v3.25.4
Leases
 12 Months Ended
Nov. 30, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases for facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company's leases have remaining lease terms ranging from 1 year to 12 years. The Company's lease terms may include options to extend or terminate the lease. The Company considers several economic factors when making the determination as to whether the Company will exercise options to extend or terminate the lease, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Consideration in the contract is comprised of any fixed payments and variable payments that depend on an index or rate. Payments in the Company's operating lease arrangements primarily consist of base office rent. The Company makes variable payments on certain of its leases related to taxes, insurance, common area maintenance, and utilities, among other things. We sublease certain facilities to third parties, which have remaining lease terms of up to one year.

The components of net operating lease cost for the years ended November 30, 2025, 2024, and 2023 were as follows:

Fiscal Year Ended
(in thousands)November 30, 2025November 30, 2024November 30, 2023
Lease costs under long-term operating leases$8,629 $8,463 $8,935 
Lease costs under short-term operating leases1,088 156 170 
Variable lease cost under short-term and long-term operating leases(1)
350 410 354 
Operating lease right-of-use asset impairment1,277 2,432 115 
Sublease income(212)(599)(468)
Total net operating lease cost$11,132 $10,862 $9,106 
(1) Lease costs that are not fixed at lease commencement.

The table below presents supplemental cash flow information related to leases during the years ended November 30, 2025, 2024, and 2023:
Fiscal Year Ended
(in thousands)November 30, 2025November 30, 2024November 30, 2023
Cash paid for leases$12,006 $11,556 $10,472 
Right-of-use assets recognized for new leases and amendments (non-cash)$3,122 $19,404 $3,444 
Weighted average remaining lease term in years and weighted average discount rate are as follows:
 November 30, 2025November 30, 2024
Weighted average remaining lease term in years4.454.61
Weighted average discount rate5.7 %5.8 %

Future payments under non-cancelable leases at November 30, 2025 are as follows:

(in thousands)
2026$10,155 
20277,170 
20285,059 
20294,697 
20304,295 
Thereafter2,222 
Total lease payments33,598 
Less imputed interest(4,031)
Present value of lease liabilities$29,567