v3.24.4
Income Taxes (Tables)
 12 Months Ended
Nov. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Pretax Income
The components of income before income taxes are as follows:
 
Fiscal Year Ended
(in thousands)November 30, 2024November 30, 2023November 30, 2022
U.S.$73,746 $70,659 $103,917 
Foreign20,518 8,998 13,338 
Total$94,264 $79,657 $117,255 
Schedule of Provisions for Income Taxes
The provision for income taxes is comprised of the following:
 
Fiscal Year Ended
(in thousands)November 30, 2024November 30, 2023November 30, 2022
Current:
Federal$23,768 $28,905 $20,118 
State4,635 4,373 5,039 
Foreign5,173 4,823 4,631 
Total current33,576 38,101 29,788 
Deferred
Federal(7,868)(22,763)(4,683)
State(163)(1,592)(1,537)
Foreign281 (4,286)(1,382)
Total deferred(7,750)(28,641)(7,602)
Total$25,826 $9,460 $22,186 
Schedule of Reconciliation of U.S. Federal Statutory Rate To Effective Tax Rate
A reconciliation of the income taxes incurred at the U.S. federal statutory rate compared to the effective tax rate is as follows:
 
Fiscal Year Ended
(in thousands)November 30, 2024November 30, 2023November 30, 2022
Tax at U.S. federal statutory rate$19,795 $16,728 $24,624 
Foreign rate differences(728)(644)475 
Effects of foreign operations included in U.S. federal provision1,158 447 401 
State income taxes, net1,480 1,814 2,424 
Research credits(2,513)(894)(1,268)
Nondeductible stock-based compensation2,625 2,498 2,725 
Meals and entertainment155 162 185 
Compensation subject to 162(m)1,028 928 878 
Uncertain tax positions and tax settlements(108)(1,056)(163)
Net excess tax benefit from stock-based compensation plans(1,419)(2,058)(266)
Global intangible low tax inclusion797 244 17 
Foreign derived intangible deduction(10,218)(8,297)(7,769)
Tax on unremitted earnings13,889 — — 
Other(115)(412)(77)
Total$25,826 $9,460 $22,186 
Schedule of Deferred Taxes
The components of deferred tax assets and liabilities are as follows:
 
(in thousands)November 30, 2024November 30, 2023
Deferred tax assets:
Accounts receivable$163 $174 
Accrued compensation6,919 5,101 
Accrued liabilities and other5,638 2,511 
Deferred revenue40,199 20,204 
Stock-based compensation10,138 9,459 
Original issue discount12,055 5,135 
Tax credit and loss carryforwards23,654 34,948 
Operating lease liabilities6,335 3,208 
Capitalized research and development36,006 20,814 
Gross deferred tax assets141,107 101,554 
Valuation allowance(1,656)(2,381)
Total deferred tax assets139,451 99,173 
Deferred tax liabilities:
Goodwill(27,646)(25,454)
Right-of-use lease assets(5,200)(2,196)
Depreciation and amortization(34,385)(55,962)
Unremitted earnings of foreign subsidiaries(13,674)— 
Prepaid expenses(4,646)(4,083)
Total deferred tax liabilities(85,551)(87,695)
Total$53,900 $11,478 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the balance of our unrecognized tax benefits is as follows:
Fiscal Year Ended
(in thousands)November 30, 2024November 30, 2023November 30, 2022
Balance, beginning of year$5,172 $5,276 $5,471 
Tax positions related to a prior period416 19 — 
Tax positions acquired311 423 — 
Settlements with tax authorities— (367)(45)
Lapses due to expiration of the statute of limitations(665)(179)(150)
Balance, end of year$5,234 $5,172 $5,276