Fair Value Measurements

9 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2024:

			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	116,040	$	116,040	$	—	$	—
Foreign exchange derivatives	$	86	$	—	$	86	$	—

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2023:

			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Interest rate swap	$	1,495	$	—	$	1,495	$	—
Liabilities
Foreign exchange derivatives	$	(2,530)	$	—	$	(2,530)	$	—

When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates.

Assets and Liabilities Not Carried at Fair Value

Fair Value of the Convertible Senior Notes

The following table details the fair value and carrying value of our Convertible Senior Notes due 2026 and 2030 (together referred to as “the Notes”):

	August 31, 2024				November 30, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible senior notes due 2026(1)	$	356,416	$	390,268	$	354,772	$	377,125
Convertible senior notes due 2030(2)	438,866		483,188		—		—
Total	$	795,282	$	873,456	$	354,772	$	377,125

(1) The carrying value of the convertible senior notes due 2026 (the "2026 Notes"), are reflected net of $3.6 million and $5.2 million of unamortized debt issuance costs as of August 31, 2024 and November 30, 2023, respectively.

(2) The carrying value of the convertible senior notes due 2030 (the "2030 Notes"), are reflected net of $11.1 million of unamortized debt issuance costs as of August 31, 2024.

The fair value of the Notes is based on quoted prices in an over-the-counter market on the last trading day of the reporting period and classified within Level 2 of the fair value hierarchy.

Fair Value of Other Financial Assets and Liabilities

The carrying amounts of other financial assets and liabilities including cash and cash equivalents, accounts receivable, unbilled accounts receivable, accounts payable, and accrued liabilities approximate their respective fair values due to their immediate or short-term maturities.