Leases

12 Months Ended

Nov. 30, 2023

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 7 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 three years.

The components of net operating lease cost for the years ended November 30, 2023, 2022 and 2021 were as follows (in thousands):

	Fiscal Year Ended
	November 30, 2023		November 30, 2022		November 30, 2021
Lease costs under long-term operating leases	$	8,935	$	7,079	$	7,867
Lease costs under short-term operating leases	170		71		32
Variable lease cost under short-term and long-term operating leases(1)	354		282		434
Operating lease right-of-use asset impairment	115		—		3,057
Sublease income	(468)		—		—
Total net operating lease cost	$	9,106	$	7,432	$	11,390

(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, 2023, 2022 and 2021 (in thousands):

	Fiscal Year Ended
	November 30, 2023		November 30, 2022		November 30, 2021
Cash paid for leases	$	10,472	$	8,571	$	8,406
Right-of-use assets recognized for new leases and amendments (non-cash)	$	3,444	$	451	$	3,222

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

	November 30, 2023		November 30, 2022
Weighted average remaining lease term in years	2.74		3.33
Weighted average discount rate	4.6	%	2.6	%

Future payments under non-cancellable leases at November 30, 2023 are as follows (in thousands):

2024	$	11,063
2025	7,422
2026	3,990
2027	2,047
2028	233
Thereafter	14
Total lease payments	24,769
Less imputed interest	(1,655)
Present value of lease liabilities	$	23,114