs	5,831	3,525	2,147
Stock-based compensation	64,768	46,756	40,529
Non-cash lease expense	11,181	11,723	9,393
Deferred income taxes	(23,429)	(7,750)	(28,641)
Credit losses and other sales allowances	4,519	544	488
Changes in operating assets and liabilities:
Accounts receivable	(46,570)	(45,880)	12,119
Other assets	(9,875)	(2,897)	(1,579)
Inventories	0	0	2,489
Accounts payable and accrued liabilities	(798)	28,922	(1,242)
Lease liabilities	(12,006)	(11,556)	(10,472)
Income taxes payable	3,165	442	(553)
Deferred revenue	13,544	16,183	(24,102)
Net cash flows from operating activities	235,187	211,494	173,920
Cash flows used in investing activities:
Purchases of investments	0	0	(15,262)
Sales and maturities of investments	0	0	15,700
Purchases of property and equipment	(5,702)	(5,206)	(5,570)
Payments for acquisitions, net of cash acquired	(21,217)	(852,702)	(355,250)
Net cash flows used in investing activities	(26,919)	(857,908)	(360,382)
Cash flows (used in) from financing activities:
Proceeds from equity plans	18,968	27,761	25,956
Payments for taxes related to net share settlements of equity awards	(15,184)	(17,170)	(12,377)
Repurchases of common stock	(105,156)	(86,777)	(33,962)
Proceeds from issuance of convertible senior notes, net of issuance costs of $11,200	0	438,750	0
Purchase of capped calls	0	(42,210)	0
Dividend equivalent and dividend payments to stockholders	(786)	(31,460)	(31,554)
Proceeds from the issuance of debt	0	730,000	195,000
Repayment of revolving line of credit	(130,000)	(110,000)	(85,000)
Principal payment on term loan	0	(261,250)	(6,875)
Payment of credit facility debt issuance costs	(6,211)	(6,821)	0
Net cash flows (used in) from financing activities	(238,369)	640,823	51,188
Effect of exchange rate changes on cash	6,831	(3,290)	5,955
Net decrease in cash and cash equivalents	(23,270)	(8,881)	(129,319)
Cash and cash equivalents, beginning of year	118,077	126,958	256,277
Cash and cash equivalents, end of year	94,807	118,077	126,958
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $2,509, $2,881, and $965 in 2025, 2024 and 2023, respectively	34,353	32,386	39,771
Cash paid for interest	63,524	21,771	23,867
Non-cash investing and financing activities:
Dividends declared and unpaid	0	0	8,376
Contingent consideration payable in Nuclia acquisition	$ 1,080	$ 0	$ 0

Segment Information and Geographic Information

12 Months Ended

Nov. 30, 2025

Segment Reporting [Abstract]

Segment Information and Geographic Information

Operating segments are components of an enterprise that engages 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 and reportable segment that is managed on a consolidated basis and derives substantially all of its revenue from the sale and support of one group of similar products and services, comprised of software products for the development, deployment, and management of responsible, AI-powered applications and digital experiences. The accounting policies of the Company's operating segment are the same as those described in Note 1, Nature of Business and Summary of Significant Accounting Policies. Our CODM does not receive profitability information at a lower level than consolidated results, and evaluates net income on a consolidated basis to set financial performance targets, assess performance, and make resource allocation decisions, primarily through comparison of actual results to forecasted results, year-over-year analysis, and review of historical performance trends. The measure of segment assets is reported on the Company's consolidated balance sheets as total consolidated assets.

The Company's significant expenses and other segment items are provided in the table below:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Revenue	$	977,831	$	753,409	$	694,439
Cost of revenue (1)	140,537		97,720		93,432
Sales and marketing (2)	197,736		155,606		149,279
Product development (2)	172,855		132,791		120,187
General and administrative (2)	81,952		68,817		64,615
Stock-based compensation	64,768		46,756		40,529
Amortization of intangibles	145,492		94,512		96,599
Other segment items, net (3)	101,358		88,769		59,601
Net income	$	73,133	$	68,438	$	70,197

(1)Excludes amortization of intangibles and stock-based compensation.

(2)Excludes stock-based compensation.

(3)Includes restructuring expenses, acquisition-related expenses, cyber incident and vulnerability response expenses, net, interest expense, interest income and other, net, foreign currency loss, net, and provision for income taxes.

Geographic Information

Revenue

See Note 12, Revenue Recognition, for a disaggregation of revenue by geographic region.

Long-lived assets

Long-lived assets, comprised of our property and equipment, net, and operating lease right-of-use, net, totaled $15.9 million and $23.0 million in the U.S. and $23.6 million and $21.6 million outside of the U.S. at November 30, 2025 and 2024, respectively. No individual country outside of the U.S. accounted for more than 10% of our consolidated long-lived assets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
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+ Details

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 1,400,349	$ 1,526,267
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	800,349	796,267
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	809,595	999,921
Convertible senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized discount and issuance costs	800	3,100
Convertible senior notes due 2026 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	359,163	356,946
Convertible senior notes due 2026 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	357,300	449,094
Convertible senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized discount and issuance costs	8,800	10,700
Convertible senior notes due 2030 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	441,186	439,321
Convertible senior notes due 2030 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 452,295	$ 550,827

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References

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+ Details

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 359,163	$ 0
Total face value of long-term debt, gross	1,050,000	1,540,000
Unamortized discount and issuance costs for the Notes	(8,814)	(13,733)
Total long-term debt	1,041,186	1,526,267
Total debt	1,400,349	1,526,267
Convertible Debt
Debt Instrument [Line Items]
Unamortized discount and issuance costs for the Notes	(837)	0
Line of Credit \| Revolving Line of Credit
Debt Instrument [Line Items]
Total face value of long-term debt, gross	600,000	730,000
Unamortized debt issuance cost	$ 10,400	6,000
1.0% convertible senior notes due 2026 \| Convertible Debt
Debt Instrument [Line Items]
Annual interest rate (as percent)	1.00%
Current portion of long-term debt, gross	$ 360,000	0
Total face value of long-term debt, gross	$ 0	360,000
3.5% convertible senior notes due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Annual interest rate (as percent)	3.50%
Total face value of long-term debt, gross	$ 450,000	$ 450,000

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, December 1, 2024	1,826	$	45.89
Granted	428	52.61
Exercised	(185)	38.35
Canceled	(115)	44.52
Options outstanding, November 30, 2025	1,954	$	48.45	3.8	$	458
Exercisable, November 30, 2025	1,231	$	45.99	2.9	$	458
Vested or expected to vest, November 30, 2025	1,954	$	48.45	3.8	$	458

Schedule of Status of Restricted Stock Units

A summary of restricted stock units' activity is as follows:


(in thousands, except per share data)	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2024	1,402	$	54.62
Granted	1,275	53.30
Issued	(822)	52.19
Canceled	(104)	54.84
Restricted stock units outstanding, November 30, 2025	1,751	$	54.79

Schedule of Valuation Assumptions

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2025, 2024, and 2023 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:


	Fiscal Year Ended
	November 30, 2025		November 30, 2024		November 30, 2023
Stock options:
Expected volatility	23.7	%	27.3	%	30.6	%
Risk-free interest rate	4.3	%	4.1	%	3.5	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	—	%	1.2	%	1.4	%
Employee stock purchase plan:
Expected volatility	25.7	%	24.5	%	26.9	%
Risk-free interest rate	4.1	%	4.7	%	4.9	%
Expected life (in years)	1.2		1.2		1.2
Expected dividend yield	1.1	%	1.3	%	1.3	%
Long-term incentive plan:
Expected volatility	27.4	%	26.9	%	31.4	%
Risk-free interest rate	4.3	%	4.1	%	3.8	%
Expected life (in years)	2.9		2.8		2.9
Expected dividend yield	—	%	—	%	—	%

Schedule of Stock Options and Stock Awards Activity

The following additional activity occurred under our plans:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Total intrinsic value of stock options on date exercised	$	5,646	$	7,471	$	12,171
Total fair value of deferred stock units on date vested	$	1,531	$	1,600	$	2,260
Total fair value of restricted stock units on date vested	$	42,261	$	47,145	$	33,402

Schedule of Classification of Stock-Based Compensation

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


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Cost of maintenance, SaaS, and professional services	$	5,818	$	3,540	$	2,976
Sales and marketing	13,277		8,964		6,797
Product development	19,410		13,551		12,214
General and administrative	26,263		20,701		18,542
Total stock-based compensation	$	64,768	$	46,756	$	40,529
Income tax benefit included in the provision for income taxes	$	11,155	$	10,091	$	9,355

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,910	$ 58,377
Less accumulated depreciation and amortization	(47,216)	(44,631)
Property and equipment, net	13,694	13,746
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,469	45,451
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,407	9,197
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,758	3,453
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 276	$ 276

Stock-Based Compensation - Schedule of Status of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Nov. 30, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	1,402
Granted (in shares) \| shares	1,275
Issued (in shares) \| shares	(822)
Canceled (in shares) \| shares	(104)
Ending balance (in shares) \| shares	1,751
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 54.62
Granted (in dollars per share) \| $ / shares	53.30
Issued (in dollars per share) \| $ / shares	52.19
Canceled (in dollars per share) \| $ / shares	54.84
Ending balance (in dollars per share) \| $ / shares	$ 54.79

Earnings Per Share

12 Months Ended

Nov. 30, 2025

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 and the effect of our convertible debt using the if-converted method. The following table sets forth the calculation of basic and diluted earnings per share:


	Fiscal Year Ended
(in thousands, except per share data)	November 30, 2025		November 30, 2024		November 30, 2023
Net income	$	73,133	$	68,438	$	70,197
Weighted average shares outstanding	42,996		43,268		43,456
Effect of dilution from common stock equivalents	891		992		1,158
Effect of dilution from if-converted convertible notes	132		167		44
Diluted weighted average shares outstanding	44,019		44,427		44,658

Earnings per share:
Basic	$	1.70	$	1.58	$	1.62
Diluted	$	1.66	$	1.54	$	1.57

We excluded stock awards representing approximately 1,088,000 shares, 699,000 shares, and 297,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2025, 2024, and 2023, respectively, because these awards were anti-dilutive.

The dilutive impact of the convertible debt on diluted earnings per share is measured using the if-converted method. However, because the principal amount will be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any. During the fiscal years ended November 30, 2025, 2024, and 2023, we included the 2026 Notes in our diluted earnings per share calculation. During the fiscal years ended November 30, 2025 and 2024, we excluded the 2030 Notes in our diluted earnings per share calculation because the conversion feature in the 2030 Notes was out of the money.

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Leases [Abstract]
Lease costs under long-term operating leases	$ 8,629	$ 8,463	$ 8,935
Lease costs under short-term operating leases	1,088	156	170
Variable lease cost under short-term and long-term operating leases	350	410	354
Operating lease right-of-use asset impairment	1,277	2,432	115
Sublease income	(212)	(599)	(468)
Total net operating lease cost	11,132	10,862	9,106
Cash paid for leases	12,006	11,556	10,472
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 3,122	$ 19,404	$ 3,444
Weighted average remaining lease term in years	4 years 5 months 12 days	4 years 7 months 9 days
Weighted average discount rate (as percent)	5.70%	5.80%

Retirement Plan	12 Months Ended
Retirement Plan	Nov. 30, 2025
Retirement Benefits [Abstract]
Retirement Plan	Retirement Plan We maintain a retirement plan covering all U.S. employees under Section 401(k) of the Internal Revenue Code. Company contributions to the plan are at the discretion of the Board of Directors and totaled approximately $5.2 million, $4.0 million, and $3.8 million for fiscal years 2025, 2024, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Fair Value Measurements

12 Months Ended

Nov. 30, 2025

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 November 30, 2025:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	779	$	779	$	—	$	—

Liabilities
Foreign exchange derivatives	$	(95)	$	—	$	(95)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2024:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	1,823	$	1,823	$	—	$	—

Liabilities
Foreign exchange derivatives	$	(624)	$	—	$	(624)	$	—

For financial assets and liabilities that utilize Level 1 and Level 2 inputs, we utilize both direct and indirect observable price quotes, including price quotes and foreign exchange forward prices. Money market funds are measured at fair value using the quoted market prices in active markets at the reporting date. Foreign exchange derivative contracts are valued using quoted forward foreign exchange prices at the reporting date.

We classified contingent consideration related to the Nuclia acquisition, which occurred in the third fiscal quarter of 2025, within Level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs. We utilized the Monte Carlo simulation method to estimate the fair value of the contingent liability as of the reporting date. The fair value of the contingent consideration is primarily dependent on the revenue of the acquired business in fiscal 2026, will be remeasured each reporting period, and any required adjustment will be recorded to acquisition-related expenses in our consolidated statement of operations. See Note 5, Business Combinations for additional details.

The following table reflects the activity for our contingent consideration obligation measured at fair value using Level 3 inputs for the fiscal year ended November 30, 2025:


(in thousands)
Balance, December 1, 2024	$	—
Acquisition date fair value of contingent consideration	(1,080)

Balance, November 30, 2025	$	(1,080)

There were no transfers between levels of the fair value measurement hierarchy during the fiscal years ended November 30, 2025 and 2024.

Assets and Liabilities Not Carried at Fair Value

Fair Value of the Convertible Senior Notes

The following table details the fair value and carrying value of the Notes:


	November 30, 2025				November 30, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible senior notes due 2026(1)	$	359,163	$	357,300	$	356,946	$	449,094
Convertible senior notes due 2030(2)	441,186		452,295		439,321		550,827
Total	$	800,349	$	809,595	$	796,267	$	999,921

The fair value of the Notes is based on the quoted prices 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 and cash equivalents, accounts receivable, unbilled accounts receivable, accounts payable, and accrued liabilities approximate their respective fair values due to their immediate or short-term maturities.

Borrowings under our revolving credit facility are recorded at carrying value, which approximates fair value due to the short maturity and frequent nature of such borrowings and repayments. The Company considers this a Level 2 input.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Nature of Business and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 454	$ 678	$ 740
Charge to costs and expenses	1,561	420	435
Write-offs and other	(644)	(638)	(499)
Translation adjustments	3	(6)	2
Ending balance	$ 1,374	$ 454	$ 678

Income Taxes

12 Months Ended

Nov. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes are as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
U.S.	$	59,873	$	73,746	$	70,659
Foreign	21,755		20,518		8,998
Total	$	81,628	$	94,264	$	79,657

The provision for income taxes is comprised of the following:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Current:
Federal	$	18,658	$	23,768	$	28,905
State	4,203		4,635		4,373
Foreign	9,063		5,173		4,823
Total current	31,924		33,576		38,101
Deferred
Federal	(20,079)		(7,868)		(22,763)
State	(1,758)		(163)		(1,592)
Foreign	(1,592)		281		(4,286)
Total deferred	(23,429)		(7,750)		(28,641)
Total	$	8,495	$	25,826	$	9,460

A reconciliation of the income taxes incurred at the U.S. federal statutory rate compared to the effective tax rate is as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Tax at U.S. federal statutory rate	$	17,142	$	19,795	$	16,728
Foreign rate differences	(158)		(728)		(644)
Effects of foreign operations included in U.S. federal provision	703		1,158		447
State income taxes, net	1,649		1,480		1,814
Research credits	(3,643)		(2,513)		(894)

Nondeductible stock-based compensation	4,282		2,625		2,498
Meals and entertainment	186		155		162
Compensation subject to 162(m)	1,391		1,028		928
Uncertain tax positions and tax settlements	(210)		(108)		(1,056)
Net excess tax benefit from stock-based compensation plans	(80)		(1,419)		(2,058)
Global intangible low tax inclusion	855		797		244
Foreign derived intangible deduction	(8,064)		(10,218)		(8,297)
Tax on unremitted earnings	(7,497)		13,889		—
Tax on intercompany restructuring	2,502		—		—
Other	(563)		(115)		(412)
Total	$	8,495	$	25,826	$	9,460

The components of deferred tax assets and liabilities are as follows:


(in thousands)	November 30, 2025		November 30, 2024
Deferred tax assets:
Accounts receivable	$	1,463	$	163
Accrued compensation	8,455		6,919
Accrued liabilities and other	3,761		5,638
Deferred revenue	20,071		40,199
Stock-based compensation	11,923		10,138
Original issue discount	8,335		12,055
Tax credit and loss carryforwards	19,570		23,654
Interest expense carryforward	5,142		—
Operating lease liabilities	4,861		6,335
Capitalized research and development	55,780		36,006
Gross deferred tax assets	139,361		141,107
Valuation allowance	(1,458)		(1,656)
Total deferred tax assets	137,903		139,451
Deferred tax liabilities:
Goodwill	(31,024)		(27,646)
Right-of-use lease assets	(3,968)		(5,200)

Depreciation and amortization	(13,464)		(34,385)
Unremitted earnings of foreign subsidiaries	(7,932)		(13,674)
Prepaid expenses	(5,231)		(4,646)

Total deferred tax liabilities	(61,619)		(85,551)
Total	$	76,284	$	53,900

On July 4, 2025, the OBBBA was enacted into law, introducing significant changes to the U.S. federal income tax system. The legislation contains key modifications to the provisions of the 2017 Tax Cuts and Jobs Act and has multiple effective dates. There is no material impact to the tax provision for fiscal 2025. The majority of the legislative provisions become effective in our fiscal years 2026 and 2027.

The valuation allowance primarily applies to net operating loss carryforwards in foreign jurisdictions under conditions where realization is not more likely than not. The $0.2 million decrease in the valuation allowance during fiscal year 2025 primarily relates to the release of the valuation allowance on certain foreign losses.

At November 30, 2025, we have federal and foreign net operating loss carryforwards of $23.7 million expiring on various dates through 2035 and $27.5 million that do not expire. In addition, we have state net operating loss carryforwards of $40.0 million expiring on various dates through 2043 and $16.1 million that do not expire. At November 30, 2025, we have state tax credit carryforwards of approximately $2.0 million expiring on various dates through 2040 and $3.4 million that may be carried forward indefinitely. In addition, we have federal tax credit carryforwards of approximately $5.6 million expiring on various dates through 2039.

During the fourth quarter of 2024, we made the determination that a substantial portion of unremitted foreign earnings are no longer indefinitely reinvested. We made the decision as a direct result of changes in business needs related to the acquisition of ShareFile. As a result of the acquisition, the Company plans to utilize worldwide cash based on the needs of the parent entity. These amounts will be repatriated as needed. At November 30, 2025, we maintain a deferred tax liability of $7.9 million for the U.S. federal, state, and foreign withholding taxes expected to be imposed upon the repatriation of unremitted foreign earnings that are not considered indefinitely reinvested. There are approximately $29.6 million of unremitted foreign earnings which are deemed to be indefinitely reinvested to support the working capital requirements of our foreign subsidiaries. A determination of the deferred tax liability on this amount is not practicable due to the complexities, variables, and assumptions inherent in the hypothetical calculations.

As of November 30, 2025, the total amount of unrecognized tax benefits was $4.8 million, of which $0.9 million was recorded in other noncurrent liabilities on the consolidated balance sheet and $3.9 million as a reduction of deferred tax assets, principally related to U.S net operating loss carry-forwards and federal and state research and development tax credits.

A reconciliation of the balance of our unrecognized tax benefits is as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Balance, beginning of year	$	5,234	$	5,172	$	5,276
Tax positions related to a prior period	—		416		19
Tax positions acquired	—		311		423
Settlements with tax authorities	(102)		—		(367)
Lapses due to expiration of the statute of limitations	(362)		(665)		(179)
Balance, end of year	$	4,770	$	5,234	$	5,172

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

We recognize interest and penalties related to uncertain tax positions as a component of our provision for income taxes. There was a minimal amount of estimated interest and penalties recorded in the provision for income taxes in the periods presented. We have accrued $0.3 million of estimated interest and penalties for both periods ending November 30, 2025 and 2024, respectively. We do not expect any significant changes to the amount of unrecognized tax benefits in the next twelve months.

Our federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2022. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2021, and we are no longer subject to audit for those periods. Tax authorities for certain non-U.S. jurisdictions are also examining tax returns for various years dating back to 2016 and the Company does not expect the results of these examinations to be material to our consolidated balance sheets, cash flows, or statements of operations. With some exceptions, we are generally no longer subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2020.

- Definition

The entire disclosure for income tax.

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+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Nov. 30, 2025	Jan. 15, 2026	May 31, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2025
Current Fiscal Year End Date	--11-30
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	15 Wayside Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,605
Entity Common Stock, Shares Outstanding		42,113,648
Documents Incorporated by Reference	The registrant incorporates by reference portions of its definitive Proxy Statement with respect to its 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000876167
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Stock-Based Compensation

12 Months Ended

Nov. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have one stockholder-approved stock plan from which we can issue stock-based awards, which was approved by our stockholders in fiscal year 2008 and most recently amended and approved by stockholders in May 2024 (the "2008 Plan"). The 2008 Plan permits the granting of stock awards to officers, members of the Board of Directors, employees, and consultants. Awards under the 2008 Plan may include nonqualified stock options, incentive stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals, deferred stock units, and stock appreciation rights. A total of 4,476,791 shares were available for issuance as of November 30, 2025.

We previously adopted two stock plans for which the approval of stockholders was not required: the 2002 Nonqualified Stock Plan (the "2002 Plan") and the 2004 Inducement Stock Plan (the "2004 Plan"). The 2002 Plan permits the granting of stock awards to non-executive officer employees and consultants. Executive officers and members of the Board of Directors are not eligible for awards under the 2002 Plan. Awards under the 2002 Plan may include nonqualified stock options, grants of conditioned or restricted stock, unrestricted grants of stock, grants of stock contingent upon the attainment of performance goals, and stock appreciation rights. A total of 109,013 shares were available for issuance under the 2002 Plan as of November 30, 2025. Additional shares cannot be added to the 2002 Plan without stockholder approval. During the fiscal year ended November 30, 2024, we terminated the 2004 Plan.

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

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


	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, December 1, 2024	1,826	$	45.89
Granted	428	52.61
Exercised	(185)	38.35
Canceled	(115)	44.52
Options outstanding, November 30, 2025	1,954	$	48.45	3.8	$	458
Exercisable, November 30, 2025	1,231	$	45.99	2.9	$	458
Vested or expected to vest, November 30, 2025	1,954	$	48.45	3.8	$	458

A summary of restricted stock units' activity is as follows:


(in thousands, except per share data)	Number of Shares	Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2024	1,402	$	54.62
Granted	1,275	53.30
Issued	(822)	52.19
Canceled	(104)	54.84
Restricted stock units outstanding, November 30, 2025	1,751	$	54.79

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

The fair value of stock awards, restricted stock units, and DSUs is equal to the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable.

During the first quarter of fiscal years 2025, 2024, and 2023, we granted performance-based restricted stock units that include two performance metrics under a Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. For the 2025, 2024, and 2023 plans, the vesting terms were 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 total stockholder return targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. The vesting of LTIP awards is also subject to continued employment of the grantees through the performance period, except in the event of a qualifying termination. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award and used the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable, for the portion related to the performance condition.

The 1991 Employee Stock Purchase Plan was most recently amended and approved by stockholders in May 2023 ("ESPP") and permits eligible employees to purchase up to an aggregate of 11,250,000 shares of our common stock through accumulated payroll deductions. The ESPP has a 27-month offering period comprised of nine three-month purchase periods. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at the beginning of a 27-month offering period or the end of each three-month segment within such offering period. If the market price at any of the nine purchase periods is less than the market price on the first date of the 27-month offering period, subsequent to the purchase, the offering period is canceled and the employee is entered into a new 27-month offering period with the then current market price as the new base price. We issued 324,000 shares, 324,000 shares, and 279,000 shares with weighted average purchase prices of $42.54, $38.08, and $36.88 per share, respectively, in fiscal years 2025, 2024, and 2023, respectively. At November 30, 2025, approximately 459,000 shares were available and reserved for issuance under the ESPP.


	Fiscal Year Ended
	November 30, 2025		November 30, 2024		November 30, 2023
Stock options:
Expected volatility	23.7	%	27.3	%	30.6	%
Risk-free interest rate	4.3	%	4.1	%	3.5	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	—	%	1.2	%	1.4	%
Employee stock purchase plan:
Expected volatility	25.7	%	24.5	%	26.9	%
Risk-free interest rate	4.1	%	4.7	%	4.9	%
Expected life (in years)	1.2		1.2		1.2
Expected dividend yield	1.1	%	1.3	%	1.3	%
Long-term incentive plan:
Expected volatility	27.4	%	26.9	%	31.4	%
Risk-free interest rate	4.3	%	4.1	%	3.8	%
Expected life (in years)	2.9		2.8		2.9
Expected dividend yield	—	%	—	%	—	%

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

Based on the above assumptions, the weighted average estimated fair value of stock options granted in fiscal years 2025, 2024, and 2023 was $15.22, $15.79, and $14.40 per share, respectively. We amortize the estimated fair value of stock options to expense over the vesting period using the straight-line method. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2025, 2024, and 2023 was $15.03, $13.11, and $13.56 per share, respectively. We amortize the estimated fair value of shares issued under the ESPP to expense over the vesting period using a graded vesting model.

Total unrecognized stock-based compensation expense, net of expected forfeitures, related to unvested stock options and unvested restricted stock awards amounted to $78.6 million at November 30, 2025. These costs are expected to be recognized over a weighted average period of 2 years.

The following additional activity occurred under our plans:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Total intrinsic value of stock options on date exercised	$	5,646	$	7,471	$	12,171
Total fair value of deferred stock units on date vested	$	1,531	$	1,600	$	2,260
Total fair value of restricted stock units on date vested	$	42,261	$	47,145	$	33,402

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


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Cost of maintenance, SaaS, and professional services	$	5,818	$	3,540	$	2,976
Sales and marketing	13,277		8,964		6,797
Product development	19,410		13,551		12,214
General and administrative	26,263		20,701		18,542
Total stock-based compensation	$	64,768	$	46,756	$	40,529
Income tax benefit included in the provision for income taxes	$	11,155	$	10,091	$	9,355

Fair Value Measurements - Schedule of Fair Value Measurements within the Fair Value Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	$ 779	$ 1,823
Foreign exchange derivatives	$ (95)	$ (624)
Derivative Liability Statement of Financial Position Extensible Enumeration not Disclosed	Foreign exchange derivatives	Foreign exchange derivatives
Contingent consideration	$ (1,080)
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	779	$ 1,823
Foreign exchange derivatives	0	0
Contingent consideration	0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	0	0
Foreign exchange derivatives	(95)	(624)
Contingent consideration	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	0	0
Foreign exchange derivatives	0	$ 0
Contingent consideration	$ (1,080)

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

- 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

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Statement of Cash Flows [Abstract]
Payments of debt issuance costs		$ 11,200
Proceeds from income tax refunds	$ 2,509	$ 2,881	$ 965

Revenue Recognition (Tables)

12 Months Ended

Nov. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Revenue Type


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Performance obligations transferred at a point in time:
Software licenses	$	237,887	$	249,331	$	220,789
Performance obligations transferred over time:
Maintenance	410,174		410,556		401,501
SaaS	287,928		44,564		20,693
Professional services	41,842		48,958		51,456
Total revenue	$	977,831	$	753,409	$	694,439

Schedule of Revenue from External Customers from Different Geographical Areas


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
United States	$	595,336	$	421,890	$	380,672
Canada	28,430		25,105		30,998
EMEA	280,908		245,287		222,862
Latin America	21,667		20,305		21,112
Asia Pacific	51,490		40,822		38,795
Total revenue	$	977,831	$	753,409	$	694,439

Schedule of Contract with Customer, Asset and Liability

As of November 30, 2025, billing of our non-current unbilled receivables is expected to occur as follows:


(in thousands)
2027	$	18,172
2028	6,868
2029	4,910
Total	$	29,950

As of November 30, 2025, the changes in deferred revenue were as follows:


(in thousands)
Balance, December 1, 2023	$	295,036
Billings and other	766,626
Acquired from business combinations	96,159
Revenue recognized that was deferred in prior periods	(270,965)
Revenue recognized from current period arrangements	(482,444)
Balance, November 30, 2024	$	404,412
Billings and other	998,498

Revenue recognized that was deferred in prior periods	(372,029)
Revenue recognized from current period arrangements	(605,802)
Balance, November 30, 2025	$	425,079

Insider Trading Arrangements

3 Months Ended

Nov. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name and Title

Character of Trading Arrangement1

Date Adopted

Duration2

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

Ian Pitt, EVP & Chief Information Officer

Rule 10b5-1
Trading Arrangement

October 30, 2025

October 31, 2026

Up to 11,1553

Sundar Subramanian, EVP & GM, Infrastructure Management

Rule 10b5-1
Trading Arrangement

October 27, 2025

August 31, 2026

Up to 46,4544

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) 855 shares of our common stock; (ii) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of 3,491 Restricted Stock Units; and (iii) 50% of the common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of a maximum of 13,618 Performance Stock Units.

4. Includes: (i) 20,526 shares of our common stock; and (ii) 25,928 employee stock options expected to be exercised via same-day sale.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Ian Pitt [Member]

Trading Arrangements, by Individual

Name

Ian Pitt,

Title

EVP & Chief Information Officer

Rule 10b5-1 Arrangement Adopted

true

October 30, 2025

October 31, 2026

366 days

11,155

Sundar Subramanian [Member]

Trading Arrangements, by Individual

Name

Sundar Subramanian,

Title

EVP & GM, Infrastructure Management

Rule 10b5-1 Arrangement Adopted

true

October 27, 2025

August 31, 2026

308 days

46,454

Revenue Recognition - Schedule of Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,831	$ 753,409	$ 694,439
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	237,887	249,331	220,789
Software licenses \| Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	237,887	249,331	220,789
Maintenance \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	410,174	410,556	401,501
SaaS \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	287,928	44,564	20,693
Professional services \| Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 41,842	$ 48,958	$ 51,456

- 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.

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+ 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.

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+ Details

Debt (Tables)

12 Months Ended

Nov. 30, 2025

Line of Credit Facility [Abstract]

Schedule of Debt Obligations

As of November 30, 2025 and 2024, we had the following debt obligations:


(in thousands)	November 30, 2025		November 30, 2024
Current portion of long-term debt:
1.0% convertible senior notes due 2026	$	360,000	$	—
Unamortized discount and issuance costs for the Notes	(837)		—
Total current portion of long-term debt	359,163		—
Long-term debt:
1.0% convertible senior notes due 2026	—		360,000
3.5% convertible senior notes due 2030	450,000		450,000
Revolving credit facility(1)	600,000		730,000
Total face value of long-term debt	1,050,000		1,540,000
Unamortized discount and issuance costs for the Notes	(8,814)		(13,733)
Total long-term debt	1,041,186		1,526,267
Total debt	$	1,400,349	$	1,526,267

(1) Unamortized debt issuance costs related to the revolving credit facility of $10.4 million and $6.0 million are included in other assets on the consolidated balance sheets as of November 30, 2025 and 2024, respectively.

Schedule of Convertible Debt

During the fiscal year ending November 30, 2025, we reclassified the 2026 Notes from long-term debt to current liabilities.

Further details of the Notes are as follows:

Issuance

Maturity Date

Interest Rate

Effective Interest Rate

Semi-Annual Interest Payment Dates

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price per share of common stock

2030 Notes

March 1, 2030

3.50%

4.00%

March 1 and September 1

14.7622

$67.74

2026 Notes

April 15, 2026

1.00%

1.63%

April 15 and October 15

17.4525

$57.30

Schedule of Interest Expense, Debt Discount, and Issuance Costs Related to Notes


	Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2023
(in thousands)	2030 Notes		2026 Notes		2030 Notes		2026 Notes		2026 Notes
Contractual interest expense	$	15,750	$	3,600	$	11,813	$	3,610	$	3,600
Amortization of debt discount and issuance costs	1,865		2,216		1,351		2,174		2,147
	$	17,615	$	5,816	$	13,164	$	5,784	$	5,747

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Nov. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements - Schedule of Contingent Consideration Obligation Measured on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, December 1, 2024	$ 0
Acquisition date fair value of contingent consideration	(1,080,000)
Balance, November 30, 2025	$ (1,080,000)

Debt - Notes Payable Narrative (Details) - Convertible Debt $ / shares in Units, shares in Millions, $ in Millions				1 Months Ended
	Mar. 01, 2024 USD ($) day	Feb. 27, 2024 $ / shares shares	Apr. 08, 2021 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) day	Nov. 30, 2025 USD ($) $ / shares	Apr. 30, 2021 USD ($)
3.5% convertible senior notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount				$ 450.0
Common stock exceeds (as percent)				130.00%
Trading days \| day				20
Consecutive trading day \| day				30
Initial conversion price (in dollars per share) \| $ / shares					$ 67,740
Principal amount redeemable	$ 100.0
Debt issuance cost					$ 12.0
Number of shares subject to anti-dilution adjustments (in shares) \| shares		6.6
Capped call transactions (in dollars per share) \| $ / shares		$ 92.98			$ 91.57
Represents premium price (as percent)		75.00%
Share price (in dollars per share) \| $ / shares		$ 53.13
Adjustment to additional paid-in-capital, purchase of capped calls				$ 42.2
Payments for derivative instrument			$ 43.1
3.5% convertible senior notes due 2030 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Common stock exceeds (as percent)	130.00%
Trading days \| day	20
Consecutive trading day \| day	30
3.5% convertible senior notes due 2030 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Common stock exceeds (as percent)	98.00%
Trading days \| day	5
Consecutive trading day \| day	10
3.5% convertible senior notes due 2030 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Common stock exceeds (as percent)	10.00%
1.0% convertible senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount						$ 360.0
Initial conversion price (in dollars per share) \| $ / shares					$ 57,300
Debt issuance cost					$ 10.8
Number of shares subject to anti-dilution adjustments (in shares) \| shares			6.3
Capped call transactions (in dollars per share) \| $ / shares			$ 89.88
Represents premium price (as percent)			100.00%
Share price (in dollars per share) \| $ / shares			$ 44.94		$ 77.72
Adjustment to additional paid-in-capital, purchase of capped calls			$ 43.1
Payments for derivative instrument			$ 42.2

Earnings Per Share - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,088	699	297

Stock-Based Compensation - Schedule of Fair Value of Options and Employee Stock Purchase Plan (Details)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	23.70%	27.30%	30.60%
Risk-free interest rate	4.30%	4.10%	3.50%
Expected life (in years)	4 years 9 months 18 days	4 years 9 months 18 days	4 years 9 months 18 days
Expected dividend yield	0.00%	1.20%	1.40%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	25.70%	24.50%	26.90%
Risk-free interest rate	4.10%	4.70%	4.90%
Expected life (in years)	1 year 2 months 12 days	1 year 2 months 12 days	1 year 2 months 12 days
Expected dividend yield	1.10%	1.30%	1.30%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	27.40%	26.90%	31.40%
Risk-free interest rate	4.30%	4.10%	3.80%
Expected life (in years)	2 years 10 months 24 days	2 years 9 months 18 days	2 years 10 months 24 days
Expected dividend yield	0.00%	0.00%	0.00%

- 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.

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+ Details

Property and Equipment

12 Months Ended

Nov. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:


(in thousands)	November 30, 2025		November 30, 2024
Computer equipment and software	$	48,469	$	45,451
Buildings and leasehold improvements	9,407		9,197
Furniture and fixtures	2,758		3,453
Capitalized software development costs	276		276
Property and equipment, gross	60,910		58,377
Less accumulated depreciation and amortization	(47,216)		(44,631)
Property and equipment, net	$	13,694	$	13,746

Depreciation and amortization expense related to property and equipment was $6.2 million, $6.4 million, and $6.3 million for the years ended November 30, 2025, 2024, and 2023, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Nov. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnification Obligations We include standard intellectual property indemnification provisions in our licensing agreements in the ordinary course of business. Pursuant to our product license agreements, we will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally business partners or customers, in connection with certain patent, copyright, or other intellectual property infringement claims by third parties with respect to our products. Other agreements with our customers provide indemnification for claims relating to property damage or personal injury resulting from the performance of services by us or our subcontractors. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been insignificant. Accordingly, the estimated fair value of these indemnification provisions is insignificant. Purchase Obligations In connection with our acquisition of ShareFile, we assumed an existing agreement for cloud-based hosting services through May 2029 with a third-party provider in the ordinary course of business. The agreement requires a purchase obligation of $130.0 million throughout the term of the agreement. As of November 30, 2025, we had $76.5 million of remaining obligations under this agreement. For the twelve months ended November 30, 2025 and 2024, the total expense related to this purchase obligation was $37.3 million and $2.5 million, respectively, and is recorded in cost of maintenance and services. Legal Proceedings Please see Note 17, Cyber Related Matters for a discussion of legal proceedings related to the MOVEit Vulnerability. We also are subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material effect on our financial position, results of operations or cash flows.

Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024
Goodwill [Roll Forward]
Beginning balance	$ 1,292,177	$ 832,101
Additions from business combinations	15,397	459,459
Measurement period adjustments and other	1,480	700
Translation adjustments	0	(83)
Ending balance	$ 1,309,054	$ 1,292,177

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Restructuring

12 Months Ended

Nov. 30, 2025

Restructuring Charges [Abstract]

Restructuring

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


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2022	$	3,870	$	30	$	3,900
Costs incurred	1,117		7,290		8,407
Cash disbursements	(1,690)		(5,413)		(7,103)
Translation adjustments and other	—		(17)		(17)
Balance, November 30, 2023	$	3,297	$	1,890	$	5,187
Costs incurred	3,810		6,644		10,454
Cash disbursements	(2,768)		(2,833)		(5,601)
Translation adjustments and other	—		(6)		(6)
Balance, November 30, 2024	$	4,339	$	5,695	$	10,034
Costs incurred	2,871		10,238		13,109
Cash disbursements and other	(4,625)		(12,679)		(17,304)

Balance, November 30, 2025	$	2,585	$	3,254	$	5,839

Cash disbursements for expenses incurred from restructuring actions are expected to be made through fiscal year 2027. Accordingly, the balance of the restructuring reserve is included in short-term and long-term operating lease liabilities, and other accrued current liabilities on the consolidated balance sheets at November 30, 2025. We expect to incur additional expenses as part of the 2025 action during fiscal year 2026, but we do not expect these costs to be significant.

2025 Restructurings

During the fourth quarter of fiscal year 2025, we restructured our operations to optimize efficiency and sustainability, while ensuring alignment with the company's long-term financial objectives. In connection with this restructuring, we reduced our global workforce by 4%. These workforce reductions occurred within all functions and across most geographies in which we operate. Restructuring expenses are related to employee costs, including severance, health benefits, and outplacement services. For the fiscal year ended November 30, 2025, we incurred expenses of $3.8 million.

A summary of activity for this restructuring action is as follows:


(in thousands)	Employee Severance and Related Benefits		Total
Balance, December 1, 2024	$	—	$	—
Costs incurred	3,796		3,796
Cash disbursements and other	(955)		(955)

Balance, November 30, 2025	$	2,841	$	2,841

2024 Restructurings

During the fourth quarter of fiscal year 2024, we restructured our operations in connection with the acquisition of ShareFile and to streamline our organization to better align with our strategy. This restructuring resulted in a reduction in redundant positions and occurred within all functions and across most geographies in which we operate. Restructuring expenses are related to employee costs, including severance, health benefits, and outplacement services. For the fiscal years ended November 30, 2025 and 2024, we incurred expenses of $8.2 million and $5.7 million, respectively.

A summary of activity for this restructuring action is as follows:


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2023	$	—	$	—	$	—
Costs incurred	—		5,717		5,717
Cash disbursements	—		(509)		(509)
Translation adjustments and other	—		(2)		(2)
Balance, November 30, 2024	$	—	$	5,206	$	5,206
Costs incurred	1,942		6,218		8,160
Cash disbursements and other	(1,447)		(11,010)		(12,457)

Balance, November 30, 2025	$	495	$	414	$	909

2023 Restructurings

During the fourth quarter of fiscal year 2023, we restructured our operations to realign our business and strategic priorities. In connection with this restructuring, we reduced our global workforce by 2%. These workforce reductions occurred within all functions and across most geographies in which we operate. Restructuring expenses are related to employee costs, including severance, health benefits, and outplacement services. For the fiscal years ended November 30, 2025, 2024, and 2023, we incurred expenses of $0.1 million, $0.9 million, and $1.7 million, respectively.

During the first quarter of fiscal year 2023, we restructured our operations in connection with the acquisition of MarkLogic. This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of MarkLogic. Additionally, in 2024, we terminated MarkLogic leases. For the fiscal years ended November 30, 2025, 2024, and 2023, we incurred expenses of $0.2 million, $2.9 million, and $5.7 million, respectively.

Restructuring (Tables)

12 Months Ended

Nov. 30, 2025

Restructuring Charges [Abstract]

Schedule of Restructuring Activity

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


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2022	$	3,870	$	30	$	3,900
Costs incurred	1,117		7,290		8,407
Cash disbursements	(1,690)		(5,413)		(7,103)
Translation adjustments and other	—		(17)		(17)
Balance, November 30, 2023	$	3,297	$	1,890	$	5,187
Costs incurred	3,810		6,644		10,454
Cash disbursements	(2,768)		(2,833)		(5,601)
Translation adjustments and other	—		(6)		(6)
Balance, November 30, 2024	$	4,339	$	5,695	$	10,034
Costs incurred	2,871		10,238		13,109
Cash disbursements and other	(4,625)		(12,679)		(17,304)

Balance, November 30, 2025	$	2,585	$	3,254	$	5,839

A summary of activity for this restructuring action is as follows:


(in thousands)	Employee Severance and Related Benefits		Total
Balance, December 1, 2024	$	—	$	—
Costs incurred	3,796		3,796
Cash disbursements and other	(955)		(955)

Balance, November 30, 2025	$	2,841	$	2,841

A summary of activity for this restructuring action is as follows:


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2023	$	—	$	—	$	—
Costs incurred	—		5,717		5,717
Cash disbursements	—		(509)		(509)
Translation adjustments and other	—		(2)		(2)
Balance, November 30, 2024	$	—	$	5,206	$	5,206
Costs incurred	1,942		6,218		8,160
Cash disbursements and other	(1,447)		(11,010)		(12,457)

Balance, November 30, 2025	$	495	$	414	$	909

Leases - Schedule of Future Payments Under Non-cancelable Leases (Details) $ in Thousands	Nov. 30, 2025 USD ($)
Leases [Abstract]
2026	$ 10,155
2027	7,170
2028	5,059
2029	4,697
2030	4,295
Thereafter	2,222
Total lease payments	33,598
Less imputed interest	(4,031)
Present value of lease liabilities	$ 29,567

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Nov. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a comprehensive cybersecurity program and continuously assess our approach against industry best practices. Our focus on cybersecurity risk management, including risk identification, analysis, and response, centers on the following areas: •Enterprise security: We reference industry-accepted control frameworks, compliance regulations, privacy requirements and best practices. •Product security: Our development teams participate in regular training and adopt industry best practices to enhance the security of our product portfolio. •Threat landscape analysis: We continuously assess emerging threat vectors and the evolving data privacy regulatory environment. •Incident response: We continuously monitor the threat landscape and our systems in coordination with an external monitoring firm and regularly test our incident response preparedness. We actively participate in the cybersecurity community to stay current regarding best practices and continuously improve our security awareness posture. Our employees are engaged in security and privacy awareness training to enhance the protection of our systems and data. In addition, we incorporate data and privacy protection education in our customer engagement through ongoing resources, such as best practices content and security consultations. We also assess third-party service providers for cybersecurity risks at onboarding, refreshing as needed throughout our engagement. We also engage third-party resources to assist in our cybersecurity program, including annual ISO 27001 assessments of our cybersecurity program, validation of our SOC2 controls' operational effectiveness for certain products, and retaining leading cybersecurity experts as needed in response to cybersecurity incidents and for other consultative needs (e.g., due diligence of potential acquisitions).
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a comprehensive cybersecurity program and continuously assess our approach against industry best practices. Our focus on cybersecurity risk management, including risk identification, analysis, and response, centers on the following areas: •Enterprise security: We reference industry-accepted control frameworks, compliance regulations, privacy requirements and best practices. •Product security: Our development teams participate in regular training and adopt industry best practices to enhance the security of our product portfolio. •Threat landscape analysis: We continuously assess emerging threat vectors and the evolving data privacy regulatory environment. •Incident response: We continuously monitor the threat landscape and our systems in coordination with an external monitoring firm and regularly test our incident response preparedness.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee's duties include, among other things, oversight of risks related to cybersecurity, as well as our broader ERM program. The Audit Committee communicates regularly with our full Board of Directors, which is ultimately responsible for overall risk oversight for Progress.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Enterprise Risk Management ("ERM") Committee, which consists of cross-functional management representatives from throughout Progress.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO routinely reports to the Audit Committee of our Board of Directors at the Audit Committee's regular quarterly meetings, or more frequently as needed. The Audit Committee's duties include, among other things, oversight of risks related to cybersecurity, as well as our broader ERM program. The Audit Committee communicates regularly with our full Board of Directors, which is ultimately responsible for overall risk oversight for Progress.
Cybersecurity Risk Role of Management [Text Block]	The ERM Committee receives detailed cybersecurity information from key security personnel, led by our Chief Information Security Officer ("CISO"), and reports to Progress' Chief Executive Officer, Chief Financial Officer, Chief Information Officer, Chief Legal Officer, and other members of our executive team at least quarterly. Our CISO has significant information technology experience, having served in various roles in information technology and information security for more than 20 years, including serving in various cybersecurity leadership roles within public and private companies. He holds an undergraduate degree in management and obtained a CISO Executive Education Certification from Carnegie Mellon University. Cybersecurity leaders reporting to our CISO also have significant relevant experience and industry recognized certifications. Our CISO routinely reports to the Audit Committee of our Board of Directors at the Audit Committee's regular quarterly meetings, or more frequently as needed. The Audit Committee's duties include, among other things, oversight of risks related to cybersecurity, as well as our broader ERM program. The Audit Committee communicates regularly with our full Board of Directors, which is ultimately responsible for overall risk oversight for Progress. Additionally, our cybersecurity incident response plans require timely reporting to our Disclosure Committee ("DC") regarding any potentially material cybersecurity incidents. The DC is tasked with evaluating the materiality of any such incidents and is comprised of our Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer, and supported by key leaders across the organization, including our Chief Information Officer and CISO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The ERM Committee receives detailed cybersecurity information from key security personnel, led by our Chief Information Security Officer ("CISO"), and reports to Progress' Chief Executive Officer, Chief Financial Officer, Chief Information Officer, Chief Legal Officer, and other members of our executive team at least quarterly.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has significant information technology experience, having served in various roles in information technology and information security for more than 20 years, including serving in various cybersecurity leadership roles within public and private companies. He holds an undergraduate degree in management and obtained a CISO Executive Education Certification from Carnegie Mellon University. Cybersecurity leaders reporting to our CISO also have significant relevant experience and industry recognized certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO routinely reports to the Audit Committee of our Board of Directors at the Audit Committee's regular quarterly meetings, or more frequently as needed. The Audit Committee's duties include, among other things, oversight of risks related to cybersecurity, as well as our broader ERM program. The Audit Committee communicates regularly with our full Board of Directors, which is ultimately responsible for overall risk oversight for Progress. Additionally, our cybersecurity incident response plans require timely reporting to our Disclosure Committee ("DC") regarding any potentially material cybersecurity incidents. The DC is tasked with evaluating the materiality of any such incidents and is comprised of our Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer, and supported by key leaders across the organization, including our Chief Information Officer and CISO.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 73,133	$ 68,438	$ 70,197
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	3,066	(2,914)	5,289
Unrealized loss on hedging activity, net of tax benefit of $360 and $698 in 2024 and 2023, respectively	0	(1,135)	(2,214)
Total other comprehensive income (loss), net of tax	3,066	(4,049)	3,075
Comprehensive income	$ 76,199	$ 64,389	$ 73,272

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

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+ Details

Debt - Credit Facility Narrative (Details)		12 Months Ended
Debt - Credit Facility Narrative (Details)	Jul. 21, 2025 USD ($) day	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)
Undrawn Revolving Credit Facility \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities (as percent)		5.92%
Debt issuance cost	$ 6,200,000
Undrawn Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Unamortized debt issuance cost	$ 5,200,000
Undrawn Revolving Credit Facility \| Minimum \| Amended and Restated Credit Agreement \| Term Benchmark Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.25%
Undrawn Revolving Credit Facility \| Minimum \| Amended and Restated Credit Agreement \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.25%
Undrawn Revolving Credit Facility \| Maximum \| Amended and Restated Credit Agreement \| Term Benchmark Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	2.50%
Undrawn Revolving Credit Facility \| Maximum \| Amended and Restated Credit Agreement \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.50%
Revolving Line of Credit
Line of Credit Facility [Line Items]
Repayments of lines of credit		$ 130,000,000.0
Revolving Line of Credit \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility outstanding amount		600,000,000.0
Revolving Line of Credit \| Undrawn Revolving Credit Facility
Line of Credit Facility [Line Items]
Unamortized debt issuance cost		10,400,000	$ 6,000,000
Revolving Line of Credit \| Undrawn Revolving Credit Facility \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Number of days before maturity of previous debt issuance \| day	91
Revolving Line of Credit \| Amended and Restated Credit Agreement \| Undrawn Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Bridge Loan \| Amended and Restated Credit Agreement \| Undrawn Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000,000
Letter of Credit \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding		$ 2,100,000
Letter of Credit \| Amended and Restated Credit Agreement \| Undrawn Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000

Debt - Schedule of Convertible Debt (Details) - Convertible Debt		1 Months Ended
	Mar. 01, 2024	Apr. 30, 2021	Nov. 30, 2025 $ / shares
3.5% convertible senior notes due 2030
Debt Instrument [Line Items]
Annual interest rate (as percent)			3.50%
Debt instrument, interest rate, effective percentage			4.00%
Initial conversion price (in dollars per share)			$ 67,740
1.0% convertible senior notes due 2026
Debt Instrument [Line Items]
Annual interest rate (as percent)			1.00%
Debt instrument, interest rate, effective percentage			1.63%
Conversion ratio	0.0147622	0.0174525
Initial conversion price (in dollars per share)			$ 57,300

- 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.

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Nature of Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Impairment of intangible assets	$ 0	$ 0	$ 0
Acquisition-related expenses	$ 5,317,000	$ 17,109,000	$ 4,704,000
Software licenses
Summary Of Significant Accounting Policies [Line Items]
Period of payments of licenses upon execution of contract (in days)	30 days
Minimum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period (in years)	4 years
Minimum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period (in years)	3 years
Minimum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	1 year
Minimum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	1 year
Minimum \| Professional services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	1 year
Minimum \| Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset (in years)	3 years
Minimum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset (in years)	5 years
Maximum \| Stock Options
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period (in years)	5 years
Maximum \| Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation service period (in years)	4 years
Maximum \| Software licenses
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	3 years
Maximum \| Maintenance
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	3 years
Maximum \| Professional services
Summary Of Significant Accounting Policies [Line Items]
Expected timing of satisfaction, period (in years)	3 years
Maximum \| Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset (in years)	7 years
Maximum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Useful lives of major asset (in years)	7 years

Income Taxes - Schedule of Components of Pretax Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 59,873	$ 73,746	$ 70,659
Foreign	21,755	20,518	8,998
Income before income taxes	$ 81,628	$ 94,264	$ 79,657

- Definition

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

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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

Stock-Based Compensation - Schedule of Activity Stock Options and Stock Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options on date exercised	$ 5,646	$ 7,471	$ 12,171
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of deferred stock units and restricted stock units on date vested	1,531	1,600	2,260
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of deferred stock units and restricted stock units on date vested	$ 42,261	$ 47,145	$ 33,402

- 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

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:


(in thousands)	November 30, 2025		November 30, 2024
Computer equipment and software	$	48,469	$	45,451
Buildings and leasehold improvements	9,407		9,197
Furniture and fixtures	2,758		3,453
Capitalized software development costs	276		276
Property and equipment, gross	60,910		58,377
Less accumulated depreciation and amortization	(47,216)		(44,631)
Property and equipment, net	$	13,694	$	13,746

Revenue Recognition - Schedule of Unbilled Receivables and Contract Assets (Details) $ in Thousands	Nov. 30, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
2027	$ 18,172
2028	6,868
2029	4,910
Total	$ 29,950

Intangible Assets and Goodwill - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 137,265
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Net Book Value	$ 584,028	$ 723,571

Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 10,034	$ 5,187	$ 3,900
Costs incurred	13,109	10,454	8,407
Cash disbursements and other	(17,304)	(5,601)	(7,103)
Translation adjustments and other		(6)	(17)
Ending Balance	5,839	10,034	5,187
2025 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,796
Cash disbursements and other	(955)
Ending Balance	2,841	0
2024 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	5,206	0
Costs incurred	8,160	5,717
Cash disbursements and other	(12,457)	(509)
Translation adjustments and other		(2)
Ending Balance	909	5,206	0
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	4,339	3,297	3,870
Costs incurred	2,871	3,810	1,117
Cash disbursements and other	(4,625)	(2,768)	(1,690)
Translation adjustments and other		0	0
Ending Balance	2,585	4,339	3,297
Excess Facilities and Other Costs \| 2024 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs incurred	1,942	0
Cash disbursements and other	(1,447)	0
Translation adjustments and other		0
Ending Balance	495	0	0
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	5,695	1,890	30
Costs incurred	10,238	6,644	7,290
Cash disbursements and other	(12,679)	(2,833)	(5,413)
Translation adjustments and other		(6)	(17)
Ending Balance	3,254	5,695	1,890
Employee Severance and Related Benefits \| 2025 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	3,796
Cash disbursements and other	(955)
Ending Balance	2,841	0
Employee Severance and Related Benefits \| 2024 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	5,206	0
Costs incurred	6,218	5,717
Cash disbursements and other	(11,010)	(509)
Translation adjustments and other		(2)
Ending Balance	$ 414	$ 5,206	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Segment Information and Geographic Information (Tables)

12 Months Ended

Nov. 30, 2025

Segment Reporting [Abstract]

Schedule of Significant Expenses and Other Segment

The Company's significant expenses and other segment items are provided in the table below:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Revenue	$	977,831	$	753,409	$	694,439
Cost of revenue (1)	140,537		97,720		93,432
Sales and marketing (2)	197,736		155,606		149,279
Product development (2)	172,855		132,791		120,187
General and administrative (2)	81,952		68,817		64,615
Stock-based compensation	64,768		46,756		40,529
Amortization of intangibles	145,492		94,512		96,599
Other segment items, net (3)	101,358		88,769		59,601
Net income	$	73,133	$	68,438	$	70,197

(1)Excludes amortization of intangibles and stock-based compensation.

(2)Excludes stock-based compensation.

Stockholders’ Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2025 USD ($) deferredStockUnit $ / shares shares	Nov. 30, 2024 USD ($) $ / shares shares	Nov. 30, 2023 USD ($) shares	Sep. 23, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	42,335,700	43,360,695
Common stock, shares outstanding (in shares)	42,335,700	43,360,695
Stock repurchase program additional authorized amount \| $				$ 200,000
Share repurchase program, authorized amount \| $				$ 242,200
Common stock repurchases and retirements (in shares)	2,100,000	1,600,000	600,000
Common stock repurchased and retired, value (in dollars) \| $	$ 105,000
Common stock repurchased and retired, value (in dollars) \| $	105,156	$ 86,777	$ 33,962
Remaining authorized repurchase amount \| $	$ 202,200
Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock units, shares outstanding (in shares)	370,239
Deferred stock unit of common stock in shares \| deferredStockUnit	1

Segment Information and Geographic Information - Schedule of Significant Expenses and Other Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 977,831	$ 753,409	$ 694,439
Stock-based compensation	64,768	46,756	40,529
Amortization of intangibles	145,500	94,500	96,600
Net income	73,133	68,438	70,197
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	977,831	753,409	694,439
Cost of revenue	140,537	97,720	93,432
Sales and marketing	197,736	155,606	149,279
Product development	172,855	132,791	120,187
General and administrative	81,952	68,817	64,615
Stock-based compensation	64,768	46,756	40,529
Amortization of intangibles	145,492	94,512	96,599
Other segment items, net	101,358	88,769	59,601
Net income	$ 73,133	$ 68,438	$ 70,197

Debt

12 Months Ended

Nov. 30, 2025

Line of Credit Facility [Abstract]

Debt

As of November 30, 2025 and 2024, we had the following debt obligations:


(in thousands)	November 30, 2025		November 30, 2024
Current portion of long-term debt:
1.0% convertible senior notes due 2026	$	360,000	$	—
Unamortized discount and issuance costs for the Notes	(837)		—
Total current portion of long-term debt	359,163		—
Long-term debt:
1.0% convertible senior notes due 2026	—		360,000
3.5% convertible senior notes due 2030	450,000		450,000
Revolving credit facility(1)	600,000		730,000
Total face value of long-term debt	1,050,000		1,540,000
Unamortized discount and issuance costs for the Notes	(8,814)		(13,733)
Total long-term debt	1,041,186		1,526,267
Total debt	$	1,400,349	$	1,526,267

Notes Payable

In March 2024, we issued, in a private placement, convertible senior notes with an aggregate principal amount of $450 million, due March 1, 2030, unless earlier repurchased, redeemed, or converted. In April 2021, we issued, in a private placement, convertible senior notes with an aggregate principal amount of $360.0 million, due April 15, 2026, unless earlier repurchased, redeemed, or converted. There are no required principal payments prior to the maturity of the Notes. During the fiscal year ending November 30, 2025, we reclassified the 2026 Notes from long-term debt to current liabilities.

Further details of the Notes are as follows:

Issuance

Maturity Date

Interest Rate

Effective Interest Rate

Semi-Annual Interest Payment Dates

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price per share of common stock

2030 Notes

March 1, 2030

3.50%

4.00%

March 1 and September 1

14.7622

$67.74

2026 Notes

April 15, 2026

1.00%

1.63%

April 15 and October 15

17.4525

$57.30

Conversion Rights

Before November 1, 2029 and January 15, 2026, Noteholders may convert their 2030 Notes and 2026 Notes, respectively, in the following circumstances:

•During any fiscal quarter commencing after the fiscal quarter ending on May 31, 2024 in the case of the 2030 Notes and May 31, 2021 in the case of the 2026 Notes, 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 the applicable 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 applicable Notes for redemption, then the Noteholder of any applicable Note may convert such Note.

From and after November 1, 2029 and January 15, 2026, Noteholders may convert their 2030 Notes and 2026 Notes, respectively, 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 the 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 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 Notes. On or after April 20, 2024, and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2026 Notes. These redemptions are subject to the 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 twenty trading days (whether or not consecutive) during any thirty 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 Notes or 2026 Notes unless at least $100.0 million aggregate principal amount of the 2030 Notes or 2026 Notes, respectively, 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 (e.g., 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) occur at any time, holders may, subject to certain exceptions, require the Company to purchase their Notes in whole or in part for cash at a price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date.

Accounting for the Notes

The 2030 Notes are classified within non-current liabilities on our consolidated balance sheets. During fiscal year 2025, the 2026 Notes were reclassified from non-current liabilities to current liabilities on our consolidated balance sheets. The conversion option of the Notes does not require bifurcation as an embedded derivative. Issuance costs of $12.0 million and $10.8 million were recorded as a reduction to the principal balance of the 2030 Notes and 2026 Notes, respectively, and will be amortized as interest expense using the effective interest method over the contractual term.


	Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2023
(in thousands)	2030 Notes		2026 Notes		2030 Notes		2026 Notes		2026 Notes
Contractual interest expense	$	15,750	$	3,600	$	11,813	$	3,610	$	3,600
Amortization of debt discount and issuance costs	1,865		2,216		1,351		2,174		2,147
	$	17,615	$	5,816	$	13,164	$	5,784	$	5,747

Capped Call Transactions

On February 27, 2024, in connection with the pricing of the 2030 Notes, the Company entered into privately negotiated capped call transactions (the "2024 Capped Call Transactions"). The 2024 Capped Call Transactions cover approximately 6.6 million shares of the Company's common stock, which represent the number of shares of common stock initially underlying the 2030 Notes. The 2024 Capped Call Transactions are generally expected to reduce potential dilution to our common stock upon any conversion of the 2030 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2030 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 was initially $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 adjusted cap price of the 2024 Capped Call Transactions was approximately $91.57 per share of common stock at November 30, 2025. 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.

On April 8, 2021, in connection with the pricing of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the "2021 Capped Call Transactions"). The 2021 Capped Call Transactions cover approximately 6.3 million shares of the Company's common stock, which represent the number of shares of common stock initially underlying the 2026 Notes. The 2021 Capped Call Transactions are generally expected to reduce potential dilution to our common stock upon any conversion of the 2026 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2026 Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the 2021 Capped Call Transactions was initially $89.88 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $44.94 per share on April 8, 2021, and is subject to certain adjustments under the terms of the 2021 Capped Call Transactions. The adjusted cap price of the 2021 Capped Call Transactions was approximately $77.72 per share of common stock at November 30, 2025. The cost of the purchased capped calls of $43.1 million was recorded as a reduction to additional paid-in-capital upon settlement in April 2021.

We elected to integrate the 2021 Capped Call Transactions and the 2024 Capped Call Transactions with the applicable Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $43.1 million gross cost of the purchased 2021 Capped Call Transactions and the $42.2 million gross cost of the purchased 2024 Capped Call Transactions will be deductible for income tax purposes as original discount interest over the term of the applicable Notes.

Credit Facility

On July 21, 2025, the Company entered into an amended and restated credit agreement (the "Credit Agreement") with certain lenders, which provides for a $1.5 billion secured revolving credit facility (the "Credit Facility"). The 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.

The amount outstanding under our prior secured credit facility is now outstanding under the Credit Facility.

Interest rates for the Credit Facility are determined by reference to a Term Benchmark Rate or a base rate at our option and range from 1.25% to 2.50% above the Term Benchmark Rate for Term Benchmark-based borrowings or from 0.25% to 1.50% above the defined base rate for base rate borrowings, in each case based upon our consolidated total net leverage ratio. During fiscal year 2025, we repaid $130.0 million on the Credit Facility. The interest rate as of November 30, 2025 was 5.92%.

The Credit Facility matures on the earlier of (i) July 21, 2030, and (ii) the date that is 91 days prior to the maturity date of our 2030 Notes subject to certain conditions as set forth in the Credit Agreement, including the repayment of the 2030 Notes, the refinancing of the 2030 Notes including a maturity date that is on or after October 21, 2030, and compliance with a liquidity test when all amounts outstanding will be due and payable in full. 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. As of November 30, 2025, there was $600.0 million outstanding under the revolving credit facility and $2.1 million of letters of credit.

Costs incurred to obtain the Credit Agreement of $6.2 million, along with $5.2 million of unamortized debt issuance costs related to the previous credit agreement, were recorded as debt issuance costs and will be amortized over the term of the debt agreement.

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 and a consolidated senior secured 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Dilluted Earnings PerShare
Net income	$ 73,133	$ 68,438	$ 70,197
Weighted average shares outstanding (in shares)	42,996	43,268	43,456
Effect of dilution from common stock equivalents (in shares)	891	992	1,158
Effect of dilution from if-converted 2026 Notes (in shares)	132	167	44
Diluted weighted average shares outstanding (in shares)	44,019	44,427	44,658
Basic (in dollars per share)	$ 1.70	$ 1.58	$ 1.62
Diluted (in dollars per share)	$ 1.66	$ 1.54	$ 1.57

- Definition

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

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- Definition

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

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- Definition

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

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 2025

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:


	Fiscal Year Ended
(in thousands, except per share data)	November 30, 2025		November 30, 2024		November 30, 2023
Net income	$	73,133	$	68,438	$	70,197
Weighted average shares outstanding	42,996		43,268		43,456
Effect of dilution from common stock equivalents	891		992		1,158
Effect of dilution from if-converted convertible notes	132		167		44
Diluted weighted average shares outstanding	44,019		44,427		44,658

Earnings per share:
Basic	$	1.70	$	1.58	$	1.62
Diluted	$	1.66	$	1.54	$	1.57

Business Combinations - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Share File Acquisition
Business Combination [Line Items]
Revenue	$ 978,757	$ 907,010
Net income	$ 35,678	$ 2,457
Net income per basic share (in dollars per share)	$ 0.82	$ 0.06
Net income per diluted share (in dollars per share)	$ 0.80	$ 0.06
MarkLogic Acquisition
Business Combination [Line Items]
Revenue		$ 733,289
Net income		$ 79,411
Net income per basic share (in dollars per share)		$ 1.83
Net income per diluted share (in dollars per share)		$ 1.78

- 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.

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+ Details

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Feb. 28, 2025 metric	Feb. 29, 2024 metric	Feb. 28, 2023 metric	Nov. 30, 2025 USD ($) plan period $ / shares shares	Nov. 30, 2024 $ / shares shares	Nov. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan				1
Number of plans for which shareholder approval not required \| plan				2
Unrecognized stock-based compensation expense, net of expected forfeitures \| $				$ 78.6
Costs are expected to be recognized, weighted average period (in years)				2 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares				$ 15.22	$ 15.79	$ 14.40
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				3 years
Number of common stock shares each restricted stock unit represents (in shares)				1
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics \| metric	2	2	2
Stock-based compensation service period (in years)	3 years	3 years	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				11,250,000
ESPP number of purchase periods (in months) \| period				9
ESPP purchase period (in months)				3 months
ESPP offering period (in months)				27 months
ESPP purchase price (as a percent)				85.00%
Employee stock purchase plan, issued shares (in shares)				324,000	324,000	279,000
Weighted average purchase price of shares (in dollars per share) \| $ / shares				$ 42.54	$ 38.08	$ 36.88
Shares available and reserved for issuance (in shares)				459,000
Additional holding period (in months)				3 months
Weighted average estimated fair value of options granted, per share (in dollars per share) \| $ / shares				$ 15.03	$ 13.11	$ 13.56
2008 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)				4,476,791,000
2002 Nonqualified Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plans (in shares)				109,013,000
2024 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on cumulative performance condition (as percent)						75.00%
Cumulative performance condition (in years)					3 years
Percentage of shares based on market conditions					25.00%
Market condition period (in years)					3 years
2023 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on cumulative performance condition (as percent)				75.00%
Cumulative performance condition (in years)				3 years
Percentage of shares based on market conditions				25.00%
Market condition period (in years)				3 years
2022 Plan \| Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on cumulative performance condition (as percent)					75.00%
Cumulative performance condition (in years)						3 years
Percentage of shares based on market conditions						25.00%
Market condition period (in years)						3 years

Stock-Based Compensation - Schedule of Classification of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 64,768	$ 46,756	$ 40,529
Income tax benefit included in the provision for income taxes	11,155	10,091	9,355
Cost of maintenance, SaaS, and professional services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	5,818	3,540	2,976
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	13,277	8,964	6,797
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	19,410	13,551	12,214
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 26,263	$ 20,701	$ 18,542

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Revenue:
Total revenue	$ 977,831	$ 753,409	$ 694,439
Costs of revenue:
Amortization of acquired intangibles	41,226	29,222	30,169
Total costs of revenue	187,581	130,482	126,577
Gross profit	790,250	622,927	567,862
Operating expenses:
Sales and marketing	211,013	164,570	156,076
Product development	192,265	146,342	132,401
General and administrative	108,215	89,518	83,157
Amortization of acquired intangibles	104,266	65,290	66,430
Restructuring expenses	13,109	10,454	8,407
Acquisition-related expenses	5,317	17,109	4,704
Cyber incident and vulnerability response expenses, net	2,775	5,641	6,164
Total operating expenses	636,960	498,924	457,339
Income from operations	153,290	124,003	110,523
Other (expense) income:
Interest expense	(70,850)	(32,012)	(30,780)
Interest income and other, net	1,759	4,734	2,538
Foreign currency loss, net	(2,571)	(2,461)	(2,624)
Total other expense, net	(71,662)	(29,739)	(30,866)
Income before income taxes	81,628	94,264	79,657
Provision for income taxes	8,495	25,826	9,460
Net income	$ 73,133	$ 68,438	$ 70,197
Earnings per share:
Basic (in dollars per share)	$ 1.70	$ 1.58	$ 1.62
Diluted (in dollars per share)	$ 1.66	$ 1.54	$ 1.57
Weighted average shares outstanding:
Basic (in shares)	42,996	43,268	43,456
Diluted (in shares)	44,019	44,427	44,658
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.53	$ 0.70
Software licenses
Revenue:
Total revenue	$ 237,887	$ 249,331	$ 220,789
Costs of revenue:
Costs of revenue	12,605	10,942	11,153
Maintenance, SaaS, and professional services
Revenue:
Total revenue	739,944	504,078	473,650
Costs of revenue:
Costs of revenue	$ 133,750	$ 90,318	$ 85,255

Cyber Related Matters	12 Months Ended
Cyber Related Matters	Nov. 30, 2025
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. Costs for this incident were primarily related to the engagement of external cybersecurity experts and other incident response professionals. We did not incur costs related to this incident during fiscal year 2024 or 2025 and do not expect to incur additional costs as the investigation is closed. For the fiscal year ended November 30, 2023, we incurred expenses of $4.7 million, net of insurance reimbursements, related to this incident. MOVEit Vulnerability As previously disclosed, on the evening of May 28, 2023, we learned that our MOVEit Transfer (the on-premise version) and MOVEit Cloud (a cloud-hosted version of MOVEit Transfer) products were attacked by a threat actor who compromised and exfiltrated personal data from various customer-controlled MOVEit Transfer environments (the "MOVEit Vulnerability"). As a result of the MOVEit Vulnerability, we are party to certain 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 have been centralized in multi-district litigation in the District of Massachusetts (the "MDL"). The MDL has also consolidated the insurance subrogation complaint (where an insurer is seeking recovery for expenses incurred on behalf of its insured in connection with the MOVEit Vulnerability) and, as of the date of this filing, one customer cross-claim. The MDL remains in a relatively early stage and is not expected to conclude within the next twelve months. Motions to dismiss were filed and partially granted in July 2025, then further partially granted in January 2026 in response to our motions for reconsideration. In all, the court has dismissed 20 of the 33 claims asserted by the plaintiffs in the MDL. As previously disclosed, we have also cooperated with inquiries and investigations from various domestic and foreign governmental authorities (data privacy regulators, a U.S. federal law enforcement agency, the Federal Trade Commission, and the SEC), a number of which have been formally closed and, as of the date of this filing, have not resulted in any prosecution or enforcement actions against us. We continue to support inquiries and investigations from several state attorneys general, one of which has been formally closed without any enforcement or regulatory actions directed against us. Our financial liability arising from the MOVEit Vulnerability will depend on many factors, including the progression of the MDL and additional litigation or indemnification claims, and any settlements resulting from remaining or additional governmental or regulatory investigations; therefore, we are unable at this time to estimate the quantitative impact of any such liability with any reasonable degree of certainty. As our litigation response continues, we will continue to assess the potential impact of the MOVEit Vulnerability on our business, operations, and financial results. Such claims and investigations may have an adverse effect on how we operate our business and our results of operations, and in the future, we may be subject to additional governmental or regulatory investigations, as well as additional litigation or indemnification claims. MOVEit Transfer and MOVEit Cloud represented less than 3% in aggregate of our revenue for the fiscal year ended November 30, 2025. Expenses Incurred and Future Costs For the fiscal years ended November 30, 2025, 2024, and 2023, we incurred net costs of $2.8 million, $5.6 million, and $1.5 million, respectively, related to the MOVEit Vulnerability. The costs recognized are net of insurance recoveries of $2.2 million, $2.1 million, and $3.7 million, respectively. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. We expect to continue 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 MDL, the proceedings remain in the relatively 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. With respect to governmental inquiries and investigations, we are currently unable to reasonably estimate any possible adverse judgments, settlements, fines, or penalties. Therefore, we have not recorded a loss contingency liability for the MOVEit Vulnerability as of November 30, 2025. 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 November 30, 2025, we have approximately $4.5 million of remaining cybersecurity insurance coverage under the applicable policy. We will pursue recoveries to the maximum extent available under our insurance policies.

Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Current:
Federal	$ 18,658	$ 23,768	$ 28,905
State	4,203	4,635	4,373
Foreign	9,063	5,173	4,823
Total current	31,924	33,576	38,101
Deferred
Federal	(20,079)	(7,868)	(22,763)
State	(1,758)	(163)	(1,592)
Foreign	(1,592)	281	(4,286)
Total deferred	(23,429)	(7,750)	(28,641)
Total	$ 8,495	$ 25,826	$ 9,460

Cyber Related Matters (Details) $ in Millions	1 Months Ended	12 Months Ended
Cyber Related Matters (Details) $ in Millions	Jan. 31, 2026 claim	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)
Business Interruption Loss [Line Items]
Cybersecurity insurance, maximum amount		$ 15.0
Cybersecurity insurance, additional coverage		4.5
November 2022 Cyber Incident
Business Interruption Loss [Line Items]
Cyber incident costs			$ 0.0	$ 4.7
Moveit Vulnerability
Business Interruption Loss [Line Items]
Cyber incident costs		2.8	5.6	1.5
Insurance recoveries		$ 2.2	$ 2.1	$ 3.7
Moveit Vulnerability \| Subsequent Event
Business Interruption Loss [Line Items]
Dismissed customer claims \| claim	20
Pending customer claims \| claim	33

Intangible Assets and Goodwill (Tables)

12 Months Ended

Nov. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are comprised of the following significant classes:


	November 30, 2025						November 30, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	403,375	$	(251,491)	$	151,884	$	399,000	$	(210,264)	$	188,736
Customer-related	777,930		(377,368)		400,562		777,608		(282,384)		495,224
Trademarks and trade names	77,111		(45,529)		31,582		77,111		(37,500)		39,611
Total	$	1,258,416	$	(674,388)	$	584,028	$	1,253,719	$	(530,148)	$	723,571

Schedule of Future Amortization Expense for Intangible Assets

Future amortization expense for intangible assets as of November 30, 2025 is as follows:


(in thousands)
2026	$	137,265
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Total	$	584,028

Schedule of Goodwill

Changes in the carrying amount of goodwill for fiscal years 2025 and 2024 are as follows:


(in thousands)	November 30, 2025		November 30, 2024
Balance, beginning of year	$	1,292,177	$	832,101
Additions from business combinations(1)	15,397		459,459
Measurement period adjustments(2) and other	1,480		700
Translation adjustments	—		(83)
Balance, end of year	$	1,309,054	$	1,292,177

(1) The additions to goodwill during fiscal years 2025 and 2024 are related to the acquisitions of Nuclia and ShareFile, respectively. Refer to Note 5, Business Combinations for further information.

(2) Represents measurement period adjustments related to ShareFile during fiscal year 2025 and MarkLogic during fiscal year 2024. Refer to Note 5, Business Combinations for further information.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax benefit on accumulated unrealized gain on hedging activity	$ 360	$ 698

Audit Information	12 Months Ended
Audit Information	Nov. 30, 2025
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

Income Taxes - Schedule of Deferred Taxes (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Deferred tax assets:
Accounts receivable	$ 1,463	$ 163
Accrued compensation	8,455	6,919
Accrued liabilities and other	3,761	5,638
Deferred revenue	20,071	40,199
Stock-based compensation	11,923	10,138
Original issue discount	8,335	12,055
Tax credit and loss carryforwards	19,570	23,654
Interest expense carryforward	5,142	0
Operating lease liabilities	4,861	6,335
Capitalized research and development	55,780	36,006
Gross deferred tax assets	139,361	141,107
Valuation allowance	(1,458)	(1,656)
Total deferred tax assets	137,903	139,451
Deferred tax liabilities:
Goodwill	(31,024)	(27,646)
Right-of-use lease assets	(3,968)	(5,200)
Depreciation and amortization	(13,464)	(34,385)
Unremitted earnings of foreign subsidiaries	(7,932)	(13,674)
Prepaid expenses	(5,231)	(4,646)
Total deferred tax liabilities	(61,619)	(85,551)
Total	$ 76,284	$ 53,900

Revenue Recognition - Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,831	$ 753,409	$ 694,439
United States
Disaggregation of Revenue [Line Items]
Total revenue	595,336	421,890	380,672
Canada
Disaggregation of Revenue [Line Items]
Total revenue	28,430	25,105	30,998
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	280,908	245,287	222,862
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	21,667	20,305	21,112
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,490	$ 40,822	$ 38,795

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024
Recorded Unconditional Purchase Obligation [Line Items]
Purchase obligation	$ 130.0
Recorded unconditional purchase obligation	76.5
Maintenance, SaaS, and professional services
Recorded Unconditional Purchase Obligation [Line Items]
Costs and expenses	$ 37.3	$ 2.5

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6.2	$ 6.4	$ 6.3

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ (200)
Deferred tax liability, repatriation of the unremitted earnings		$ 7,900
Cumulative undistributed foreign earnings		29,600
Tax positions related to a prior period	4,770	5,234	$ 5,172	$ 5,276
Deferred tax assets related to operating loss carryforwards, not recorded	3,900
Accrued estimated interest and penalties	300	$ 300
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Tax positions related to a prior period	900
Federal and Foreign \| Various Dates through 2035
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	23,700
Federal and Foreign \| Indefinite Expiration
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	27,500
State \| Indefinite Expiration
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	16,100
Tax credit carryforwards	3,400
State \| Various Dates through 2043
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	40,000
State \| Various Dates through 2039
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,000
Federal \| Various Dates through 2039
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 5,600

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Pretax Income

The components of income before income taxes are as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
U.S.	$	59,873	$	73,746	$	70,659
Foreign	21,755		20,518		8,998
Total	$	81,628	$	94,264	$	79,657

Schedule of Provisions for Income Taxes

The provision for income taxes is comprised of the following:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Current:
Federal	$	18,658	$	23,768	$	28,905
State	4,203		4,635		4,373
Foreign	9,063		5,173		4,823
Total current	31,924		33,576		38,101
Deferred
Federal	(20,079)		(7,868)		(22,763)
State	(1,758)		(163)		(1,592)
Foreign	(1,592)		281		(4,286)
Total deferred	(23,429)		(7,750)		(28,641)
Total	$	8,495	$	25,826	$	9,460

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

A reconciliation of the income taxes incurred at the U.S. federal statutory rate compared to the effective tax rate is as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Tax at U.S. federal statutory rate	$	17,142	$	19,795	$	16,728
Foreign rate differences	(158)		(728)		(644)
Effects of foreign operations included in U.S. federal provision	703		1,158		447
State income taxes, net	1,649		1,480		1,814
Research credits	(3,643)		(2,513)		(894)

Nondeductible stock-based compensation	4,282		2,625		2,498
Meals and entertainment	186		155		162
Compensation subject to 162(m)	1,391		1,028		928
Uncertain tax positions and tax settlements	(210)		(108)		(1,056)
Net excess tax benefit from stock-based compensation plans	(80)		(1,419)		(2,058)
Global intangible low tax inclusion	855		797		244
Foreign derived intangible deduction	(8,064)		(10,218)		(8,297)
Tax on unremitted earnings	(7,497)		13,889		—
Tax on intercompany restructuring	2,502		—		—
Other	(563)		(115)		(412)
Total	$	8,495	$	25,826	$	9,460

Schedule of Deferred Taxes

The components of deferred tax assets and liabilities are as follows:


(in thousands)	November 30, 2025		November 30, 2024
Deferred tax assets:
Accounts receivable	$	1,463	$	163
Accrued compensation	8,455		6,919
Accrued liabilities and other	3,761		5,638
Deferred revenue	20,071		40,199
Stock-based compensation	11,923		10,138
Original issue discount	8,335		12,055
Tax credit and loss carryforwards	19,570		23,654
Interest expense carryforward	5,142		—
Operating lease liabilities	4,861		6,335
Capitalized research and development	55,780		36,006
Gross deferred tax assets	139,361		141,107
Valuation allowance	(1,458)		(1,656)
Total deferred tax assets	137,903		139,451
Deferred tax liabilities:
Goodwill	(31,024)		(27,646)
Right-of-use lease assets	(3,968)		(5,200)

Depreciation and amortization	(13,464)		(34,385)
Unremitted earnings of foreign subsidiaries	(7,932)		(13,674)
Prepaid expenses	(5,231)		(4,646)

Total deferred tax liabilities	(61,619)		(85,551)
Total	$	76,284	$	53,900

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the balance of our unrecognized tax benefits is as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Balance, beginning of year	$	5,234	$	5,172	$	5,276
Tax positions related to a prior period	—		416		19
Tax positions acquired	—		311		423
Settlements with tax authorities	(102)		—		(367)
Lapses due to expiration of the statute of limitations	(362)		(665)		(179)
Balance, end of year	$	4,770	$	5,234	$	5,172

Revenue Recognition - Narrative (Details) - USD ($)	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 0
Remaining performance obligation, amount	536,300,000
Deferred contract costs	$ 6,500,000	$ 6,700,000	$ 7,600,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	74.00%
Expected timing of satisfaction, period (in years)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-01
Disaggregation of Revenue [Line Items]
Expected timing of satisfaction, period (in years)
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period (in years)	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period (in years)	5 years

Debt - Schedule of Interest Expense Related to Notes (Details) - Convertible Debt - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
3.5% convertible senior notes due 2030
Debt Instrument [Line Items]
Contractual interest expense	$ 15,750	$ 11,813
Amortization of debt discount and issuance costs	1,865	1,351
Interest expense, debt	17,615	13,164
1.0% convertible senior notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	3,600	3,610	$ 3,600
Amortization of debt discount and issuance costs	2,216	2,174	2,147
Interest expense, debt	$ 5,816	$ 5,784	$ 5,747

- 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

Nature of Business and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 438,788	$ 459,715	$ 398,504
Other comprehensive loss		(3,603)
Amounts reclassified into net income		(446)
Other comprehensive income	3,066	(4,049)	3,075
Ending balance	478,349	438,788	459,715
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(36,209)	(32,160)	(35,235)
Other comprehensive income	3,066	(4,049)	3,075
Ending balance	(33,143)	(36,209)	(32,160)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(36,209)	(33,234)
Other comprehensive loss		(2,914)
Amounts reclassified into net income		(61)
Other comprehensive income	3,066
Ending balance	(33,143)	(36,209)	(33,234)
Unrealized Losses on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0	(61)
Other comprehensive loss		0
Amounts reclassified into net income		61
Other comprehensive income	0
Ending balance	0	0	(61)
Unrealized Gains (Losses) on Hedging Activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0	1,135
Other comprehensive loss		(689)
Amounts reclassified into net income		(446)
Other comprehensive income	0
Ending balance	$ 0	$ 0	$ 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/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 13,109	$ 10,454	$ 8,407
2025 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Percentage of reduction of global workforce	4.00%
Restructuring expenses			3,796
2024 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			8,160	5,717
2023 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Percentage of reduction of global workforce		2.00%
Restructuring expenses			100	900	1,700
2021 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 200	$ 2,900	$ 5,700

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles	$ 145,500,000	$ 94,500,000	$ 96,600,000
Goodwill impairment	$ 0	$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Leases (Tables)

12 Months Ended

Nov. 30, 2025

Leases [Abstract]

Schedule of Lease, Cost

The components of net operating lease cost for the years ended November 30, 2025, 2024, and 2023 were as follows:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Lease costs under long-term operating leases	$	8,629	$	8,463	$	8,935
Lease costs under short-term operating leases	1,088		156		170
Variable lease cost under short-term and long-term operating leases(1)	350		410		354
Operating lease right-of-use asset impairment	1,277		2,432		115
Sublease income	(212)		(599)		(468)
Total net operating lease cost	$	11,132	$	10,862	$	9,106

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

The table below presents supplemental cash flow information related to leases during the years ended November 30, 2025, 2024, and 2023:


	Fiscal Year Ended
(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Cash paid for leases	$	12,006	$	11,556	$	10,472
Right-of-use assets recognized for new leases and amendments (non-cash)	$	3,122	$	19,404	$	3,444

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


	November 30, 2025		November 30, 2024
Weighted average remaining lease term in years	4.45		4.61
Weighted average discount rate	5.7	%	5.8	%

Schedule of Future Payments Under Non-cancelable Leases

Future payments under non-cancelable leases at November 30, 2025 are as follows:


(in thousands)
2026	$	10,155
2027	7,170
2028	5,059
2029	4,697
2030	4,295
Thereafter	2,222
Total lease payments	33,598
Less imputed interest	(4,031)
Present value of lease liabilities	$	29,567

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2025 USD ($) $ / shares shares
Shares (in thousands)
Beginning balance (in shares) \| shares	1,826
Granted (in shares) \| shares	428
Exercised (in shares) \| shares	(185)
Canceled (in shares) \| shares	(115)
Ending balance (in shares) \| shares	1,954
Exercisable (in shares) \| shares	1,231
Vested or expected to vest (in shares) \| shares	1,954
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 45.89
Granted (in dollars per share) \| $ / shares	52.61
Exercised (in dollars per share) \| $ / shares	38.35
Canceled (in dollars per share) \| $ / shares	44.52
Ending balance (in dollars per share) \| $ / shares	48.45
Exercisable (in dollars per share) \| $ / shares	45.99
Vested or expected to vest (in dollars per share) \| $ / shares	$ 48.45
Weighted Average Remaining Contractual Term (in years)
Options Outstanding (in years)	3 years 9 months 18 days
Exercisable (in years)	2 years 10 months 24 days
Vested or expected to vest (in years)	3 years 9 months 18 days
Aggregate Intrinsic Value (in thousands)
Options outstanding \| $	$ 458
Exercisable \| $	458
Vested or expected to vest \| $	$ 458

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Principles	Accounting Principles We prepare our consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP").
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries (all of which are wholly owned). We eliminate all intercompany balances and transactions.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The functional currency of most of our foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, we translate assets and liabilities into U.S. Dollars at the exchange rate on the balance sheet date. We translate income and expense items at average rates of exchange prevailing during each period. We accumulate translation adjustments in accumulated other comprehensive loss, a component of stockholders' equity. For foreign operations where the U.S. Dollar is considered to be the functional currency, we remeasure monetary assets and liabilities into U.S. Dollars at the exchange rate on the balance sheet date and non-monetary assets and liabilities are remeasured into U.S. Dollars at historical exchange rates. We translate income and expense items at average rates of exchange prevailing during each period. We recognize remeasurement adjustments currently as a component of foreign currency loss, net in the statements of operations. Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in foreign currency loss, net in the statements of operations as incurred.
Cash Equivalents	Cash Equivalents Cash equivalents include short-term, highly liquid investments purchased with remaining maturities of three months or less. As of November 30, 2025 and 2024, all of our cash equivalents were invested in money market funds.
Allowance for Doubtful Accounts and Sales Credit Memos	Allowances for Doubtful Accounts and Sales Credit Memos We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. We establish this allowance using estimates that we make based on factors such as the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, changes to customer creditworthiness, and current economic trends. We also record an allowance for estimates of potential sales credit memos. This allowance is determined based on an analysis of historical credit memos issued and current economic trends, and is recorded as a reduction of revenue.
Concentrations of Credit Risk	Concentrations of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, derivative instruments, and trade receivables. We hold our cash and cash equivalents and derivative instrument contracts with high quality financial institutions and we monitor the credit ratings of those institutions. We perform ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base.
Fair Value Measurements	Fair Value Measurements We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: •Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 investments include money market funds. •Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, foreign exchange rates, and forward and spot prices for currencies. Our Level 2 derivative assets and liabilities include certain over-the-counter forward contracts. In addition, our disclosures related to the fair value of our 2026 Notes and 2030 Notes (together referred to as "the Notes") are Level 2 measurements. •Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our disclosures related to the fair value of the contingent consideration payable from the Nuclia acquisition are Level 3 measurements. When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings, and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.
Derivative Instruments	Derivative Instruments We record all derivatives on the consolidated balance sheets at fair value. We use derivative instruments to manage exposures to fluctuations in the value of foreign currencies, which exist as part of our ongoing business operations. Forward Contracts Certain assets and forecasted transactions are exposed to foreign currency risk. Our objective for holding derivatives is to eliminate or reduce the impact of these exposures. We periodically monitor our foreign currency exposures to enhance the overall economic effectiveness of our foreign currency hedge positions. Principal currencies hedged include the Euro, British Pound, and Indian Rupee. We do not enter into derivative instruments for speculative purposes, nor do we hold or issue any derivative instruments for trading purposes. We enter into certain derivative instruments that are not designated as hedges. Although these derivatives are not designated as hedges, we believe that such instruments are closely correlated with the underlying exposure, thus managing the associated risk. The gains or losses from changes in the fair value of such derivative instruments that are not accounted for as hedges are recognized in earnings in foreign currency loss, net in the consolidated statements of operations.
Property and Equipment	Property and Equipment We record property and equipment at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the useful lives of the assets. Useful lives by major asset class are as follows: computer equipment and software, 3 to 7 years and furniture and fixtures, 5 to 7 years. Repairs and maintenance costs are expensed as incurred.
Software Development Costs	Software Development Costs Internal and external costs incurred in the preliminary project stage of internal-use software development and content are expensed as incurred. Internal costs that cannot be reasonably separated between maintenance and relatively minor upgrades and enhancements are also expensed as incurred. The direct costs associated with computer software developed or purchased for internal use incurred during the application development stage have not been significant in the periods presented.
Goodwill	Goodwill Goodwill is the amount by which the cost of acquired net assets in a business combination exceeded the fair value of net identifiable assets on the date of purchase. The Company operates as a single reporting unit. We evaluate goodwill and other intangible assets with indefinite useful lives, if any, for impairment annually or on an interim basis when events and circumstances arise that indicate impairment may have occurred.
Intangible Assets and Long-Lived Assets	Intangible Assets and Long-Lived Assets Intangible assets are comprised of purchased technology, customer-related assets, and trademarks and trade names acquired through business combinations. All of our intangible assets are amortized using the straight-line method over their estimated useful life.
Intangible Assets and Long-Lived Assets Impairment	We review long-lived assets (primarily property and equipment) and intangible assets with finite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. We base each impairment test on a comparison of the undiscounted cash flows to the carrying value of the asset or asset group. If impairment is indicated, we write down the asset to its estimated fair value.
Comprehensive Income	Comprehensive Income The components of comprehensive income include, in addition to net income, foreign currency translation adjustments and unrealized gains (losses) on investments and hedging activity.
Revenue Recognition	Revenue Recognition Revenue Policy We derive our revenue primarily from software licenses and maintenance, SaaS, and professional services. Our license arrangements generally contain multiple performance obligations, including software maintenance services. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following steps: (i) identification of the contract(s) with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to performance obligations in the contract; and (v) recognition of revenue when or as we satisfy the performance obligations. Sales taxes collected from customers and remitted to government authorities are excluded from revenue and we do not license our software with a right of return. Software Licenses Software licenses are on-premise and fully functional when made available to the customer. As the customer can use and benefit from the license on its own, on-premise software licenses represent distinct performance obligations. Revenue is recognized upfront at the point in time when control is transferred, which is defined as the point in time when the client can use and benefit from the license. Our licenses are sold as perpetual or term licenses, and the arrangements typically contain various combinations of maintenance and services, which are generally accounted for as separate performance obligations. For certain products, we use the residual approach to allocate the transaction price to our software license performance obligations because, due to the pricing of our licenses being highly variable, we do not have an observable SSP for licenses. As required, we evaluate the residual approach estimate compared to all available observable data in order to conclude the estimate is representative of its SSP. Perpetual licenses are generally invoiced upon execution of the contract and payable within thirty days. Term licenses are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. Any difference between the revenue recognized and the amount invoiced to the customer is recognized on our consolidated balance sheets as unbilled receivables until the customer is invoiced, at which point the amount is reclassified to accounts receivable. Maintenance Maintenance revenue is made up of technical support, bug fixes, and when-and-if available unspecified software upgrades. As these maintenance services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress, we have concluded that they represent one combined performance obligation. Revenue is recognized ratably over the contract period. The SSP of maintenance services is a percentage of the net selling price of the related software license, which has remained within a tight range and is consistent with the stand-alone pricing of subsequent maintenance renewals. Maintenance services are generally invoiced in advance on an annual basis over the term of the arrangement, which is typically one to three years. SaaS We also offer products via a SaaS model, which is a subscription-based model. Our customers can use hosted software over the contract period without taking possession of it and the cloud services are available to them throughout the entire term, even if they do not use the service. Revenue related to SaaS offerings is recognized ratably over the contract period. The SSP of SaaS performance obligations is determined based upon observable prices in stand-alone SaaS transactions. SaaS arrangements are generally invoiced in advance on a monthly, quarterly, or annual basis over the term of the arrangement, which is typically one to three years. Professional Services Professional services revenue primarily includes consulting and customer education services. In general, professional services are distinct performance obligations. Professional services revenue is generally recognized as the services are delivered to the customer. We apply the practical expedient of recognizing revenue upon invoicing for time and materials-based arrangements as the invoiced amount corresponds to the value of the services provided. The SSP of professional services is based upon observable prices in similar transactions using the hourly rates sold in stand-alone services transactions. Professional services are either sold on a time and materials basis or prepaid upfront. Arrangements with Multiple Performance Obligations When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation in a contract based on its relative SSP. Although we do not have a history of offering these elements, prior to allocating the transaction price to each performance obligation, we consider whether the arrangement has any discounts, material rights, or specified future upgrades that may represent additional performance obligations. Determining whether products and services are distinct performance obligations and the determination of the SSP may require significant judgment.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred
Warranty Costs	Warranty Costs We make periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.
Litigation and Loss Contingencies	Litigation and Loss Contingencies We recognize losses for various claims, legal proceedings, and investigations when we believe the potential losses are probable and reasonably estimable. Legal fees and other defense costs are recognized as incurred, and insurance recoveries are recognized when collection is probable.
Stock-Based Compensation	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.
Acquisition-Related Costs	Acquisition-Related Costs Acquisition-related costs are expensed as incurred and include those costs incurred as a result of a business combination. These costs primarily consist of professional services fees, including third-party legal and valuation-related fees, as well as retention fees and earn-out payments treated as compensation expense.
Restructuring Expenses	Restructuring Expenses We record restructuring expense when management commits to and approves a restructuring plan, the restructuring plan identifies all significant actions, the period of time to complete the restructuring plan indicates that significant changes to the restructuring plan are not likely to occur, and employees who are impacted have been notified of the pending involuntary termination. Restructuring expense is comprised primarily of costs related to employee-related severance and benefits and property abandonment, including future lease commitments, net of any sublease income, and associated leasehold improvements.
Income Taxes	Income Taxes We provide for deferred income taxes resulting from temporary differences between financial and taxable income. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. We first determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. We then measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes on our consolidated statements of operations.
Leases	Leases Operating leases are included in right-of-use ("ROU") lease assets and operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the remaining lease payments over the lease term. When a lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. We have made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, we recognize the lease payments in the consolidated statements of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. ASU 2023-07 did not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. Under ASU 2023-07, public entities with a single reportable segment must apply all of ASU 2023-07's disclosure requirements and the existing segment disclosure and reconciliation requirements in ASC 280 – Segment Reporting on an annual and interim basis. We implemented ASU 2023-07 with retrospective application in the 2025 annual financial statements and have included the additional disclosures in Note 16, Segment Information and Geographic Information. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 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 us beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. We are currently evaluating the impact that the adoption of these standards will have on our consolidated financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for us in our first quarter of 2029, and may be adopted on a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. We are currently evaluating the timing, method of adoption, and impact of ASU 2025-06 on our consolidated financial statements and disclosures.

Intangible Assets and Goodwill

12 Months Ended

Nov. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets are comprised of the following significant classes:


	November 30, 2025						November 30, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	403,375	$	(251,491)	$	151,884	$	399,000	$	(210,264)	$	188,736
Customer-related	777,930		(377,368)		400,562		777,608		(282,384)		495,224
Trademarks and trade names	77,111		(45,529)		31,582		77,111		(37,500)		39,611
Total	$	1,258,416	$	(674,388)	$	584,028	$	1,253,719	$	(530,148)	$	723,571

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $145.5 million, $94.5 million, and $96.6 million in fiscal years 2025, 2024, and 2023, respectively.

Future amortization expense for intangible assets as of November 30, 2025 is as follows:


(in thousands)
2026	$	137,265
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Total	$	584,028

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2025 and 2024 are as follows:


(in thousands)	November 30, 2025		November 30, 2024
Balance, beginning of year	$	1,292,177	$	832,101
Additions from business combinations(1)	15,397		459,459
Measurement period adjustments(2) and other	1,480		700
Translation adjustments	—		(83)
Balance, end of year	$	1,309,054	$	1,292,177

(1) The additions to goodwill during fiscal years 2025 and 2024 are related to the acquisitions of Nuclia and ShareFile, respectively. Refer to Note 5, Business Combinations for further information.

(2) Represents measurement period adjustments related to ShareFile during fiscal year 2025 and MarkLogic during fiscal year 2024. Refer to Note 5, Business Combinations for further information.

We performed a quantitative assessment as of October 31, 2025 and concluded that there was no impairment of goodwill during fiscal year 2025. We did not recognize goodwill impairment charges during any of the years presented.

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

12 Months Ended

Nov. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Doubtful Accounts

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



(in thousands)	November 30, 2025		November 30, 2024		November 30, 2023
Beginning balance	$	454	$	678	$	740
Charge to costs and expenses	1,561		420		435
Write-offs and other	(644)		(638)		(499)
Translation adjustments	3		(6)		2
Ending balance	$	1,374	$	454	$	678

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss by components, net of tax:


(in thousands)	Foreign Currency Translation Adjustment		Unrealized Losses on Investments		Unrealized Gains (Losses) on Hedging Activity		Total
Balance, December 1, 2023	$	(33,234)	$	(61)	$	1,135	$	(32,160)
Other comprehensive loss	(2,914)		—		(689)		(3,603)
Amounts reclassified into net income	(61)		61		(446)		(446)
Balance, November 30, 2024	$	(36,209)	$	—	$	—	$	(36,209)
Other comprehensive income	3,066		—		—		3,066

Balance, November 30, 2025	$	(33,143)	$	—	$	—	$	(33,143)

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,258,416	$ 1,253,719
Accumulated Amortization	(674,388)	(530,148)
Net Book Value	584,028	723,571
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	403,375	399,000
Accumulated Amortization	(251,491)	(210,264)
Net Book Value	151,884	188,736
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	777,930	777,608
Accumulated Amortization	(377,368)	(282,384)
Net Book Value	400,562	495,224
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	77,111	77,111
Accumulated Amortization	(45,529)	(37,500)
Net Book Value	$ 31,582	$ 39,611

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
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+ Details

Revenue Recognition - Schedule of Net Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2025	Nov. 30, 2024
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 404,412	$ 295,036
Billings and other	998,498	766,626
Acquired from business combinations		96,159
Revenue recognized that was deferred in prior periods	(372,029)	(270,965)
Revenue recognized from current period arrangements		(482,444)
Revenue recognized from current period arrangements	(605,802)
Ending balance	$ 425,079	$ 404,412

Business Combinations

12 Months Ended

Nov. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

Nuclia Acquisition

On June 30, 2025, we completed the acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation AI solutions, for a purchase price with an aggregate fair value of $21.4 million, which was primarily allocated to purchased technology and goodwill. The purchase consideration consisted of $20.3 million of cash paid at closing and contingent consideration with an estimated fair value of $1.1 million.

We are required to pay contingent earn-out consideration of up to $5.0 million to former Nuclia shareholders, based on the achievement of certain revenue targets during fiscal year 2026. The fair value of the contingent consideration was determined to be $1.1 million as of the acquisition date.

We have not disclosed the amount of revenues and earnings of Nuclia since acquisition, nor pro forma financial information, as those amounts are not significant to our consolidated financial statements.

ShareFile Acquisition

On October 31, 2024, we completed the acquisition of ShareFile from Cloud Software Group, Inc. and its subsidiaries for an aggregate purchase price of $875.0 million in cash, subject to a $25.0 million working capital credit and certain customary adjustments, including $1.2 million paid in fiscal 2025. We funded the acquisition through $730.0 million in borrowings under our existing revolving credit facility and cash on hand.

The acquisition consideration for ShareFile has been allocated to ShareFile's assets and assumed liabilities based on estimated fair values. The excess of total consideration over the assets and assumed liabilities was recorded to goodwill.

During fiscal year 2025, the measurement period adjustments were completed, which resulted in a $1.5 million increase in goodwill, primarily related to customer relationships and net working capital adjustments. 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	$	2,048
Property, plant and equipment	54
Purchased technology	119,000		7 years
Trade name	27,000		7 years
Customer relationships	318,000		7 years
Deferred taxes	23,078
Deferred revenue	(96,255)
Goodwill	460,972
Net assets acquired	$	853,897

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.

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 $461.0 million of goodwill, of which a portion is deductible for tax purposes.

Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the fiscal years ended November 30, 2025, and 2024, we incurred approximately $3.8 million and $15.6 million, respectively, of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations.

The amount of revenue of ShareFile included in our consolidated statements of operations during the fiscal years ended November 30, 2025 and 2024, was approximately $261.6 million and $21.1 million, respectively. We determined that disclosing the amount of ShareFile related earnings included in the consolidated statement of operations is impracticable, as the operations of ShareFile were integrated into the operations of the Company from the date of acquisition.

In connection and concurrent with the ShareFile acquisition, we entered into a Transition Services Agreement ("TSA") with Cloud Software Group, Inc. for a period of six months from the date of acquisition, with the option to extend the TSA beyond this period for certain services. The TSA was terminated during the second quarter of fiscal year 2025 and expenses related to the TSA were not significant during the fiscal years ended November 30, 2025 and 2024.

Unaudited Pro Forma Information

The following unaudited pro forma financial information presents the combined results of operations of Progress and ShareFile as if the acquisition had occurred on December 1, 2022, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the ShareFile acquisition and factually supportable. These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense relating to the $464.0 million of acquired identifiable intangible assets, (ii) an increase in interest expense to record interest for the periods presented as a result of drawing down our revolving line of credit in connection with the acquisition, (iii) an increase in acquisition-related expenses in connection with the acquisition that were not included in the purchase price, (iv) additional expense related to the TSA entered into between Progress and Cloud Software Group, Inc., and (v) the income tax effect of the adjustments made at the statutory tax rate of 24.0%.


(in thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2024		Pro Forma Fiscal Year Ended November 30, 2023
Revenue	$	978,757	$	907,010
Net income	$	35,678	$	2,457
Net income per basic share	$	0.82	$	0.06
Net income per diluted share	$	0.80	$	0.06

MarkLogic Acquisition

On February 7, 2023, we completed the acquisition of the parent company of MarkLogic Corporation ("MarkLogic"), 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.

We recorded measurement period adjustments based on our valuation and purchase price allocation procedures. The measurement period adjustments were completed during the first fiscal quarter of 2024.

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

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.

Unaudited Pro Forma Information

The following unaudited 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%).


(in thousands, except per share data)	Pro Forma Fiscal Year Ended November 30, 2023
Revenue	$	733,289
Net income	$	79,411
Net income per basic share	$	1.83
Net income per diluted share	$	1.78

- Definition

The entire disclosure for business combination.

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+ Details

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Nov. 30, 2025
Equity [Abstract]
Stockholders’ Equity	Stockholders' Equity Preferred Stock Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences, and voting rights. As of November 30, 2025, there was no preferred stock issued or outstanding. Common Stock We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 42,335,700 were issued and outstanding at November 30, 2025. There were 370,239 deferred stock units ("DSUs") outstanding at November 30, 2025. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs. Common Stock Repurchases On September 23, 2025, our Board of Directors increased the share repurchase authorization by $200.0 million to an aggregate authorization of $242.2 million. In fiscal years 2025, 2024, and 2023, we repurchased and retired 2.1 million, 1.6 million, and 0.6 million shares of our common stock for $105.0 million, $86.8 million, and $34.0 million, respectively. As of November 30, 2025, there was $202.2 million remaining under the current authorization. Excise tax was insignificant for all years presented.