Progress Software (PRGS) 10-Q 10 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Aug. 31, 2023	Sep. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2023
Document Transition Report	false
Entity File Number	0-19417
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	15 Wayside Road, Suite 400
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		43,565,346
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Current assets:
Cash and cash equivalents	$ 137,999	$ 256,277
Accounts receivable (less allowances of $985 and $859, respectively)	99,726	97,834
Unbilled receivables	31,668	29,158
Other current assets	33,447	42,784
Total current assets	302,840	426,053
Long-term unbilled receivables	33,121	39,936
Property and equipment, net	16,166	14,927
Intangible assets, net	378,824	217,355
Goodwill	826,048	671,037
Right-of-use lease assets	20,596	17,574
Deferred tax assets	11,745	11,765
Other assets	8,128	12,832
Total assets	1,597,468	1,411,479
Current liabilities:
Current portion of long-term debt, net	11,390	6,234
Accounts payable	8,729	9,282
Accrued compensation and related taxes	41,606	42,467
Dividends payable to stockholders	8,354	8,115
Short-term operating lease liabilities	10,088	7,471
Other accrued liabilities	24,935	16,765
Short-term deferred revenue, net	219,601	227,670
Total current liabilities	324,703	318,004
Long-term debt, net	389,388	259,220
Convertible senior notes, net	354,246	352,625
Long-term operating lease liabilities	15,086	15,041
Long-term deferred revenue, net	60,167	54,770
Deferred tax liabilities	4,240	4,628
Other noncurrent liabilities	4,592	8,687
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 43,565,346 shares in 2023 and 43,257,008 shares in 2022	438	433
Additional paid-in capital	361,062	331,650
Retained earnings	115,133	101,656
Accumulated other comprehensive loss	(31,587)	(35,235)
Total stockholders’ equity	445,046	398,504
Total liabilities and stockholders’ equity	$ 1,597,468	$ 1,411,479

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Assets
Allowance for accounts receivable	$ 985	$ 859
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	43,565,346	43,257,008
Common stock, shares outstanding (in shares)	43,565,346	43,257,008

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Revenue:
Total revenue	$ 174,992	$ 151,217	$ 517,469	$ 444,886
Costs of revenue:
Amortization of acquired intangibles	7,995	5,558	22,253	16,589
Total costs of revenue	32,919	23,796	92,914	70,965
Gross profit	142,073	127,421	424,555	373,921
Operating expenses:
Sales and marketing	38,612	34,595	112,513	100,768
Product development	33,138	28,650	98,396	85,966
General and administrative	20,791	20,141	61,046	56,339
Amortization of acquired intangibles	17,668	11,716	48,825	35,330
Cyber incident and vulnerability response expenses, net	951	0	5,126	0
Restructuring expenses	843	130	6,230	784
Acquisition-related expenses	699	168	4,433	3,816
Gain on sale of assets held for sale	0	0	0	(10,770)
Total operating expenses	112,702	95,400	336,569	272,233
Income from operations	29,371	32,021	87,986	101,688
Other (expense) income:
Interest expense	(8,532)	(4,009)	(22,894)	(11,368)
Interest income and other, net	788	247	1,895	991
Foreign currency loss, net	(675)	(577)	(1,502)	(832)
Total other expense, net	(8,419)	(4,339)	(22,501)	(11,209)
Income before income taxes	20,952	27,682	65,485	90,479
Provision for income taxes	1,854	5,885	10,623	19,118
Net income	$ 19,098	$ 21,797	$ 54,862	$ 71,361
Earnings per share:
Basic (in dollars per share)	$ 0.44	$ 0.50	$ 1.27	$ 1.64
Diluted (in dollars per share)	$ 0.42	$ 0.50	$ 1.23	$ 1.61
Weighted average shares outstanding:
Basic (in shares)	43,452	43,211	43,365	43,589
Diluted (in shares)	44,981	43,935	44,543	44,299
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.525	$ 0.525
Software licenses
Revenue:
Total revenue	$ 50,544	$ 47,618	$ 164,519	$ 135,182
Costs of revenue:
Cost of revenue	2,732	2,477	7,998	7,669
Maintenance and services
Revenue:
Total revenue	124,448	103,599	352,950	309,704
Costs of revenue:
Cost of revenue	$ 22,192	$ 15,761	$ 62,663	$ 46,707

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 19,098	$ 21,797	$ 54,862	$ 71,361
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,667	(7,632)	5,124	(10,955)
Unrealized (loss) gain on hedging activity, net of tax benefit of $170 and $465 for the three and nine month periods ended August 31, 2023, respectively and net of tax provision of $377 and $1,542 for the three and nine month periods ended August 31, 2022, respectively	(537)	1,191	(1,476)	4,882
Unrealized loss on investments, net of tax benefit of $0 for both the three and nine month periods ended August 31, 2023, respectively and net of tax of $0 and a tax benefit of $4 for the three and nine month periods ended August 31, 2022, respectively	0	(1)	0	(13)
Total other comprehensive income (loss), net of tax	1,130	(6,442)	3,648	(6,086)
Comprehensive income	$ 20,228	$ 15,355	$ 58,510	$ 65,275

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision on accumulated unrealized gain on hedging activity	$ (170)	$ 377	$ (465)	$ 1,542
Tax (benefit) provision on accumulated unrealized loss on investments	$ 0	$ 0	$ 0	$ (4)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Nov. 30, 2021			44,146,000
Beginning balance at Nov. 30, 2021	$ 412,489	$ (42,563)	$ 441	$ 354,235	$ (47,456)	$ 90,256	$ 4,893	$ (32,443)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			246,000
Issuance of stock under employee stock purchase plan	7,237		$ 2	7,235
Exercise of stock options (in shares)			78,000
Exercise of stock options	2,879		$ 1	2,878
Vesting of restricted stock units and release of deferred stock units (in shares)			188,000
Vesting of restricted stock units and release of deferred stock units	0		$ 2	(2)
Withholding tax payments related to net issuance of RSUs	(5,405)			(5,405)
Stock-based compensation	26,110			26,110
Dividends declared	$ (23,525)					(23,525)
Treasury stock repurchases and retirements (in shares)	(1,700,000)		(1,660,000)
Treasury stock repurchases and retirements	$ (75,524)		$ (16)	(19,036)		(56,472)
Net income	71,361					71,361
Other comprehensive income (loss)	(6,086)							(6,086)
Ending balance (in shares) at Aug. 31, 2022			42,998,000
Ending balance at Aug. 31, 2022	366,973		$ 430	318,559		86,513		(38,529)
Beginning balance (in shares) at May. 31, 2022			43,454,000
Beginning balance at May. 31, 2022	372,146		$ 435	309,913		93,885		(32,087)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			68,000
Issuance of stock under employee stock purchase plan	2,024			2,024
Exercise of stock options (in shares)			18,000
Exercise of stock options	643			643
Stock-based compensation	8,639			8,639
Dividends declared	$ (7,783)					(7,783)
Treasury stock repurchases and retirements (in shares)	(500,000)		(542,000)
Treasury stock repurchases and retirements	$ (24,051)		$ (5)	(2,660)		(21,386)
Net income	21,797					21,797
Other comprehensive income (loss)	(6,442)							(6,442)
Ending balance (in shares) at Aug. 31, 2022			42,998,000
Ending balance at Aug. 31, 2022	$ 366,973		$ 430	318,559		86,513		(38,529)
Beginning balance (in shares) at Nov. 30, 2022	43,257,008		43,257,000
Beginning balance at Nov. 30, 2022	$ 398,504		$ 433	331,650		101,656		(35,235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			212,000
Issuance of stock under employee stock purchase plan	7,769		$ 3	7,766
Exercise of stock options (in shares)			400,000
Exercise of stock options	12,161		$ 4	12,157
Vesting of restricted stock units and release of deferred stock units (in shares)			378,000
Vesting of restricted stock units and release of deferred stock units	0		$ 4	(4)
Withholding tax payments related to net issuance of RSUs (in shares)			(147,000)
Withholding tax payments related to net issuance of RSUs	(8,101)		$ (1)	(8,100)
Stock-based compensation	30,111			30,111
Dividends declared	$ (23,908)					(23,908)
Treasury stock repurchases and retirements (in shares)	(500,000)		(535,000)
Treasury stock repurchases and retirements	$ (30,000)		$ (5)	(12,518)		(17,477)
Net income	54,862					54,862
Other comprehensive income (loss)	$ 3,648							3,648
Ending balance (in shares) at Aug. 31, 2023	43,565,346		43,565,000
Ending balance at Aug. 31, 2023	$ 445,046		$ 438	361,062		115,133		(31,587)
Beginning balance (in shares) at May. 31, 2023			43,358,000
Beginning balance at May. 31, 2023	418,815		$ 436	347,101		103,995		(32,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)			67,000
Issuance of stock under employee stock purchase plan	2,499		$ 1	2,498
Exercise of stock options (in shares)			140,000
Exercise of stock options	1,392		$ 1	1,391
Stock-based compensation	10,072			10,072
Dividends declared	$ (7,960)					(7,960)
Treasury stock repurchases and retirements (in shares)	0
Net income	$ 19,098					19,098
Other comprehensive income (loss)	$ 1,130							1,130
Ending balance (in shares) at Aug. 31, 2023	43,565,346		43,565,000
Ending balance at Aug. 31, 2023	$ 445,046		$ 438	$ 361,062		$ 115,133		$ (31,587)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Cash flows from operating activities:
Net income	$ 54,862	$ 71,361
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	4,690	3,682
Amortization of acquired intangibles and other	71,121	52,545
Amortization of debt discount and issuance costs on Notes	1,621	1,595
Stock-based compensation	30,111	26,110
Non-cash lease expense	6,958	5,919
Gain on sale of assets held for sale	0	(10,770)
Deferred income taxes	(18,521)	(286)
Credit losses and other sales allowances	472	710
Changes in operating assets and liabilities:
Accounts receivable	31,478	2,858
Other assets	14,294	11,174
Inventories	2,209	(1,264)
Accounts payable and accrued liabilities	(14,027)	(10,055)
Lease liabilities	(7,860)	(6,481)
Income taxes payable	2,362	(748)
Deferred revenue, net	(39,011)	5,673
Net cash flows from operating activities	140,759	152,023
Cash flows (used in) from investing activities:
Purchases of investments	(15,262)	0
Sales and maturities of investments	15,700	1,200
Purchases of property and equipment	(3,181)	(3,086)
Payments for acquisitions, net of cash acquired	(355,250)	0
Proceeds from sale of long-lived assets, net	0	25,998
Other investing activities	0	134
Net cash flows (used in) from investing activities	(357,993)	24,246
Cash flows from (used in) financing activities:
Proceeds from stock-based compensation plans	20,373	10,384
Payments for taxes related to net share settlements of equity awards	(8,101)	(5,405)
Repurchases of common stock	(30,000)	(75,524)
Dividend payments to stockholders	(23,669)	(23,351)
Proceeds from the issuance of debt	195,000	7,474
Repayment of revolving line of credit	(55,000)	0
Principal payment on term loan	(5,157)	(5,154)
Payment of debt issuance costs	0	(1,957)
Net cash flows from (used in) financing activities	93,446	(93,533)
Effect of exchange rate changes on cash and cash equivalents	5,510	(14,027)
Net (decrease) increase in cash and cash equivalents	(118,278)	68,709
Cash and cash equivalents, beginning of period	256,277	155,406
Cash and cash equivalents, end of period	137,999	224,115
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $924 in 2023 and $920 in 2022	14,640	8,954
Cash paid for interest	17,630	5,470
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested	23,077	18,204
Dividends declared and unpaid	$ 8,354	$ 8,099

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 924	$ 920

Basis of Presentation

Basis of Presentation	9 Months Ended
	Aug. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview - Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides enterprise software products for the development, deployment and management of high-impact applications. Our products are generally sold as perpetual licenses, but certain products also use term licensing models and our cloud-based offerings use a subscription-based model. More than half of our worldwide license revenue is realized through relationships with indirect channel partners, principally independent software vendors, original equipment manufacturers, distributors and value-added resellers. Independent software vendors develop and market applications using our technology and resell our products in conjunction with sales of their own products that incorporate our technology. Original equipment manufacturers are companies that embed our products into their own software products or devices. Value-added resellers are companies that add features or services to our product, then resell it as an integrated product or complete "turn-key" solution. We operate in North America, Latin America, Europe, the Middle East and Africa ("EMEA"), and Asia and Australia ("Asia Pacific"), through local subsidiaries as well as independent distributors. Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the SEC on January 27, 2023 (our "2022 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2022 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2022 Annual Report, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to revenue recognition and business combinations. Actual results could differ from those estimates. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), as amended in December 2022 by Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The Company adopted ASU 2020-04 in June 2023, in connection with the amendment of its interest rate swap agreement to implement certain changes in the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The application of this expedient preserves the cash flow hedge designation of the interest rate swaps and presentation consistent with past presentation and did not have a material impact on our consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Aug. 31, 2023
Investments and Cash [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents A summary of our cash and cash equivalents at August 31, 2023 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 137,889 $ — $ — $ 137,889 Money market funds 110 — — 110 Total $ 137,999 $ — $ — $ 137,999 A summary of our cash and cash equivalents at November 30, 2022 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 229,023 $ — $ — $ 229,023 Money market funds 27,254 — — 27,254 Total $ 256,277 $ — $ — $ 256,277 There were no debt securities by contractual maturity due after one year as of August 31, 2023.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Aug. 31, 2023
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 . In June 2023, the interest rate swap agreement was amended to implement certain changes in the reference rate from LIBOR to SOFR. 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. As of August 31, 2023, the fair value of the hedge was a gain of $2.5 million, which was included in other current assets on our condensed consolidated balance sheets. The net amount of accumulated other comprehensive loss reclassified to interest expense 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): August 31, 2023 November 30, 2022 Notional Value Fair Value Notional Value Fair Value Interest rate swap contracts designated as cash flow hedges $ 107,813 $ 2,466 $ 120,000 $ 4,407 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 generally expire between 30 days and 2 years from the date the contract was entered. At August 31, 2023, $2.4 million and $0.2 million was recorded in other accrued liabilities and other current assets, respectively, on our condensed consolidated balance sheets. At November 30, 2022, $3.1 million and $0.1 million were recorded in other noncurrent liabilities and other current assets, respectively, on our condensed consolidated balance sheets. In the three and nine months ended August 31, 2023, realized and unrealized gains of $1.1 million and $2.7 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. In the three and nine months ended August 31, 2022, realized and unrealized losses of $5.4 million and $9.0 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on our condensed consolidated statements of operations. These gains and losses were substantially offset by realized and unrealized gains and losses in the offsetting positions. The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): August 31, 2023 November 30, 2022 Notional Value Fair Value Notional Value Fair Value Forward contracts to sell U.S. dollars $ 87,349 $ (2,254) $ 74,578 $ (2,995) Forward contracts to purchase U.S. dollars 1,243 (2) 544 (5) Total $ 88,592 $ (2,256) $ 75,122 $ (3,000)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Aug. 31, 2023
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 August 31, 2023 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 110 $ 110 $ — $ — Interest rate swap 2,466 — 2,466 — Liabilities Foreign exchange derivatives $ (2,256) $ — $ (2,256) $ — The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2022 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 27,254 $ 27,254 $ — $ — Interest rate swap 4,407 — 4,407 — Liabilities Foreign exchange derivatives $ (3,000) $ — $ (3,000) $ — When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. Assets and Liabilities Not Carried at Fair Value Fair Value of the Convertible Senior Notes The fair value of our Convertible Senior Notes, with a carrying value of $354.2 million and $352.6 million, was $411.8 million and $376.0 million as of August 31, 2023 and November 30, 2022, respectively. The fair value was determined based on the quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 1 in the fair value hierarchy. Fair Value of Other Long-term Debt The fair value of the borrowing outstanding detail in Note 7 approximates the carrying value of the debt due to variable rates that are applicable and no significant change in our credit ratings. Fair Value of Other Financial Assets and Liabilities

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Aug. 31, 2023
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): August 31, 2023 November 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology $ 280,000 $ (173,129) $ 106,871 $ 212,700 $ (150,877) $ 61,823 Customer-related 457,608 (205,298) 252,310 306,308 (162,341) 143,967 Trademarks and trade names 50,111 (30,468) 19,643 37,611 (26,046) 11,565 Non-compete agreement — — — 2,000 (2,000) — Total $ 787,719 $ (408,895) $ 378,824 $ 558,619 $ (341,264) $ 217,355 In the three and nine months ended August 31, 2023, amortization expense related to intangible assets was $25.7 million and $71.1 million, respectively. In the three and nine months ended August 31, 2022, amortization expense related to intangible assets was $17.3 million and $51.9 million, respectively. Future amortization expense for intangible assets as of August 31, 2023, is as follows (in thousands): Remainder of 2023 $ 25,391 2024 88,934 2025 78,424 2026 69,368 2027 44,598 Thereafter 72,109 Total $ 378,824 Goodwill Changes in the carrying amount of goodwill in the nine months ended August 31, 2023 are as follows (in thousands): Balance, December 1, 2022 $ 671,037 Additions (1) 155,014 Translation adjustments (3) Balance, August 31, 2023 $ 826,048 (1) The additions to goodwill during fiscal year 2023 are related to the acquisition of MarkLogic in February 2023. See Note 6: Business Combinations for additional information.

Business Combinations

Business Combinations	9 Months Ended
	Aug. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations MarkLogic Acquisition On February 7, 2023, we completed the acquisition of the parent company of MarkLogic Corporation ("MarkLogic"), pursuant to the Stock Purchase Agreement (the "Purchase Agreement"), dated as of January 3, 2023. The acquisition was completed for a base purchase price of $355.0 million (subject to certain customary adjustments) in cash. The acquisition consideration for MarkLogic has been preliminarily allocated to MarkLogic’s assets and assumed liabilities based on 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 allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Adjusted Purchase Price Allocation Life Net working capital $ 49,477 $ (1,063) $ 48,414 Property, plant and equipment 723 — 723 Purchased technology 67,600 (300) 67,300 7 years Trade name 12,500 — 12,500 7 years Customer relationships 162,200 (10,900) 151,300 7 years Other assets, including long-term unbilled receivables 6,172 (1,401) 4,771 Deferred taxes (17,441) (957) (18,398) Deferred revenue (33,116) — (33,116) Goodwill 140,964 14,050 155,014 Net assets acquired $ 389,079 $ (571) $ 388,508 The fair value of the intangible assets was estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to value the acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted average cost of capital. The valuation assumptions take into consideration our estimates of customer attrition, technology obsolescence, and revenue growth projections. We determined the acquisition date deferred revenue balance based on our assessment of the individual contracts acquired. 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 $155.0 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 and nine months ended August 31, 2023, we incurred approximately $0.6 million and $4.1 million, respectively, of acquisition-related costs, which are included in acquisition-related expenses on our consolidated statement of operations. The amount of revenue of MarkLogic included in our consolidated statement of operations during the three and nine months ended August 31, 2023, was approximately $20.4 million and $50.7 million, respectively. We determined that disclosing the amount of MarkLogic related earnings included in the consolidated statement of operations is impracticable, as certain operations of MarkLogic were integrated into the operations of the Company from the date of acquisition. Pro Forma Information The following pro forma financial information presents the combined results of operations of Progress and MarkLogic as if the acquisition had occurred on December 1, 2021, after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the MarkLogic acquisition and factually supportable. These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense relating to the $231.1 million of acquired identifiable intangible assets, (ii) an increase in interest expense to record interest for the period presented as a result of drawing down our revolving line of credit in connection with the acquisition, and (iii) the income tax effect of the adjustments made at the statutory tax rate of the U.S. (approximately 24.5%). The pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on December 1, 2021. (in thousands, except per share data) Pro Forma Three Months Ended August 31, 2022 Revenue $ 174,676 Net income $ 16,141 Net income per basic share $ 0.37 Net income per diluted share $ 0.37 (in thousands, except per share data) Pro Forma Nine Months Ended August 31, 2023 Pro Forma Nine Months Ended August 31, 2022 Revenue $ 556,319 $ 511,609 Net income $ 64,094 $ 48,516 Net income per basic share $ 1.48 $ 1.11 Net income per diluted share $ 1.44 $ 1.10

Debt

Debt	9 Months Ended
	Aug. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of August 31, 2023, future maturities of the Company's long-term debt were as follows: (In thousands) 2026 Notes Revolving Line of Credit Term Loan Total Remainder of 2023 $ — $ — $ 1,719 $ 1,719 2024 — — 13,750 13,750 2025 — — 20,625 20,625 2026 360,000 — 20,625 380,625 2027 — 140,000 206,250 346,250 Total face value of long-term debt 360,000 140,000 262,969 762,969 Unamortized discount and issuance costs (5,754) — (2,191) (7,945) Less current portion of long-term debt, net — — (11,390) (11,390) Long-term debt $ 354,246 $ 140,000 $ 249,388 $ 743,634 The revolving line of credit has a term that ends on January 25, 2027, at which time all amounts outstanding must be repaid.

Common Stock Repurchases

Common Stock Repurchases	9 Months Ended
	Aug. 31, 2023
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesIn January 2023, our Board of Directors increased the share repurchase authorization by $150.0 million, to an aggregate authorization of $228.0 million. In the three months ended August 31, 2023, we did not repurchase and retire any shares of our common stock. In the three months ended August 31, 2022, we repurchased and retired 0.5 million shares for $24.1 million. In the nine months ended August 31, 2023 and August 31, 2022, we repurchased and retired 0.5 million shares for $30.0 million and 1.7 million shares for $75.5 million, respectively. The shares were repurchased in both periods as part of our Board of Directors authorized share repurchase program. As of August 31, 2023, there was $198.0 million remaining under the current authorization.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Aug. 31, 2023
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 2021, 2022 and 2023, 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 2021, 2022 and 2023 plans are based on 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 target. 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 four years for options and three 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 Nine Months Ended August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Cost of maintenance and services $ 797 $ 527 $ 2,146 $ 1,410 Sales and marketing 1,763 1,331 5,027 3,423 Product development 3,065 2,586 9,112 7,548 General and administrative 4,447 4,195 13,826 13,729 Total stock-based compensation $ 10,072 $ 8,639 $ 30,111 $ 26,110

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Aug. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2023 (in thousands): Foreign Currency Translation Adjustment Unrealized Losses on Investments Unrealized Gain (Losses) on Hedging Activity Accumulated Other Comprehensive Loss Balance, December 1, 2022 $ (38,523) $ (61) $ 3,349 $ (35,235) Other comprehensive income (loss) before reclassifications, net of tax 5,124 — (1,476) 3,648 Balance, August 31, 2023 $ (33,399) $ (61) $ 1,873 $ (31,587) The tax effect on accumulated unrealized gains (losses) on hedging activity and unrealized losses on investments was a tax provision of $0.7 million and $1.1 million as of August 31, 2023 and November 30, 2022, respectively.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Aug. 31, 2023
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 Nine Months Ended (In thousands) August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Performance obligations transferred at a point in time: Software licenses $ 50,544 $ 47,618 $ 164,519 $ 135,182 Performance obligations transferred over time: Maintenance 105,164 91,043 299,917 272,337 Services 19,284 12,556 53,033 37,367 Total revenue $ 174,992 $ 151,217 $ 517,469 $ 444,886 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 Nine Months Ended (In thousands) August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 North America $ 101,923 $ 84,826 $ 306,483 $ 248,313 EMEA 56,779 52,670 166,369 156,006 Latin America 6,318 4,577 15,297 13,138 Asia Pacific 9,972 9,144 29,320 27,429 Total revenue $ 174,992 $ 151,217 $ 517,469 $ 444,886 No single customer, partner, or country outside the U.S. has accounted for more than 10% of our total revenue for the three and nine months ended August 31, 2023 and August 31, 2022. Contract Balances Unbilled Receivables and Contract Assets As of August 31, 2023, billing of our long-term unbilled receivables is expected to occur as follows (in thousands): 2024 $ 7,491 2025 16,058 2026 9,569 2027 3 Total $ 33,121 Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We did not have any net contract assets as of August 31, 2023 or November 30, 2022. Deferred Revenue Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the consolidated balance sheets. Our deferred revenue balance is primarily made up of deferred maintenance. As of August 31, 2023, the changes in net deferred revenue were as follows (in thousands): Balance, December 1, 2022 $ 282,440 Billings and other 514,797 Revenue recognized (517,469) Balance, August 31, 2023 $ 279,768 As of August 31, 2023, transaction price allocated to remaining performance obligations was $288 million. We expect to recognize approximately 77% of the revenue within the next year and the remainder thereafter. Deferred Contract Costs Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three three

Restructuring Charges

Restructuring Charges	9 Months Ended
	Aug. 31, 2023
Restructuring Charges [Abstract]
Restructuring Charges	Restructuring Charges The following table provides a summary of activity for our restructuring actions (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2022 $ 3,870 $ 30 $ 3,900 Costs incurred 644 5,586 6,230 Cash disbursements (1,146) (3,836) (4,982) Translation and other adjustments — 19 19 Balance, August 31, 2023 $ 3,368 $ 1,799 $ 5,167 During fiscal year 2023, we restructured our operations in connection with the acquisition and subsequent integration of MarkLogic, which resulted in a reduction in redundant positions, primarily within administrative functions. Cash disbursements for expenses incurred to date under this restructuring are expected to be made through fiscal year 2023. We expect to incur additional expenses as part of these actions related to employee costs and facility closures during fiscal year 2024, but we do not expect these costs to be material.

Earnings per share

Earnings per share	9 Months Ended
	Aug. 31, 2023
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 Nine Months Ended August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Net income $ 19,098 $ 21,797 $ 54,862 $ 71,361 Weighted average shares outstanding 43,452 43,211 43,365 43,589 Basic earnings per common share $ 0.44 $ 0.50 $ 1.27 $ 1.64 Diluted earnings per common share: Net income $ 19,098 $ 21,797 $ 54,862 $ 71,361 Weighted average shares outstanding 43,452 43,211 43,365 43,589 Effect of dilution from common stock equivalents 1,353 724 1,178 710 Effect of dilution from if-converted Convertible Senior Notes 176 — — — Diluted weighted average shares outstanding 44,981 43,935 44,543 44,299 Diluted earnings per share $ 0.42 $ 0.50 $ 1.23 $ 1.61 We excluded stock awards representing approximately 252,000 and 286,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2023, respectively, as these awards were anti-dilutive. We excluded stock awards representing approximately 1,777,000 and 1,739,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2022, respectively, as these awards were anti-dilutive. The dilutive impact of the Notes on our calculation of diluted earnings per share is considered using the if-converted method. For the three months ended August 31, 2023, the average daily closing price of the Company's common stock was greater than the conversion price for the Notes outstanding as of August 31, 2023. Therefore, for this period, the Company applied the if-converted method for calculating diluted earnings per common share. During the nine months ended August 31, 2023, the average daily closing price of the Company's common stock was less than the conversion price for the Notes. Therefore, for this period, the Notes had no impact on the computation of diluted earnings per common share.

Segment Information

Segment Information	9 Months Ended
	Aug. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. We operate as one operating segment: software products to develop, deploy, and manage high-impact applications. Our CODM evaluates financial information on a consolidated basis. As we operate as one operating segment, the required financial segment information can be found in the condensed consolidated financial statements.

Cyber Related Matters

Cyber Related Matters	9 Months Ended
	Aug. 31, 2023
Health Care Organizations [Abstract]
Cyber Related Matters	Cyber Related Matters November 2022 Cyber Incident Following the detection of irregular activity on certain portions of our corporate network, we engaged outside cybersecurity experts and other incident response professionals to conduct a forensic investigation and assess the extent and scope of the cyber incident. Costs for this cyber incident were primarily related to the engagement of external cybersecurity experts and other incident response professionals. We did not incur any meaningful costs related to this cyber incident for the three months ended August 31, 2023. For the nine months ended August 31, 2023, we incurred $4.2 million of costs related to this cyber incident. Costs are provided net of received and expected insurance recoveries of approximately $3.0 million, which was recognized during the first quarter of fiscal year 2023. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. MOVEit Vulnerability As previously reported, on the evening of May 28, 2023, our MOVEit technical support team received an initial customer support call indicating unusual activity within their MOVEit Transfer instance. An investigative team was mobilized and, on May 30, 2023, the investigative team discovered a zero-day vulnerability in MOVEit Transfer (including our cloud-hosted version of MOVEit Transfer known as MOVEit Cloud). The investigative team determined the zero-day vulnerability (the “MOVEit Vulnerability”) could provide for unauthorized escalated privileges and access to the customer’s underlying environment in both MOVEit Transfer (the on-premise version) and MOVEit Cloud (a cloud-hosted version of MOVEit Transfer that we deploy in both (i) a public cloud format, as well as (ii) for a small group of customers, in customer-dedicated cloud instances that are hosted, separate and apart from the public instances of our MOVEit Cloud platform). We will continue to assess the potential impact of the MOVEit Vulnerability on our business, operations, and financial results. MOVEit Transfer and MOVEit Cloud represented less than 4% in aggregate of our revenue for the nine months ended August 31, 2023. Litigation and Governmental Investigations As of the date of the issuance of the financial statements, (i) we have received formal letters from 23 customers and others that claim to have been impacted by the MOVEit Vulnerability, some of which have indicated that they intend to seek indemnification from us related to the MOVEit Vulnerability, (ii) we have received a letter from an insurer providing for notice of a subrogation claim (where the insurer is seeking recovery for all expenses incurred in connection with the MOVEit Vulnerability), and (iii) we are party to 58 class action lawsuits filed by individuals who claim to have been impacted by the exfiltration of data from the environments of our MOVEit Transfer customers (on October 4, 2023, the Judicial Panel on Multidistrict Litigation issued an order consolidating litigation relating to the MOVEit Vulnerability where we are a party in the United States District Court, District of Massachusetts). We have also been cooperating with several inquiries from domestic and foreign data privacy regulators, inquiries from several state attorneys general, as well as formal investigations from: (i) a U.S. federal law enforcement agency (as of the date of the filing of this report, the law enforcement investigation that we are cooperating with is not an enforcement action or formal governmental investigation of which we have been told that we are a target), and (ii) the SEC (as further described hereafter). On October 2, 2023, Progress received a subpoena from the SEC seeking various documents and information relating to the MOVEit Vulnerability. As described in the cover letter accompanying the subpoena, at this stage, the SEC investigation is a fact-finding inquiry, the investigation does not mean that Progress or anyone else has violated federal securities laws, and the investigation does not mean that the SEC has a negative opinion of any person, entity, or security. Progress intends to cooperate fully with the SEC in its investigation. Expenses Incurred and Future Costs For the three and nine months ended August 31, 2023, we incurred $1.0 million of costs related to the MOVEit Vulnerability. The costs recognized are net of received and expected insurance recoveries of approximately $1.9 million, which was recognized during the third quarter of fiscal year 2023. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. We expect to incur investigation, legal and professional services expenses associated with the MOVEit Vulnerability in future periods. We will recognize these expenses as services are received, net of received and expected insurance recoveries. While a loss from these matters is possible, we cannot reasonably estimate a range of possible losses at this time, particularly while the foregoing matters remain ongoing. Furthermore, with respect to the litigation, the proceedings remain in the early stages, alleged damages have not been specified, there is uncertainty as to the likelihood of a class or classes being certified or the ultimate size of any class if certified, and there are significant factual and legal issues to be resolved. Also, each of the governmental inquiries and investigations mentioned above could result in adverse judgements, settlements, fines, penalties, or other resolutions, the amount, scope and timing of which could be material, but which we are currently unable to predict. Therefore, we have not recorded a loss contingency liability for the MOVEit Vulnerability as of August 31, 2023. Insurance Coverage During the period when the November 2022 cyber incident and the MOVEit Vulnerability occurred, we maintained $15.0 million of cybersecurity insurance coverage, which is expected to reduce our exposure to expenses and liabilities arising from these events. As of August 31, 2023, we have recorded approximately $4.9 million in insurance recoveries, of which $3.0 million was related to the November 2022 cyber incident and $1.9 million was related to the May 2023 MOVEit Vulnerability, providing us with $10.1 million of additional cybersecurity insurance coverage (which is subject to a $0.5 million retention per claim). We will pursue recoveries to the maximum extent available under our insurance policies.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Pay vs Performance Disclosure
Net income	$ 19,098	$ 21,797	$ 54,862	$ 71,361

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Aug. 31, 2023 shares	Aug. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the third quarter of fiscal year 2023, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below: Name and Title Character of Trading Arrangement 1 Date Adopted Duration 2 Aggregate Number of Yogesh Gupta, President and CEO Rule 10b5-1 August 11, 2023 October 15, 2024 Up to 153,836 3 Domenic LoCoco, SVP, Chief Accounting Officer Rule 10b5-1 August 9, 2023 December 1, 2024 16,318 4 Ian Pitt, EVP & Chief Information Officer Rule 10b5-1 August 18, 2023 August 30, 2024 Up to 11,119 5 Sundar Subramanian, EVP & GM, Infrastructure Management Rule 10b5-1 August 9, 2023 November 15, 2024 22,189 1. Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”). 2. Except as indicated by footnote, each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule. 3. Includes: (i) 48,202 shares of our common stock; and (ii) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of a maximum of 105,634 Performance Stock Units ("PSUs"). 4. Includes: (i) 1,036 shares of our common stock; and (ii) 15,282 employee stock options expected to be exercised via same-day sale. 5. Includes: (i) 3,806 shares of our common stock; (ii) 50% of the common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of a maximum of 9,770 PSUs; (iii) 584 shares of common stock expected to be purchased under the Company’s Employee Stock Purchase Plan; and (iv) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of 1,844 restricted stock units.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Yogesh Gupta [Member]
Trading Arrangements, by Individual
Name	Yogesh Gupta
Title	President and CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2023
Arrangement Duration	431 days
Aggregate Available	153,836	153,836
Domenic LoCoco [Member]
Trading Arrangements, by Individual
Name	Domenic LoCoco
Title	SVP, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2023
Arrangement Duration	480 days
Aggregate Available	16,318	16,318
Ian Pitt [Member]
Trading Arrangements, by Individual
Name	Ian Pitt
Title	EVP & Chief Information Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 18, 2023
Arrangement Duration	378 days
Aggregate Available	11,119	11,119
Sundar Subramanian [Member]
Trading Arrangements, by Individual
Name	Sundar Subramanian
Title	EVP & GM, Infrastructure Management
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2023
Arrangement Duration	464 days
Aggregate Available	22,189	22,189

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Aug. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies - We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2022, as filed with the SEC on January 27, 2023 (our "2022 Annual Report"). We made no material changes in the application of our significant accounting policies that were disclosed in our 2022 Annual Report. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our 2022 Annual Report, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year.
Use of Estimates	Use of EstimatesThe preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an on-going basis, management evaluates its estimates and records changes in estimates in the period in which they become known. These estimates are based on historical data and experience, as well as various other assumptions that management believes to be reasonable under the circumstances. The most significant estimates relate to revenue recognition and business combinations. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), as amended in December 2022 by Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The Company adopted ASU 2020-04 in June 2023, in connection with the amendment of its interest rate swap agreement to implement certain changes in the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The application of this expedient preserves the cash flow hedge designation of the interest rate swaps and presentation consistent with past presentation and did not have a material impact on our consolidated financial statements.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Aug. 31, 2023
Investments and Cash [Abstract]
Schedule of Cash and Cash Equivalents	A summary of our cash and cash equivalents at August 31, 2023 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 137,889 $ — $ — $ 137,889 Money market funds 110 — — 110 Total $ 137,999 $ — $ — $ 137,999 A summary of our cash and cash equivalents at November 30, 2022 is as follows (in thousands): Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Cash $ 229,023 $ — $ — $ 229,023 Money market funds 27,254 — — 27,254 Total $ 256,277 $ — $ — $ 256,277

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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): August 31, 2023 November 30, 2022 Notional Value Fair Value Notional Value Fair Value Interest rate swap contracts designated as cash flow hedges $ 107,813 $ 2,466 $ 120,000 $ 4,407 The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): August 31, 2023 November 30, 2022 Notional Value Fair Value Notional Value Fair Value Forward contracts to sell U.S. dollars $ 87,349 $ (2,254) $ 74,578 $ (2,995) Forward contracts to purchase U.S. dollars 1,243 (2) 544 (5) Total $ 88,592 $ (2,256) $ 75,122 $ (3,000)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Aug. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets	The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2023 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 110 $ 110 $ — $ — Interest rate swap 2,466 — 2,466 — Liabilities Foreign exchange derivatives $ (2,256) $ — $ (2,256) $ — The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2022 (in thousands): Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 27,254 $ 27,254 $ — $ — Interest rate swap 4,407 — 4,407 — Liabilities Foreign exchange derivatives $ (3,000) $ — $ (3,000) $ —

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets are comprised of the following significant classes (in thousands): August 31, 2023 November 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Purchased technology $ 280,000 $ (173,129) $ 106,871 $ 212,700 $ (150,877) $ 61,823 Customer-related 457,608 (205,298) 252,310 306,308 (162,341) 143,967 Trademarks and trade names 50,111 (30,468) 19,643 37,611 (26,046) 11,565 Non-compete agreement — — — 2,000 (2,000) — Total $ 787,719 $ (408,895) $ 378,824 $ 558,619 $ (341,264) $ 217,355
Schedule of Future Amortization Expense From Intangible Assets Held	Future amortization expense for intangible assets as of August 31, 2023, is as follows (in thousands): Remainder of 2023 $ 25,391 2024 88,934 2025 78,424 2026 69,368 2027 44,598 Thereafter 72,109 Total $ 378,824
Schedule of Goodwill	Changes in the carrying amount of goodwill in the nine months ended August 31, 2023 are as follows (in thousands): Balance, December 1, 2022 $ 671,037 Additions (1) 155,014 Translation adjustments (3) Balance, August 31, 2023 $ 826,048 (1) The additions to goodwill during fiscal year 2023 are related to the acquisition of MarkLogic in February 2023. See Note 6: Business Combinations for additional information.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Aug. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The allocation of the purchase price is as follows (in thousands): Initial Purchase Price Allocation Measurement Period Adjustments Adjusted Purchase Price Allocation Life Net working capital $ 49,477 $ (1,063) $ 48,414 Property, plant and equipment 723 — 723 Purchased technology 67,600 (300) 67,300 7 years Trade name 12,500 — 12,500 7 years Customer relationships 162,200 (10,900) 151,300 7 years Other assets, including long-term unbilled receivables 6,172 (1,401) 4,771 Deferred taxes (17,441) (957) (18,398) Deferred revenue (33,116) — (33,116) Goodwill 140,964 14,050 155,014 Net assets acquired $ 389,079 $ (571) $ 388,508
Schedule of Business Acquisition, Pro Forma Information	The pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on December 1, 2021. (in thousands, except per share data) Pro Forma Three Months Ended August 31, 2022 Revenue $ 174,676 Net income $ 16,141 Net income per basic share $ 0.37 Net income per diluted share $ 0.37 (in thousands, except per share data) Pro Forma Nine Months Ended August 31, 2023 Pro Forma Nine Months Ended August 31, 2022 Revenue $ 556,319 $ 511,609 Net income $ 64,094 $ 48,516 Net income per basic share $ 1.48 $ 1.11 Net income per diluted share $ 1.44 $ 1.10

Debt (Tables)

Debt (Tables)	9 Months Ended
	Aug. 31, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	As of August 31, 2023, future maturities of the Company's long-term debt were as follows: (In thousands) 2026 Notes Revolving Line of Credit Term Loan Total Remainder of 2023 $ — $ — $ 1,719 $ 1,719 2024 — — 13,750 13,750 2025 — — 20,625 20,625 2026 360,000 — 20,625 380,625 2027 — 140,000 206,250 346,250 Total face value of long-term debt 360,000 140,000 262,969 762,969 Unamortized discount and issuance costs (5,754) — (2,191) (7,945) Less current portion of long-term debt, net — — (11,390) (11,390) Long-term debt $ 354,246 $ 140,000 $ 249,388 $ 743,634

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Aug. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Classification of Stock-Based Compensation	The following table provides the classification of stock-based compensation as reflected on our condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Cost of maintenance and services $ 797 $ 527 $ 2,146 $ 1,410 Sales and marketing 1,763 1,331 5,027 3,423 Product development 3,065 2,586 9,112 7,548 General and administrative 4,447 4,195 13,826 13,729 Total stock-based compensation $ 10,072 $ 8,639 $ 30,111 $ 26,110

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Aug. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2023 (in thousands): Foreign Currency Translation Adjustment Unrealized Losses on Investments Unrealized Gain (Losses) on Hedging Activity Accumulated Other Comprehensive Loss Balance, December 1, 2022 $ (38,523) $ (61) $ 3,349 $ (35,235) Other comprehensive income (loss) before reclassifications, net of tax 5,124 — (1,476) 3,648 Balance, August 31, 2023 $ (33,399) $ (61) $ 1,873 $ (31,587)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Aug. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Revenue Type	Our revenues are derived from licensing our products, and from related services, which consist of maintenance, hosting services, and consulting and education. Information relating to revenue from external customers by revenue type is as follows (in thousands): Three Months Ended Nine Months Ended (In thousands) August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Performance obligations transferred at a point in time: Software licenses $ 50,544 $ 47,618 $ 164,519 $ 135,182 Performance obligations transferred over time: Maintenance 105,164 91,043 299,917 272,337 Services 19,284 12,556 53,033 37,367 Total revenue $ 174,992 $ 151,217 $ 517,469 $ 444,886
Schedule of Revenue from External Customers from Different Geographical Areas	In the following table, revenue attributed to North America includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows (in thousands): Three Months Ended Nine Months Ended (In thousands) August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 North America $ 101,923 $ 84,826 $ 306,483 $ 248,313 EMEA 56,779 52,670 166,369 156,006 Latin America 6,318 4,577 15,297 13,138 Asia Pacific 9,972 9,144 29,320 27,429 Total revenue $ 174,992 $ 151,217 $ 517,469 $ 444,886
Schedule of Contract With Customer, Asset and Liability	As of August 31, 2023, billing of our long-term unbilled receivables is expected to occur as follows (in thousands): 2024 $ 7,491 2025 16,058 2026 9,569 2027 3 Total $ 33,121 As of August 31, 2023, the changes in net deferred revenue were as follows (in thousands): Balance, December 1, 2022 $ 282,440 Billings and other 514,797 Revenue recognized (517,469) Balance, August 31, 2023 $ 279,768

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Aug. 31, 2023
Restructuring Charges [Abstract]
Schedule of Restructuring Activity	The following table provides a summary of activity for our restructuring actions (in thousands): Excess Facilities and Other Costs Employee Severance and Related Benefits Total Balance, December 1, 2022 $ 3,870 $ 30 $ 3,900 Costs incurred 644 5,586 6,230 Cash disbursements (1,146) (3,836) (4,982) Translation and other adjustments — 19 19 Balance, August 31, 2023 $ 3,368 $ 1,799 $ 5,167

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Aug. 31, 2023
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings Per Share	The following table sets forth the calculation of basic and diluted earnings per share on an interim basis (in thousands, except per share data): Three Months Ended Nine Months Ended August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022 Net income $ 19,098 $ 21,797 $ 54,862 $ 71,361 Weighted average shares outstanding 43,452 43,211 43,365 43,589 Basic earnings per common share $ 0.44 $ 0.50 $ 1.27 $ 1.64 Diluted earnings per common share: Net income $ 19,098 $ 21,797 $ 54,862 $ 71,361 Weighted average shares outstanding 43,452 43,211 43,365 43,589 Effect of dilution from common stock equivalents 1,353 724 1,178 710 Effect of dilution from if-converted Convertible Senior Notes 176 — — — Diluted weighted average shares outstanding 44,981 43,935 44,543 44,299 Diluted earnings per share $ 0.42 $ 0.50 $ 1.23 $ 1.61

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule Of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 137,999	$ 256,277
Total amortized cost basis	137,999	256,277
Total fair value	137,999	256,277
Cash
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	137,889	229,023
Money market funds
Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 110	$ 27,254

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 09, 2019	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Derivative [Line Items]
Derivative assets (liabilities), at fair value		$ (2,256)		$ (2,256)		$ (3,000)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]				Interest Expense	Interest Expense
Other comprehensive loss, cash flow hedge (loss) gain reclassified to earnings				$ (2,600)	$ 1,100
Other Current Assets
Derivative [Line Items]
Derivative assets (liabilities), at fair value		2,500		2,500
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 150,000
Percentage of variable rate debt, managed variability	50%
Fixed interest rate	1.855%
Derivative assets (liabilities), at fair value		2,466		$ 2,466		4,407
Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	0%
Forward Contracts
Derivative [Line Items]
Minimum maturity period, foreign currency derivative				30 days
Maximum maturity period, foreign currency derivative				2 years
Derivative, gain (loss) on derivative, net		1,100	$ (5,400)	$ 2,700	$ (9,000)
Forward Contracts | Accrued Liabilities
Derivative [Line Items]
Derivative liabilities		2,400		2,400
Forward Contracts | Other Current Assets
Derivative [Line Items]
Derivative liabilities		$ 200		$ 200
Derivative liability, gross asset						100
Forward Contracts | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability, gross asset						$ 3,100

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Derivative [Line Items]
Notional Value	$ 88,592	$ 75,122
Fair Value	(2,256)	(3,000)
Interest rate swap contracts designated as cash flow hedges
Derivative [Line Items]
Notional Value	107,813	120,000
Fair Value	2,466	4,407
Forward contracts to sell U.S. dollars
Derivative [Line Items]
Notional Value	87,349	74,578
Fair Value	(2,254)	(2,995)
Forward contracts to purchase U.S. dollars
Derivative [Line Items]
Notional Value	1,243	544
Fair Value	$ (2)	$ (5)

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	$ 2,466	$ 4,407
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	(2,256)	(3,000)
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	110	27,254
Level 1 | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Level 1 | Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	0	0
Level 1 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	110	27,254
Level 2 | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	2,466	4,407
Level 2 | Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	(2,256)	(3,000)
Level 2 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	0	0
Level 3 | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Level 3 | Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	0	0
Level 3 | Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents, fair value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - 2026 Notes - USD ($) $ in Millions	Aug. 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Long-term debt	$ 354.2	$ 352.6
Fair value notes	$ 411.8	$ 376

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 787,719	$ 558,619
Accumulated Amortization	(408,895)	(341,264)
Net Book Value	378,824	217,355
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	280,000	212,700
Accumulated Amortization	(173,129)	(150,877)
Net Book Value	106,871	61,823
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	457,608	306,308
Accumulated Amortization	(205,298)	(162,341)
Net Book Value	252,310	143,967
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,111	37,611
Accumulated Amortization	(30,468)	(26,046)
Net Book Value	19,643	11,565
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	2,000
Accumulated Amortization	0	(2,000)
Net Book Value	$ 0	$ 0

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, amortization expense	$ 25.7	$ 17.3	$ 71.1	$ 51.9

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill (Schedule Of Future Amortization Expense) (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 25,391
2024	88,934
2025	78,424
2026	69,368
2027	44,598
Thereafter	72,109
Net Book Value	$ 378,824	$ 217,355

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill (Schedule of Goodwill) (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 671,037
Additions	155,014
Translation adjustments	(3)
Balance, August 31, 2023	$ 826,048

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 07, 2023	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 826,048		$ 826,048		$ 671,037
Acquisition-related expenses		699	$ 168	4,433	$ 3,816
MarkLogic Acquisition
Business Acquisition [Line Items]
Cash payments in business acquisition	$ 355,000
Goodwill	$ 140,964	155,014		155,014
Acquisition-related expenses		600		4,100
Revenue of acquisition		20,400		50,700
Intangible assets		$ 231,100		$ 231,100

Business Combinations (Schedule

Business Combinations (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands		7 Months Ended
	Feb. 07, 2023	Aug. 31, 2023	Nov. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 826,048	$ 671,037
MarkLogic Acquisition
Business Acquisition [Line Items]
Net working capital	$ 49,477	48,414
Property, plant and equipment	723	723
Intangible assets		231,100
Other assets, including long-term unbilled receivables	6,172	4,771
Deferred taxes	(17,441)	(18,398)
Deferred revenue	(33,116)	(33,116)
Goodwill	140,964	155,014
Net assets acquired	389,079	388,508
Measurement Period Adjustments
Net working capital		(1,063)
Other assets, including long-term unbilled receivables		(1,401)
Deferred taxes		(957)
Goodwill		14,050
Net assets acquired		(571)
MarkLogic Acquisition | Purchased technology
Business Acquisition [Line Items]
Intangible assets	$ 67,600	67,300
Measurement Period Adjustments
Intangible assets		(300)
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition | Trade name
Business Acquisition [Line Items]
Intangible assets	$ 12,500	12,500
Measurement Period Adjustments
Finite-lived intangible assets, useful life	7 years
MarkLogic Acquisition | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 162,200	151,300
Measurement Period Adjustments
Intangible assets		$ (10,900)
Finite-lived intangible assets, useful life	7 years

Business Combinations (Pro Form

Business Combinations (Pro Forma Information) (Details) - MarkLogic Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Business Acquisition [Line Items]
Revenue		$ 174,676	$ 556,319	$ 511,609
Net income		$ 16,141	$ 64,094	$ 48,516
Net income per basic share (in dollars per share)		$ 0.37	$ 1.48	$ 1.11
Net income per diluted share (in dollars per share)		$ 0.37	$ 1.44	$ 1.10

Debt- Schedule of Future Maturi

Debt- Schedule of Future Maturities (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Remainder of 2023	$ 1,719
2024	13,750
2025	20,625
2026	380,625
2027	346,250
Total face value of long-term debt	762,969
Unamortized discount and issuance costs	(7,945)
Less current portion of long-term debt, net	(11,390)	$ (6,234)
Long-term debt	743,634
2026 Notes
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	0
2026	360,000
2027	0
Total face value of long-term debt	360,000
Unamortized discount and issuance costs	(5,754)
Less current portion of long-term debt, net	0
Long-term debt	354,246
Revolving Line of Credit
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	140,000
Total face value of long-term debt	140,000
Unamortized discount and issuance costs	0
Less current portion of long-term debt, net	0
Long-term debt	140,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2023	1,719
2024	13,750
2025	20,625
2026	20,625
2027	206,250
Total face value of long-term debt	262,969
Unamortized discount and issuance costs	(2,191)
Less current portion of long-term debt, net	(11,390)
Long-term debt	$ 249,388

Common Stock Repurchases (Detai

Common Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022	Jan. 31, 2023
Equity [Abstract]
Stock repurchase program additional authorized amount					$ 150,000
Stock repurchase authorization					$ 228,000
Common stock repurchased and retired (in shares)	0	0.5	0.5	1.7
Common stock repurchased and retired		$ 24,051	$ 30,000	$ 75,524
Remaining authorized repurchase amount	$ 198,000		$ 198,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - metric	9 Months Ended	12 Months Ended
	Aug. 31, 2023	Nov. 30, 2022	Nov. 30, 2021
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics	2	2	2
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Long-term Incentive Plan (LTIP) | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return	25%
Market condition period			3 years
Percentage of shares based on cumulative performance condition		75%
Cumulative performance condition		3 years
Long-term Incentive Plan (LTIP) | 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return			25%
Market condition period		3 years
Percentage of shares based on cumulative performance condition			75%
Cumulative performance condition			3 years
Long-term Incentive Plan (LTIP) | 2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares based on market condition of total shareholder return		25%
Market condition period	3 years
Percentage of shares based on cumulative performance condition	75%
Cumulative performance condition	3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years

Stock-Based Compensation - Clas

Stock-Based Compensation - Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,072	$ 8,639	$ 30,111	$ 26,110
Cost of maintenance and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	797	527	2,146	1,410
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,763	1,331	5,027	3,423
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,065	2,586	9,112	7,548
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,447	$ 4,195	$ 13,826	$ 13,729

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2023	Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 398,504	$ 412,489
Other comprehensive income (loss) before reclassifications, net of tax	3,648
Ending balance	445,046	398,504
Other comprehensive income (loss), tax provision	700	1,100
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(35,235)	(32,443)
Ending balance	(31,587)	(35,235)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(38,523)
Other comprehensive income (loss) before reclassifications, net of tax	5,124
Ending balance	(33,399)	(38,523)
Unrealized Losses on Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(61)
Other comprehensive income (loss) before reclassifications, net of tax	0
Ending balance	(61)	(61)
Unrealized Gain (Losses) on Hedging Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	3,349
Other comprehensive income (loss) before reclassifications, net of tax	(1,476)
Ending balance	$ 1,873	$ 3,349

Revenue Recognition - Timing of

Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 174,992	$ 151,217	$ 517,469	$ 444,886
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	50,544	47,618	164,519	135,182
Software licenses | Performance Obligations Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	50,544	47,618	164,519	135,182
Maintenance | Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	105,164	91,043	299,917	272,337
Services | Performance Obligations Transferred Over Time
Disaggregation of Revenue [Line Items]
Total revenue	$ 19,284	$ 12,556	$ 53,033	$ 37,367

Revenue Recognition - Geographi

Revenue Recognition - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 174,992	$ 151,217	$ 517,469	$ 444,886
North America
Disaggregation of Revenue [Line Items]
Total revenue	101,923	84,826	306,483	248,313
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	56,779	52,670	166,369	156,006
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	6,318	4,577	15,297	13,138
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,972	$ 9,144	$ 29,320	$ 27,429

Revenue Recognition - Unbilled

Revenue Recognition - Unbilled Receivables and Contract Assets (Details) $ in Thousands	Aug. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
2024	$ 7,491
2025	16,058
2026	9,569
2027	3
Total	$ 33,121

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	Aug. 31, 2023	Nov. 30, 2022
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 0
Deferred contract costs	$ 8,000,000	$ 8,800,000
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period	5 years

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2023 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 282,440
Billings and other	514,797
Revenue recognized	(517,469)
Ending balance	$ 279,768

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Aug. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 288
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, percentage	77%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning Balance			$ 3,900
Costs incurred	$ 843	$ 130	6,230	$ 784
Cash disbursements			(4,982)
Translation and other adjustments			19
Ending Balance	5,167		5,167
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance			3,870
Costs incurred			644
Cash disbursements			(1,146)
Translation and other adjustments			0
Ending Balance	3,368		3,368
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance			30
Costs incurred			5,586
Cash disbursements			(3,836)
Translation and other adjustments			19
Ending Balance	$ 1,799		$ 1,799

Earnings per share (Schedule of

Earnings per share (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 19,098	$ 21,797	$ 54,862	$ 71,361
Weighted average shares outstanding (in shares)	43,452	43,211	43,365	43,589
Basic earnings per common share (in dollars per share)	$ 0.44	$ 0.50	$ 1.27	$ 1.64
Diluted earnings per common share:
Net income	$ 19,098	$ 21,797	$ 54,862	$ 71,361
Effect of dilution from common stock equivalents (in shares)	1,353	724	1,178	710
Effect of dilution from if-converted Convertible Senior Notes (in shares)	176	0	0	0
Diluted weighted average shares outstanding (in shares)	44,981	43,935	44,543	44,299
Diluted earnings per share (in dollars shares)	$ 0.42	$ 0.50	$ 1.23	$ 1.61

Earnings per share (Narrative)

Earnings per share (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	252	1,777	286	1,739

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Aug. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Cyber Related Matters (Details)

Cyber Related Matters (Details) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($) plaintiff claim	Aug. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Aug. 31, 2023 USD ($)
Business Interruption Loss [Line Items]
Cyber incident costs				$ 4.2
Insurance recoveries			$ 3	$ 4.9
Percentage of determined vulnerability in company’s MOVEit Transfer product, revenue				4%
Number of customers with a claim | plaintiff	23
Number of class action lawsuits | claim	58
Cybersecurity insurance, maximum amount	$ 15	$ 15		$ 15
Cybersecurity insurance, additional coverage	10.1	10.1		10.1
Cybersecurity insurance, per claim deductible	$ 0.5	0.5		0.5
Moveit Vulnerability
Business Interruption Loss [Line Items]
Cyber incident costs		1		1
Insurance recoveries		$ 1.9		1.9
November 2022 Cyber Incident
Business Interruption Loss [Line Items]
Insurance recoveries				$ 3

Uncategorized Items - prgs-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]