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Revenue Recognition
 6 Months Ended
May 31, 2021
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 EndedSix Months Ended
(In thousands)May 31, 2021May 31, 2020May 31, 2021May 31, 2020
Performance obligations transferred at a point in time:
Software licenses$30,107 $19,663 $63,424 $50,292 
Performance obligations transferred over time:
Maintenance80,069 71,686 157,046 141,742 
Services12,312 9,034 23,298 18,032 
Total revenue$122,488 $100,383 $243,768 $210,066 

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 EndedSix Months Ended
(In thousands)May 31, 2021May 31, 2020May 31, 2021May 31, 2020
North America$71,094 $56,564 $142,599 $121,977 
EMEA41,321 34,157 81,561 69,145 
Latin America3,753 3,346 7,246 7,346 
Asia Pacific6,320 6,316 12,362 11,598 
Total revenue$122,488 $100,383 $243,768 $210,066 

No single customer, partner, or country outside of the U.S. has accounted for more than 10% of our total revenue for the three or six months ended May 31, 2021 and May 31, 2020.
Contract Balances

Unbilled Receivables and Contract Assets

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

As of May 31, 2021, invoicing of our long-term unbilled receivables is expected to occur as follows (in thousands):
2022$4,995 
20233,916 
2024162 
Total$9,073 

Contract assets, which arise when revenue is recognized prior to invoicing and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation, were $6.4 million as of May 31, 2021 and $11.3 million as of November 30, 2020. These amounts are included in unbilled receivables or long-term unbilled receivables on our condensed consolidated balance sheets.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Our deferred revenue balance is primarily made up of deferred maintenance.

As of May 31, 2021, the changes in deferred revenue were as follows (in thousands):
Balance, December 1, 2020$193,295 
Billings and other253,103 
Revenue recognized(243,768)
Balance, May 31, 2021$202,630 

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of May 31, 2021, transaction price allocated to remaining performance obligations was $214.8 million. We expect to recognize approximately 84% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

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

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $4.2 million and $2.5 million as of May 31, 2021 and November 30, 2020, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.