3 unchanged sentences
(currency and share amounts in thousands, except par value)
−Removed: May 31, 2025 November 30, 2024
+Added: August 31, 2025 November 30, 2024
Current assets:
23 unchanged sentences
Stockholders’ equity:
−Removed: Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2025 and November 30, 2024, respectively
+Added: Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of August 31, 2025 and November 30, 2024, respectively
Common stock, $ 0.0001 par value, 250,000 shares authorized;
−Removed: 69,054 and 68,849 shares issued as of May 31, 2025 and November 30, 2024, respectively, and 62,930 and 64,238 shares outstanding as of May 31, 2025 and November 30, 2024, respectively
+Added: 69,120 and 68,849 shares issued as of August 31, 2025 and November 30, 2024, respectively, and 62,209 and 64,238 shares outstanding as of August 31, 2025 and November 30, 2024, respectively
Additional paid-in capital 3,765,512 3,683,608
−Removed: Treasury stock, 6,124 and 4,611 shares as of May 31, 2025 and November 30, 2024, respectively
+Added: Treasury stock, 6,911 and 4,611 shares as of August 31, 2025 and November 30, 2024, respectively
( 537,966 ) ( 421,449 )
7 unchanged sentences
(currency and share amounts in thousands, except per share amounts)
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Revenue $ 2,483,253 $ 2,387,412 $ 7,272,846 $ 7,170,876
18 unchanged sentences
(currency in thousands)
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
$ 88,110 $ 16,631 $ 200,460 $ 135,567
Other comprehensive income (loss):
−Removed: Unrealized gains (losses) of defined benefit plans, net of taxes of $ 0 and $( 19 ) for the three and six months ended May 31, 2025, respectively, and $ 0 and $( 135 ) for the three and six months ended May 31, 2024, respectively
+Added: Unrealized gains (losses) of defined benefit plans, net of taxes of $ 0 and $( 19 ) for the three and nine months ended August 31, 2025, respectively, and $ 0 and $( 135 ) for the three and nine months ended August 31, 2024, respectively
( 14 ) 633 1,103 1,907
−Removed: Unrealized gains (losses) on hedges during the period, net of taxes of $( 9,933 ) and $( 9,114 ) for the three and six months ended May 31, 2025, respectively, and $ 7,101 and $ 8,429 for the three and six months ended, respectively
+Added: Unrealized gains (losses) on hedges during the period, net of taxes of $ 5,839 and $( 3,275 ) for the three and nine months ended August 31, 2025, respectively, and $( 6,890 ) and $ 1,539 for the three and nine months ended August 31, 2024, respectively
( 13,074 ) 23,647 14,375 ( 1,300 )
−Removed: Reclassification of net losses (gains) on hedges to net income, net of taxes of $ 141 and $( 1,421 ) for the three and six months ended May 31, 2025, respectively, and $( 168 ) and $( 18 ) for the three and six months ended May 31, 2024, respectively
+Added: Reclassification of net losses (gains) on hedges to net income, net of taxes of $ 186 and $( 1,235 ) for the three and nine months ended August 31, 2025, respectively, and $( 789 ) and $( 807 ) for the three and nine months ended August 31, 2024, respectively
( 545 ) 2,323 3,627 2,391
1 unchanged sentence
( 13,619 ) 25,970 18,002 1,091
−Removed: Foreign currency translation adjustments for the three and six months ended May 31, 2025 and May 31, 2024, respectively
+Added: Foreign currency translation adjustments for the three and nine months ended August 31, 2025 and August 31, 2024, respectively
27,548 75,602 186,091 ( 19,161 )
7 unchanged sentences
(currency and share amounts in thousands)
−Removed: Three and Six Months Ended May 31, 2025
+Added: Three and Nine Months Ended August 31, 2025
Common stock Treasury stock
Shares Amount Additional paid-in capital Shares Amount Retained earnings Accumulated other comprehensive income (loss) Total stockholders’ equity
−Removed: Balances, February 28, 2025 69,007 $ 7 $ 3,711,701 5,193 $ ( 449,374 ) $ 1,239,638 $ ( 468,202 ) $ 4,033,770
+Added: Balances, May 31, 2025 69,054 $ 7 $ 3,738,360 6,124 $ ( 496,194 ) $ 1,259,559 $ ( 223,032 ) $ 4,278,700
Other comprehensive income — — — — — — 13,915 13,915
4 unchanged sentences
Net income — — — — — 88,110 — 88,110
−Removed: Balances, May 31, 2025 69,054 $ 7 $ 3,738,360 6,124 $ ( 496,194 ) $ 1,259,559 $ ( 223,032 ) $ 4,278,700
+Added: Balances, August 31, 2025 69,120 $ 7 $ 3,765,512 6,911 $ ( 537,966 ) $ 1,325,693 $ ( 209,117 ) $ 4,344,129
Balances, November 30, 2024 68,849 $ 7 $ 3,683,608 4,611 $ ( 421,449 ) $ 1,191,871 $ ( 414,313 ) $ 4,039,724
5 unchanged sentences
Net income — — — — — 200,460 — 200,460
−Removed: Balances, May 31, 2025 69,054 $ 7 $ 3,738,360 6,124 $ ( 496,194 ) $ 1,259,559 $ ( 223,032 ) $ 4,278,700
+Added: Balances, August 31, 2025 69,120 $ 7 $ 3,765,512 6,911 $ ( 537,966 ) $ 1,325,693 $ ( 209,117 ) $ 4,344,129
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(currency and share amounts in thousands)
−Removed: Three and Six Months Ended May 31, 2024
+Added: Three and Nine Months Ended August 31, 2024
Common stock Treasury stock
Shares Amount Additional paid-in capital Shares Amount Retained earnings Accumulated other comprehensive income (loss) Total stockholders’ equity
−Removed: Balances, February 29, 2024 67,981 $ 7 $ 3,605,694 2,409 $ ( 295,732 ) $ 1,055,950 $ ( 264,282 ) $ 4,101,637
−Removed: Other comprehensive loss — — — — — — ( 45,813 ) ( 45,813 )
+Added: Balances, May 31, 2024 68,007 $ 7 $ 3,627,559 3,074 $ ( 336,486 ) $ 1,102,438 $ ( 310,095 ) $ 4,083,423
+Added: Other comprehensive income — — — — — — 102,205 102,205
Share-based compensation activity 70 — 26,176 — — — — 26,176
3 unchanged sentences
Net income — — — — — 16,631 — 16,631
−Removed: Balances, May 31, 2024 68,007 $ 7 $ 3,627,559 3,074 $ ( 336,486 ) $ 1,102,438 $ ( 310,095 ) $ 4,083,423
+Added: Balances, August 31, 2024 68,077 $ 7 $ 3,653,735 3,683 $ ( 375,941 ) $ 1,098,855 $ ( 207,890 ) $ 4,168,766
Balances, November 30, 2023 67,883 $ 7 $ 3,582,521 2,149 $ ( 271,968 ) $ 1,024,461 $ ( 191,727 ) $ 4,143,294
5 unchanged sentences
Net income — — — — — 135,567 — 135,567
−Removed: Balances, May 31, 2024 68,007 $ 7 $ 3,627,559 3,074 $ ( 336,486 ) $ 1,102,438 $ ( 310,095 ) $ 4,083,423
+Added: Balances, August 31, 2024 68,077 $ 7 $ 3,653,735 3,683 $ ( 375,941 ) $ 1,098,855 $ ( 207,890 ) $ 4,168,766
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(currency in thousands)
−Removed: Six Months Ended
−Removed: May 31, 2025 May 31, 2024
+Added: Nine Months Ended
+Added: August 31, 2025 August 31, 2024
Cash flows from operating activities:
69 unchanged sentences
Concentration of credit risk
−Removed: For the three and six months ended May 31, 2025 and 2024, no client accounted for more than 10% of the Company’s consolidated revenue.
−Removed: As of May 31, 2025 and November 30, 2024, no client comprised more than 10% of the Company’s total accounts receivable balance .
+Added: For the three and nine months ended August 31, 2025 and 2024, no client accounted for more than 10% of the Company’s consolidated revenue.
+Added: As of August 31, 2025 and November 30, 2024, no client comprised more than 10% of the Company’s total accounts receivable balance .
Accounts receivable factoring
The Company has factoring programs with certain clients to sell accounts receivable to financial institutions under non-recourse agreements in exchange for cash proceeds.
−Removed: During the three and six months ended May 31, 2025, the Company sold approximately $ 310,000 and $ 617,000 of accounts receivable under its factoring programs, respectively.
−Removed: During the three and six months ended May 31, 2024, the Company sold approximately $ 337,000 and $ 701,000 of accounts receivable under its factoring programs, respectively.
−Removed: As of May 31, 2025 and November 30, 2024, the Company had approximately $ 142,000 and $ 162,000 outstanding under its factoring programs.
+Added: During the three and nine months ended August 31, 2025, the Company sold approximately $ 338,000 and $ 955,000 of accounts receivable under its factoring programs, respectively.
+Added: During the three and nine months ended August 31, 2024, the Company sold approximately $ 328,000 and $ 1,029,000 of accounts receivable under its factoring programs, respectively.
+Added: As of August 31, 2025 and November 30, 2024, the Company had approximately $ 127,000 and $ 162,000 outstanding under its factoring programs.
In some instances, the Company may continue to service the transferred receivables after factoring has occurred.
12 unchanged sentences
The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
+Added: In September 2025, the FASB issued ASU 2025-06, which amends the guidance in ASC 350-40, Intangibles -Goodwill and Other - Internal-Use Software .
+Added: The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach.
+Added: ASU 2025-06 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2029 and for interim reporting periods beginning in that fiscal year.
+Added: The Company is currently evaluating the impact that this update will have on the consolidated financial statements.
No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the consolidated financial statements.
4 unchanged sentences
170 of the performance-based restricted stock units under the 2020 Plan will vest, if at all, upon the achievement of certain financial targets during the three -year period ending November 30, 2027.
−Removed: These performance-based restricted stock units had a grant date weighted average fair value of $ 48.94 per share.
+Added: These performance-based restricted stock
+Added: units had a grant date weighted average fair value of $ 48.94 per share.
319 of the performance-based restricted stock units under the 2020 Plan will vest, if at all, upon the achievement of certain total shareholder return goals during the three -year period ending January 25, 2028.
These performance-based restricted stock units are market condition awards and had a grant date weighted average fair value of $ 41.28 per share.
−Removed: The Company recorded share-based compensation expense of $ 26,862 and $ 21,618 for the three months ended May 31, 2025 and 2024, respectively.
−Removed: The Company recorded share-based compensation expense of
−Removed: $ 53,462 and $ 43,264 for the six months ended May 31, 2025 and 2024, respectively.
+Added: The Company recorded share-based compensation expense of $ 25,042 and $ 22,663 for the three months ended August 31, 2025 and 2024, respectively.
+Added: The Company recorded share-based compensation expense of $ 78,504 and $ 65,927 for the nine months ended August 31, 2025 and 2024, respectively.
Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.
2 unchanged sentences
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
−Removed: May 31, 2025 November 30, 2024
+Added: August 31, 2025 November 30, 2024
Cash and cash equivalents $ 350,259 $ 240,571
2 unchanged sentences
Restricted cash balances relate primarily to funds held for clients, restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant, and letters of credit for leases.
−Removed: Of the restricted cash balance, $ 183,393 and $ 179,949 related to funds held for clients as of May 31, 2025 and November 30, 2024, respectively.
−Removed: As of May 31, 2025 and November 30, 2024, the Company has a corresponding current liability recorded in other accrued liabilities on the consolidated balance sheet related to these funds.
+Added: Of the restricted cash balance, $ 178,558 and $ 179,949 related to funds held for clients as of August 31, 2025 and November 30, 2024, respectively.
+Added: As of August 31, 2025 and November 30, 2024, the Company has a corresponding current liability recorded in other accrued liabilities on the consolidated balance sheet related to these funds.
Accounts receivable, net:
−Removed: Accounts receivable, net is comprised of the following as of May 31, 2025 and November 30, 2024:
−Removed: May 31, 2025 November 30, 2024
+Added: Accounts receivable, net is comprised of the following as of August 31, 2025 and November 30, 2024:
+Added: August 31, 2025 November 30, 2024
Billed accounts receivable $ 1,142,873 $ 1,080,778
6 unchanged sentences
Presented below is a progression of the allowance for doubtful trade receivables:
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Balance at beginning of period $ 19,561 $ 13,043 $ 14,307 $ 12,533
4 unchanged sentences
Property and equipment, net:
−Removed: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2025 and November 30, 2024:
−Removed: May 31, 2025 November 30, 2024
+Added: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of August 31, 2025 and November 30, 2024:
+Added: August 31, 2025 November 30, 2024
Land $ 28,524 $ 28,235
9 unchanged sentences
$ 733,306 $ 714,517
−Removed: Shown below are the countries where significant concentrations of the Company’s property and equipment, net are located as of May 31, 2025 and November 30, 2024:
−Removed: May 31, 2025 November 30, 2024
+Added: Shown below are the countries where significant concentrations of the Company’s property and equipment, net are located as of August 31, 2025 and November 30, 2024:
+Added: August 31, 2025 November 30, 2024
Property and equipment, net:
5 unchanged sentences
Total $ 733,306 $ 714,517
−Removed: The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2025 and May 31, 2024:
−Removed: Six Months Ended
−Removed: May 31, 2025 May 31, 2024
+Added: The following table summarizes the changes in the Company’s goodwill for the nine months ended August 31, 2025 and August 31, 2024:
+Added: Nine Months Ended
+Added: August 31, 2025 August 31, 2024
Balance at beginning of period $ 4,986,967 $ 5,078,668
4 unchanged sentences
Intangible assets, net:
−Removed: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2025 and November 30, 2024:
−Removed: As of May 31, 2025 As of November 30, 2024
+Added: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of August 31, 2025 and November 30, 2024:
+Added: As of August 31, 2025 As of November 30, 2024
Gross amounts Accumulated amortization Net amounts Gross amounts Accumulated amortization Net amounts
6 unchanged sentences
Fiscal years ending November 30,
−Removed: 2025 (remaining six months) $ 216,534
+Added: 2025 (remaining three months) $ 107,898
Thereafter 812,744
2 unchanged sentences
The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:
−Removed: Three Months Ended May 31, 2025 and 2024
+Added: Three Months Ended August 31, 2025 and 2024
Unrecognized gains (losses) on
4 unchanged sentences
adjustments, net of taxes
−Removed: Balances at February 29, 2024 $ ( 9,967 ) $ 42 $ ( 254,357 ) $ ( 264,282 )
+Added: Balances at May 31, 2024 $ ( 9,997 ) $ ( 20,390 ) $ ( 279,708 ) $ ( 310,095 )
Other comprehensive income (loss) before reclassification
1 unchanged sentence
Reclassification of losses from other comprehensive income (loss)
−Removed: Balances at May 31, 2024
— 2,323 — 2,323
−Removed: Balances at February 28, 2025 $ ( 4,131 ) $ ( 20,008 ) $ ( 444,063 ) $ ( 468,202 )
+Added: Balances at August 31, 2024
+Added: $ ( 9,364 ) $ 5,580 $ ( 204,106 ) $ ( 207,890 )
+Added: Balances at May 31, 2025 $ ( 4,166 ) $ 5,740 $ ( 224,606 ) $ ( 223,032 )
Other comprehensive income (loss) before reclassification
2 unchanged sentences
— ( 545 ) — ( 545 )
−Removed: Balances at May 31, 2025
+Added: Balances at August 31, 2025
$ ( 4,180 ) $ ( 7,879 ) $ ( 197,058 ) $ ( 209,117 )
−Removed: Six Months Ended May 31, 2025 and 2024
+Added: Nine Months Ended August 31, 2025 and 2024
Unrecognized gains (losses) on
8 unchanged sentences
Reclassification of losses from other comprehensive income (loss)
−Removed: Balances at May 31, 2024
— 2,391 — 2,391
+Added: Balances at August 31, 2024
+Added: $ ( 9,364 ) $ 5,580 $ ( 204,106 ) $ ( 207,890 )
Balances at November 30, 2024 $ ( 5,283 ) $ ( 25,881 ) $ ( 383,149 ) $ ( 414,313 )
3 unchanged sentences
— 3,627 — 3,627
−Removed: Balances at May 31, 2025
+Added: Balances at August 31, 2025
$ ( 4,180 ) $ ( 7,879 ) $ ( 197,058 ) $ ( 209,117 )
3 unchanged sentences
In the ordinary course of business, the Company is exposed to foreign currency risk and credit risk.
−Removed: The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency.
+Added: The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other
+Added: than the legal entity’s functional currency.
The Company may enter into forward contracts, option contracts, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain non-U.S.
9 unchanged sentences
dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies.
−Removed: These instruments mature at various dates through May 2027.
+Added: These instruments mature at various dates through August 2027.
Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings.
Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of “Revenue” in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of foreign currency costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized.
−Removed: Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted
−Removed: hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period.
+Added: Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period.
Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation.
13 unchanged sentences
The fair values of the Company’s derivative instruments are disclosed in Note 6—Fair Value Measurements and summarized in the table below:
−Removed: Balance Sheet Line Item May 31, 2025 November 30, 2024
+Added: Balance Sheet Line Item August 31, 2025 November 30, 2024
Derivative instruments not designated as hedging instruments:
10 unchanged sentences
Other accrued liabilities and other long-term liabilities
+Added: 10,736 22,155
Volume of activity
4 unchanged sentences
The following table shows the location of gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges, fair value hedges and not designated as hedging instruments in other comprehensive income (“OCI”), and the consolidated statements of operations for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: Locations of gain (loss) in statement of operations May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: Locations of gain (loss) in statement of operations August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Derivative instruments designated as cash flow and fair value hedges:
17 unchanged sentences
There were no material gain or loss amounts excluded from the assessment of effectiveness.
−Removed: Existing net gains in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $ 14,162 .
+Added: Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $ 2,192 .
Offsetting of Derivatives
8 unchanged sentences
The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
−Removed: As of May 31, 2025 As of November 30, 2024
+Added: As of August 31, 2025 As of November 30, 2024
Fair value measurement category Fair value measurement category
27 unchanged sentences
The inputs include the closing price of Concentrix common stock as of the reporting period end date, Concentrix-specific historical equity volatility, and the risk-free rate.
−Removed: The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2025 and November 30, 2024.
+Added: The effect of nonperformance risk on the fair value of derivative instruments was not material as of August 31, 2025 and November 30, 2024.
The carrying values of term deposits with maturities less than one year, accounts receivable and accounts payable approximate fair value due to their short maturities and interest rates that are variable in nature.
2 unchanged sentences
The Company does not adjust the quoted market prices for such financial instruments.
−Removed: During the three and six months ended May 31, 2025 and 2024, there were no transfers between the fair value measurement category levels.
+Added: During the three and nine months ended August 31, 2025 and 2024, there were no transfers between the fair value measurement category levels.
NOTE 7—BORROWINGS:
Borrowings consist of the following:
−Removed: May 31, 2025 November 30, 2024
+Added: August 31, 2025 November 30, 2024
Credit Facility - current portion of term loans component $ 37,500 $ —
21 unchanged sentences
The Indenture also provides for customary events of default.
+Added: The principal amount outstanding on the 2026 Notes as of August 31, 2025 was classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis.
Restated Credit Agreement
3 unchanged sentences
The Restated Credit Agr eement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $ 750,000 (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $ 250,000 (the “3-Year DD Term Loan Facility”), (iii) an unsecured five-year delayed draw term loan facility in an aggregate principal amount not to exceed $ 500,000 (the “5-Year DD Term Loan Facility”, and together with the 3-Year DD Term Loan Facility, the “Delayed Draw Term Loans”), and (iv) a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $ 1.1 billion (the “Revolving Credit Facility”).
−Removed: The Restated Credit Agreement also provides for the conversion and continuation of loans in an aggregate principal amount of $ 750,000 under the Company’s existing unsecured term loan facility pursuant to the Existing Credit Agreement into loans under an unsecured term loan facility with the same maturity as such converted and continued loans (the “Continued Term Loan Facility”).
+Added: The Restated Credit Agreement also provides for the conversion and continuation of loans in an aggregate principal amount of $ 750,000 under the Company’s prior unsecured term loan facility pursuant to the Existing Credit Agreement into loans under an unsecured term loan facility with the same maturity as such converted and continued loans (the “Continued Term Loan Facility”).
Aggregate borrowing capacity under the Restated Credit Agreement may be increased by up to an additional $ 500,000 by increasing the amount of the revolving credit facility commitments or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Agreement, including the receipt of additional commitments for such increase(s).
+Added: On September 25, 2025, the Company drew $ 750,000 on the Delayed Draw Term Loans and used the proceeds and cash on hand to repay in full the Sellers’ Note.
The maturity date of the New Term Loan Facility and the 3-Year DD Term Loan Facility is September 30, 2028.
4 unchanged sentences
The applicable margin ranges from 1.000 % to 1.500 % for the New Term Loan Facility and the 3-Year DD Term Loan Facility, 1.100 % to 1.600 % for the 5-Year DD Term Loan Facility, 1.125 % to 2.000 % for the Continued Term Loan Facility, and 0.875 % to 1.500 % for the Revolving Credit Facility.
−Removed: Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate (but not less than 1.0 %) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500 %, and (C) the adjusted one-month term SOFR rate plus 1.0 % per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced lon
−Removed: g-term indebtedness for borrowed money.
+Added: Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate
+Added: (but not less than 1.0 %) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500 %, and (C) the adjusted one-month term SOFR rate plus 1.0 % per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money.
The applicable margin ranges from 0.000 % to 0.500 % for the New Term Loan Facility, the 3-Year DD Term Loan Facility, and the Revolving Credit Facility, 0.100 % to 0.600 % for the 5-Year DD Term Loan Facility, and 0.125 % to 1.000 % for the Continued Term Loan Facility.
2 unchanged sentences
The Restated Credit Agreement also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.
−Removed: As of May 31, 2025 and November 30, 2024, the outstanding principal balance on the Company’s term loans was $ 1,350,000 and $ 1,500,000 , respectively.
−Removed: During the three and six months ended May 31, 2025, the Company voluntarily prepaid $ 150,000 of the principal balance on the Company’s term loans, without penalty.
+Added: As of August 31, 2025 and November 30, 2024, the outstanding principal balance on the Company’s term loans was $ 1,350,000 and $ 1,500,000 , respectively.
+Added: During the nine months ended August 31, 2025, the Company voluntarily prepaid $ 150,000 of the principal balance on the Company’s term loans, without penalty.
None of Concentrix’ subsidiaries guarantees the obligations under the Restated Credit Agreement.
−Removed: As of May 31, 2025 and November 30, 2024, no amounts were outstanding under the Company’s revolving credit facility.
+Added: As of August 31, 2025 and November 30, 2024, no amounts were outstanding under the Company’s revolving credit facility.
Securitization Facility
6 unchanged sentences
The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Restated Credit Agreement and customary events of default, including payment defaults, defaults under certain other indebtedness, a change in control of Concentrix Corporation, and certain events negatively affecting the overall credit quality of the transferred accounts receivable.
−Removed: The Borrower’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related security from the Originators and the subsequent retransfer of or granting of a security interest in such receivables and related security to the administrative agent under the Securitization Facility for the benefit of the lenders.
+Added: The Borrower’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related security from the Originators and the subsequent retransfer of or granting of a security interest in such receivables and related security to the administrative agent under the Securitization Facility for the
+Added: benefit of the lenders.
The Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders, and the assets of the Borrower are not available to pay creditors of the Company and its subsidiaries.
5 unchanged sentences
The discounted value is being amortized into interest expense over the two-year term.
−Removed: All stated principal and accrued interest will be due and payable on September 25, 2025.
−Removed: The Co mpany currently intends to use the proceeds of the Delayed Draw Term Loans, when drawn, to repay in full the Sellers’ Note.
−Removed: As a result, the amount outstanding on the Sellers’ Note has been classified as long-term debt within the consolidated balance sheet as of May 31, 2025.
−Removed: The amount outstanding on the Sellers’ Note as of November 30, 2024 was also classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis.
+Added: On September 25, 2025, the Co mpany used the proceeds of the Delayed Draw Term Loans and cash on hand to repay the principal balance and accrued interest on the Sellers’ Note.
+Added: The principal amount outstanding on the Sellers’ Note as of August 31, 2025 and November 30, 2024 was also classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis.
Covenant compliance
−Removed: As of May 31, 2025 and November 30, 2024, Concentrix was in compliance with all covenants for the above arrangements.
+Added: As of August 31, 2025 and November 30, 2024, Concentrix was in compliance with all covenants for the above arrangements.
NOTE 8— EARNINGS PER SHARE:
Basic and diluted earnings per common share ( “ EPS ” ) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security.
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Basic earnings per common share:
19 unchanged sentences
In the following table, the Company’s revenue is disaggregated by primary industry verticals:
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Industry vertical:
16 unchanged sentences
legal entities are covered by government mandated defined contribution plans.
−Removed: During the three and six months ended May 31, 2025, the Company contributed $ 19,266 and $ 47,887 , respectively, to defined contribution plans.
−Removed: During the three and six months ended May 31, 2024, the Company contributed $ 25,516 and $ 51,632 , respectively, to defined contribution plans.
+Added: During the three and nine months ended August 31, 2025, the Company contributed $ 32,903 and $ 95,131 , respectively, to defined contribution plans.
+Added: During the three and nine months ended August 31, 2024, the Company contributed $ 23,539 and $ 75,171 , respectively, to defined contribution plans.
Defined Benefit Plans
4 unchanged sentences
Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans.
−Removed: Net benefit costs related to defined benefit plans were $ 3,827 and $ 7,710 , during the three and six months ended May 31, 2025, respectively.
−Removed: Net benefit costs related to defined benefit plans were $ 3,510 and $ 7,089 , during the three and six months ended May 31, 2024, respectively.
+Added: Net benefit costs related to defined benefit plans were $ 3,510 and $ 11,220 , during the three and nine months ended August 31, 2025, respectively.
+Added: Net benefit costs related to defined benefit plans were $ 4,271 and $ 11,360 , during the three and nine months ended August 31, 2024, respectively.
Service costs are recorded in cost of services and selling, general and administrative expenses while the remaining components of total pension costs are recorded within other expense (income), net in the consolidated statements of operations.
−Removed: On an aggregate basis, the plans were underfunded by $ 81,702 and $ 77,942 at May 31, 2025 and November 30, 2024, respectively.
+Added: On an aggregate basis, the plans were underfunded by $ 81,974 and $ 77,942 at August 31, 2025 and November 30, 2024, respectively.
NOTE 11— INCOME TAXES:
Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions.
−Removed: The effective tax rates for the three and six months ended May 31, 2025 and 2024 were impacted by the geographic mix of worldwide income and certain discrete items.
−Removed: The liability for unrecognized tax benefits was $ 112,741 and $ 112,961 at May 31, 2025 and November 30, 2024, respectively, and is included in other long-term liabilities in the consolidated balance sheets.
−Removed: As of May 31, 2025 and November 30, 2024, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $ 83,517 and $ 60,512 , respectively.
+Added: The effective tax rates for the three and nine months ended August 31, 2025 and 2024 were impacted by the geographic mix of worldwide income and certain discrete items.
+Added: The liability for unrecognized tax benefits was $ 110,358 and $ 112,961 at August 31, 2025 and November 30, 2024, respectively, and is included in other long-term liabilities in the consolidated balance sheets.
+Added: As of August 31, 2025 and November 30, 2024, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $ 77,405 and $ 60,512 , respectively.
This amount includes net interest and penalties of $ 12,962 and $ 12,613 for the respective periods.
5 unchanged sentences
The following table presents the various components of operating lease costs:
−Removed: Three Months Ended Six Months Ended
−Removed: May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024
+Added: Three Months Ended Nine Months Ended
+Added: August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024
Operating lease cost $ 85,333 $ 73,765 $ 239,592 $ 217,471
3 unchanged sentences
Total operating lease cost $ 112,921 $ 108,334 $ 328,674 $ 314,331
−Removed: The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of May 31, 2025:
+Added: The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of August 31, 2025:
Fiscal Years Ending November 30,
−Removed: 2025 (remaining six months)
+Added: 2025 (remaining three months)
Thereafter 134,027
4 unchanged sentences
The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:
−Removed: May 31, 2025 November 30, 2024
+Added: August 31, 2025 November 30, 2024
Operating lease ROU assets Other assets, net $ 853,456 $ 816,550
3 unchanged sentences
Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
−Removed: Six Months Ended
−Removed: May 31, 2025 May 31, 2024
+Added: Nine Months Ended
+Added: August 31, 2025 August 31, 2024
Cash paid for amounts included in the measurement of lease liabilities $ 257,661 $ 230,274
Non-cash ROU assets obtained in exchange for lease liabilities 182,752 210,359
−Removed: The weighted-average remaining lease term and discount rate as of May 31, 2025 and November 30, 2024 were as follows:
−Removed: May 31, 2025 November 30, 2024
+Added: The weighted-average remaining lease term and discount rate as of August 31, 2025 and November 30, 2024 were as follows:
+Added: August 31, 2025 November 30, 2024
Weighted-average remaining lease term (years) 4.23 4.50
12 unchanged sentences
The repurchase program has no termination date and may be suspended or discontinued at any time.
−Removed: During the three and six months ended May 31, 2025, under the share repurchase program, the Company repurchased 924 and 1,464 shares, respectively, of its common stock for an aggregate purchase price of $ 45,328 and $ 71,174 , respectively.
−Removed: During the three and six months ended May 31, 2024, under the share repurchase program, the Company repurchased 663 and 900 shares, respectively, of its common stock for an aggregate purchase price of $ 40,633 and $ 62,307 , respectively.
+Added: During the three and nine months ended August 31, 2025, under the share repurchase program, the Company repurchased 783 and 2,247 shares, respectively, of its common stock for an aggregate purchase price of $ 41,600 and $ 112,774 , respectively.
+Added: During the three and nine months ended August 31, 2024, under the share repurchase program, the Company repurchased 607 and 1,507 shares, respectively, of its common stock for an aggregate purchase price of $ 39,308 and $ 101,615 , respectively.
The share repurchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.
−Removed: At May 31, 2025, approximately $ 537,002 remained available for share repurchases under the existing authorization from the Company’s board of directors.
−Removed: During June 2025, the Company repurchased 222 shares of its common stock under the share repurchase program for an aggregate purchase price of $ 12,206 .
+Added: At August 31, 2025, approximately $ 495,402 remained available for share repurchases under the existing authorization from the Company’s board of directors.
+Added: During September 2025, the Company repurchased 265 shares of its common stock under the share repurchase program for an aggregate purchase price of $ 14,084 .
During fiscal years 2025 and 2024, the Company paid the following dividends per share approved by the Company’s board of directors:
6 unchanged sentences
March 26, 2025 April 25, 2025 $ 0.33275 May 6, 2025
−Removed: On June 26, 2025, the Company announced a cash dividend of $ 0.33275 per share to stockholders of record as of the close of business on July 25, 2025, payable on August 5, 2025.
+Added: June 26, 2025 July 25, 2025 $ 0.33275 August 5, 2025
+Added: On September 25, 2025, the Company announced a cash dividend of $ 0.36 per share to stockholders of record as of the close of business on October 24, 2025, payable on November 4, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.