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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Pretax Income | The components of income before income taxes are as follows:
| Fiscal Year Ended
(in thousands) | November 30, 2024 |  | November 30, 2023 |  | November 30, 2022
U.S. | $ | 73,746 |  |  | $ | 70,659 |  |  | $ | 103,917 |
Foreign | 20,518 |  |  | 8,998 |  |  | 13,338 |
Total | $ | 94,264 |  |  | $ | 79,657 |  |  | $ | 117,255 |
Schedule of Provisions for Income Taxes | The provision for income taxes is comprised of the following:
| Fiscal Year Ended
(in thousands) | November 30, 2024 |  | November 30, 2023 |  | November 30, 2022
Current: |  |  |  |  |
Federal | $ | 23,768 |  |  | $ | 28,905 |  |  | $ | 20,118 |
State | 4,635 |  |  | 4,373 |  |  | 5,039 |
Foreign | 5,173 |  |  | 4,823 |  |  | 4,631 |
Total current | 33,576 |  |  | 38,101 |  |  | 29,788 |
Deferred |  |  |  |  |
Federal | (7,868) |  |  | (22,763) |  |  | (4,683) |
State | (163) |  |  | (1,592) |  |  | (1,537) |
Foreign | 281 |  |  | (4,286) |  |  | (1,382) |
Total deferred | (7,750) |  |  | (28,641) |  |  | (7,602) |
Total | $ | 25,826 |  |  | $ | 9,460 |  |  | $ | 22,186 |
Schedule of Reconciliation of U.S. Federal Statutory Rate To Effective Tax Rate | A reconciliation of the income taxes incurred at the U.S. federal statutory rate compared to the effective tax rate is as follows:
| Fiscal Year Ended
(in thousands) | November 30, 2024 |  | November 30, 2023 |  | November 30, 2022
Tax at U.S. federal statutory rate | $ | 19,795 |  |  | $ | 16,728 |  |  | $ | 24,624 |
Foreign rate differences | (728) |  |  | (644) |  |  | 475 |
Effects of foreign operations included in U.S. federal provision | 1,158 |  |  | 447 |  |  | 401 |
State income taxes, net | 1,480 |  |  | 1,814 |  |  | 2,424 |
Research credits | (2,513) |  |  | (894) |  |  | (1,268) |
Nondeductible stock-based compensation | 2,625 |  |  | 2,498 |  |  | 2,725 |
Meals and entertainment | 155 |  |  | 162 |  |  | 185 |
Compensation subject to 162(m) | 1,028 |  |  | 928 |  |  | 878 |
Uncertain tax positions and tax settlements | (108) |  |  | (1,056) |  |  | (163) |
Net excess tax benefit from stock-based compensation plans | (1,419) |  |  | (2,058) |  |  | (266) |
Global intangible low tax inclusion | 797 |  |  | 244 |  |  | 17 |
Foreign derived intangible deduction | (10,218) |  |  | (8,297) |  |  | (7,769) |
Tax on unremitted earnings | 13,889 |  |  | — |  |  | — |
Other | (115) |  |  | (412) |  |  | (77) |
Total | $ | 25,826 |  |  | $ | 9,460 |  |  | $ | 22,186 |
Schedule of Deferred Taxes | The components of deferred tax assets and liabilities are as follows:
(in thousands) | November 30, 2024 |  | November 30, 2023
Deferred tax assets: |  |  |
Accounts receivable | $ | 163 |  |  | $ | 174 |
Accrued compensation | 6,919 |  |  | 5,101 |
Accrued liabilities and other | 5,638 |  |  | 2,511 |
Deferred revenue | 40,199 |  |  | 20,204 |
Stock-based compensation | 10,138 |  |  | 9,459 |
Original issue discount | 12,055 |  |  | 5,135 |
Tax credit and loss carryforwards | 23,654 |  |  | 34,948 |
Operating lease liabilities | 6,335 |  |  | 3,208 |
Capitalized research and development | 36,006 |  |  | 20,814 |
Gross deferred tax assets | 141,107 |  |  | 101,554 |
Valuation allowance | (1,656) |  |  | (2,381) |
Total deferred tax assets | 139,451 |  |  | 99,173 |
Deferred tax liabilities: |  |  |
Goodwill | (27,646) |  |  | (25,454) |
Right-of-use lease assets | (5,200) |  |  | (2,196) |
Depreciation and amortization | (34,385) |  |  | (55,962) |
Unremitted earnings of foreign subsidiaries | (13,674) |  |  | — |
Prepaid expenses | (4,646) |  |  | (4,083) |
Total deferred tax liabilities | (85,551) |  |  | (87,695) |
Total | $ | 53,900 |  |  | $ | 11,478 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the balance of our unrecognized tax benefits is as follows:
| Fiscal Year Ended
(in thousands) | November 30, 2024 |  | November 30, 2023 |  | November 30, 2022
Balance, beginning of year | $ | 5,172 |  |  | $ | 5,276 |  |  | $ | 5,471 |
Tax positions related to a prior period | 416 |  |  | 19 |  |  | — |
Tax positions acquired | 311 |  |  | 423 |  |  | — |
Settlements with tax authorities | — |  |  | (367) |  |  | (45) |
Lapses due to expiration of the statute of limitations | (665) |  |  | (179) |  |  | (150) |
Balance, end of year | $ | 5,234 |  |  | $ | 5,172 |  |  | $ | 5,276 |

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