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Revenue Recognition
 6 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Timing of Revenue Recognition

Our revenues are derived from licensing our products and from related services, which consist of maintenance, SaaS, and professional services. Information relating to revenue from external customers by revenue type is as follows:
 
Three Months EndedSix Months Ended
(in thousands)May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Performance obligations transferred at a point in time:
Software licenses$50,795 $53,979 $109,240 $118,079 
Performance obligations transferred over time:
Maintenance103,491 102,503 203,026 204,528 
SaaS72,105 5,988 141,515 11,559 
Professional services10,964 12,607 21,589 25,596 
Total revenue$237,355 $175,077 $475,370 $359,762 

Geographic Revenue

In the following table, revenue attributed to North America includes sales to customers in the U.S. and Canada and sales to certain multinational organizations. Revenue from EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows:
 
Three Months EndedSix Months Ended
(in thousands)May 31, 2025May 31, 2024May 31, 2025May 31, 2024
North America$147,326 $102,902 $301,972 $210,184 
EMEA73,039 57,538 139,982 120,625 
Latin America4,853 4,599 9,905 9,267 
Asia Pacific12,137 10,038 23,511 19,686 
Total revenue$237,355 $175,077 $475,370 $359,762 
No single customer, partner, or country outside the U.S. accounted for more than 10% of our total revenue for the three and six months ended May 31, 2025 or May 31, 2024.

Contract Balances

Unbilled Receivables and Contract Assets

As of May 31, 2025, billing of our non-current unbilled receivables is expected to occur as follows:
(in thousands)
2026$19,667 
202710,223 
Total$29,890 

Contract assets arise when revenue is recognized in excess of billings and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation. We did not have any net contract assets as of May 31, 2025 or November 30, 2024.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the condensed consolidated balance sheets. Our net deferred revenue balance is primarily made up of deferred maintenance and deferred revenue related to our SaaS offerings.

As of May 31, 2025, the changes in net deferred revenue were as follows:

(in thousands)
Balance, December 1, 2024$404,412 
Billings and other459,537 
Revenue recognized that was deferred in prior periods(252,819)
Revenue recognized from current period arrangements(222,551)
Balance, May 31, 2025$388,579 

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of May 31, 2025, transaction price allocated to remaining performance obligations was $497.5 million. We expect to recognize approximately 76% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $5.5 million and $6.7 million as of May 31, 2025 and November 30, 2024, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.