Leases

12 Months Ended

Nov. 30, 2022

Leases [Abstract]

Leases

Leases

The Company has operating leases for administrative, product development, and sales and marketing facilities, vehicles, and equipment under various non-cancelable lease agreements. The Company’s leases have remaining lease terms ranging from 1 year to 7 years. The Company’s lease terms may include options to extend or terminate the lease where it is reasonably certain that the Company will exercise those options. 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.

The components of operating lease cost for the years ended November 30, 2022, 2021 and 2020 were as follows (in thousands):

	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Lease costs under long-term operating leases	$	7,079	$	7,867	$	7,605
Lease costs under short-term operating leases	71		32		426
Variable lease cost under short-term and long-term operating leases(1)	282		434		325
Operating lease right-of-use asset impairment	—		3,057		1,189
Total operating lease cost	$	7,432	$	11,390	$	9,545

(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, 2022, 2021 and 2020 (in thousands):

	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Cash paid for leases	$	8,571	$	8,406	$	8,101
Right-of-use assets recognized for new leases and amendments (non-cash)	$	451	$	3,222	$	8,532

Weighted average remaining lease term in years and weighted average discount rate are as follows:

	November 30, 2022		November 30, 2021
Weighted average remaining lease term in years	3.33		4.15
Weighted average discount rate	2.6	%	2.6	%

Future payments under non-cancellable leases at November 30, 2022 are as follows (in thousands):

2023	$	7,985
2024	7,561
2025	4,931
2026	1,799
2027	1,183
Thereafter	112
Total lease payments	23,571
Less imputed interest(1)	(1,059)
Present value of lease liabilities	$	22,512

(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated as a result of a lease reassessment event.

Our operating lease arrangements are subject to customary renewal and base rental fee escalation clauses. Total rent expense, net of sublease income which is insignificant, under operating lease arrangements was approximately $8.7 million, $9.3 million and $9.6 million in fiscal years 2022, 2021 and 2020, respectively.