Debt

9 Months Ended

Aug. 31, 2025

Line of Credit Facility [Abstract]

Debt

Debt

As of August 31, 2025, we had the following debt obligations:

(in thousands)	Outstanding Principal		Unamortized Discount and Issuance Costs for the Notes		Net Carrying Amount
Long-term debt:
3.5% convertible senior notes due 2030	$	450,000	$	(9,287)	$	440,713
Revolving credit facility	620,000		—		620,000
Total long-term debt	1,070,000		(9,287)		1,060,713
Current portion of long-term debt:
1.0% convertible senior notes due 2026	360,000		(1,381)		358,619
Total debt	$	1,430,000	$	(10,668)	$	1,419,332

As of November 30, 2024, we had the following debt obligations:

(in thousands)	Outstanding Principal		Unamortized Discount and Issuance Costs for the Notes		Net Carrying Amount
Long-term debt:
1.0% convertible senior notes due 2026	$	360,000	$	(3,054)	$	356,946
3.5% convertible senior notes due 2030	450,000		(10,679)		439,321
Revolving credit facility	730,000		—		730,000
Total debt	$	1,540,000	$	(13,733)	$	1,526,267

Credit Facility

On July 21, 2025, the Company entered into an amended and restated credit agreement (the "Credit Agreement") with certain lenders, which provides a $1.5 billion secured revolving credit facility (the "revolving credit facility"). The revolving credit facility has sublimits for swing line loans up to $25.0 million and for the issuance of standby letters of credit in a face amount up to $25.0 million.

The amount outstanding under our prior secured credit facility is now outstanding under the amended and restated credit facility.

Interest rates for the revolving credit facility are determined by reference to a Term Benchmark Rate or a base rate at our option and would range from 1.25% to 2.50% above the Term Benchmark Rate for Term Benchmark-based borrowings or from 0.25% to 1.50% above the defined base rate for base rate borrowings, in each case based upon our consolidated total net leverage ratio. During the third fiscal quarter of 2025, we repaid $40.0 million on the revolving credit facility. The interest rate as of August 31, 2025 was 6.32%.

The revolving credit facility matures on the earlier of (i) July 21, 2030, and (ii) the date that is 91 days prior to the maturity date of our 2030 Notes subject to certain conditions as set forth in the Credit Agreement, including the repayment of the 2030 Notes, the refinancing of the 2030 Notes including a maturity date that is on or after October 21, 2030, and compliance with a liquidity test when all amounts outstanding will be due and payable in full. Revolving loans may be borrowed, repaid and reborrowed until the maturity date, at which time all amounts outstanding must be repaid. Accrued interest on the loans is payable quarterly in arrears. As of August 31, 2025, there was $620.0 million outstanding under the revolving credit facility and $2.1 million of letters of credit.

Costs incurred to obtain the Credit Agreement of $6.2 million, along with $5.2 million of unamortized debt issuance costs related to the previous credit agreement, were recorded as debt issuance costs and will be amortized over the term of the debt agreement.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, grant liens, make investments, make acquisitions, incur indebtedness, merge or consolidate,

dispose of assets, pay dividends or make distributions, repurchase stock, change the nature of the business, enter into certain transactions with affiliates and enter into burdensome agreements, in each case subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a consolidated interest charge coverage ratio and a consolidated senior secured net leverage ratio.