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Basis of Presentation (Tables) | 6 Months Ended
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May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Contract with Customer, Asset and Liability | As of May 31, 2019, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):
2020 | $ | 525 |
2021 | 3,398 |
2022 | 565 |
Total | $ | 4,488 |
As of May 31, 2019, the changes in deferred revenue were as follows (in thousands):
Balance, December 1, 2018 As Adjusted(1) | $ | 135,940 |
Billings and other | 204,009 |
Revenue recognized | (189,544 | )
Balance, May 31, 2019 | $ | 150,405 |
(1)The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the adoption of this standard on our previously reported consolidated balance sheet and consolidated statements of operations is as follows: Consolidated Balance Sheet
| November 30, 2018
(in thousands) | As Reported |  | Adjustments |  | As Adjusted
Assets |  |  |  |  |
Accounts receivable, net | $ | 58,450 |  |  | $ | 1,265 |  |  | $ | 59,715 |
Short-term unbilled receivables | — |  |  | 1,421 |  |  | 1,421 |
Long-term unbilled receivables | — |  |  | 1,811 |  |  | 1,811 |
Deferred tax assets | 1,922 |  |  | (956 | ) |  | 966 |
Other assets(1) | 580,237 |  |  | — |  |  | 580,237 |
Total assets | $ | 640,609 |  |  | $ | 3,541 |  |  | $ | 644,150 |
Liabilities and shareholders’ equity |  |  |  |  |
Short-term deferred revenue | 133,194 |  |  | (9,984 | ) |  | 123,210 |
Long-term deferred revenue | 15,127 |  |  | (2,397 | ) |  | 12,730 |
Deferred tax liabilities | 3,797 |  |  | 2,002 |  |  | 5,799 |
Other liabilities(2) | 178,409 |  |  | — |  |  | 178,409 |
Retained earnings | 71,242 |  |  | 13,883 |  |  | 85,125 |
Accumulated other comprehensive loss | (28,213 | ) |  | 37 |  |  | (28,176 | )
Other equity(3) | 267,053 |  |  | — |  |  | 267,053 |
Total liabilities and shareholders’ equity | $ | 640,609 |  |  | $ | 3,541 |  |  | $ | 644,150 |
(1)Includes cash and cash equivalents, short-term investments, other current assets, assets held for sale, property and equipment, net, intangible assets, net, goodwill, and other assets.
(2)Includes current portion of long-term debt, net, accounts payable, accrued compensation and related taxes, dividends payable, income taxes payable, other accrued liabilities, long-term debt, net, and other noncurrent liabilities.
(3)Includes common stock and additional paid-in capital.
Consolidated Statements of Income
| May 31, 2018
| Three Months Ended |  | Six Months Ended
(In thousands, except per share data) | As Reported |  | Adjustments |  | As Adjusted |  | As Reported |  | Adjustments |  | As Adjusted
Revenue: |  |  |  |  |  |  |  |  |  |  |
Software licenses | $ | 26,439 |  |  | $ | (3,913 | ) |  | $ | 22,526 |  |  | $ | 51,782 |  |  | $ | (3,202 | ) |  | $ | 48,580 |
Maintenance and services | 69,663 |  |  | 675 |  |  | 70,338 |  |  | 138,367 |  |  | 1,327 |  |  | 139,694 |
Total revenue | 96,102 |  |  | (3,238 | ) |  | 92,864 |  |  | 190,149 |  |  | (1,875 | ) |  | 188,274 |
Costs of revenue | 16,643 |  |  | — |  |  | 16,643 |  |  | 33,546 |  |  | — |  |  | 33,546 |
Gross Profit | 79,459 |  |  | (3,238 | ) |  | 76,221 |  |  | 156,603 |  |  | (1,875 | ) |  | 154,728 |
Operating expenses | 57,671 |  |  | — |  |  | 57,671 |  |  | 117,047 |  |  | — |  |  | 117,047 |
Income from operations | 21,788 |  |  | (3,238 | ) |  | 18,550 |  |  | 39,556 |  |  | (1,875 | ) |  | 37,681 |
Other expense, net | (1,284 | ) |  | — |  |  | (1,284 | ) |  | (2,869 | ) |  | — |  |  | (2,869 | )
Income before income taxes | 20,504 |  |  | (3,238 | ) |  | 17,266 |  |  | 36,687 |  |  | (1,875 | ) |  | 34,812 |
Provision for income taxes | 5,101 |  |  | (739 | ) |  | 4,362 |  |  | 8,372 |  |  | (197 | ) |  | 8,175 |
Net income | $ | 15,403 |  |  | $ | (2,499 | ) |  | $ | 12,904 |  |  | $ | 28,315 |  |  | $ | (1,678 | ) |  | $ | 26,637 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.34 |  |  | $ | (0.06 | ) |  | $ | 0.28 |  |  | $ | 0.62 |  |  | $ | (0.04 | ) |  | $ | 0.58 |
Diluted | $ | 0.33 |  |  | $ | (0.05 | ) |  | $ | 0.28 |  |  | $ | 0.61 |  |  | $ | (0.04 | ) |  | $ | 0.57 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 45,531 |  |  | — |  |  | 45,531 |  |  | 46,030 |  |  | — |  |  | 46,030 |
Diluted | 46,087 |  |  | — |  |  | 46,087 |  |  | 46,781 |  |  | — |  |  | 46,781 |

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