v3.26.1
Fair Value Measurements
 6 Months Ended
May 31, 2026
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 May 31, 2026:
 
  Fair Value Measurements Using
 (in thousands)Total Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$778 $778 $— $— 
Liabilities
Foreign exchange derivatives$(3)$— $(3)$— 

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2025:
 
  Fair Value Measurements Using
 (in thousands)Total Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$779 $779 $— $— 
Liabilities
Foreign exchange derivatives$(95)$— $(95)$— 
Contingent consideration$(1,080)$— $— $(1,080)

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. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

We classify contingent consideration related to the Nuclia acquisition, which occurred in the third fiscal quarter of 2025, within Level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs. We utilized the Monte Carlo simulation method to estimate the fair value of the contingent liability as of the acquisition date, and we have updated the fair value using an income approach in subsequent periods. The fair value of the contingent consideration, which is primarily dependent on the revenue of the acquired business in fiscal 2026, is remeasured each reporting period, with adjustments to fair value recorded as acquisition-related expenses in our condensed consolidated statements of operations. During the quarter ended May 31, 2026, we adjusted the carrying value of the contingent liability to zero. The gain was reported in acquisition-related expenses in the condensed consolidated statements of operations.

The following table reflects the activity for our contingent consideration obligation measured at fair value using Level 3 inputs for the six months ended May 31, 2026:

(in thousands)
Balance, December 1, 2025$(1,080)
Changes in fair value of contingent consideration 1,080 
Balance, May 31, 2026
$— 

There were no transfers between levels of the fair value measurement hierarchy during the six months ended May 31, 2026 and 2025.
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 that were due and paid in April 2026 and our Convertible Senior Notes due 2030 (together referred to as "the Notes"):

May 31, 2026November 30, 2025
(in thousands)Carrying ValueFair ValueCarrying ValueFair Value
Convertible senior notes due 2026(1)
$— $— $359,163 $357,300 
Convertible senior notes due 2030(2)
442,147 428,099 441,186 452,295 
Total$442,147 $428,099 $800,349 $809,595 
(1) The carrying value of the convertible senior notes due 2026 (the "2026 Notes"), is reflected net of $0.8 million of unamortized debt issuance costs as of November 30, 2025.
(2) The carrying value of the convertible senior notes due 2030 (the "2030 Notes"), is reflected net of $7.9 million and $8.8 million of unamortized debt issuance costs as of May 31, 2026 and November 30, 2025, respectively.

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 in 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.

Borrowings under our revolving credit facility are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. The Company considers this a Level 2 input.