Progress Software (PRGS) 10-Q 7 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Feb. 28, 2022	Mar. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2022
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	14 Oak Park
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		43,766,260
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Current assets:
Cash and cash equivalents	$ 171,666	$ 155,406
Short-term investments	1,656	1,967
Total cash, cash equivalents and short-term investments	173,322	157,373
Accounts receivable (less allowances of $748 and $634, respectively)	86,601	99,815
Unbilled receivables and contract assets	27,043	25,816
Other current assets	40,401	39,549
Assets held for sale	15,255	15,255
Total current assets	342,622	337,808
Long-term unbilled receivables and contract assets	16,233	17,464
Property and equipment, net	13,933	14,345
Intangible assets, net	271,290	287,185
Goodwill	673,036	671,152
Right-of-use lease assets	23,604	25,253
Deferred tax assets	3,795	1,415
Other assets	8,603	8,915
Total assets	1,353,116	1,363,537
Current liabilities:
Current portion of long-term debt, net	6,234	25,767
Accounts payable	8,041	9,683
Accrued compensation and related taxes	24,889	47,116
Dividends payable to stockholders	8,062	7,925
Short-term operating lease liabilities	8,075	7,926
Other accrued liabilities	18,658	19,491
Short-term deferred revenue	209,771	205,021
Total current liabilities	283,730	322,929
Long-term debt, net	263,896	239,992
Convertible senior notes, net	351,038	294,535
Long-term operating lease liabilities	21,230	23,130
Long-term deferred revenue	51,771	47,359
Deferred tax liabilities	5,931	14,163
Other noncurrent liabilities	7,197	8,940
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0
Common stock, $0.01 par value, and additional paid-in capital; authorized, 200,000,000 shares; issued and outstanding, 43,766,260 shares in 2022 and 44,146,193 shares in 2021	438	441
Additional paid-in capital	303,240	354,235
Retained earnings	93,661	90,256
Accumulated other comprehensive loss	(29,016)	(32,443)
Total stockholders’ equity	368,323	412,489
Total liabilities and stockholders’ equity	$ 1,353,116	$ 1,363,537

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Assets
Allowance for accounts receivable	$ 748	$ 634
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	43,766,260	44,146,193
Common stock, shares outstanding (in shares)	43,766,260	44,146,193

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Revenue:
Total revenue	$ 144,922	$ 121,280
Costs of revenue:
Amortization of acquired intangibles	5,458	3,521
Total costs of revenue	23,212	17,991
Gross profit	121,710	103,289
Operating expenses:
Sales and marketing	33,469	29,469
Product development	28,673	24,548
General and administrative	16,991	13,424
Amortization of acquired intangibles	11,722	6,879
Restructuring expenses	511	1,157
Acquisition-related expenses	912	396
Total operating expenses	92,278	75,873
Income from operations	29,432	27,416
Other (expense) income:
Interest expense	(3,703)	(2,514)
Interest income and other, net	589	119
Foreign currency loss, net	(366)	(257)
Total other expense, net	(3,480)	(2,652)
Income before income taxes	25,952	24,764
Provision for income taxes	5,498	5,803
Net income	$ 20,454	$ 18,961
Earnings per share:
Basic (in dollars per share)	$ 0.47	$ 0.43
Diluted (in dollars per share)	$ 0.46	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	43,981	44,108
Diluted (in shares)	44,708	44,652
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175
Software licenses
Revenue:
Total revenue	$ 42,750	$ 33,317
Costs of revenue:
Cost of revenue	2,609	1,151
Maintenance and services
Revenue:
Total revenue	102,172	87,963
Costs of revenue:
Cost of revenue	$ 15,145	$ 13,319

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 20,454	$ 18,961
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,781	1,225
Unrealized gain on hedging activity, net of tax provision of $522 and $271 for the first quarter of 2022 and 2021, respectively	1,653	837
Unrealized (loss) gain on investments, net of tax benefit of $3 and $42 for the first quarter of 2022 and 2021, respectively	(7)	14
Total other comprehensive income, net of tax	3,427	2,076
Comprehensive income	$ 23,881	$ 21,037

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized loss on hedging activity	$ 522	$ 271
Tax benefit on accumulated unrealized gain on investments	$ 3	$ 42

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Cumulative effect of adoption of ASU 2020-06	Cumulative effect of adoption of ASU 2020-06Additional Paid-In Capital	Cumulative effect of adoption of ASU 2020-06Retained Earnings
Beginning balance (in shares) at Nov. 30, 2020		44,241,000
Beginning balance at Nov. 30, 2020	$ 346,013	$ 442	$ 305,802	$ 72,547	$ (32,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		56,000
Issuance of stock under employee stock purchase plan	1,545	$ 1	1,544
Exercise of stock options (in shares)		28,000
Exercise of stock options	917		917
Vesting of restricted stock units and release of deferred stock units (in shares)		28,000
Vesting of restricted stock units and release of deferred stock units	0
Withholding tax payments related to net issuance of RSUs	(892)		(892)
Stock-based compensation	6,784		6,784
Dividends declared	$ (7,851)			(7,851)
Treasury stock repurchases and retirements (in shares)	(400,000)	(353,000)
Treasury stock repurchases and retirements	$ (15,000)	$ (3)	(2,458)	(12,539)
Net income	18,961			18,961
Other comprehensive income	2,076				2,076
Ending balance (in shares) at Feb. 28, 2021		44,000,000
Ending balance at Feb. 28, 2021	352,553	$ 440	311,697	71,118	(30,702)
Beginning balance (in shares) at Nov. 30, 2020		44,241,000
Beginning balance at Nov. 30, 2020	$ 346,013	$ 442	305,802	72,547	(32,778)
Ending balance (in shares) at Nov. 30, 2021	44,146,193	44,146,000
Ending balance at Nov. 30, 2021	$ 412,489	$ 441	354,235	90,256	(32,443)	$ (42,563)	$ (47,456)	$ 4,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 Cumulative Effect, Period of Adoption [Member]
Issuance of stock under employee stock purchase plan (in shares)		63,000
Issuance of stock under employee stock purchase plan	$ 1,827	$ 1	1,826
Exercise of stock options (in shares)		19,000
Exercise of stock options	635		635
Vesting of restricted stock units and release of deferred stock units (in shares)		90,000
Vesting of restricted stock units and release of deferred stock units	0	$ 1	(1)
Withholding tax payments related to net issuance of RSUs	(3,139)		(3,139)
Stock-based compensation	8,114		8,114
Dividends declared	$ (7,921)			(7,921)
Treasury stock repurchases and retirements (in shares)	(600,000)	(552,000)
Treasury stock repurchases and retirements	$ (25,000)	$ (5)	(10,974)	(14,021)
Net income	20,454			20,454
Other comprehensive income	$ 3,427				3,427
Ending balance (in shares) at Feb. 28, 2022	43,766,260	43,766,000
Ending balance at Feb. 28, 2022	$ 368,323	$ 438	$ 303,240	$ 93,661	$ (29,016)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash flows from operating activities:
Net income	$ 20,454	$ 18,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	1,207	1,315
Amortization of acquired intangibles and other	17,486	10,547
Amortization of debt discount and issuance costs on Notes	525	0
Stock-based compensation	8,114	6,784
Non-cash lease expense	2,075	2,138
Loss on disposal of property and equipment	4	3
Deferred income taxes	2,218	656
Allowances for bad debt and sales credits	145	(382)
Changes in operating assets and liabilities:
Accounts receivable	13,192	10,841
Other assets	(1,081)	215
Inventories	418	0
Accounts payable and accrued liabilities	(27,448)	(17,762)
Lease liabilities	(2,146)	(2,258)
Income taxes payable	3	(1,469)
Deferred revenue	8,927	15,099
Net cash flows from operating activities	44,093	44,688
Cash flows from (used in) investing activities:
Sales and maturities of investments	300	1,300
Purchases of property and equipment	(831)	(1,166)
Decrease in escrow receivable and other	0	2,130
Net cash flows (used in) from investing activities	(531)	2,264
Cash flows from (used in) financing activities:
Proceeds from stock-based compensation plans	4,094	3,485
Payments for taxes related to net share settlements of equity awards	(3,139)	(892)
Repurchases of common stock	(25,000)	(15,000)
Dividend payments to stockholders	(7,784)	(7,854)
Proceeds from the issuance of debt	7,474	0
Payment of principal on long-term debt	(1,719)	(18,763)
Payment of debt issuance costs	(1,957)	0
Net cash flows used in financing activities	(28,031)	(39,024)
Effect of exchange rate changes on cash	729	1,780
Net increase in cash and cash equivalents	16,260	9,708
Cash and cash equivalents, beginning of period	155,406	97,990
Cash and cash equivalents, end of period	171,666	107,698
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $307 in 2022 and $434 in 2021	2,389	3,703
Cash paid for interest	1,432	2,283
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	7,346	2,088
Dividends declared	$ 8,062	$ 7,901

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 307	$ 434

Basis of Presentation

Basis of Presentation	3 Months Ended
	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") is dedicated to propelling business forward in a technology-driven world. Progress helps businesses drive faster cycles of innovation, fuel momentum and accelerate their path to success. As the trusted provider of the leading products to develop, deploy and manage high-impact applications, Progress enables customers to develop the applications and experiences the need, deploy where and how they want and manage it all safely and securely. Hundreds of thousands of enterprises, including 1,700 software companies and 3.5 million developers depend on Progress to achieve their goals—with confidence. Our products are generally sold as perpetual licenses, but certain products also use term licensing models and our cloud-based offerings use a subscription-based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally ISVs, original equipment manufacturers ("OEMs"), distributors and value-added resellers. ISVs develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. OEMs are companies that embed our products into their own software products or devices. Value-added resellers are companies that add features or services to our product, then resell it as an integrated product or complete "turn-key" solution. We operate in North America 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, 2021, as amended by Form 10-K/A filed on March 30, 2022 (together, the "2021 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2021 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2021 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. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 updates specific areas of ASC 740, Income Taxes, to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. The Company adopted this standard effective December 1, 2021. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial position and results of operations. Convertible Debt On December 1, 2021, we early adopted Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") on a modified retrospective basis. Under ASU 2020-06, we no longer separate the convertible senior notes into liability and equity components. We recognized the cumulative effect of initially applying this new standard as of December 1, 2021 as an adjustment to the December 1, 2021 opening balance of retained earnings. The conversion option that was previously accounted for in equity under the cash conversion model was recombined into the convertible debt outstanding, and as a result, additional paid in capital and the related unamortized debt discount on the convertible senior notes were reduced. The removal of the remaining debt discount recorded for this previous separation has the effect of increasing our net debt balance. We recorded a $47.5 million decrease to additional paid-in capital, a $56.0 million decrease to debt discount, a $4.9 million increase to retained earnings, and a $13.4 million decrease to long-term deferred tax liabilities. There was no impact to the Company’s statements of cash flows as the result of the adoption of ASU 2020-06. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. See "Note 8: Debt" for additional information regarding the terms of the Convertible Senior Notes (the "Notes"). The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share. Refer to Note 16: Earnings Per Share for effect of the convertible notes on diluted earnings per common share.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 146,323 $ — $ — $ 146,323 Money market funds 25,343 — — 25,343 U.S. treasury bonds 749 4 — 753 Corporate bonds 901 2 — 903 Total $ 173,316 $ 6 $ — $ 173,322 A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2021 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 130,371 $ — $ — $ 130,371 Money market funds 25,035 — — 25,035 U.S. treasury bonds 748 9 — 757 Corporate bonds 1,203 7 — 1,210 Total $ 157,357 $ 16 $ — $ 157,373 Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): February 28, 2022 November 30, 2021 Cash and Equivalents Short-Term Investments Cash and Equivalents Short-Term Investments Cash $ 146,323 $ — $ 130,371 $ — Money market funds 25,343 — 25,035 — U.S. treasury bonds — 753 — 757 Corporate bonds — 903 — 1,210 Total $ 171,666 $ 1,656 $ 155,406 $ 1,967 The fair value of debt securities by contractual maturity due in one year or less was $1.7 million and $2.0 million as of February 28, 2022 and November 30, 2021, respectively. There were no debt securities by contractual maturity due after one year as of February 28, 2022 or November 30, 2021. We did not hold any investments with continuous unrealized losses as of February 28, 2022 or November 30, 2021.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Cash Flow Hedge On July 9, 2019, we entered into an interest rate swap contract with an initial notional amount of $150.0 million to manage the variability of cash flows associated with approximately one-half of our variable rate debt. The contract matures on April 30, 2024 and requires periodic interest rate settlements. Under this interest rate swap contract, we receive a floating rate based on the greater of 1-month LIBOR or 0.00%, and pay a fixed rate of 1.855% on the outstanding notional amount. We have designated the interes t rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our condensed consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. On January 25, 2022, we amended our prior credit facility (see Note 8: Debt) . We reassessed the hedge in connection with the debt amendment and determined that it is still highly effective. As of February 28, 2022 , the fair value of the hedge was a loss of $0.9 million, which was included in other noncurrent liabilities on our condensed consolidated balance sheets. The following table presents our interest rate swap contract where the notional amount reflects the quarterly amortization of the interest rate swap, which is equal to approximately one-half of the corresponding reduction in the balance of our term loan as we make scheduled principal payments. The fair value of the derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands): February 28, 2022 November 30, 2021 Notional Value Fair Value Notional Value Fair Value Interest rate swap contracts designated as cash flow hedges $ 130,313 $ (903) $ 133,125 $ (3,078) Forward Contracts We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on intercompany accounts receivable and loans receivable denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries. All forward contracts are recorded at fair value on the consolidated balance sheets at the end of each reporting period and expire between 30 days and 3 years from the date the contract was entered. At February 28, 2022, $0.1 million and $0.4 million was recorded in noncurrent assets and current liabilities on our condensed consolidated balance sheets. At November 30, 2021, $0.3 million and $0.1 million were recorded in other noncurrent liabilities and other accrued liabilities, respectively, on our condensed consolidated balance sheets. In the three months ended February 28, 2022 and February 28, 2021, realized and unrealized gains of $0.3 million and $1.7 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. These gains were substantially offset by realized and unrealized losses in the offsetting positions. The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): February 28, 2022 November 30, 2021 Notional Value Fair Value Notional Value Fair Value Forward contracts to sell U.S. dollars $ 87,147 $ (319) $ 79,777 $ (371) Forward contracts to purchase U.S. dollars 28 — 119 (1) Total $ 87,175 $ (319) $ 79,896 $ (372)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at February 28, 2022 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 25,343 $ 25,343 $ — $ — U.S. treasury bonds 753 — 753 — Corporate bonds 903 — 903 — Liabilities Foreign exchange derivatives (319) — (319) — Interest rate swap $ (903) $ — $ (903) $ — The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2021 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 25,035 $ 25,035 $ — $ — U.S. treasury bonds 757 — 757 — Corporate bonds 1,210 — 1,210 — Liabilities Foreign exchange derivatives (372) — (372) — Interest rate swap $ (3,078) $ — $ (3,078) $ — When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Fair Value of the Convertible Senior Notes The Notes’ fair value, inclusive of the conversion feature embedded in the Notes, was $356.0 million as of February 28, 2022. The fair value was determined based on the Notes’ quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 1 in the fair value hierarchy. See Note 8: Debt for additional information.

Inventories

Inventories	3 Months Ended
	Feb. 28, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories were as follows (in thousands): February 28, 2022 November 30, 2021 Raw materials $ 1,192 $ 1,920 Work in process — — Finished goods 1,979 1,631 Total $ 3,171 $ 3,551 At February 28, 2022 and November 30, 2021, the inventories balances of $3.2 million and $3.6 million were recorded in other current assets on the condensed consolidated balance sheets.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Feb. 28, 2022
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): February 28, 2022 November 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology $ 212,700 $ (134,257) $ 78,443 $ 212,700 $ (128,797) $ 83,903 Customer-related 306,308 (128,519) 177,789 306,308 (119,357) 186,951 Trademarks and trade names 37,611 (22,664) 14,947 37,611 (21,556) 16,055 Non-compete agreement 2,000 (1,889) 111 2,000 (1,724) 276 Total $ 558,619 $ (287,329) $ 271,290 $ 558,619 $ (271,434) $ 287,185 In the first quarter of fiscal years 2022 and 2021, amortization expense related to intangible assets was $17.2 million and $10.4 million, respectively. Future amortization expense for intangible assets as of February 28, 2022, is as follows (in thousands): Remainder of 2022 $ 52,019 2023 68,895 2024 56,079 2025 45,569 2026 35,877 Thereafter 12,851 Total $ 271,290 Goodwill Changes in the carrying amount of goodwill in the three months ended February 28, 2022 are as follows (in thousands): Balance, November 30, 2021 $ 671,152 Measurement period adjustments 1,886 Translation adjustments (2) Balance, February 28, 2022 $ 673,036

Business Combinations

Business Combinations	3 Months Ended
	Feb. 28, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Kemp Acquisition On November 1, 2021, we completed the acquisition of the parent company of Kemp Technologies, Inc. (“Kemp”) pursuant to the Stock Purchase Agreement (the “Purchase Agreement”), dated as of September 23, 2021. The acquisition was completed for a base purchase price of $258.0 million, subject to certain customary adjustments as further described in the Purchase Agreement (the “Aggregate Consideration”), which was paid in cash from existing cash balances. Pursuant to the Purchase Agreement, $2.0 million of the Aggregate Consideration was deposited into an escrow account to secure certain potential obligations of the former Kemp equity holders. Kemp is an application experience company that helps enterprises deliver, optimize and secure applications and networks across any cloud or hybrid environment. With this acquisition, we extended our portfolio of industry-leading products in DevOps/DevSecOps, Application Development, Data Connectivity and Digital Experience, adding Application Experience Management (AX). Kemp Loadmaster and Flowmon Network Visibility products monitor application performance, and distribute and balance traffic and workloads across servers, in the cloud or on premise, ensuring high performance and availability. The Aggregate Consideration has been preliminarily allocated to Kemp’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. The preliminary fair value estimates of the net assets acquired are based upon preliminary calculations and valuations, and those estimates and assumptions are subject to change as we obtain additional information for those estimates during the measurement period (up to one year from the acquisition date). The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities was recorded as goodwill. We recorded measurement period adjustments based on our ongoing valuation and purchase price allocation procedures. We are still finalizing the valuation and purchase price allocation as it relates to the net working capital amount in the table below. The allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Adjusted Purchase Price Allocation Life Net working capital $ 27,075 $ (772) $ 26,303 Property, plant and equipment 803 (8) 795 Purchased technology 39,400 — 39,400 5 years Trade name 7,200 — 7,200 5 years Customer relationships 75,500 — 75,500 5 years Other assets 170 27 197 Other noncurrent liabilities (604) (1,133) (1,737) Deferred taxes (23,187) — (23,187) Deferred revenue (29,997) — (29,997) Goodwill 179,521 1,886 181,407 Net assets acquired $ 275,881 $ — $ 275,881 The fair value of the intangible assets was estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital. The valuation assumptions take into consideration our estimates of customer attrition, technology obsolescence, and revenue growth projections. Based on the preliminary valuation, the acquired intangible assets are comprised of customer relationships of approximately $75.5 million, existing technology of approximately $39.4 million, and trade names of approximately $7.2 million. Tangible assets acquired and assumed liabilities were recorded at fair value. As described in Note 1: Nature of Business and Summary of Significant Accounting Policies, we adopted ASU 2021-08, which amended ASC 805 to require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. We determined the acquisition date deferred revenue balance based on our assessment of the individual contracts acquired and our application of Topic 606. A significant portion of the deferred revenue is expected to be recognized in the 12 months following the acquisition. We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $181.4 million of goodwill, which is not deductible for tax purposes. Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the three months ended February 28, 2022, we incurred approximately $0.4 million of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations. We determined that disclosing the amount of Kemp related earnings included in the consolidated statements of operations is impracticable, as certain operations of Kemp were integrated into the operations of the Company from the date of acquisition. Pro Forma Information The following pro forma financial information presents the combined results of operations of Progress and Kemp as if the acquisition had occurred on December 1, 2019, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the Kemp acquisition and factually supportable. These pro forma adjustments include: (i) an increase in revenue from Kemp as a result of the application of Topic 606 to recognize and measure contract assets and contract liabilities in the business combination, (ii) a net increase in amortization expense to record amortization expense relating to the $122.1 million of acquired identifiable intangible assets, (iii) a decrease in interest expense to remove the interest expense associated with Kemp’s debt obligations, and (iv) the income tax effect of the adjustments made at the statutory tax rate of the U.S. (approximately 24.5%). The pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on December 1, 2019. These results are prepared in accordance with ASC 606. (in thousands, except per share data) Pro Forma Three Months Ended February 28, 2021 Revenue $ 135,522 Net income $ 17,178 Net income per basic share $ 0.39 Net income per diluted share $ 0.38 Chef Acquisition On October 5, 2020, we completed the acquisition of Chef Software Inc. (“Chef”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 4, 2020. The acquisition was completed for a base purchase price of $220.0 million, subject to certain customary adjustments as further described in the Merger Agreement (the “Aggregate Consideration”), which was paid in cash. Pursuant to the Merger Agreement, $12.0 million of the Aggregate Consideration was deposited into an escrow account to secure certain indemnification and other potential obligations of the former Chef equity holders. Chef is a global leader in DevOps and DevSecOps, providing complete infrastructure automation to build, deploy, manage and secure applications in modern multi-cloud and hybrid environments, as well as on-premises. Chef has enhanced our position as a trusted provider of the leading products to develop, deploy and manage high-impact business applications by providing industry-leading compliance and application automation products for multi-cloud and on-prem infrastructure. The acquisition bolstered our core offerings, enabling customers to respond faster to business demands and improve efficiency. We funded the acquisition through a combination of existing cash resources and by drawing down $98.5 million from our then-existing revolving credit facility (Note 8). The Aggregate Consideration has been allocated to Chef’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values. The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities was recorded as goodwill. We recorded measurement period adjustments in accordance with FASB’s guidance regarding business combinations in the third and fourth quarters of fiscal year 2021 based on our valuation and purchase price allocation procedures. The measurement period adjustments were completed during the fourth quarter of fiscal year 2021. The allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Final Purchase Price Allocation Life Net working capital $ 52,330 $ 147 $ 52,477 Property, plant and equipment 498 — 498 Purchased technology 38,300 — 38,300 5 years Trade name 5,700 — 5,700 5 years Customer relationships 97,300 — 97,300 7 years Other assets 122 — 122 Other noncurrent liabilities (841) — (841) Lease liabilities, net (1,810) — (1,810) Deferred taxes (7,817) 126 (7,691) Deferred revenue (12,525) — (12,525) Goodwill 59,858 (273) 59,585 Net assets acquired $ 231,115 $ — $ 231,115 The fair value of the intangible assets was estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital. The valuation assumptions take into consideration our estimates of customer attrition, technology obsolescence, and revenue growth projections. Tangible assets acquired and assumed liabilities were recorded at fair value. The valuation of the assumed deferred revenue was based on our contractual commitment to provide post-contract customer support to Chef customers and future contractual performance obligations under existing hosting arrangements. The fair value of this assumed liability was based on the estimated cost plus a reasonable margin to fulfill these service obligations. A significant portion of the deferred revenue was expected to be recognized in the 12 months following the acquisition. We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $59.6 million of goodwill, which is not deductible for tax purposes. Acquisition-related transaction costs (e.g., legal, due diligence, valuation, and other professional fees) and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. During the three months ended February 28, 2022, we incurred minimal acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations. The operations of Chef were included in our operating results beginning on the date of acquisition. We determined that disclosing the amount of Chef related earnings included in the consolidated statements of operations is impracticable, as certain operations of Chef were integrated into the operations of the Company from the date of acquisition.

Debt

Debt	3 Months Ended
	Feb. 28, 2022
Line of Credit Facility [Abstract]
Debt	Debt The Company adopted ASU 2020-06 on December 1, 2021. See Note 1 for further discussion of this recently adopted accounting policy. As of February 28, 2022, future maturities of the Company's long-term debt were as follows: (In thousands) 2026 Notes Revolving Credit Facility Total Remainder of 2022 $ — $ 5,156 $ 5,156 2023 — 6,875 6,875 2024 — 13,750 13,750 2025 — 20,625 20,625 2026 — 20,625 20,625 2027 360,000 206,250 566,250 Total face value of long-term debt 360,000 273,281 633,281 Unamortized discount and issuance costs (8,962) (3,151) (12,113) Less current portion of long-term debt, net — (6,234) (6,234) Long-term debt $ 351,038 $ 263,896 $ 614,934 Notes Payable Convertible Senior Notes and Capped Calls In April 2021, the Company issued, in a private placement to certain initial purchasers in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act in transactions not involving any public offering, for resale by the initial purchasers to persons whom the initial purchasers believe are qualified institutional buyers pursuant to Rule144A under the Securities Act, the Notes with an aggregate principal amount of $325 million, due April 15, 2026, unless earlier repurchased, redeemed or converted. The proceeds from the Notes were used or are anticipated to be used for the Capped Call Transactions (described below), working capital, and other general corporate purposes, including acquisitions. There are no required principal payments prior to maturity. In addition, the Company also granted the initial purchasers of the Notes an option to purchase up to an additional $50.0 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, April 13, 2021, of which $35 million of additional Notes were purchased for total proceeds of $360 million. The Notes bear interest at an annual rate of 1%, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021. The Company incurred approximately $10.8 million in issuance cost for the issuance of the Notes. During the three months ended February 28, 2022, the Company did not enter into any new or amended Notes. Conversion Rights The Company will satisfy its conversion obligations by paying cash up to the aggregate principal amount of Notes to be converted, by issuing shares of its common stock or a combination of cash and shares of its common stock, at its election. The initial conversion rate is 17.4525 shares of common stock per $1,000 principal amount of the Notes, representing an initial conversion price of approximately $57.30 per share of common stock. The conversion rate will be adjusted upon the occurrence of certain events, including spin-offs, tender offers, exchange offers, make-whole fundamental change and certain stockholder distributions. Repurchase Rights On or after April 20, 2024, and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the Notes, subject to the partial redemption limitation, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest, if the last reported sale price per share of the Company’s common stock exceeded 130% of the conversion price on (1) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides a redemption notice and (2) the trading day immediately before the date the Company sends such notice. Pursuant to the partial redemption limitation, the Company may not elect to redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not subject to redemption as of the time it sends the related redemption notice. If certain corporate events that constitute a “fundamental change” (as described below) occur at any time, holders may, subject to certain exceptions, require the Company to purchase their Notes in whole or in part for cash at a price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. A fundamental change relates to events such as business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. Capped Call Transactions On April 8, 2021, in connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions (“Capped Call Transactions”) with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, approximately 6.3 million shares (representing the number of shares of common stock initially underlying the Notes) of the Company’s common stock. The Capped Call Transactions are generally expected to reduce potential dilution to our common stock upon any conversion of Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the Capped Call Transactions will initially be $89.88 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $44.94 per share on April 8, 2021, and is subject to certain adjustments under the terms of the Capped Call Transactions. The cost of the purchased capped calls of $43.1 million was recorded as a reduction to additional paid-in-capital. We elected to integrate the capped call options with the applicable Notes for federal income tax purposes pursuant to applicable U.S. Treasury Regulations. Accordingly, the $43.1 million gross cost of the purchased capped calls will be deductible for income tax purposes as original discount interest over the term of the Notes. We recorded deferred tax assets of $10.6 million with respect to the capped calls which represents the tax benefit of these deductions with an offsetting entry to additional paid-in capital. Accounting for the Notes In accounting for the transaction, prior to the adoption of ASU 2020-06, the Notes were separated into liability and equity components. • The conversion option of the Notes does not require bifurcation as an embedded derivative. • The initial carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The excess of the Notes’ principal amount over the initial carrying amount of the liability component, referred to as the debt discount, is amortized as interest expense over the Notes’ contractual term - at an effective interest rate of 5.7%. • The equity component, which represents the difference between the gross proceeds and the initial liability component, was recorded as an increase to additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. The Company incurred issuance costs of $10.8 million related to the Notes, allocated between the Notes’ liability and equity components proportionate to the initial carrying amount of the liability and equity components prior to the adoption of ASU 2020-06. • Issuance costs attributable to the liability component of $8.9 million are recorded as an offset to the Notes’ principal balance. They are amortized as interest expense using the effective interest method over the contractual term of the Notes. • Issuance costs attributable to the equity component of $1.9 million are recorded as an offset to the equity component in additional paid-in capital and are not amortized. Upon adoption of ASU 2020-06 on December 1, 2021, the Company reversed the separation of the debt and equity components and accounted for the Notes wholly as debt. The Company also reversed the amortization of the debt discount that was due to the equity component, with a cumulative adjustment to retained earnings on the adoption date. Further, the Company reversed the allocation of the issuance costs to the equity component and accounted for the entire amount as debt issuance cost that will be amortized as interest expense over the remaining term at an effective interest rate of 1.63% with a cumulative adjustment to retained earnings on the adoption date. Refer to Note 1, Basis of Presentation for further details on the impact of adoption. Interest expense related to the Notes: Three Months Ended (In thousands) February 28, 2022 February 28, 2021 Contractual interest expense (1% coupon) $ 880 $ — Amortization of debt discount and issuance costs 525 — $ 1,405 $ — Prior to adoption of ASU 2020-06, the effective interest rate for the Notes was 5.71%. After the adoption of ASU 2020-06, the effective interest rates for the Notes is 1.63%. Credit Facility On January 25, 2022, the Company entered into an amended and restated credit agreement (the "Credit Agreement"), which provides for a $275.0 million secured term loan and a $300.0 million secured revolving line of credit. The revolving credit facility may be increased, and new term loan commitments may be entered into, by up to an additional amount up to the sum of (A) the greater of (x) $260.0 million and (y) 100% of Consolidated EBITDA (as defined in the Credit Agreement) and (B) an unlimited additional amount subject to pro forma compliance with a Consolidated Senior Secured Net Leverage Ratio of no greater than 3.75 to 1.00 if the existing or additional lenders are willing to make such increased commitments. The revolving line of credit has sublimits for swing line loans up to $25.0 million and for the issuance of standby letters of credit in a face amount up to $25.0 million. This new credit facility replaces our prior secured credit facility dated April 30, 2019. The amount of the term loan outstanding under our prior secured credit facility was incorporated into the amended and restated credit facility. Interest rates for the Credit Agreement are determined by reference to a term benchmark rate or a base rate at our option and would range from 1.00% to 2.00% above the term benchmark rate or would range from 0.00% to 1.00% above the defined base rate for base rate borrowings, in each case based upon our leverage ratio. Additionally, we may borrow certain foreign currencies at rates set in the same range above the respective term benchmark rates for those currencies, based on our leverage ratio. We will incur a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.125% to 0.275% per annum, based upon our leverage ratio. At closing of the revolving credit facility, the applicable interest rate and commitment fee are at the third lowest rate in each range. The Credit Agreement matures on the earlier of (i) January 25, 2027, and (ii) the date that is 181 days prior to the maturity date of our Notes subject to certain conditions as set forth in the Credit Agreement, including the repayment of the Notes, the refinancing of the Notes including a maturity date that is at least 181 days after January 25, 2027 and compliance with a liquidity test when all amounts outstanding will be due and payable in full. The revolving line of credit does not require amortization of principal. The outstanding balance of the term loan as of February 28, 2022 was $273.3 million, with $6.9 million due in the next 12 months. The term loan requires repayment of principal at the end of each fiscal quarter, beginning with the fiscal quarter ended February 28, 2022. The principal repayment amounts are in accordance with the following schedule: (i) eight payments of $1.7 million each, (ii) four payments of $3.4 million each, (iii) eight payments of $5.2 million each, and (iv) the last payment is of the remaining principal amount. Any amounts outstanding under the term loan thereafter would be due on the maturity date. The term loan may be prepaid before maturity in whole or in part at our option without penalty or premium. As of February 28, 2022, the carrying value of the term loan approximates the fair value, based on Level 2 inputs (observable market prices in less than active markets), as the interest rate is variable over the selected interest period and is similar to current rates at which we can borrow funds. The interest rate as of February 28, 2022 was 1.79%. Costs incurred to obtain our long-term debt of $3.2 million, including $1.1 million of unamortized debt issuance costs related to the previous credit agreement, are recorded as debt issuance costs as a direct deduction from the carrying value of the long-term debt liability on our condensed consolidated balance sheets as of February 28, 2022. These costs are being amortized over the term of the Credit Agreement using the effective interest rate method. Amortization expense related to the debt issuance costs was $0.3 million and $0.1 million, for the three months ended February 28, 2022 and February 28, 2021, respectively. These amounts are recorded in interest expense on our condensed consolidated statements of operations.

Leases

Leases	3 Months Ended
	Feb. 28, 2022
Leases [Abstract]
Leases	Leases Upon adoption of ASC 842, there were a number of optional practical expedients to apply in transition. The Company elected the package of practical expedients, which does not require the reassessment of prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company elected the practical expedients to combine lease and non-lease components. Contracts may be comprised of lease components, non-lease components, and elements that are not components. Each lease component represents a lessee’s right to use an underlying asset in the contract if the lessee can benefit from the right-of-use of the asset either on its own or together with other readily available resources and if the right-of-use is neither highly dependent or highly interrelated with other rights-of-use. Non-lease components include items such as common area maintenance and utilities provided by the lessor. We also elected the practical expedient to not recognize right-of-use assets and lease liabilities for short-term leases. Leases with an initial term of 12 months or less are classified as short-term leases. Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company's operating lease arrangements primarily consist of base office rent. In accordance with ASC 842, variable payments in an agreement that are not dependent on an index or rate are excluded from the calculation of ROU assets and lease liabilities. The Company makes variable payments on certain of its leases related to taxes, insurance, common area maintenance, and utilities, among other things. The Company has operating leases for administrative, product development, and sales and marketing facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company’s leases have remaining lease terms ranging from 1 year to 8 years. The Company’s lease terms may include options to extend or terminate the lease where it is reasonably certain that the Company will exercise those options. The Company considers several economic factors when making the determination as to whether the Company will exercise options to extend or terminate the lease, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of operating lease cost for the three months ended February 28, 2022 and February 28, 2021 were as follows (in thousands): Three Months Ended Three Months Ended February 28, 2022 February 28, 2021 Lease costs under long-term operating leases $ 1,764 $ 2,135 Lease costs under short-term operating leases 14 15 Variable lease cost under short-term and long-term operating leases (1) 121 115 Total operating lease cost $ 1,899 $ 2,265 (1) Lease costs that are not fixed at lease commencement. The table below presents supplemental cash flow information related to leases during the three months ended February 28, 2022 and February 28, 2021 (in thousands): Three Months Ended February 28, 2022 February 28, 2021 Cash paid for leases $ 2,146 $ 2,258 Right-of-use assets recognized for new leases and amendments (non-cash) $ 221 $ 2,338 Weighted average remaining lease term in years and weighted average discount rate are as follows: February 28, 2022 November 30, 2021 Weighted average remaining lease term in years 3.93 4.15 Weighted average discount rate 2.6 % 2.6 % Future payments under non-cancellable leases are as follows (in thousands): February 28, 2022 Remainder of 2022 $ 6,635 2023 8,201 2024 7,817 2025 5,104 2026 1,832 Thereafter 1,314 Total lease payments 30,903 Less imputed interest (1) (1,598) Present value of lease liabilities $ 29,305 (1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated as a result of a lease reassessment event.

Common Stock Repurchases

Common Stock Repurchases	3 Months Ended
	Feb. 28, 2022
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesIn January 2020, our Board of Directors increased the total share repurchase authorization from $75 million to $250 million. In the three months ended February 28, 2022 and February 28, 2021, we repurchased and retired 0.6 million shares for $25.0 million and 0.4 million shares for $15.0 million, respectively. The shares were repurchased in both periods as part of our Board of Directors authorized share repurchase program. As of February 28, 2022, there was $130.0 million remaining under the current authorization.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Feb. 28, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards, less the present value of expected dividends when applicable, measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. In 2020, 2021 and 2022, we granted performance-based restricted stock units that include two performance metrics under our Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. Vesting of the LTIP awards on the 2020 plan is based on the following: (i) 50% is based on our level of attainment of specified total stockholder return ("TSR") targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods, and (ii) 50% is based on achievement of a three-year cumulative performance condition (operating income). For the 2021 and 2022 plan, the vesting terms were changed to the following: (i) 25% is based on our level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods, and (ii) 75% is based on achievement of a three-year cumulative operating income. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award, and used the closing price of our common stock on the date of grant for the portion related to the performance condition. 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 years for options and 3 years for restricted stock units. We recognize stock-based compensation expense related to our employee stock purchase plan using an accelerated attribution method. The following table provides the classification of stock-based compensation as reflected on our condensed consolidated statements of operations (in thousands): Three Months Ended February 28, 2022 February 28, 2021 Cost of maintenance and services $ 411 $ 392 Sales and marketing 1,402 1,503 Product development 2,222 1,919 General and administrative 4,079 2,970 Total stock-based compensation $ 8,114 $ 6,784

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Feb. 28, 2022
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 three months ended February 28, 2022 (in thousands): Foreign Currency Translation Adjustment Unrealized (Losses) on Investments Unrealized (Losses) Gains on Hedging Activity Accumulated Other Comprehensive Loss Balance, December 1, 2021 $ (30,055) $ (49) $ (2,339) $ (32,443) Other comprehensive income before reclassifications, net of tax 1,781 (7) 1,653 3,427 Balance, February 28, 2022 $ (28,274) $ (56) $ (686) $ (29,016) The tax effect on accumulated unrealized (losses) gains on hedging activity and unrealized (losses) on investments was $0.2 million and $0.7 million as of February 28, 2022 and November 30, 2021, respectively.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Feb. 28, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Timing of Revenue Recognition Our revenues are derived from licensing our products, and from related services, which consist of maintenance, hosting services, and consulting and education. Information relating to revenue from external customers by revenue type is as follows (in thousands): Three Months Ended (In thousands) February 28, 2022 February 28, 2021 Performance obligations transferred at a point in time: Software licenses $ 42,750 $ 33,317 Performance obligations transferred over time: Maintenance 89,963 76,977 Services 12,209 10,986 Total revenue $ 144,922 $ 121,280 Geographic Revenue In the following table, revenue attributed to North America includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows (in thousands): Three Months Ended (In thousands) February 28, 2022 February 28, 2021 North America $ 78,093 $ 71,505 EMEA 53,702 40,240 Latin America 3,883 3,493 Asia Pacific 9,244 6,042 Total revenue $ 144,922 $ 121,280 No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our total revenue for the three months ended February 28, 2022 and February 28, 2021. Contract Balances Unbilled Receivables and Contract Assets The timing of revenue recognition may differ from the timing of customer invoicing. When revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned only on the passage of time, we record an unbilled receivable on our condensed consolidated balance sheets. Our multi-year term license arrangements, which are typically billed annually, result in revenue recognition in advance of invoicing and the recognition of unbilled receivables. As of February 28, 2022, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands): 2023 $ 8,685 2024 4,026 2025 725 Total $ 13,436 Contract assets, which arise when revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation, were $3.3 million as of February 28, 2022 and $5.0 million as of November 30, 2021. These amounts are included in unbilled receivables or long-term unbilled receivables on our condensed consolidated balance sheets. Deferred Revenue Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Our deferred revenue balance is primarily made up of deferred maintenance. As of February 28, 2022, the changes in deferred revenue were as follows (in thousands): Balance, December 1, 2021 $ 252,380 Billings and other 154,084 Revenue recognized (144,922) Balance, February 28, 2022 $ 261,542 Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of February 28, 2022, transaction price allocated to remaining performance obligations was $276 million. We expect to recognize approximately 78% of the revenue within the next year and the remainder thereafter. Deferred Contract Costs Deferred contract costs, which include certain sales incentive programs, are incremental and recoverable costs of obtaining a contract with a customer. Incremental costs of obtaining a contract with a customer are recognized as an asset if the expected benefit of those costs is longer than one year. We have applied the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include a large majority of our sales incentive programs as we have determined that annual compensation is commensurate with annual sales activities. Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three three

Restructuring Charges

Restructuring Charges	3 Months Ended
	Feb. 28, 2022
Restructuring Charges [Abstract]
Restructuring Charges	Restructuring Charges The following table provides a summary of activity for our restructuring actions, which are detailed further below (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ 4,483 $ 1,889 $ 6,372 Costs incurred 108 403 511 Cash disbursements (257) (1,162) (1,419) Translation adjustments and other — 6 6 Balance, February 28, 2022 $ 4,334 $ 1,136 $ 5,470 During the fourth quarter of fiscal year 2021, we restructured our operations in connection with the acquisition of Kemp (Note 7). This restructuring resulted in a reduction in redundant positions, primarily within the administrative functions of Kemp. For the three months ended February 28, 2022, we incurred expenses of $0.4 million, related to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations. A summary of activity for this restructuring action is as follows (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ — $ 1,882 $ 1,882 Costs incurred — 403 403 Cash disbursements — (1,155) (1,155) Translation adjustments and other — 6 6 Balance, February 28, 2022 $ — $ 1,136 $ 1,136 Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2022. Accordingly, the balance of the restructuring reserve of $1.1 million is included in other accrued liabilities on the consolidated balance sheet at February 28, 2022. We expect to incur additional expenses as part of this action related to employee costs during fiscal year 2022, but we do not expect these costs to be material. During the fourth quarter of fiscal year 2020, we restructured our operations in connection with the acquisition of Chef (Note 7). This restructuring resulted in a reduction in redundant positions, primarily within administrative functions of Chef. For the three months ended February 28, 2022, we incurred expenses of $0.1 million, related to this restructuring. The expenses are recorded as restructuring expenses in the consolidated statements of operations. A summary of activity for this restructuring action is as follows (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ 4,483 $ 7 $ 4,490 Costs incurred 108 — 108 Cash disbursements (257) (7) (264) Balance, February 28, 2022 $ 4,334 $ — $ 4,334 Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2022. Accordingly, the balance of the restructuring reserve of $4.3 million is included in other accrued liabilities, and short-term and long-term lease liabilities on the consolidated balance sheet at February 28, 2022. We expect to incur additional expenses as part of this action related to employee costs and facility closures as we consolidate offices in various locations during fiscal year 2022, but we do not expect these costs to be material.

Income Taxes

Income Taxes	3 Months Ended
	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision for the first quarter of fiscal years 2022 and 2021 reflects our estimate 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 in which they occur. The estimates are reevaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 21% in the first fiscal quarter of 2022, compared to 23% in the first fiscal quarter of 2021. The decrease is due primarily to discrete tax expense related to the vesting of our Long-Term Incentive Plan ("LTIP") in the first fiscal quarter of 2021. There were no significant discrete tax items in the first fiscal quarter of 2022. Our federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2018. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2017. Tax authorities for certain non-U.S. jurisdictions are also examining returns. With some exceptions, we are generally not subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2016 because they are closed by statute.

Earnings per share

Earnings per share	3 Months Ended
	Feb. 28, 2022
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 on an interim basis (in thousands, except per share data): Three Months Ended February 28, 2022 February 28, 2021 Net income $ 20,454 $ 18,961 Weighted average shares outstanding 43,981 44,108 Basic earnings per common share 0.47 0.43 Diluted earnings per common share: Net income 20,454 18,961 Weighted average shares outstanding 43,981 44,108 Effect of dilution from common stock equivalents 727 544 Diluted weighted average shares outstanding 44,708 44,652 Diluted earnings per share $ 0.46 $ 0.42 We excluded stock awards representing approximately 1,536,000 and 1,078,000 shares of common stock from the calculation of diluted earnings per share in the three months ended February 28, 2022 and February 28, 2021, respectively, as these awards were anti-dilutive. As a result of our adoption of ASU 2020-06 on December 1, 2021, the dilutive impact of the Notes on our calculation of diluted net income per share is considered using the if-converted method. However, because the principal amount of the Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Notes. During the three months ended February 28, 2022, we did not include the Notes in our diluted earnings per share calculation because the conversion feature in the Notes was out of the money. For periods prior to our December 1, 2021 adoption of ASU 2020-06, we applied the treasury stock method to account for the dilutive impact of the Notes for diluted earnings per share purposes.

Segment Information

Segment Information	3 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. Beginning in the second quarter of fiscal year 2021, we operate as one operating segment: software products to develop, deploy, and manage high-impact business applications. Our CODM evaluates financial information on a consolidated basis. As we operate as one operating segment, the required financial segment information can be found in the condensed consolidated financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Feb. 28, 2022
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, 2021, as amended by Form 10-K/A filed on March 30, 2022 (together, the "2021 10-K"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2021 10-K. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2021 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.
Use of Estimates	Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to: the timing and amount of revenue recognition, including the determination of the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and the transaction price allocated to performance obligations; the realization of tax assets and estimates of tax liabilities; fair values of investments in marketable securities; intangible assets and goodwill valuations; the recognition and disclosure of contingent liabilities; the collectability of accounts receivable; and assumptions used to determine the fair value of stock-based compensation. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 updates specific areas of ASC 740, Income Taxes, to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. The Company adopted this standard effective December 1, 2021. The adoption of this standard did not have a material effect on the Company's condensed consolidated financial position and results of operations. Convertible Debt On December 1, 2021, we early adopted Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06") on a modified retrospective basis. Under ASU 2020-06, we no longer separate the convertible senior notes into liability and equity components. We recognized the cumulative effect of initially applying this new standard as of December 1, 2021 as an adjustment to the December 1, 2021 opening balance of retained earnings. The conversion option that was previously accounted for in equity under the cash conversion model was recombined into the convertible debt outstanding, and as a result, additional paid in capital and the related unamortized debt discount on the convertible senior notes were reduced. The removal of the remaining debt discount recorded for this previous separation has the effect of increasing our net debt balance. We recorded a $47.5 million decrease to additional paid-in capital, a $56.0 million decrease to debt discount, a $4.9 million increase to retained earnings, and a $13.4 million decrease to long-term deferred tax liabilities. There was no impact to the Company’s statements of cash flows as the result of the adoption of ASU 2020-06. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. See "Note 8: Debt" for additional information regarding the terms of the Convertible Senior Notes (the "Notes"). The new standard requires the use of the "if-converted" method to calculate the diluted earnings per common share. Refer to Note 16: Earnings Per Share for effect of the convertible notes on diluted earnings per common share.

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Feb. 28, 2022
Investments and Cash [Abstract]
Summary of Cash, Cash Equivalents and Available-for-sale Investments	A summary of our cash, cash equivalents and available-for-sale investments at February 28, 2022 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 146,323 $ — $ — $ 146,323 Money market funds 25,343 — — 25,343 U.S. treasury bonds 749 4 — 753 Corporate bonds 901 2 — 903 Total $ 173,316 $ 6 $ — $ 173,322 A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2021 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 130,371 $ — $ — $ 130,371 Money market funds 25,035 — — 25,035 U.S. treasury bonds 748 9 — 757 Corporate bonds 1,203 7 — 1,210 Total $ 157,357 $ 16 $ — $ 157,373
Summary of Cash, Cash Equivalents and Available-for-sale Investments by Balance Sheet Classification	Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): February 28, 2022 November 30, 2021 Cash and Equivalents Short-Term Investments Cash and Equivalents Short-Term Investments Cash $ 146,323 $ — $ 130,371 $ — Money market funds 25,343 — 25,035 — U.S. treasury bonds — 753 — 757 Corporate bonds — 903 — 1,210 Total $ 171,666 $ 1,656 $ 155,406 $ 1,967

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	The following table presents our interest rate swap contract where the notional amount reflects the quarterly amortization of the interest rate swap, which is equal to approximately one-half of the corresponding reduction in the balance of our term loan as we make scheduled principal payments. The fair value of the derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands): February 28, 2022 November 30, 2021 Notional Value Fair Value Notional Value Fair Value Interest rate swap contracts designated as cash flow hedges $ 130,313 $ (903) $ 133,125 $ (3,078) The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): February 28, 2022 November 30, 2021 Notional Value Fair Value Notional Value Fair Value Forward contracts to sell U.S. dollars $ 87,147 $ (319) $ 79,777 $ (371) Forward contracts to purchase U.S. dollars 28 — 119 (1) Total $ 87,175 $ (319) $ 79,896 $ (372)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 25,343 $ 25,343 $ — $ — U.S. treasury bonds 753 — 753 — Corporate bonds 903 — 903 — Liabilities Foreign exchange derivatives (319) — (319) — Interest rate swap $ (903) $ — $ (903) $ — The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2021 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 25,035 $ 25,035 $ — $ — U.S. treasury bonds 757 — 757 — Corporate bonds 1,210 — 1,210 — Liabilities Foreign exchange derivatives (372) — (372) — Interest rate swap $ (3,078) $ — $ (3,078) $ —

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Feb. 28, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventories were as follows (in thousands): February 28, 2022 November 30, 2021 Raw materials $ 1,192 $ 1,920 Work in process — — Finished goods 1,979 1,631 Total $ 3,171 $ 3,551

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets are comprised of the following significant classes (in thousands): February 28, 2022 November 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology $ 212,700 $ (134,257) $ 78,443 $ 212,700 $ (128,797) $ 83,903 Customer-related 306,308 (128,519) 177,789 306,308 (119,357) 186,951 Trademarks and trade names 37,611 (22,664) 14,947 37,611 (21,556) 16,055 Non-compete agreement 2,000 (1,889) 111 2,000 (1,724) 276 Total $ 558,619 $ (287,329) $ 271,290 $ 558,619 $ (271,434) $ 287,185
Schedule of Future Amortization Expense From Intangible Assets Held	Future amortization expense for intangible assets as of February 28, 2022, is as follows (in thousands): Remainder of 2022 $ 52,019 2023 68,895 2024 56,079 2025 45,569 2026 35,877 Thereafter 12,851 Total $ 271,290
Schedule of Goodwill	Changes in the carrying amount of goodwill in the three months ended February 28, 2022 are as follows (in thousands): Balance, November 30, 2021 $ 671,152 Measurement period adjustments 1,886 Translation adjustments (2) Balance, February 28, 2022 $ 673,036

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Feb. 28, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Adjusted Purchase Price Allocation Life Net working capital $ 27,075 $ (772) $ 26,303 Property, plant and equipment 803 (8) 795 Purchased technology 39,400 — 39,400 5 years Trade name 7,200 — 7,200 5 years Customer relationships 75,500 — 75,500 5 years Other assets 170 27 197 Other noncurrent liabilities (604) (1,133) (1,737) Deferred taxes (23,187) — (23,187) Deferred revenue (29,997) — (29,997) Goodwill 179,521 1,886 181,407 Net assets acquired $ 275,881 $ — $ 275,881 The allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Final Purchase Price Allocation Life Net working capital $ 52,330 $ 147 $ 52,477 Property, plant and equipment 498 — 498 Purchased technology 38,300 — 38,300 5 years Trade name 5,700 — 5,700 5 years Customer relationships 97,300 — 97,300 7 years Other assets 122 — 122 Other noncurrent liabilities (841) — (841) Lease liabilities, net (1,810) — (1,810) Deferred taxes (7,817) 126 (7,691) Deferred revenue (12,525) — (12,525) Goodwill 59,858 (273) 59,585 Net assets acquired $ 231,115 $ — $ 231,115
Business Acquisition, Pro Forma Information	These results are prepared in accordance with ASC 606. (in thousands, except per share data) Pro Forma Three Months Ended February 28, 2021 Revenue $ 135,522 Net income $ 17,178 Net income per basic share $ 0.39 Net income per diluted share $ 0.38

Debt (Tables)

Debt (Tables)	3 Months Ended
	Feb. 28, 2022
Line of Credit Facility [Abstract]
Schedule of Maturities of Long-term Debt	As of February 28, 2022, future maturities of the Company's long-term debt were as follows: (In thousands) 2026 Notes Revolving Credit Facility Total Remainder of 2022 $ — $ 5,156 $ 5,156 2023 — 6,875 6,875 2024 — 13,750 13,750 2025 — 20,625 20,625 2026 — 20,625 20,625 2027 360,000 206,250 566,250 Total face value of long-term debt 360,000 273,281 633,281 Unamortized discount and issuance costs (8,962) (3,151) (12,113) Less current portion of long-term debt, net — (6,234) (6,234) Long-term debt $ 351,038 $ 263,896 $ 614,934
Schedule of Interest Expense Related to Notes	Interest expense related to the Notes: Three Months Ended (In thousands) February 28, 2022 February 28, 2021 Contractual interest expense (1% coupon) $ 880 $ — Amortization of debt discount and issuance costs 525 — $ 1,405 $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Feb. 28, 2022
Leases [Abstract]
Lease, Cost	The components of operating lease cost for the three months ended February 28, 2022 and February 28, 2021 were as follows (in thousands): Three Months Ended Three Months Ended February 28, 2022 February 28, 2021 Lease costs under long-term operating leases $ 1,764 $ 2,135 Lease costs under short-term operating leases 14 15 Variable lease cost under short-term and long-term operating leases (1) 121 115 Total operating lease cost $ 1,899 $ 2,265 (1) Lease costs that are not fixed at lease commencement. The table below presents supplemental cash flow information related to leases during the three months ended February 28, 2022 and February 28, 2021 (in thousands): Three Months Ended February 28, 2022 February 28, 2021 Cash paid for leases $ 2,146 $ 2,258 Right-of-use assets recognized for new leases and amendments (non-cash) $ 221 $ 2,338 Weighted average remaining lease term in years and weighted average discount rate are as follows: February 28, 2022 November 30, 2021 Weighted average remaining lease term in years 3.93 4.15 Weighted average discount rate 2.6 % 2.6 %
Lessee, Operating Lease, Liability, Maturity	Future payments under non-cancellable leases are as follows (in thousands): February 28, 2022 Remainder of 2022 $ 6,635 2023 8,201 2024 7,817 2025 5,104 2026 1,832 Thereafter 1,314 Total lease payments 30,903 Less imputed interest (1) (1,598) Present value of lease liabilities $ 29,305 (1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated as a result of a lease reassessment event.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Feb. 28, 2022
Share-based Payment Arrangement [Abstract]
Classification of Stock-based Compensation	The following table provides the classification of stock-based compensation as reflected on our condensed consolidated statements of operations (in thousands): Three Months Ended February 28, 2022 February 28, 2021 Cost of maintenance and services $ 411 $ 392 Sales and marketing 1,402 1,503 Product development 2,222 1,919 General and administrative 4,079 2,970 Total stock-based compensation $ 8,114 $ 6,784

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Feb. 28, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated balances of other comprehensive loss during the three months ended February 28, 2022 (in thousands): Foreign Currency Translation Adjustment Unrealized (Losses) on Investments Unrealized (Losses) Gains on Hedging Activity Accumulated Other Comprehensive Loss Balance, December 1, 2021 $ (30,055) $ (49) $ (2,339) $ (32,443) Other comprehensive income before reclassifications, net of tax 1,781 (7) 1,653 3,427 Balance, February 28, 2022 $ (28,274) $ (56) $ (686) $ (29,016)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Feb. 28, 2022
Revenue from Contract with Customer [Abstract]
Revenue From External Customers by Products and Services	Our revenues are derived from licensing our products, and from related services, which consist of maintenance, hosting services, and consulting and education. Information relating to revenue from external customers by revenue type is as follows (in thousands): Three Months Ended (In thousands) February 28, 2022 February 28, 2021 Performance obligations transferred at a point in time: Software licenses $ 42,750 $ 33,317 Performance obligations transferred over time: Maintenance 89,963 76,977 Services 12,209 10,986 Total revenue $ 144,922 $ 121,280
Revenue From External Customers From Different Geographical Areas	In the following table, revenue attributed to North America includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows (in thousands): Three Months Ended (In thousands) February 28, 2022 February 28, 2021 North America $ 78,093 $ 71,505 EMEA 53,702 40,240 Latin America 3,883 3,493 Asia Pacific 9,244 6,042 Total revenue $ 144,922 $ 121,280
Schedule of Contract With Customer, Asset and Liability	As of February 28, 2022, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands): 2023 $ 8,685 2024 4,026 2025 725 Total $ 13,436 As of February 28, 2022, the changes in deferred revenue were as follows (in thousands): Balance, December 1, 2021 $ 252,380 Billings and other 154,084 Revenue recognized (144,922) Balance, February 28, 2022 $ 261,542

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Feb. 28, 2022
Restructuring Charges [Abstract]
Summary of Restructuring Activity	The following table provides a summary of activity for our restructuring actions, which are detailed further below (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ 4,483 $ 1,889 $ 6,372 Costs incurred 108 403 511 Cash disbursements (257) (1,162) (1,419) Translation adjustments and other — 6 6 Balance, February 28, 2022 $ 4,334 $ 1,136 $ 5,470 A summary of activity for this restructuring action is as follows (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ — $ 1,882 $ 1,882 Costs incurred — 403 403 Cash disbursements — (1,155) (1,155) Translation adjustments and other — 6 6 Balance, February 28, 2022 $ — $ 1,136 $ 1,136 A summary of activity for this restructuring action is as follows (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2021 $ 4,483 $ 7 $ 4,490 Costs incurred 108 — 108 Cash disbursements (257) (7) (264) Balance, February 28, 2022 $ 4,334 $ — $ 4,334

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Feb. 28, 2022
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 on an interim basis (in thousands, except per share data): Three Months Ended February 28, 2022 February 28, 2021 Net income $ 20,454 $ 18,961 Weighted average shares outstanding 43,981 44,108 Basic earnings per common share 0.47 0.43 Diluted earnings per common share: Net income 20,454 18,961 Weighted average shares outstanding 43,981 44,108 Effect of dilution from common stock equivalents 727 544 Diluted weighted average shares outstanding 44,708 44,652 Diluted earnings per share $ 0.46 $ 0.42

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Thousands, developer in Millions	3 Months Ended
	Feb. 28, 2022USD ($)developersoftware_vendor	Nov. 30, 2021USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of independent software vendors (more than) | software_vendor	1,700
Number of developers | developer	3.5
Decrease to additional Paid in Capital	$ (303,240)	$ (354,235)
Retained earnings	93,661	90,256
Decrease to deferred tax liabilities	(5,931)	$ (14,163)
Cumulative effect of adoption of ASU 2020-06 | Accounting Standards Update 2020-06
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Decrease to additional Paid in Capital	47,500
Decrease to debt discount	56,000
Retained earnings	4,900
Decrease to deferred tax liabilities	$ 13,400

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Summary Of Cash, Cash Equivalents and Available-For-Sale Investments (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 171,666	$ 155,406
Unrealized Gains	6	16
Unrealized Losses	0	0
Total Amortized Cost Basis	173,316	157,357
Total Fair Value	173,322	157,373
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	749	748
Unrealized Gains	4	9
Unrealized Losses	0	0
Fair Value	753	757
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Amortized Cost Basis	901	1,203
Unrealized Gains	2	7
Unrealized Losses	0	0
Fair Value	903	1,210
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	146,323	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 25,343	$ 25,035

Cash, Cash Equivalents and In_4

Cash, Cash Equivalents and Investments - Summary of Cash, Cash Equivalents and Available-for-sale Investments by Balance Sheet Classification (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 171,666	$ 155,406
Short-Term Investments	1,656	1,967
U.S. treasury bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	753	757
Corporate bonds
Cash, Cash Equivalents and Investments [Line Items]
Short-Term Investments	903	1,210
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	146,323	130,371
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and Equivalents	$ 25,343	$ 25,035

Cash, Cash Equivalents and In_5

Cash, Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Investments and Cash [Abstract]
Due in one year or less	$ 1.7	$ 2

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021	Jul. 09, 2019
Derivative [Line Items]
Derivative liabilities, at fair value, net	$ 319		$ 372
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities, at fair value, net	900
Interest Rate Swap
Derivative [Line Items]
Notional amount				$ 150,000
Fixed interest rate				1.855%
Derivative liabilities, at fair value, net	$ 903		3,078
Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate				0.00%
Forward Contracts
Derivative [Line Items]
Minimum maturity period, foreign currency derivative	30 days
Maximum maturity period, foreign currency derivative	3 years
Derivative, gain (loss) on derivative, net	$ 300	$ 1,700
Forward Contracts | Noncurrent Assets
Derivative [Line Items]
Derivative asset	100
Forward Contracts | Current Liabilities
Derivative [Line Items]
Derivative liabilities	$ 400
Forward Contracts | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liabilities			300
Forward Contracts | Accrued Liabilities
Derivative [Line Items]
Derivative liabilities			$ 100

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Derivative [Line Items]
Notional Value	$ 87,175	$ 79,896
Fair Value	(319)	(372)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	130,313	133,125
Fair Value	(903)	(3,078)
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	87,147	79,777
Fair Value	(319)	(371)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	28	119
Fair Value	$ 0	$ (1)

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 25,343	$ 25,035
Money market funds | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	25,343	25,035
Money market funds | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Money market funds | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	753	757
U.S. treasury bonds | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
U.S. treasury bonds | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	753	757
U.S. treasury bonds | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	903	1,210
Corporate bonds | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Corporate bonds | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	903	1,210
Corporate bonds | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0	0
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(319)	(372)
Foreign exchange derivatives | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Foreign exchange derivatives | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(319)	(372)
Foreign exchange derivatives | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(903)	(3,078)
Interest rate swap | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0	0
Interest rate swap | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(903)	(3,078)
Interest rate swap | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Feb. 28, 2022USD ($)
Convertible Debt
Debt Instrument [Line Items]
Fair value notes	$ 356

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Inventory [Line Items]
Raw materials	$ 1,192	$ 1,920
Work in process	0	0
Finished goods	1,979	1,631
Total	3,171	3,551
Other Current Assets
Inventory [Line Items]
Total	$ 3,200	$ 3,600

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558,619	$ 558,619
Accumulated Amortization	(287,329)	(271,434)
Net Book Value	271,290	287,185
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	212,700	212,700
Accumulated Amortization	(134,257)	(128,797)
Net Book Value	78,443	83,903
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	306,308	306,308
Accumulated Amortization	(128,519)	(119,357)
Net Book Value	177,789	186,951
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,611	37,611
Accumulated Amortization	(22,664)	(21,556)
Net Book Value	14,947	16,055
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,000	2,000
Accumulated Amortization	(1,889)	(1,724)
Net Book Value	$ 111	$ 276

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangibles and other	$ 17.2	$ 10.4

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule Of Future Amortization Expense (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 52,019
2023	68,895
2024	56,079
2025	45,569
2026	35,877
Thereafter	12,851
Net Book Value	$ 271,290	$ 287,185

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2022USD ($)
Goodwill [Roll Forward]
Balance, November 30, 2021	$ 671,152
Measurement period adjustments	1,886
Translation adjustments	(2)
Balance, February 28, 2022	$ 673,036

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Oct. 05, 2020	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Acquisition-related expenses			$ 912	$ 396
Federal statutory income tax rate, percent			24.50%
Credit Agreement | Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from lines of credit		$ 98,500
Kemp Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition	$ 258,000
Escrow deposit	2,000
Intangible assets			$ 122,100
Goodwill, expected tax deductible amount	181,400
Acquisition-related expenses			400
Kemp Acquisition | Customer relationships
Business Acquisition [Line Items]
Intangible assets	75,500		75,500
Kemp Acquisition | Purchased technology
Business Acquisition [Line Items]
Intangible assets	39,400		39,400
Kemp Acquisition | Trade name
Business Acquisition [Line Items]
Intangible assets	$ 7,200		7,200
Chef Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition		220,000
Escrow deposit		12,000
Goodwill, expected tax deductible amount		59,600
Chef Acquisition | Customer relationships
Business Acquisition [Line Items]
Intangible assets		97,300	97,300
Chef Acquisition | Purchased technology
Business Acquisition [Line Items]
Intangible assets		38,300	38,300
Chef Acquisition | Trade name
Business Acquisition [Line Items]
Intangible assets		$ 5,700	$ 5,700

Business Combinations - Schedul

Business Combinations - Schedule of Net Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 05, 2020	Feb. 28, 2022	Feb. 28, 2022	Feb. 28, 2022	Nov. 30, 2021	Nov. 01, 2021
Business Acquisition [Line Items]
Goodwill		$ 673,036	$ 673,036	$ 673,036	$ 671,152
Measurement Period Adjustments
Goodwill		1,886
Kemp Acquisition
Business Acquisition [Line Items]
Net working capital		26,303	26,303	26,303		$ 27,075
Property, plant and equipment		795	795	795		803
Intangible assets		122,100	122,100	122,100
Other assets		197	197	197		170
Other noncurrent liabilities		(1,737)	(1,737)	(1,737)		(604)
Deferred taxes		(23,187)	(23,187)	(23,187)		(23,187)
Deferred revenue		(29,997)	(29,997)	(29,997)		(29,997)
Goodwill		181,407	181,407	181,407		179,521
Net assets acquired		275,881	275,881	275,881		275,881
Measurement Period Adjustments
Net working capital			(772)
Property, plant and equipment			(8)
Other assets			27
Other noncurrent liabilities			(1,133)
Goodwill			1,886
Net assets acquired			0
Kemp Acquisition | Purchased technology
Business Acquisition [Line Items]
Intangible assets		39,400	$ 39,400	39,400		39,400
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Kemp Acquisition | Trade name
Business Acquisition [Line Items]
Intangible assets		7,200	$ 7,200	7,200		7,200
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Kemp Acquisition | Customer relationships
Business Acquisition [Line Items]
Intangible assets		75,500	$ 75,500	75,500		$ 75,500
Measurement Period Adjustments
Finite-lived intangible assets, useful life			5 years
Chef Acquisition
Business Acquisition [Line Items]
Net working capital	$ 52,330	52,477	$ 52,477	52,477
Property, plant and equipment	498	498	498	498
Other assets	122	122	122	122
Other noncurrent liabilities	(841)	(841)	(841)	(841)
Lease liabilities, net	(1,810)	(1,810)	(1,810)	(1,810)
Deferred taxes	(7,817)	(7,691)	(7,691)	(7,691)
Deferred revenue	(12,525)	(12,525)	(12,525)	(12,525)
Goodwill	59,858	59,585	59,585	59,585
Net assets acquired	231,115	231,115	231,115	231,115
Measurement Period Adjustments
Net working capital				147
Deferred taxes				126
Goodwill				(273)
Net assets acquired				0
Chef Acquisition | Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 38,300	38,300	38,300	38,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Chef Acquisition | Trade name
Business Acquisition [Line Items]
Intangible assets	$ 5,700	5,700	5,700	5,700
Measurement Period Adjustments
Finite-lived intangible assets, useful life	5 years
Chef Acquisition | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 97,300	$ 97,300	$ 97,300	$ 97,300
Measurement Period Adjustments
Finite-lived intangible assets, useful life	7 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Kemp Acquisition $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2021USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 135,522
Net income | $	$ 17,178
Net income per basic share (in dollars per share) | $ / shares	$ 0.39
Net income per diluted share (in dollars per share) | $ / shares	$ 0.38

Debt - Future Maturities (Detai

Debt - Future Maturities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Remainder of 2022	$ 5,156
2023	6,875
2024	13,750
2025	20,625
2026	20,625
2027	566,250
Total face value of long-term debt	633,281
Unamortized discount and issuance costs	(12,113)
Less current portion of long-term debt, net	(6,234)	$ (25,767)
Long-term debt	614,934
Convertible Debt
Debt Instrument [Line Items]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
2027	360,000
Total face value of long-term debt	360,000
Unamortized discount and issuance costs	(8,962)
Less current portion of long-term debt, net	0
Long-term debt	351,038
Line of Credit
Debt Instrument [Line Items]
Remainder of 2022	5,156
2023	6,875
2024	13,750
2025	20,625
2026	20,625
2027	206,250
Total face value of long-term debt	273,281
Unamortized discount and issuance costs	(3,151)
Less current portion of long-term debt, net	(6,234)
Long-term debt	$ 263,896

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, shares in Millions	Apr. 08, 2021USD ($)$ / sharesshares	Apr. 30, 2021USD ($)	Feb. 28, 2022USD ($)day$ / shares	Nov. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Number of shares subject to anti-dilution adjustments (in shares) | shares	6.3
Capped call transactions (in dollars per share) | $ / shares	$ 89.88
Represents premium price	100.00%
Payments for derivative instrument	$ 43,100,000
DTA, derivative instruments	$ 10,600,000
Convertible Debt
Line of Credit Facility [Line Items]
Debt issuance cost				$ 10,800,000
Debt issuance costs, liability component				8,900,000
Debt issuance costs, equity component				$ 1,900,000
Convertible Senior Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount		$ 325,000,000
Convertible debt , additional purchase amount available		$ 50,000,000
Convertible debt , additional purchase amount, settlement period		13 days
Convertible debt, additional purchase amount		$ 35,000,000
Proceeds from convertible debt		$ 360,000,000
Annual interest rate		1.00%	1.00%
Payments of debt issuance costs			$ 10,800,000
Initial conversion price (in dollars per share) | $ / shares			$ 57.30
Repurchase price			100.00%
Common stock exceeds			130.00%
Trading days | day			20
Consecutive trading day | day			30
Conversion ratio		0.0174525
Principal amount redeemable			$ 100,000,000
Share price (in dollars per share) | $ / shares	$ 44.94
Debt instrument, interest rate, effective percentage			1.63%	5.71%

Debt - Interest Expense Related

Debt - Interest Expense Related To The Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 880	$ 0
Amortization of debt discount	525	0
Interest expense, debt	$ 1,405	$ 0
Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Annual interest rate	1.00%		1.00%

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($)	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Jan. 25, 2022
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months	$ 6,875,000
Unamortized discount and issuance costs	12,113,000
Line of Credit
Line of Credit Facility [Line Items]
Long-term debt, maturity, next 12 months	6,875,000
Unamortized discount and issuance costs	$ 3,151,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.79%
Principal repayments, option one	$ 1,700,000
Principal repayments, option three	3,400,000
Principal repayments, option four	$ 5,200,000
Amended Credit Agreement | Minimum | Eurodollar | Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.00%
Amended Credit Agreement | Minimum | Base Rate | Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	0.00%
Amended Credit Agreement | Maximum | Eurodollar | Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	2.00%
Amended Credit Agreement | Maximum | Base Rate | Line of Credit
Line of Credit Facility [Line Items]
Interest rate of credit facilities	1.00%
Amended Credit Agreement | Secured Debt | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 275,000,000
Amended Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Fair value of term loan	$ 273,300,000
Long-term debt, maturity, next 12 months	6,900,000
Line of credit facility outstanding amount	$ 0
Amended Credit Agreement | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			300,000,000
Additional borrowing capacity available			$ 260,000,000
Debt EBITDA. percentage			100.00%
Debt leverage ratio, net			3.75
Amended Credit Agreement | Revolving Credit Facility | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage	0.125%
Amended Credit Agreement | Revolving Credit Facility | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage	0.275%
Amended Credit Agreement | Bridge Loan | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 25,000,000
Amended Credit Agreement | Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 2,200,000
Amended Credit Agreement | Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 25,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Debt issuance cost	3,200,000
Unamortized discount and issuance costs	1,100,000
Amortization of debt issuance costs	$ 300,000	$ 100,000

Leases - Narrative (Details)

Leases - Narrative (Details)	Feb. 28, 2022
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)	8 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Leases [Abstract]
Lease costs under long-term operating leases	$ 1,764	$ 2,135
Lease costs under short-term operating leases	14	15
Variable lease cost under short-term and long-term operating leases	121	115
Total operating lease cost	1,899	2,265
Cash paid for leases	2,146	2,258
Right-of-use assets recognized for new leases and amendments (non-cash)	$ 221	$ 2,338
Weighted average remaining lease term in years	3 years 11 months 4 days		4 years 1 month 24 days
Weighted average discount rate	2.60%		2.60%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments After the Adoption of ASC 842 (Details) $ in Thousands	Feb. 28, 2022USD ($)
Leases [Abstract]
Remainder of 2022	$ 6,635
2023	8,201
2024	7,817
2025	5,104
2026	1,832
Thereafter	1,314
Total lease payments	30,903
Less imputed interest	(1,598)
Present value of lease liabilities	$ 29,305

Common Stock Repurchases (Detai

Common Stock Repurchases (Details) - USD ($) shares in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Jan. 31, 2020	Nov. 30, 2019
Equity [Abstract]
Stock repurchase authorization			$ 250,000,000	$ 75,000,000
Common stock repurchased and retired (in shares)	0.6	0.4
Common stock repurchased and retired	$ 25,000,000	$ 15,000,000
Remaining authorized repurchase amount	$ 130,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - metric	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Nov. 30, 2021	Nov. 30, 2020
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics	2	2	2
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Long-term Incentive Plan (LTIP) | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return			50.00%
Cumulative performance condition			3 years
Percentage of shares based on cumulative performance condition			50.00%
Long-term Incentive Plan (LTIP) | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return		25.00%
Cumulative performance condition		3 years
Percentage of shares based on cumulative performance condition		75.00%
Market condition period		3 years
Long-term Incentive Plan (LTIP) | 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return	25.00%
Cumulative performance condition	3 years
Percentage of shares based on cumulative performance condition	75.00%
Market condition period	3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years

Stock-Based Compensation - Clas

Stock-Based Compensation - Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,114	$ 6,784
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	411	392
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,402	1,503
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,222	1,919
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,079	$ 2,970

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Nov. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 412,489	$ 346,013
Other comprehensive income before reclassifications, net of tax	3,427
Ending balance	368,323	412,489
Other comprehensive income (loss), tax	200	700
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(32,443)	(32,778)
Ending balance	(29,016)	(32,443)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(30,055)
Other comprehensive income before reclassifications, net of tax	1,781
Ending balance	(28,274)	(30,055)
Unrealized (Losses) on Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(49)
Other comprehensive income before reclassifications, net of tax	(7)
Ending balance	(56)	(49)
Unrealized (Losses) Gains on Hedging Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,339)
Other comprehensive income before reclassifications, net of tax	1,653
Ending balance	$ (686)	$ (2,339)

Revenue Recognition - Timing of

Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 144,922	$ 121,280
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	42,750	33,317
Software licenses | Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	42,750	33,317
Maintenance | Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	89,963	76,977
Services | Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,209	$ 10,986

Revenue Recognition - Geographi

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 144,922	$ 121,280
North America
Disaggregation of Revenue [Line Items]
Total revenue	78,093	71,505
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	53,702	40,240
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	3,883	3,493
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,244	$ 6,042

Revenue Recognition - Unbilled

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Feb. 28, 2022USD ($)
Revenue from Contract with Customer [Abstract]
2023	$ 8,685
2024	4,026
2025	725
Total	$ 13,436

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Disaggregation of Revenue [Line Items]
Contract asset	$ 3.3	$ 5
Deferred contract costs	$ 7.8	$ 7.9
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	5 years

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2022USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 252,380
Billings and other	154,084
Revenue recognized	(144,922)
Ending balance	$ 261,542

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Feb. 28, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 276
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	78.00%

Restructuring Charges - Summary

Restructuring Charges - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 6,372
Costs incurred	511	$ 1,157
Cash disbursements	(1,419)
Translation adjustments and other	6
Ending Balance	5,470
2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	1,882
Costs incurred	403
Cash disbursements	(1,155)
Translation adjustments and other	6
Ending Balance	1,136
2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	4,490
Costs incurred	108
Cash disbursements	(264)
Ending Balance	4,334
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	4,483
Costs incurred	108
Cash disbursements	(257)
Translation adjustments and other	0
Ending Balance	4,334
Excess Facilities and Other Costs | 2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs incurred	0
Cash disbursements	0
Translation adjustments and other	0
Ending Balance	0
Excess Facilities and Other Costs | 2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	4,483
Costs incurred	108
Cash disbursements	(257)
Ending Balance	4,334
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	1,889
Costs incurred	403
Cash disbursements	(1,162)
Translation adjustments and other	6
Ending Balance	1,136
Employee Severance and Related Benefits | 2021 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	1,882
Costs incurred	403
Cash disbursements	(1,155)
Translation adjustments and other	6
Ending Balance	1,136
Employee Severance and Related Benefits | 2020 Restructuring Activities
Restructuring Reserve [Roll Forward]
Beginning Balance	7
Costs incurred	0
Cash disbursements	(7)
Ending Balance	$ 0

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 511	$ 1,157
2021 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	403
Short-term restructuring reserves	1,100
2020 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	108
Short-term restructuring reserves	$ 4,300

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	21.00%	23.00%

Earnings per share - Calculatio

Earnings per share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Net income	$ 20,454	$ 18,961
Weighted average shares outstanding (in shares)	43,981	44,108
Basic earnings per common share (in dollars per share)	$ 0.47	$ 0.43
Diluted earnings per common share:
Net income	$ 20,454	$ 18,961
Effect of dilution from common stock equivalents (in shares)	727	544
Diluted weighted average shares outstanding (in shares)	44,708	44,652
Diluted earnings per share (in dollars shares)	$ 0.46	$ 0.42

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	1,536	1,078

Segment Information (Details)

Segment Information (Details) - segment	3 Months Ended
	Feb. 28, 2022	May 31, 2021
Segment Reporting [Abstract]
Number of operating segments	1	1