Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2014 | Sep. 29, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PROGRESS SOFTWARE CORP /MA | ' |
Entity Central Index Key | '0000876167 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Aug-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,185,982 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $242,380 | $198,818 |
Short-term investments | 18,912 | 32,622 |
Total cash, cash equivalents and short-term investments | 261,292 | 231,440 |
Accounts receivable (less allowances of $2,622 and $3,153, respectively) | 57,840 | 66,784 |
Other current assets | 21,505 | 30,716 |
Deferred tax assets | 12,045 | 8,871 |
Total current assets | 352,682 | 337,811 |
Property and equipment, net | 59,176 | 57,030 |
Intangible assets, net | 15,139 | 9,950 |
Goodwill | 230,677 | 224,286 |
Deferred tax assets | 16,172 | 20,386 |
Investments in auction rate securities | 0 | 24,761 |
Other assets | 2,798 | 7,963 |
Total assets | 676,644 | 682,187 |
Liabilities and shareholders’ equity | ' | ' |
Accounts payable | 7,076 | 9,560 |
Accrued compensation and related taxes | 18,539 | 26,697 |
Income taxes payable | 4,841 | 2,584 |
Other accrued liabilities | 24,634 | 29,345 |
Short-term deferred revenue | 93,086 | 96,393 |
Total current liabilities | 148,176 | 164,579 |
Long-term deferred revenue | 2,193 | 1,144 |
Deferred tax liabilities | 353 | 340 |
Other noncurrent liabilities | 1,645 | 2,470 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value; authorized, 1,000,000 shares; issued, none | 0 | 0 |
Common stock, $0.01 par value, and additional paid-in capital; authorized, 200,000,000 shares; issued and outstanding, 50,126,351 shares in 2014 and 51,512,595 shares in 2013 | 200,681 | 205,307 |
Retained earnings | 332,729 | 320,006 |
Accumulated other comprehensive loss | -9,133 | -11,659 |
Total shareholders’ equity | 524,277 | 513,654 |
Total liabilities and shareholders’ equity | $676,644 | $682,187 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Allowance for accounts receivable (in dollars) | $2,622 | $3,153 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 50,126,351 | 51,512,595 |
Common stock, shares outstanding | 50,126,351 | 51,512,595 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Revenue: | ' | ' | ' | ' |
Software licenses | $26,393 | $25,666 | $76,645 | $84,920 |
Maintenance and services | 52,881 | 51,912 | 157,994 | 158,096 |
Total revenue | 79,274 | 77,578 | 234,639 | 243,016 |
Costs of revenue: | ' | ' | ' | ' |
Cost of software licenses | 1,805 | 1,587 | 4,951 | 5,033 |
Cost of maintenance and services | 5,222 | 6,403 | 16,276 | 21,043 |
Amortization of acquired intangibles | 834 | 529 | 1,893 | 811 |
Total costs of revenue | 7,861 | 8,519 | 23,120 | 26,887 |
Gross profit | 71,413 | 69,059 | 211,519 | 216,129 |
Operating expenses: | ' | ' | ' | ' |
Sales and marketing | 22,477 | 24,554 | 71,425 | 79,086 |
Product development | 14,975 | 14,615 | 45,568 | 42,908 |
General and administrative | 12,162 | 13,660 | 35,236 | 42,390 |
Amortization of acquired intangibles | 116 | 211 | 428 | 549 |
Restructuring expenses | 1,680 | 5,401 | 2,001 | 9,127 |
Acquisition-related expenses | 572 | 957 | 3,148 | 2,229 |
Total operating expenses | 51,982 | 59,398 | 157,806 | 176,289 |
Income from operations | 19,431 | 9,661 | 53,713 | 39,840 |
Other income (expense): | ' | ' | ' | ' |
Interest income and other | -1,922 | 371 | -813 | 1,146 |
Foreign currency loss, net | -535 | -194 | -1,768 | -1,809 |
Total other income (expense), net | -2,457 | 177 | -2,581 | -663 |
Income from continuing operations before income taxes | 16,974 | 9,838 | 51,132 | 39,177 |
Provision for income taxes | 5,879 | 2,634 | 16,138 | 14,018 |
Income from continuing operations | 11,095 | 7,204 | 34,994 | 25,159 |
Income from discontinued operations, net | 0 | 17,639 | 0 | 34,712 |
Net income | $11,095 | $24,843 | $34,994 | $59,871 |
Basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.22 | $0.13 | $0.69 | $0.45 |
Discontinued operations (in dollars per share) | $0 | $0.33 | $0 | $0.63 |
Net income per share (in dollars per share) | $0.22 | $0.46 | $0.69 | $1.08 |
Diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.22 | $0.13 | $0.68 | $0.45 |
Discontinued operations (in dollars per share) | $0 | $0.32 | $0 | $0.62 |
Net income per share (in dollars per share) | $0.22 | $0.46 | $0.68 | $1.06 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 50,383 | 53,532 | 50,975 | 55,451 |
Diluted (in shares) | 50,931 | 54,389 | 51,590 | 56,292 |
Condendsed_Consolidated_Statem
Condendsed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $11,095 | $24,843 | $34,994 | $59,871 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,044 | -1,548 | 93 | -4,010 |
Unrealized gains on investments, net of tax of $408 and $567 for the third quarter and first nine months of 2014, and $6 and $57 for the third quarter and first nine months of 2013, respectively | 709 | 11 | 816 | 98 |
Reclassification adjustment for losses included in net income, net of tax of $937 for the third quarter and first nine months of 2014 | 1,617 | 0 | 1,617 | 0 |
Total other comprehensive income (loss), net of tax | 1,282 | -1,537 | 2,526 | -3,912 |
Comprehensive income | $12,377 | $23,306 | $37,520 | $55,959 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax provision (benefit) included in accumulated unrealized gains on investments | ($408) | $6 | ($567) | $57 |
Tax effect on reclassification adjustment for losses included in net income | $937 | ' | $937 | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $34,994 | $59,871 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization of property and equipment | 7,337 | 8,402 |
Amortization of acquired intangibles and other | 3,648 | 2,972 |
Stock-based compensation | 18,194 | 16,360 |
Loss on disposal of property | 47 | 0 |
Gain on dispositions | 0 | -70,991 |
Asset impairment | 0 | 111 |
Loss on sales of auction rate securities | 2,554 | 0 |
Deferred income taxes | -390 | 1,647 |
Excess tax benefit from stock plans | -434 | -1,188 |
Allowances for accounts receivable | 455 | -123 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 8,325 | 19,967 |
Other assets | 10,535 | -5,690 |
Accounts payable and accrued liabilities | -17,049 | -17,416 |
Income taxes payable and uncertain tax positions | 2,123 | -22,762 |
Deferred revenue | -1,870 | -4,439 |
Net cash flows from (used in) operating activities | 68,469 | -13,279 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -1,900 | 0 |
Sales and maturities of investments | 14,935 | 25,685 |
Redemptions and sales of auction rate securities | 26,196 | 25 |
Purchases of property and equipment | -7,183 | -2,989 |
Capitalized software development costs | -3,008 | 0 |
Payments for acquisitions, net of cash acquired | -12,493 | -9,450 |
Proceeds from divestitures, net | 3,300 | 111,120 |
Increase in other noncurrent assets | 144 | 835 |
Net cash flows from investing activities | 19,991 | 125,226 |
Cash flows from financing activities: | ' | ' |
Proceeds from stock-based compensation plans | 10,714 | 49,109 |
Purchases of common stock related to withholding taxes from the issuance of restricted stock units | -3,141 | -2,823 |
Repurchases of common stock | -52,604 | -241,184 |
Excess tax benefit from stock plans | 434 | 1,188 |
Payment of contingent consideration | -210 | 0 |
Net cash flows used in financing activities | -44,807 | -193,710 |
Effect of exchange rate changes on cash | -91 | -4,687 |
Net increase (decrease) in cash and cash equivalents | 43,562 | -86,450 |
Cash and cash equivalents, beginning of period | 198,818 | 301,792 |
Cash and cash equivalents, end of period | 242,380 | 215,342 |
Supplemental disclosure: | ' | ' |
Cash paid for income taxes, net of refunds of $296 in 2014 and $4,324 in 2013 | 6,300 | 66,596 |
Non-cash financing activities: | ' | ' |
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested | 10,525 | 9,890 |
Unsettled repurchases of common stock | $0 | $3,301 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Proceeds from income tax refunds | $296 | $4,324 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Company Overview - We are a global software company that simplifies the development, deployment and management of business applications on-premise or in the cloud, on any platform or device, to any data source, with enhanced performance, minimal IT complexity and low total cost of ownership. Our comprehensive portfolio of products provides leading solutions for rapid application development, broad data integration and efficient data analysis. Our solutions are used across a variety of industries. | |
Our products are generally sold as perpetual licenses, but certain products and business activities also use term licensing models and our Progress Pacific platform offering uses a subscription based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally application partners and original equipment manufacturers (OEMs). Application partners are independent software vendors (ISVs) that develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. OEMs are companies that embed our products into their own software products or devices. | |
During fiscal years 2012 and 2013, we completed divestitures of the eleven product lines which were not considered core product lines of our business. The divestitures were part of our strategic plan announced during fiscal year 2012. After the closing of all these divestitures, we began to operate as one reportable segment. In addition, the revenues and direct expenses of the product lines divested are included in discontinued operations in our condensed consolidated statements of income, including prior period amounts which have been revised to reflect the presentation. | |
We operate in North America and Latin America (the Americas); Europe, the Middle East and Africa (EMEA); and the Asia Pacific region, through local subsidiaries as well as independent distributors. | |
Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2013. | |
We made no significant changes in the application of our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2013. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our Annual Report on Form 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. | |
Recent Accounting Pronouncements - In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 brings consistency to the accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. This guidance is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015. Early adoption is permitted. In addition, all entities will have the option of applying the guidance either prospectively (i.e., only to awards granted or modified on or after the effective date of the ASU) or retrospectively. We are currently evaluating the effect that implementation of this update will have on our consolidated financial position and results of operations upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016; early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. This update could impact the timing and amounts of revenue recognized. We are currently evaluating the effect that implementation of this update will have on our consolidated financial position and results of operations upon adoption. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on our financial position, results of operations or cash flows. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05). ASU 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or a business within a foreign entity. ASU 2013-05 is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our financial position, results of operations or cash flows. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents and Investments | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ' | |||||||||||||||||||||||
Cash, Cash Equivalents And Investments | ' | |||||||||||||||||||||||
Cash, Cash Equivalents and Investments | ||||||||||||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2014 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 173,237 | $ | — | $ | — | $ | 173,237 | ||||||||||||||||
Money market funds | 69,143 | — | — | 69,143 | ||||||||||||||||||||
State and municipal bond obligations | 18,800 | 112 | — | 18,912 | ||||||||||||||||||||
Total | $ | 261,180 | $ | 112 | $ | — | $ | 261,292 | ||||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2013 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Realized Losses | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 144,305 | $ | — | $ | — | $ | — | $ | 144,305 | ||||||||||||||
Money market funds | 54,513 | — | — | — | 54,513 | |||||||||||||||||||
State and municipal bond obligations | 30,938 | — | 164 | — | 31,102 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,150 | (380 | ) | — | (3,317 | ) | 23,453 | |||||||||||||||||
Auction rate securities – student loans | 3,500 | — | — | (672 | ) | 2,828 | ||||||||||||||||||
Total | $ | 260,406 | $ | (380 | ) | $ | 164 | $ | (3,989 | ) | $ | 256,201 | ||||||||||||
Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): | ||||||||||||||||||||||||
August 31, 2014 | November 30, 2013 | |||||||||||||||||||||||
Cash and | Short-Term | Long-Term | Cash and | Short-Term | Long-Term | |||||||||||||||||||
Equivalents | Investments | Investments | Equivalents | Investments | Investments | |||||||||||||||||||
Cash | $ | 173,237 | $ | — | $ | — | $ | 144,305 | $ | — | $ | — | ||||||||||||
Money market funds | 69,143 | — | — | 54,513 | — | — | ||||||||||||||||||
State and municipal bond obligations | — | 18,912 | — | — | 31,102 | — | ||||||||||||||||||
Auction rate securities – municipal bonds | — | — | — | — | 1,520 | 21,933 | ||||||||||||||||||
Auction rate securities – student loans | — | — | — | — | — | 2,828 | ||||||||||||||||||
Total | $ | 242,380 | $ | 18,912 | $ | — | $ | 198,818 | $ | 32,622 | $ | 24,761 | ||||||||||||
During the third quarter of fiscal year 2014, we received favorable offers to purchase our auction rate securities (ARS). As a result of the favorable offers we received, we sold all of our remaining ARS for $26.2 million and received the proceeds during the quarter. The previously recorded unrealized losses associated with our ARS have been adjusted based on the sale prices and recorded as a realized loss of $2.6 million during the three months ended August 31, 2014 within interest income and other in the condensed consolidated statement of operations. | ||||||||||||||||||||||||
During prior periods in which we held ARS, we evaluated the risks related to the structure, collateral and liquidity of the investment and forecasted the probability of issuer default, auction failure and a successful auction at par or a redemption at par for each future auction period. The weighted average cash flow for each period was then discounted back to present value for each security. Based on this methodology, we determined that the fair value of our ARS investments was $24.8 million at November 30, 2013. The temporary impairment recorded in accumulated other comprehensive loss to reduce the value of our available-for-sale ARS investments was $4.0 million at November 30, 2013. As we determined that these investments lacked short-term liquidity as of November 30, 2013, they are classified as long-term investments on the condensed consolidated balance sheets at November 30, 2013. | ||||||||||||||||||||||||
During the fourth quarter of fiscal year 2013, the exit bankruptcy plan for an issuer of one of our ARS, which was in default and on whose behalf the underlying bond insurer was making interest payments, was approved by a federal bankruptcy judge in federal court. The exit bankruptcy plan included a settlement provision with the holders of the ARS, which were given the option to receive 80% of the par value of their holdings, but renounce their claim with the bond issuer, or receive 65% of the par value of their holdings and retain their insurance rights. We accepted the 80% settlement offer and as a result we adjusted the fair value of this ARS to the amount of the settlement as of November 30, 2013. The previously recorded unrealized loss associated with this ARS has been recorded as a realized loss in fiscal year 2013 due to the settlement. As this investment no longer lacked short-term liquidity, it was classified as a short-term investment on our consolidated balance sheet at November 30, 2013. We received the settlement in December 2013. | ||||||||||||||||||||||||
The fair value of debt securities by contractual maturity is as follows (in thousands): | ||||||||||||||||||||||||
August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Due in one year or less (1) | $ | 11,664 | $ | 42,198 | ||||||||||||||||||||
Due after one year (2) | 7,248 | 15,185 | ||||||||||||||||||||||
Total | $ | 18,912 | $ | 57,383 | ||||||||||||||||||||
-1 | Amounts as of November 30, 2013 include ARS which are tendered for interest-rate setting purposes periodically throughout the year. | |||||||||||||||||||||||
-2 | Includes state and municipal bond obligations, which are securities representing investments available for current operations and are classified as current in the consolidated balance sheets. | |||||||||||||||||||||||
We did not hold any investments with continuous unrealized losses as of August 31, 2014. Investments with continuous unrealized losses and their related fair values at November 30, 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Auction rate securities – municipal bonds | $ | — | $ | — | $ | 21,933 | $ | (3,317 | ) | $ | 21,933 | $ | (3,317 | ) | ||||||||||
Auction rate securities – student loans | — | — | 2,828 | (672 | ) | 2,828 | (672 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 24,761 | $ | (3,989 | ) | $ | 24,761 | $ | (3,989 | ) | ||||||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on accounts receivable denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries. All forward contracts are recorded at fair value in other current assets or other current liabilities on the condensed consolidated balance sheets at the end of each reporting period and expire within 90 days. In the three and nine months ended August 31, 2014, realized and unrealized losses of $0.4 million and $1.5 million, respectively, from our forward contracts were recognized in foreign currency loss, net in the condensed consolidated statements of income. In the three and nine months ended August 31, 2013, realized and unrealized gains of $1.3 million, and $0.8 million, respectively, from our forward contracts were recognized in foreign currency loss, net in the condensed consolidated statements of income. These losses were substantially offset by realized and unrealized gains on the offsetting positions. | ||||||||||||||||
The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): | ||||||||||||||||
August 31, 2014 | November 30, 2013 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Forward contracts to sell U.S. dollars | $ | 25,458 | $ | 35 | $ | 26,016 | $ | 79 | ||||||||
Forward contracts to purchase U.S. dollars | 10,096 | (266 | ) | 22,483 | 92 | |||||||||||
Total | $ | 35,554 | $ | (231 | ) | $ | 48,499 | $ | 171 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2014 (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 69,143 | $ | 69,143 | $ | — | $ | — | ||||||||
State and municipal bond obligations | 18,912 | — | 18,912 | — | ||||||||||||
Foreign exchange derivatives | (231 | ) | — | (231 | ) | — | ||||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (1,651 | ) | $ | — | $ | — | $ | (1,651 | ) | ||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 54,513 | $ | 54,513 | $ | — | $ | — | ||||||||
State and municipal bond obligations | 31,102 | — | 31,102 | — | ||||||||||||
Auction rate securities – municipal bonds | 23,453 | — | 1,520 | 21,933 | ||||||||||||
Auction rate securities – student loans | 2,828 | — | — | 2,828 | ||||||||||||
Foreign exchange derivatives | 171 | — | 171 | — | ||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration | (388 | ) | — | — | (388 | ) | ||||||||||
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. | ||||||||||||||||
The valuation technique used to measure fair value for our Level 3 assets as of November 30, 2013, which consisted of ARS, was primarily an income approach, where the expected weighted average future cash flows were discounted back to present value for each asset. The significant unobservable inputs used in the fair value measurement of ARS were the probability of earning the maximum rate until maturity, the probability of principal return prior to maturity, the probability of default, the liquidity risk premium and the recovery rate in default. Generally, interrelationships were such that a change in the assumptions used for the probability of principal return prior to maturity was accompanied by a directionally opposite change in one or more the following assumptions: the probability of earning the maximum rate until maturity, the probability of default and the liquidity risk premium. The recovery rate in default was somewhat independent and based upon the ARS' specific underlying assets and published recovery rate studies. | ||||||||||||||||
The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs for each period presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 25,056 | $ | 26,500 | $ | 24,761 | $ | 26,321 | ||||||||
Redemptions and sales | (26,196 | ) | — | (26,196 | ) | (25 | ) | |||||||||
Realized losses included in earnings | (2,554 | ) | — | (2,554 | ) | — | ||||||||||
Unrealized gains included in accumulated other comprehensive loss | 3,694 | 73 | 3,989 | 277 | ||||||||||||
Balance, end of period | $ | — | $ | 26,573 | $ | — | $ | 26,573 | ||||||||
We have also classified contingent consideration related to the Rollbase, Inc. (Rollbase) and Modulus LLC (Modulus) acquisitions, which occurred in the second quarter of fiscal years 2013 and 2014, respectively, within Level 3 of the fair value hierarchy because the fair values are derived using significant unobservable inputs, which include discount rates and probability-weighted cash flows. We determined the fair value of our contingent consideration obligations based on a probability-weighted income approach derived from probability assessments of the attainment of certain milestones. We establish discount rates to be utilized in our valuation models based on the cost to borrow that would be required by a market participant for similar instruments. In determining the probability of attaining certain milestones, we utilize data regarding similar milestone events from our own experience. On a quarterly basis, we reassess the probability factors associated with the milestones for our contingent consideration obligations. Significant judgment is employed in determining the appropriateness of these key assumptions as of the acquisition date and for each subsequent period. | ||||||||||||||||
The key assumptions as of August 31, 2014 related to the contingent consideration for the acquisition of Rollbase used in the model are probabilities in excess of 95% that the milestones associated with the contingent consideration will be achieved and a discount rate of 4.8%. The key assumptions as of August 31, 2014 related to the contingent consideration for the acquisition of Modulus used in the model are probabilities in excess of 75% that the milestones associated with the contingent consideration will be achieved and a discount rate of 33.0%. A decrease in the probabilities of achievement could result in a decrease to the estimated fair value of the contingent consideration liabilities. There were no changes to these assumptions during the third quarter of fiscal year 2014. | ||||||||||||||||
The following table reflects the activity for our liabilities measured at fair value using Level 3 inputs for each period presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 1,649 | $ | 379 | $ | 388 | $ | — | ||||||||
Incurrence of contingent purchase price liability | — | — | 1,450 | 379 | ||||||||||||
Payments of contingent consideration | — | — | (210 | ) | — | |||||||||||
Changes in fair value included in operating expenses | 2 | 4 | 23 | 4 | ||||||||||||
Balance, end of period | $ | 1,651 | $ | 383 | $ | 1,651 | $ | 383 | ||||||||
We did not have any nonrecurring fair value measurements as of August 31, 2014 and November 30, 2013. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets are comprised of the following significant classes (in thousands): | ||||||||||||||||||||||||
31-Aug-14 | 30-Nov-13 | |||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Purchased technology | $ | 51,979 | $ | (38,468 | ) | $ | 13,511 | $ | 44,793 | $ | (36,712 | ) | $ | 8,081 | ||||||||||
Customer-related and other | 19,724 | (18,096 | ) | 1,628 | 19,543 | (17,674 | ) | 1,869 | ||||||||||||||||
Total | $ | 71,703 | $ | (56,564 | ) | $ | 15,139 | $ | 64,336 | $ | (54,386 | ) | $ | 9,950 | ||||||||||
As a result of the Modulus acquisition in May 2014 (Note 7), we recorded $7.3 million of purchased technology and $0.2 million of the trade name as intangible assets during the nine months ended August 31, 2014. These intangibles have a weighted average useful life of 7 years. | ||||||||||||||||||||||||
In the three and nine months ended August 31, 2014, amortization expense related to intangible assets was $1.0 million and $2.3 million, respectively. In the three and nine months ended August 31, 2013, amortization expense related to intangible assets was $0.7 million and $1.4 million, respectively. | ||||||||||||||||||||||||
Future amortization expense for intangible assets as of August 31, 2014, is as follows (in thousands): | ||||||||||||||||||||||||
Remainder of 2014 | $ | 898 | ||||||||||||||||||||||
2015 | 3,482 | |||||||||||||||||||||||
2016 | 2,979 | |||||||||||||||||||||||
2017 | 2,979 | |||||||||||||||||||||||
2018 | 2,162 | |||||||||||||||||||||||
Thereafter | 2,639 | |||||||||||||||||||||||
Total | $ | 15,139 | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill in the nine months ended August 31, 2014, are as follows (in thousands): | ||||||||||||||||||||||||
Balance, November 30, 2013 | $ | 224,286 | ||||||||||||||||||||||
Additions | 6,433 | |||||||||||||||||||||||
Translation adjustments | (42 | ) | ||||||||||||||||||||||
Balance, August 31, 2014 | $ | 230,677 | ||||||||||||||||||||||
The addition to goodwill during fiscal year 2014 is related to the acquisition of Modulus in May 2014. | ||||||||||||||||||||||||
During the first quarter of fiscal year 2014, we completed our annual testing for impairment of goodwill and, based on those tests, concluded that no impairment of goodwill existed as of December 15, 2013. As of August 31, 2014, no triggering events have occurred that would indicate a potential impairment of goodwill exists. |
Divestitures
Divestitures | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Divestitures | ' | |||||||||||||||
Divestitures | ||||||||||||||||
During fiscal years 2012 and 2013, we completed divestitures of the eleven product lines which were not considered core product lines of our business: Actional, Apama, Artix, DataXtend, FuseSource, ObjectStore, Orbacus, Orbix, Savvion, Shadow and Sonic. The FuseSource and Shadow product lines were divested in fiscal year 2012. The remaining product lines, excluding Apama, were divested in the first quarter of fiscal year 2013. The divestitures were part of our strategic plan announced during fiscal year 2012. The Apama product line was divested in the third quarter of fiscal year 2013. | ||||||||||||||||
Revenues and direct expenses of the divested product lines have been reclassified as discontinued operations for all periods presented. Specifically, the fiscal year 2013 income from discontinued operations now includes the revenues and direct expenses of the product lines which had not been divested prior to the start of fiscal year 2013. | ||||||||||||||||
The components included in discontinued operations on the condensed consolidated statements of income are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, 2014 | August 31, 2013 | August 31, 2014 | August 31, 2013 | |||||||||||||
Revenue | $ | — | $ | 537 | $ | — | $ | 16,143 | ||||||||
Loss before income taxes | — | (6,221 | ) | — | (9,338 | ) | ||||||||||
Income tax benefit | — | (1,790 | ) | — | (2,223 | ) | ||||||||||
Gain on sale, net of tax | — | 22,070 | — | 41,827 | ||||||||||||
Income from discontinued operations, net | $ | — | $ | 17,639 | $ | — | $ | 34,712 | ||||||||
Business_Combinations
Business Combinations | 9 Months Ended | |||||
Aug. 31, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Combinations | ' | |||||
Business Combinations | ||||||
Modulus Acquisition | ||||||
On May 13, 2014, we acquired 100% of the membership interests in Modulus LLC (Modulus), a privately held platform-as-a-service (PaaS) provider based in Cincinnati, Ohio, for $15.0 million. The purchase consideration consisted of $12.5 million in cash paid and $2.5 million of contingent consideration, expected to be paid out over a two year period, if earned. The fair value of the contingent consideration was estimated to be $1.5 million at the date of acquisition; as such, the fair value of the purchase consideration allocated to the assets acquired totaled $14.0 million. Modulus provides a PaaS for easily hosting, deploying, scaling and monitoring data-intensive, real-time applications using powerful, rapidly growing Node.js and MongoDB technologies. The purpose of the acquisition is to capitalize on the expected market growth of the core technologies that Modulus supports and drive new revenue through the Pacific platform. The acquisition was accounted for as a business combination, and accordingly, the results of operations of Modulus are included in our operating results from the date of acquisition. We paid the purchase price in cash from available funds. | ||||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Total | Life | |||||
Net working capital | $ | 7 | ||||
Acquired intangible assets | 7,320 | 7 Years | ||||
Trade name | 190 | 7 Years | ||||
Goodwill | 6,433 | |||||
Net assets acquired | $ | 13,950 | ||||
The purchase consideration includes contingent earn-out provisions payable by the Company based on the achievement of certain milestones. We determined the fair value of the contingent consideration obligations by calculating the probability-weighted earn-out payments based on the assessment of the likelihood that the milestones will be achieved. The probability-weighted earn-out payments were then discounted using a discount rate based on an internal rate of return analysis using the probability-weighted cash flows. During the quarter ended August 31, 2014, the change in the fair value of the contingent consideration payable was immaterial. | ||||||
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 $6.4 million of goodwill. The goodwill is deductible for tax purposes; as such, our basis in the tax goodwill and other acquired intangible assets will be amortized over a 15 year period. The allocation of the purchase price was completed in the third quarter of fiscal year 2014 upon the finalization of our valuation of identifiable intangible assets. | ||||||
We incurred approximately $0.2 million of acquisition-related costs, which are included in acquisition-related expenses in our consolidated statement of operations for the nine months ended August 31, 2014. We have not disclosed the amount of revenues and earnings of Modulus since acquisition, nor pro forma financial information, as those amounts are not significant to our condensed consolidated financial statements. | ||||||
Rollbase Acquisition | ||||||
On May 24, 2013, we acquired 100% of the equity interests in Rollbase, Inc. (Rollbase), a privately held software vendor based in Saratoga, California, for $9.9 million. The purchase consideration consisted of $9.5 million in cash paid and $0.4 million of contingent consideration, expected to be paid out over a two year period, if earned. The fair value of the contingent consideration was estimated to be $0.4 million at the date of acquisition. Rollbase provides application development software technology that allows the rapid design, development and deployment of on-demand business applications. The acquisition was accounted for as a business combination, and accordingly, the results of operations of Rollbase are included in our operating results from the date of acquisition. We paid the purchase price in cash from available funds. | ||||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Total | Life | |||||
Cash | $ | 50 | ||||
Acquired intangible assets | 7,960 | 1 to 5 years | ||||
Goodwill | 4,798 | |||||
Deferred taxes | (2,921 | ) | ||||
Accounts payable and other liabilities | (8 | ) | ||||
Net assets acquired | $ | 9,879 | ||||
The stock purchase agreement included contingent earn-out provisions requiring us to make payments to former Rollbase owners now employed by the Company. We concluded that the earn-out provisions for the individuals now employed by the Company, which total approximately $5.3 million, are compensation arrangements and we have been accruing the maximum payouts ratably over the two year performance period, as we believe it is probable that the criteria will be met. During the second quarter of fiscal year 2014, we paid the former Rollbase owners the contingent consideration related to milestones reached as of the one year anniversary of the acquisition closing date. We have incurred $0.3 million and $2.5 million of expense related to the contingent earn-out provisions for the three and nine months ended August 31, 2014, respectively. This amount is recorded as acquisition-related expense in our consolidated statement of operations. | ||||||
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 $4.8 million of goodwill, which is not deductible for tax purposes. The allocation of the purchase price was completed in the third quarter of fiscal year 2013 upon the finalization of our valuation of identifiable intangible assets and acquired deferred tax liabilities. | ||||||
We have not disclosed the amount of revenues and earnings of Rollbase since acquisition, nor pro forma financial information, as those amounts are not significant to our condensed consolidated financial statements. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Aug. 31, 2014 | |
Line of Credit Facility [Abstract] | ' |
Line of Credit | ' |
Line of Credit | |
Our credit facility provides for a revolving line of credit in the amount of $150.0 million, with a sublimit for the issuance of standby letters of credit in a face amount up to $25.0 million and swing line loans up to $20.0 million. The credit facility also permits us to increase the revolving line of credit by up to an additional $75.0 million subject to receiving further commitments from lenders and certain other conditions. As of August 31, 2014, there were no amounts outstanding under the revolving line and $0.7 million of letters of credit. |
Common_Stock_Repurchases
Common Stock Repurchases | 9 Months Ended |
Aug. 31, 2014 | |
Common Stock Repurchases [Abstract] | ' |
Common Stock Repurchases | ' |
Common Stock Repurchases | |
We repurchased and retired 2.3 million shares of our common stock for $52.6 million in the nine months ended August 31, 2014. The shares were repurchased as part of our Board of Directors authorized $100.0 million share repurchase program. In the nine months ended August 31, 2013, we repurchased 10.3 million shares of our common stock for $237.4 million as part of our Board of Directors previously authorized $360.0 million share repurchase program. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
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 the current market price of the stock or the Black-Scholes option valuation model. In addition, during the first quarter of fiscal year 2014, we granted performance-based restricted stock units that include a three-year market condition. In order to estimate the fair value of such awards, we used a 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 years for restricted stock units. We recognize stock-based compensation expense related to performance stock units and our employee stock purchase plan using an accelerated attribution method. | ||||||||||||||||
The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of income (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of maintenance and services | $ | 141 | $ | 133 | $ | 439 | $ | 500 | ||||||||
Sales and marketing | 1,546 | 748 | 3,736 | 2,668 | ||||||||||||
Product development | 1,407 | 999 | 4,186 | 3,687 | ||||||||||||
General and administrative | 3,846 | 2,720 | 9,833 | 7,215 | ||||||||||||
Stock-based compensation from continuing operations | 6,940 | 4,600 | 18,194 | 14,070 | ||||||||||||
Income from discontinued operations | — | 973 | — | 2,290 | ||||||||||||
Total stock-based compensation | $ | 6,940 | $ | 5,573 | $ | 18,194 | $ | 16,360 | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2014 (in thousands): | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Investments | Accumulated Other Comprehensive Loss | ||||||||||
Balance, December 1, 2013 | $ | (9,249 | ) | $ | (2,410 | ) | $ | (11,659 | ) | |||
Other comprehensive income before reclassifications, net of tax | 93 | 816 | 909 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to realized losses included in earnings, net of tax | — | 1,617 | 1,617 | |||||||||
Balance, August 31, 2014 | $ | (9,156 | ) | $ | 23 | $ | (9,133 | ) | ||||
The tax effect on accumulated unrealized gains (losses) on investments was minimal as of August 31, 2014 and $1.4 million as of November 30, 2013. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Restructuring Charges | ' | |||||||||||
Restructuring Charges | ||||||||||||
2014 Restructuring | ||||||||||||
During the third quarter of fiscal year 2014, our management approved, committed to and initiated plans to make strategic changes to our organization to provide greater focus and agility in the delivery of next generation application development, deployment and integration solutions. Effective September 1, 2014, we began to operate as three distinct business units: OpenEdge, Application Development and Deployment, and Data Connectivity and Integration, each with dedicated sales, product management and product marketing functions. In connection with the new organizational structure, we no longer have a global head of sales, as well as certain other positions within the sales and administrative organizations. The organizational changes will not result in the closing of any of our facilities. | ||||||||||||
As part of the 2014 restructuring, for the three and nine months ended August 31, 2014, we incurred expenses of $1.5 million, which are related to employee costs, including severance, health benefits, and outplacement services, but excluding stock-based compensation. The expenses are recorded as restructuring expenses in the condensed consolidated statements of income. We do not expect to incur additional material costs with respect to the 2014 restructuring. | ||||||||||||
Cash disbursements for expenses incurred to date under the 2014 restructuring are expected to be made during the fourth quarter of fiscal year 2014. As a result, the $1.5 million is included in other accrued liabilities on the condensed consolidated balance sheet at August 31, 2014. | ||||||||||||
2013 Restructuring | ||||||||||||
During the third quarter of fiscal year 2013, our management approved, committed to and initiated plans to restructure and improve efficiencies in our operations as a result of the sale of the Apama product line and the divestitures completed during the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013. We reduced our global workforce primarily within the administrative and sales organizations. This workforce reduction was conducted across all geographies and also resulted in the closing of certain facilities. | ||||||||||||
Restructuring expenses related to employee costs, including severance, health benefits, outplacement services and transition divestiture arrangements (but excluding stock-based compensation), and facilities costs, which include fees to terminate lease agreements and costs for unused space, net of sublease assumptions. Other costs include costs to terminate automobile leases of employees included in the workforce reduction, asset impairment charges for assets no longer deployed as part of cost reduction strategies, costs for unused software licenses as part of the workforce reduction and other costs directly associated with the restructuring actions taken. | ||||||||||||
As part of the 2013 restructuring, for the three and nine months ended August 31, 2014, we incurred minimal expenses. The expenses are recorded as restructuring expenses in the condensed consolidated statements of income. We do not expect to incur additional material costs with respect to the 2013 restructuring. | ||||||||||||
A summary of activity for the 2013 restructuring action and the accrual balance is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2013 | $ | 569 | $ | 1,077 | $ | 1,646 | ||||||
Costs incurred | 250 | 67 | 317 | |||||||||
Cash disbursements | (507 | ) | (1,146 | ) | (1,653 | ) | ||||||
Translation adjustments and other | (2 | ) | 2 | — | ||||||||
Balance, August 31, 2014 | $ | 310 | $ | — | $ | 310 | ||||||
Cash disbursements for expenses incurred to date under the 2013 restructuring are expected to be made through fiscal year 2017. The short-term portion of the restructuring reserve of $0.2 million is included in other accrued liabilities and the long-term portion of $0.1 million is included in other noncurrent liabilities on the condensed consolidated balance sheet at August 31, 2014. | ||||||||||||
2012 Restructuring | ||||||||||||
In the second quarter of fiscal year 2012, our management approved, committed to and initiated certain operational restructuring initiatives to reduce annual costs, including the simplification of our organizational structure and the consolidation of facilities. In addition, as part of the strategic plan announced during fiscal year 2012, we have divested the product lines not considered core to our business. Our restructuring actions include both our cost reduction efforts and qualifying costs associated with our divestitures. | ||||||||||||
As part of the 2012 restructuring, for the three and nine months ended August 31, 2014, we incurred minimal expenses. The expenses are recorded as restructuring expenses in the condensed consolidated statements of income. We do not expect to incur additional material costs with respect to the 2012 restructuring. | ||||||||||||
A summary of activity for the 2012 restructuring action and the accrual balance is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2013 | $ | 615 | $ | 291 | $ | 906 | ||||||
Costs incurred | 219 | (21 | ) | 198 | ||||||||
Cash disbursements | (480 | ) | (272 | ) | (752 | ) | ||||||
Translation adjustments and other | (11 | ) | 2 | (9 | ) | |||||||
Balance, August 31, 2014 | $ | 343 | $ | — | $ | 343 | ||||||
Cash disbursements under the 2012 restructuring are expected to be made through fiscal year 2016. The short-term portion of the restructuring reserve of $0.3 million is included in other accrued liabilities and the long-term portion, which is minimal, is included in other noncurrent liabilities on the condensed consolidated balance sheet at August 31, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our income tax provision for the nine months ended August 31, 2014 and 2013 reflects our estimates of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events which are recorded in the period they occur. The estimates are reevaluated each quarter based on our estimated tax expense for the full fiscal year. | |
Our Federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2011, and we are no longer subject to audit for those periods. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2009, and we are no longer subject to audit for those periods. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations on an interim basis (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 11,095 | $ | 7,204 | $ | 34,994 | $ | 25,159 | ||||||||
Weighted average shares outstanding | 50,383 | 53,532 | 50,975 | 55,451 | ||||||||||||
Dilutive impact from common stock equivalents | 548 | 857 | 615 | 841 | ||||||||||||
Diluted weighted average shares outstanding | 50,931 | 54,389 | 51,590 | 56,292 | ||||||||||||
Basic earnings per share from continuing operations | $ | 0.22 | $ | 0.13 | $ | 0.69 | $ | 0.45 | ||||||||
Diluted earnings per share from continuing operations | $ | 0.22 | $ | 0.13 | $ | 0.68 | $ | 0.45 | ||||||||
We excluded stock awards representing approximately 351,000 shares and 383,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2014, respectively, because these awards were anti-dilutive. In the three and nine months ended August 31, 2013, we excluded stock awards representing 455,000 shares and 875,000 shares of common stock, respectively, from the calculation of diluted earnings per share. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Aug. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Effective September 1, 2014, we began operating as three distinct business units: OpenEdge, Application Development and Deployment, and Data Connectivity and Integration, each with dedicated sales, product management and product marketing functions. As a result of these changes, we expect to adopt segment reporting for our three business units beginning in the fourth fiscal quarter of 2014. | |
On October 1, 2014, we acquired 100% of the capital stock of BravePoint, Inc. (BravePoint) from Chesapeake Utilities Corporation in exchange for an aggregate sum of $12.0 million in cash. BravePoint is based in Norcross, Georgia and is a leading provider of consulting, training and application development services designed to increase customers' profitability and competitiveness through the use of technology. As a result of the timing of the close of the transaction, the initial accounting for the business combination was incomplete through the date our condensed consolidated financial statements were issued. In connection with the acquisition, we expect any resulting goodwill to be deductible for tax purposes. Results of operations for BravePoint will be included in our consolidated financial statements as part of the OpenEdge business unit from the date of acquisition. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2013. | |
We made no significant changes in the application of our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2013. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our Annual Report on Form 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements - In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 brings consistency to the accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. This guidance is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015. Early adoption is permitted. In addition, all entities will have the option of applying the guidance either prospectively (i.e., only to awards granted or modified on or after the effective date of the ASU) or retrospectively. We are currently evaluating the effect that implementation of this update will have on our consolidated financial position and results of operations upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016; early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. This update could impact the timing and amounts of revenue recognized. We are currently evaluating the effect that implementation of this update will have on our consolidated financial position and results of operations upon adoption. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on our financial position, results of operations or cash flows. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05). ASU 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or a business within a foreign entity. ASU 2013-05 is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our financial position, results of operations or cash flows. |
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ' | |||||||||||||||||||||||
Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments | ' | |||||||||||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2014 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 173,237 | $ | — | $ | — | $ | 173,237 | ||||||||||||||||
Money market funds | 69,143 | — | — | 69,143 | ||||||||||||||||||||
State and municipal bond obligations | 18,800 | 112 | — | 18,912 | ||||||||||||||||||||
Total | $ | 261,180 | $ | 112 | $ | — | $ | 261,292 | ||||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2013 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Realized Losses | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 144,305 | $ | — | $ | — | $ | — | $ | 144,305 | ||||||||||||||
Money market funds | 54,513 | — | — | — | 54,513 | |||||||||||||||||||
State and municipal bond obligations | 30,938 | — | 164 | — | 31,102 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,150 | (380 | ) | — | (3,317 | ) | 23,453 | |||||||||||||||||
Auction rate securities – student loans | 3,500 | — | — | (672 | ) | 2,828 | ||||||||||||||||||
Total | $ | 260,406 | $ | (380 | ) | $ | 164 | $ | (3,989 | ) | $ | 256,201 | ||||||||||||
Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification | ' | |||||||||||||||||||||||
Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): | ||||||||||||||||||||||||
August 31, 2014 | November 30, 2013 | |||||||||||||||||||||||
Cash and | Short-Term | Long-Term | Cash and | Short-Term | Long-Term | |||||||||||||||||||
Equivalents | Investments | Investments | Equivalents | Investments | Investments | |||||||||||||||||||
Cash | $ | 173,237 | $ | — | $ | — | $ | 144,305 | $ | — | $ | — | ||||||||||||
Money market funds | 69,143 | — | — | 54,513 | — | — | ||||||||||||||||||
State and municipal bond obligations | — | 18,912 | — | — | 31,102 | — | ||||||||||||||||||
Auction rate securities – municipal bonds | — | — | — | — | 1,520 | 21,933 | ||||||||||||||||||
Auction rate securities – student loans | — | — | — | — | — | 2,828 | ||||||||||||||||||
Total | $ | 242,380 | $ | 18,912 | $ | — | $ | 198,818 | $ | 32,622 | $ | 24,761 | ||||||||||||
Fair Value of Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||
The fair value of debt securities by contractual maturity is as follows (in thousands): | ||||||||||||||||||||||||
August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Due in one year or less (1) | $ | 11,664 | $ | 42,198 | ||||||||||||||||||||
Due after one year (2) | 7,248 | 15,185 | ||||||||||||||||||||||
Total | $ | 18,912 | $ | 57,383 | ||||||||||||||||||||
-1 | Amounts as of November 30, 2013 include ARS which are tendered for interest-rate setting purposes periodically throughout the year. | |||||||||||||||||||||||
-2 | Includes state and municipal bond obligations, which are securities representing investments available for current operations and are classified as current in the consolidated balance sheets. | |||||||||||||||||||||||
Investments with Continuous Unrealized Losses and Their Related Fair Values | ' | |||||||||||||||||||||||
We did not hold any investments with continuous unrealized losses as of August 31, 2014. Investments with continuous unrealized losses and their related fair values at November 30, 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Auction rate securities – municipal bonds | $ | — | $ | — | $ | 21,933 | $ | (3,317 | ) | $ | 21,933 | $ | (3,317 | ) | ||||||||||
Auction rate securities – student loans | — | — | 2,828 | (672 | ) | 2,828 | (672 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 24,761 | $ | (3,989 | ) | $ | 24,761 | $ | (3,989 | ) | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Outstanding Foreign Currency Forward Contracts | ' | |||||||||||||||
The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): | ||||||||||||||||
August 31, 2014 | November 30, 2013 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Forward contracts to sell U.S. dollars | $ | 25,458 | $ | 35 | $ | 26,016 | $ | 79 | ||||||||
Forward contracts to purchase U.S. dollars | 10,096 | (266 | ) | 22,483 | 92 | |||||||||||
Total | $ | 35,554 | $ | (231 | ) | $ | 48,499 | $ | 171 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets | ' | |||||||||||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2014 (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 69,143 | $ | 69,143 | $ | — | $ | — | ||||||||
State and municipal bond obligations | 18,912 | — | 18,912 | — | ||||||||||||
Foreign exchange derivatives | (231 | ) | — | (231 | ) | — | ||||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (1,651 | ) | $ | — | $ | — | $ | (1,651 | ) | ||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 54,513 | $ | 54,513 | $ | — | $ | — | ||||||||
State and municipal bond obligations | 31,102 | — | 31,102 | — | ||||||||||||
Auction rate securities – municipal bonds | 23,453 | — | 1,520 | 21,933 | ||||||||||||
Auction rate securities – student loans | 2,828 | — | — | 2,828 | ||||||||||||
Foreign exchange derivatives | 171 | — | 171 | — | ||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration | (388 | ) | — | — | (388 | ) | ||||||||||
Activity for Financial Assets Measured at Fair Value Using Level 3 Inputs | ' | |||||||||||||||
The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs for each period presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 25,056 | $ | 26,500 | $ | 24,761 | $ | 26,321 | ||||||||
Redemptions and sales | (26,196 | ) | — | (26,196 | ) | (25 | ) | |||||||||
Realized losses included in earnings | (2,554 | ) | — | (2,554 | ) | — | ||||||||||
Unrealized gains included in accumulated other comprehensive loss | 3,694 | 73 | 3,989 | 277 | ||||||||||||
Balance, end of period | $ | — | $ | 26,573 | $ | — | $ | 26,573 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table reflects the activity for our liabilities measured at fair value using Level 3 inputs for each period presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 1,649 | $ | 379 | $ | 388 | $ | — | ||||||||
Incurrence of contingent purchase price liability | — | — | 1,450 | 379 | ||||||||||||
Payments of contingent consideration | — | — | (210 | ) | — | |||||||||||
Changes in fair value included in operating expenses | 2 | 4 | 23 | 4 | ||||||||||||
Balance, end of period | $ | 1,651 | $ | 383 | $ | 1,651 | $ | 383 | ||||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||||||||
Intangible assets are comprised of the following significant classes (in thousands): | ||||||||||||||||||||||||
31-Aug-14 | 30-Nov-13 | |||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Purchased technology | $ | 51,979 | $ | (38,468 | ) | $ | 13,511 | $ | 44,793 | $ | (36,712 | ) | $ | 8,081 | ||||||||||
Customer-related and other | 19,724 | (18,096 | ) | 1,628 | 19,543 | (17,674 | ) | 1,869 | ||||||||||||||||
Total | $ | 71,703 | $ | (56,564 | ) | $ | 15,139 | $ | 64,336 | $ | (54,386 | ) | $ | 9,950 | ||||||||||
Schedule Of Future Amortization Expense From Intangible Assets Held | ' | |||||||||||||||||||||||
Future amortization expense for intangible assets as of August 31, 2014, is as follows (in thousands): | ||||||||||||||||||||||||
Remainder of 2014 | $ | 898 | ||||||||||||||||||||||
2015 | 3,482 | |||||||||||||||||||||||
2016 | 2,979 | |||||||||||||||||||||||
2017 | 2,979 | |||||||||||||||||||||||
2018 | 2,162 | |||||||||||||||||||||||
Thereafter | 2,639 | |||||||||||||||||||||||
Total | $ | 15,139 | ||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
Changes in the carrying amount of goodwill in the nine months ended August 31, 2014, are as follows (in thousands): | ||||||||||||||||||||||||
Balance, November 30, 2013 | $ | 224,286 | ||||||||||||||||||||||
Additions | 6,433 | |||||||||||||||||||||||
Translation adjustments | (42 | ) | ||||||||||||||||||||||
Balance, August 31, 2014 | $ | 230,677 | ||||||||||||||||||||||
Divestitures_Tables
Divestitures (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The components included in discontinued operations on the condensed consolidated statements of income are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, 2014 | August 31, 2013 | August 31, 2014 | August 31, 2013 | |||||||||||||
Revenue | $ | — | $ | 537 | $ | — | $ | 16,143 | ||||||||
Loss before income taxes | — | (6,221 | ) | — | (9,338 | ) | ||||||||||
Income tax benefit | — | (1,790 | ) | — | (2,223 | ) | ||||||||||
Gain on sale, net of tax | — | 22,070 | — | 41,827 | ||||||||||||
Income from discontinued operations, net | $ | — | $ | 17,639 | $ | — | $ | 34,712 | ||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||
Aug. 31, 2014 | ||||||
Modulus [Member] | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Schedule of Allocation of the Purchase Price | ' | |||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Total | Life | |||||
Net working capital | $ | 7 | ||||
Acquired intangible assets | 7,320 | 7 Years | ||||
Trade name | 190 | 7 Years | ||||
Goodwill | 6,433 | |||||
Net assets acquired | $ | 13,950 | ||||
Rollbase [Member] | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Schedule of Allocation of the Purchase Price | ' | |||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Total | Life | |||||
Cash | $ | 50 | ||||
Acquired intangible assets | 7,960 | 1 to 5 years | ||||
Goodwill | 4,798 | |||||
Deferred taxes | (2,921 | ) | ||||
Accounts payable and other liabilities | (8 | ) | ||||
Net assets acquired | $ | 9,879 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Classification of Stock-Based Compensation | ' | |||||||||||||||
The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of income (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of maintenance and services | $ | 141 | $ | 133 | $ | 439 | $ | 500 | ||||||||
Sales and marketing | 1,546 | 748 | 3,736 | 2,668 | ||||||||||||
Product development | 1,407 | 999 | 4,186 | 3,687 | ||||||||||||
General and administrative | 3,846 | 2,720 | 9,833 | 7,215 | ||||||||||||
Stock-based compensation from continuing operations | 6,940 | 4,600 | 18,194 | 14,070 | ||||||||||||
Income from discontinued operations | — | 973 | — | 2,290 | ||||||||||||
Total stock-based compensation | $ | 6,940 | $ | 5,573 | $ | 18,194 | $ | 16,360 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2014 (in thousands): | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Investments | Accumulated Other Comprehensive Loss | ||||||||||
Balance, December 1, 2013 | $ | (9,249 | ) | $ | (2,410 | ) | $ | (11,659 | ) | |||
Other comprehensive income before reclassifications, net of tax | 93 | 816 | 909 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to realized losses included in earnings, net of tax | — | 1,617 | 1,617 | |||||||||
Balance, August 31, 2014 | $ | (9,156 | ) | $ | 23 | $ | (9,133 | ) | ||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
2013 Restructuring Activities [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Summary of Restructuring Activity | ' | |||||||||||
A summary of activity for the 2013 restructuring action and the accrual balance is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2013 | $ | 569 | $ | 1,077 | $ | 1,646 | ||||||
Costs incurred | 250 | 67 | 317 | |||||||||
Cash disbursements | (507 | ) | (1,146 | ) | (1,653 | ) | ||||||
Translation adjustments and other | (2 | ) | 2 | — | ||||||||
Balance, August 31, 2014 | $ | 310 | $ | — | $ | 310 | ||||||
2012 Restructuring Activities [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Summary of Restructuring Activity | ' | |||||||||||
A summary of activity for the 2012 restructuring action and the accrual balance is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2013 | $ | 615 | $ | 291 | $ | 906 | ||||||
Costs incurred | 219 | (21 | ) | 198 | ||||||||
Cash disbursements | (480 | ) | (272 | ) | (752 | ) | ||||||
Translation adjustments and other | (11 | ) | 2 | (9 | ) | |||||||
Balance, August 31, 2014 | $ | 343 | $ | — | $ | 343 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share from continuing operations on an interim basis (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 11,095 | $ | 7,204 | $ | 34,994 | $ | 25,159 | ||||||||
Weighted average shares outstanding | 50,383 | 53,532 | 50,975 | 55,451 | ||||||||||||
Dilutive impact from common stock equivalents | 548 | 857 | 615 | 841 | ||||||||||||
Diluted weighted average shares outstanding | 50,931 | 54,389 | 51,590 | 56,292 | ||||||||||||
Basic earnings per share from continuing operations | $ | 0.22 | $ | 0.13 | $ | 0.69 | $ | 0.45 | ||||||||
Diluted earnings per share from continuing operations | $ | 0.22 | $ | 0.13 | $ | 0.68 | $ | 0.45 | ||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 21 Months Ended |
Aug. 31, 2013 | |
Lines | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of product lines divested | 11 |
Cash_Cash_Equivalents_and_Inve2
Cash, Cash Equivalents and Investments (Summary Of Cash, Cash Equivalents And Trading And Available-For-Sale Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2014 |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | $260,406 | $261,180 |
Realized Losses | -380 | ' |
Unrealized Gains | 164 | 112 |
Unrealized Losses | -3,989 | 0 |
Fair Value | 256,201 | 261,292 |
State and municipal bond obligations [Member] | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | 30,938 | 18,800 |
Realized Losses | 0 | ' |
Unrealized Gains | 164 | 112 |
Unrealized Losses | 0 | 0 |
Fair Value | 31,102 | 18,912 |
Auction rate securities - municipal bonds [Member] | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | 27,150 | ' |
Realized Losses | -380 | ' |
Unrealized Gains | 0 | ' |
Unrealized Losses | -3,317 | ' |
Fair Value | 23,453 | ' |
Auction rate securities - student loans [Member] | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | 3,500 | ' |
Realized Losses | 0 | ' |
Unrealized Gains | 0 | ' |
Unrealized Losses | -672 | ' |
Fair Value | 2,828 | ' |
Cash [Member] | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | 144,305 | 173,237 |
Fair Value | 144,305 | 173,237 |
Money market funds [Member] | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' |
Amortized Cost Basis | 54,513 | 69,143 |
Fair Value | $54,513 | $69,143 |
Cash_Cash_Equivalents_and_Inve3
Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and Equivalents | $242,380 | $198,818 | $215,342 | $301,792 |
Short-Term Investments | 18,912 | 32,622 | ' | ' |
Long-Term Investments | 0 | 24,761 | ' | ' |
State and municipal bond obligations [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Short-Term Investments | 18,912 | 31,102 | ' | ' |
Long-Term Investments | 0 | 0 | ' | ' |
Auction rate securities - municipal bonds [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Short-Term Investments | 0 | 1,520 | ' | ' |
Long-Term Investments | 0 | 21,933 | ' | ' |
Auction rate securities - student loans [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Short-Term Investments | 0 | 0 | ' | ' |
Long-Term Investments | 0 | 2,828 | ' | ' |
Cash [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and Equivalents | 173,237 | 144,305 | ' | ' |
Money market funds [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and Equivalents | $69,143 | $54,513 | ' | ' |
Cash_Cash_Equivalents_and_Inve4
Cash, Cash Equivalents and Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Redemptions and sales of auction rate securities | ' | $26,196,000 | $25,000 | ' |
Loss on sale of auction rate securities | 2,600,000 | ' | ' | ' |
Investments in auction rate securities | 0 | 0 | ' | 24,761,000 |
Unrealized Losses | 0 | 0 | ' | 3,989,000 |
Auction Rate Securities [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Investments in auction rate securities | ' | ' | ' | 24,800,000 |
Unrealized Losses | ' | ' | ' | $4,000,000 |
Percentage of par value to be received after renouncing claim | ' | ' | ' | 80.00% |
Percentage of par to be received if insurance rights retained | ' | ' | ' | 65.00% |
Percentage of par value received on investment | ' | ' | ' | 80.00% |
Cash_Cash_Equivalents_and_Inve5
Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Investments and Cash [Abstract] | ' | ' | ||
Due in one year or less | $11,664 | [1] | $42,198 | [1] |
Due after one year | 7,248 | [2] | 15,185 | [2] |
Total | $18,912 | $57,383 | ||
[1] | nclude ARS which are tendered for interest-rate setting purposes periodically throughout the year. | |||
[2] | Includes state and municipal bond obligations, which are securities representing investments available for current operations and are classified as current in the consolidated balance sheets. |
Cash_Cash_Equivalents_and_Inve6
Cash, Cash Equivalents and Investments (Investments with Continuous Unrealized Losses and Their Related Fair Values) (Details) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair Value, Less Than 12 Months | $0 |
Unrealized Losses, Less Than 12 Months | 0 |
Fair Value, 12 Months or Greater | 24,761 |
Unrealized Losses, 12 Months or Greater | -3,989 |
Total, Fair Value | 24,761 |
Total, Unrealized Losses | -3,989 |
Auction rate securities - municipal bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair Value, Less Than 12 Months | 0 |
Unrealized Losses, Less Than 12 Months | 0 |
Fair Value, 12 Months or Greater | 21,933 |
Unrealized Losses, 12 Months or Greater | -3,317 |
Total, Fair Value | 21,933 |
Total, Unrealized Losses | -3,317 |
Auction rate securities - student loans [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair Value, Less Than 12 Months | 0 |
Unrealized Losses, Less Than 12 Months | 0 |
Fair Value, 12 Months or Greater | 2,828 |
Unrealized Losses, 12 Months or Greater | -672 |
Total, Fair Value | 2,828 |
Total, Unrealized Losses | ($672) |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (Forward Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Forward Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Maximum maturity period, foreign currency derivative (in days) | ' | ' | '90 days | ' |
Gains (losses) on foreign currency forward contracts | $0.40 | ($1.30) | $1.50 | ($0.80) |
Derivative_Instruments_Outstan
Derivative Instruments (Outstanding Foreign Currency Forward Contracts) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional Value | $35,554 | $48,499 |
Total, Fair Value | -231 | 171 |
Forward contracts to sell U.S. dollars [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Value | 25,458 | 26,016 |
Foreign currency derivative contracts to purchase U.S. dollars, Fair Value | 35 | 79 |
Forward contracts to purchase U.S. dollars [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Value | 10,096 | 22,483 |
Foreign currency derivative contracts to purchase U.S. dollars, Fair Value | ($266) | $92 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Contingent consideration [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial liabilities | ($1,651) | ($388) |
Contingent consideration [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial liabilities | 0 | 0 |
Contingent consideration [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial liabilities | 0 | 0 |
Contingent consideration [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial liabilities | -1,651 | -388 |
Money market funds [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 69,143 | 54,513 |
Money market funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 69,143 | 54,513 |
Money market funds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 0 | 0 |
State and municipal bond obligations [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 18,912 | 31,102 |
State and municipal bond obligations [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 0 | 0 |
State and municipal bond obligations [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 18,912 | 31,102 |
State and municipal bond obligations [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 0 | 0 |
Auction rate securities - municipal bonds [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 23,453 |
Auction rate securities - municipal bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 0 |
Auction rate securities - municipal bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 1,520 |
Auction rate securities - municipal bonds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 21,933 |
Auction rate securities - student loans [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 2,828 |
Auction rate securities - student loans [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 0 |
Auction rate securities - student loans [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 0 |
Auction rate securities - student loans [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 2,828 |
Corporate bonds [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 171 |
Corporate bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 0 |
Corporate bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 171 |
Corporate bonds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | ' | 0 |
Foreign exchange contract [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | -231 | ' |
Foreign exchange contract [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | 0 | ' |
Foreign exchange contract [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | -231 | ' |
Foreign exchange contract [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of financial assets | $0 | ' |
Fair_Value_Measurements_Activi
Fair Value Measurements (Activity for Financial Assets Measured at Fair Value Using Level 3 Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $25,056 | $26,500 | $24,761 | $26,321 |
Redemptions and sales | -26,196 | 0 | -26,196 | -25 |
Realized losses included in earnings | -2,554 | 0 | -2,554 | 0 |
Unrealized gains included in accumulated other comprehensive loss | 3,694 | 73 | 3,989 | 277 |
Balance, end of period | $0 | $26,573 | $0 | $26,573 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information about Unobservable Inputs, Liabilities) (Details) (Contingent Consideration [Member]) | 9 Months Ended |
Aug. 31, 2014 | |
Rollbase [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Contingent consideration, discount rate | 4.80% |
Rollbase [Member] | Minimum [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Probability milestones associated with contingent consideration will be achieved | 95.00% |
Modulus [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Contingent consideration, discount rate | 33.00% |
Modulus [Member] | Minimum [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Probability milestones associated with contingent consideration will be achieved | 75.00% |
Fair_Value_Measurements_Liabil
Fair Value Measurements (Liabilities Measured at Fair Value Using Level 3 Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $1,649 | $379 | $388 | $0 |
Incurrence of contingent purchase price liability | 0 | 0 | 1,450 | 379 |
Payments of contingent consideration | 0 | 0 | -210 | 0 |
Changes in fair value included in operating expenses | 2 | 4 | 23 | 4 |
Balance, end of period | $1,651 | $383 | $1,651 | $383 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $71,703 | $64,336 |
Accumulated Amortization | -56,564 | -54,386 |
Net Book Value | 15,139 | 9,950 |
Purchased technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 51,979 | 44,793 |
Accumulated Amortization | -38,468 | -36,712 |
Net Book Value | 13,511 | 8,081 |
Customer-related and other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 19,724 | 19,543 |
Accumulated Amortization | -18,096 | -17,674 |
Net Book Value | $1,628 | $1,869 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Intangible assets, amortization expense | $1,000,000 | $700,000 | $2,300,000 | $1,400,000 |
Goodwill impairment loss | ' | ' | $0 | ' |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill (Schedule Of Future Amortization Expense From Intangible Assets Held) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Remainder of 2014 | $898 | ' |
2015 | 3,482 | ' |
2016 | 2,979 | ' |
2017 | 2,979 | ' |
2018 | 2,162 | ' |
Thereafter | 2,639 | ' |
Net Book Value | $15,139 | $9,950 |
Intangible_Assets_and_Goodwill5
Intangible Assets and Goodwill (Schedule of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Balance, November 30, 2013 | $224,286 |
Additions | 6,433 |
Translation adjustments | -42 |
Balance, August 31, 2014 | $230,677 |
Divestitures_Income_Loss_from_
Divestitures (Income (Loss) from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 |
Lines | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' |
Number of product lines divested | ' | ' | ' | ' | 11 |
Revenue | $0 | $537 | $0 | $16,143 | ' |
Loss before income taxes | 0 | -6,221 | 0 | -9,338 | ' |
Income tax benefit | 0 | -1,790 | 0 | -2,223 | ' |
Gain on sale, net of tax | 0 | 22,070 | 0 | 41,827 | ' |
Income from discontinued operations, net | $0 | $17,639 | $0 | $34,712 | ' |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | 13-May-14 | Aug. 31, 2014 | Aug. 31, 2014 | 24-May-13 | Aug. 31, 2014 | Aug. 31, 2014 | |
Modulus [Member] | Modulus [Member] | Modulus [Member] | Rollbase [Member] | Rollbase [Member] | Rollbase [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interests acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' |
Total purchase consideration | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | $9,900,000 | ' | ' |
Purchase consideration, cash | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | 9,500,000 | ' | ' |
Purchase consideration, contingent consideration | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | 400,000 | ' | ' |
Fair value of contingent liabilities | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | 13,950,000 | ' | ' | 9,879,000 | ' | ' |
Goodwill | 230,677,000 | ' | 230,677,000 | ' | 224,286,000 | 6,433,000 | ' | ' | 4,798,000 | ' | ' |
Goodwill, useful life for tax purposes | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' |
Acquisition-related costs | 572,000 | 957,000 | 3,148,000 | 2,229,000 | ' | ' | 200,000 | 200,000 | ' | ' | ' |
Expected payout period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Earn-out provision | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | ' |
Expense recognized related to contingent earn-out provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $2,500,000 |
Business_Combinations_Schedule
Business Combinations (Schedule of Net Assets Acquired) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | 13-May-14 | 13-May-14 | 13-May-14 | 24-May-13 | Aug. 31, 2014 | Aug. 31, 2014 |
In Thousands, unless otherwise specified | Finite-lived Intangible Assets, Excluding Trade Names [Member] | Trade Names [Member] | Modulus [Member] | Rollbase [Member] | Rollbase [Member] | Rollbase [Member] | ||
Customer Relationships [Member] | Purchased Technology [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Net working capital | ' | ' | ' | ' | $7 | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | 50 | ' | ' |
Acquired intangible assets | ' | ' | ' | ' | 7,320 | 7,960 | ' | ' |
Trade name | ' | ' | ' | ' | 190 | ' | ' | ' |
Goodwill | 230,677 | 224,286 | ' | ' | 6,433 | 4,798 | ' | ' |
Deferred taxes | ' | ' | ' | ' | ' | -2,921 | ' | ' |
Accounts payable and other liabilities | ' | ' | ' | ' | ' | -8 | ' | ' |
Net assets acquired | ' | ' | ' | ' | $13,950 | $9,879 | ' | ' |
Acquired intangible assets, useful life | ' | ' | '7 years | '7 years | ' | ' | '1 year | '5 years |
Line_of_Credit_Narrative_Detai
Line of Credit (Narrative) (Details) (USD $) | 9 Months Ended |
Aug. 31, 2014 | |
Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured credit facility | $150,000,000 |
Additional borrowing capacity | 75,000,000 |
Line of credit facility outstanding amount | 0 |
Standby letters of credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Additional borrowing capacity | 25,000,000 |
Letters of credit outstanding amount | 700,000 |
Swing line loans [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Additional borrowing capacity | $20,000,000 |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 9 Months Ended | |
Share data in Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 |
Common Stock Repurchases [Abstract] | ' | ' |
Common stock repurchased and retired (in shares) | 2.3 | 10.3 |
Common stock repurchased and retired | $52,600,000 | $237,400,000 |
Authorized amount for share repurchase programs | $100,000,000 | $360,000,000 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 9 Months Ended |
Aug. 31, 2014 | |
Stock Options [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock-based compensation award service period (in years) | '4 years |
Stock Options [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock-based compensation award service period (in years) | '5 years |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award market condition period | '3 years |
Stock-based compensation award service period (in years) | '3 years |
StockBased_Compensation_Classi
Stock-Based Compensation (Classification of Stock-Based Compensation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $6,940 | $5,573 | $18,194 | $16,360 |
Cost of maintenance and services [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 141 | 133 | 439 | 500 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,546 | 748 | 3,736 | 2,668 |
Product development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,407 | 999 | 4,186 | 3,687 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 3,846 | 2,720 | 9,833 | 7,215 |
Stock-based compensation from continuing operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 6,940 | 4,600 | 18,194 | 14,070 |
Income from discontinued operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $0 | $973 | $0 | $2,290 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |
Aug. 31, 2014 | Nov. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, December 1, 2013 | ($11,659,000) | ' |
Other comprehensive income before reclassifications, net of tax | 909,000 | ' |
Amounts reclassified from accumulated other comprehensive loss to realized losses included in earnings, net of tax | 1,617,000 | ' |
Balance, August 31, 2014 | -9,133,000 | ' |
Foreign Currency Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, December 1, 2013 | -9,249,000 | ' |
Other comprehensive income before reclassifications, net of tax | 93,000 | ' |
Amounts reclassified from accumulated other comprehensive loss to realized losses included in earnings, net of tax | 0 | ' |
Balance, August 31, 2014 | -9,156,000 | ' |
Unrealized Gains (Losses) on Investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, December 1, 2013 | -2,410,000 | ' |
Other comprehensive income before reclassifications, net of tax | 816,000 | ' |
Amounts reclassified from accumulated other comprehensive loss to realized losses included in earnings, net of tax | 1,617,000 | ' |
Balance, August 31, 2014 | 23,000 | ' |
Tax effect on accumulated unrealized losses on investments | ' | $1,400,000 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | |
2014 Restructuring Activities [Member] | 2014 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | |||||
Other accrued liabilities [Member] | Other accrued liabilities [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $1,680,000 | $5,401,000 | $2,001,000 | $9,127,000 | $1,500,000 | ' | ($317,000) | ' | ' | ($198,000) | ' |
Short-term restructuring reserves | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | 300,000 | ' |
Restructuring Reserve | ' | ' | ' | ' | ' | ' | 310,000 | 1,646,000 | 200,000 | 343,000 | 906,000 |
Long-term restructuring reserves | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' |
Restructuring_Charges_Summary_
Restructuring Charges (Summary of Restructuring Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Costs incurred | ($1,680) | ($5,401) | ($2,001) | ($9,127) |
2013 Restructuring Activities [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 1,646 | ' |
Costs incurred | ' | ' | 317 | ' |
Cash disbursements | ' | ' | -1,653 | ' |
Translation adjustments and other | ' | ' | 0 | ' |
Balance, August 31, 2014 | 310 | ' | 310 | ' |
2013 Restructuring Activities [Member] | Excess Facilities and Other Costs [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 569 | ' |
Costs incurred | ' | ' | 250 | ' |
Cash disbursements | ' | ' | -507 | ' |
Translation adjustments and other | ' | ' | -2 | ' |
Balance, August 31, 2014 | 310 | ' | 310 | ' |
2013 Restructuring Activities [Member] | Employee Severance and Related Benefits [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 1,077 | ' |
Costs incurred | ' | ' | 67 | ' |
Cash disbursements | ' | ' | -1,146 | ' |
Translation adjustments and other | ' | ' | 2 | ' |
Balance, August 31, 2014 | 0 | ' | 0 | ' |
2012 Restructuring Activities [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 906 | ' |
Costs incurred | ' | ' | 198 | ' |
Cash disbursements | ' | ' | -752 | ' |
Translation adjustments and other | ' | ' | -9 | ' |
Balance, August 31, 2014 | 343 | ' | 343 | ' |
2012 Restructuring Activities [Member] | Excess Facilities and Other Costs [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 615 | ' |
Costs incurred | ' | ' | 219 | ' |
Cash disbursements | ' | ' | -480 | ' |
Translation adjustments and other | ' | ' | -11 | ' |
Balance, August 31, 2014 | 343 | ' | 343 | ' |
2012 Restructuring Activities [Member] | Employee Severance and Related Benefits [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, December 1, 2013 | ' | ' | 291 | ' |
Costs incurred | ' | ' | -21 | ' |
Cash disbursements | ' | ' | -272 | ' |
Translation adjustments and other | ' | ' | 2 | ' |
Balance, August 31, 2014 | $0 | ' | $0 | ' |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations (in dollars) | $11,095 | $7,204 | $34,994 | $25,159 |
Weighted average shares outstanding (in shares) | 50,383 | 53,532 | 50,975 | 55,451 |
Dilutive impact from common stock equivalents (in shares) | 548 | 857 | 615 | 841 |
Diluted weighted average shares outstanding (in shares) | 50,931 | 54,389 | 51,590 | 56,292 |
Basic earnings per share from continuing operations (in dollars per share) | $0.22 | $0.13 | $0.69 | $0.45 |
Diluted earnings per share from continuing operations (in dollars per share) | $0.22 | $0.13 | $0.68 | $0.45 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of shares excluded from the calculation of diluted earnings per share | 351 | 455 | 383 | 875 |
Subsequent_Events_Details
Subsequent Events (Details) (BravePoint Inc. [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 01, 2014 |
BravePoint Inc. [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Equity interest acquired (as a percent) | 100.00% |
Total purchase consideration | $12 |