Concentrix Corp 10-Q

ITEM 1. FINANCIAL STATEMENTS CONCENTRIX CORPORATION CONSOLIDATED BALANCE SHEETS (currency and share amounts in thousands, except par value) August 31, 2025 November 30, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 350,259 $ 240,571 Accounts receivable, net 2,051,920 1,926,737 Other current assets 735,332 675,116 Total current assets 3,137,511 2,842,424 Property and equipment, net 733,306 714,517 Goodwill 5,191,565 4,986,967 Intangible assets, net 2,079,278 2,286,940 Deferred tax assets 282,486 218,396 Other assets 985,953 942,194 Total assets $ 12,410,099 $ 11,991,438 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 221,570 $ 209,812 Current portion of long-term debt 37,500 2,522 Accrued compensation and benefits 698,890 706,619 Other accrued liabilities 969,868 977,314 Income taxes payable 81,355 99,546 Total current liabilities 2,009,183 1,995,813 Long-term debt, net 4,790,293 4,733,056 Other long-term liabilities 964,086 910,271 Deferred tax liabilities 302,408 312,574 Total liabilities 8,065,970 7,951,714 Commitments and contingencies (Note 13) Stockholders’ equity: 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; 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 7 7 Additional paid-in capital 3,765,512 3,683,608 Treasury stock, 6,911 and 4,611 shares as of August 31, 2025 and November 30, 2024, respectively ( 537,966 ) ( 421,449 ) Retained earnings 1,325,693 1,191,871 Accumulated other comprehensive loss ( 209,117 ) ( 414,313 ) Total stockholders’ equity 4,344,129 4,039,724 Total liabilities and stockholders’ equity $ 12,410,099 $ 11,991,438 The accompanying notes are an integral part of these consolidated financial statements. 2 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (currency and share amounts in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended 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 Cost of revenue 1,628,246 1,523,220 4,713,792 4,592,586 Gross profit 855,007 864,192 2,559,054 2,578,290 Selling, general and administrative expenses 708,023 710,950 2,094,858 2,126,439 Operating income 146,984 153,242 464,196 451,851 Interest expense and finance charges, net 72,014 80,815 220,414 245,711 Other expense (income), net ( 36,474 ) 46,011 ( 20,175 ) 19,772 Income before income taxes 111,444 26,416 263,957 186,368 Provision for income taxes 23,334 9,785 63,497 50,801 Net income 88,110 $ 16,631 $ 200,460 $ 135,567 Earnings per common share: Basic $ 1.34 $ 0.25 $ 3.01 $ 2.00 Diluted $ 1.34 $ 0.25 $ 3.01 $ 2.00 Weighted-average common shares outstanding: Basic 62,598 64,660 63,325 65,196 Diluted 62,702 64,749 63,379 65,311 The accompanying notes are an integral part of these consolidated financial statements. 3 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (currency in thousands) (unaudited) Three Months Ended Nine Months Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Net income $ 88,110 $ 16,631 $ 200,460 $ 135,567 Other comprehensive income (loss): 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 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 ) 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 Total change in unrealized gains (losses) on hedges, net of taxes ( 13,619 ) 25,970 18,002 1,091 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 ) Other comprehensive income (loss) 13,915 102,205 205,196 ( 16,163 ) Comprehensive income $ 102,025 $ 118,836 $ 405,656 $ 119,404 The accompanying notes are an integral part of these consolidated financial statements. 4 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (currency and share amounts in thousands) (unaudited) 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 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 Share-based compensation activity 66 — 27,152 — — — — 27,152 Repurchase of common stock for tax withholdings on equity awards — — — 4 ( 172 ) — — ( 172 ) Repurchase of common stock — — — 783 ( 41,600 ) — — ( 41,600 ) Dividends — — — — — ( 21,976 ) — ( 21,976 ) Net income — — — — — 88,110 — 88,110 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 Other comprehensive income — — — — — — 205,196 205,196 Share-based compensation activity 271 — 81,904 — — — — 81,904 Repurchase of common stock for tax withholdings on equity awards — — — 53 ( 3,743 ) — — ( 3,743 ) Repurchase of common stock — — — 2,247 ( 112,774 ) — — ( 112,774 ) Dividends — — — — — ( 66,638 ) — ( 66,638 ) Net income — — — — — 200,460 — 200,460 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. 5 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (currency and share amounts in thousands) (unaudited) 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 Balances, May 31, 2024 68,007 $ 7 $ 3,627,559 3,074 $ ( 336,486 ) $ 1,102,438 $ ( 310,095 ) $ 4,083,423 Other comprehensive income — — — — — — 102,205 102,205 Share-based compensation activity 70 — 26,176 — — — — 26,176 Repurchase of common stock for tax withholdings on equity awards — — — 2 ( 147 ) — — ( 147 ) Repurchase of common stock — — — 607 ( 39,308 ) — — ( 39,308 ) Dividends — — — — — ( 20,214 ) — ( 20,214 ) Net income — — — — — 16,631 — 16,631 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 Other comprehensive loss — — — — — — ( 16,163 ) ( 16,163 ) Share-based compensation activity 194 — 71,214 — — — — 71,214 Repurchase of common stock for tax withholdings on equity awards — — — 27 ( 2,358 ) — — ( 2,358 ) Repurchase of common stock — — — 1,507 ( 101,615 ) — — ( 101,615 ) Dividends — — — — — ( 61,173 ) — ( 61,173 ) Net income — — — — — 135,567 — 135,567 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. 6 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (currency in thousands) (unaudited) Nine Months Ended August 31, 2025 August 31, 2024 Cash flows from operating activities: Net income $ 200,460 $ 135,567 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 168,026 188,296 Amortization 326,556 348,827 Non-cash share-based compensation expense 77,913 65,671 Provision for doubtful accounts 5,467 5,927 Deferred income taxes ( 112,717 ) ( 80,865 ) Amortization of debt discount and issuance costs 19,056 19,178 Pension and other post-retirement benefit costs 11,220 11,360 Pension and other post-retirement plan contributions — ( 3,420 ) Change in acquisition contingent consideration 4,250 ( 11,086 ) Other ( 39 ) 1,463 Changes in operating assets and liabilities: Accounts receivable, net ( 64,260 ) ( 47,687 ) Accounts payable 6,895 ( 27,448 ) Other operating assets and liabilities ( 180,080 ) ( 222,692 ) Net cash provided by operating activities 462,747 383,091 Cash flows from investing activities: Purchases of property and equipment ( 171,464 ) ( 178,891 ) Acquisition of business, net of cash and restricted cash acquired ( 663 ) ( 4,504 ) Net cash used in investing activities ( 172,127 ) ( 183,395 ) Cash flows from financing activities: Proceeds from the Credit Facility - term loans 750,000 — Repayments of the Credit Facility - term loans ( 900,000 ) ( 350,000 ) Proceeds from the Credit Facility - Revolver 100,000 — Repayments of the Credit Facility - Revolver ( 100,000 ) — Proceeds from the Securitization Facility 1,628,000 1,725,000 Repayments of the Securitization Facility ( 1,474,000 ) ( 1,434,500 ) Other debt proceeds — 6,369 Other debt repayments ( 6,165 ) ( 6,196 ) Cash paid for debt issuance costs ( 4,755 ) ( 600 ) Acquisition deferred consideration payment ( 6,454 ) ( 22,737 ) Proceeds from exercise of stock options 3,991 5,543 Repurchase of common stock for tax withholdings on equity awards ( 3,743 ) ( 2,358 ) Repurchase of common stock ( 112,774 ) ( 101,615 ) Dividends paid ( 66,393 ) ( 61,173 ) Change in funds held for clients ( 19,151 ) ( 25,807 ) Net cash used in financing activities ( 211,444 ) ( 268,074 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 29,706 ( 6,347 ) Net increase (decrease) in cash, cash equivalents and restricted cash 108,882 ( 74,725 ) Cash, cash equivalents and restricted cash at beginning of year 429,604 516,487 Cash, cash equivalents and restricted cash at end of period $ 538,486 $ 441,762 Supplemental disclosure of non-cash investing activities: Accrued costs for property and equipment purchases $ 38,346 $ 24,447 The accompanying notes are an integral part of these consolidated financial statements. 7 CONCENTRIX CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (currency and share amounts in thousands, except per share amounts) NOTE 1— BACKGROUND AND BASIS OF PRESENTATION: Background Concentrix Corporation (“Concentrix” or the “Company”), is a global technology and services leader that powers its clients’ brand experiences and digital operations. The Company designs, builds, and runs fully integrated, end-to-end solutions, including customer experience (“CX”) process optimization, technology innovation and design engineering, front- and back-office automation, analytics and business transformation services to clients in five primary industry verticals: technology and consumer electronics; retail, travel and e-commerce; communications and media; banking, financial services and insurance; and healthcare. Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2024 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. All intercompany balances and transactions have been eliminated in consolidation. On September 25, 2023, the Company completed its acquisition (the “Webhelp Combination”) of all of the issued and outstanding capital stock of Marnix Lux SA (“Webhelp”), from the holders thereof (the “Sellers”). The Webhelp Combination was funded by proceeds from the Company’s offering and sale of senior notes in August 2023, term loan borrowings under the Company’s senior credit facility, the issuance of a promissory note by Concentrix Corporation to certain Sellers (the “Sellers’ Note”), the issuance of shares of common stock, par value $ 0.0001 per share, of Concentrix Corporation, and cash on hand. See Note 7 — Borrowings for a further discussion of the Company’s senior notes, term loan, senior credit facility, and the Sellers’ Note. NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Recently adopted accounting pronouncements are discussed below. Concentration of credit risk 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. As of August 31, 2025 and November 30, 2024, no client comprised more than 10% of the Company’s total accounts receivable balance . 8 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. 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. 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. 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. However, any servicing of the trade receivable does not constitute significant continuing involvement. Accounting pronouncements recently issued In November 2023, the Financial Accounting Standards Board (the “FASB”) issued accounting standards update (“ASU”) 2023-07, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2025 and for interim reporting periods beginning in fiscal year 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The amendments in ASU 2023-09 are effective for the Company for the fiscal year ending November 30, 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2028 and for interim periods beginning in fiscal year 2029. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, which amends the guidance in ASC 350-40, Intangibles -Goodwill and Other - Internal-Use Software . 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. 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. 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. NOTE 3— SHARE-BASED COMPENSATION: The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units, and performance-based restricted stock units based on estimated fair values. In January 2025, the Company granted 176 restricted stock units and 489 performance-based restricted stock units under the Concentrix Corporation Amended and Restated 2020 Stock Incentive Plan, as amended (the “2020 Plan”), which included annual awards to the Company’s senior executive team. The restricted stock units had a grant date weighted average fair value of $ 52.54 per share and vest ratably over a service period of three years . 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. These performance-based restricted stock 9 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. The Company recorded share-based compensation expense of $ 25,042 and $ 22,663 for the three months ended August 31, 2025 and 2024, respectively. 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. NOTE 4— BALANCE SHEET COMPONENTS: Cash, cash equivalents and restricted cash: 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: As of August 31, 2025 November 30, 2024 Cash and cash equivalents $ 350,259 $ 240,571 Restricted cash included in other current assets 188,227 189,033 Cash, cash equivalents and restricted cash $ 538,486 $ 429,604 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. 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. 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: Accounts receivable, net is comprised of the following as of August 31, 2025 and November 30, 2024: As of August 31, 2025 November 30, 2024 Billed accounts receivable $ 1,142,873 $ 1,080,778 Unbilled accounts receivable 928,433 860,266 Less: Allowance for doubtful trade receivables ( 19,386 ) ( 14,307 ) Accounts receivable, net $ 2,051,920 $ 1,926,737 10 Allowance for doubtful trade receivables: Presented below is a progression of the allowance for doubtful trade receivables: Three Months Ended Nine Months Ended 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 Net additions 549 2,237 5,467 5,927 Write-offs and reclassifications ( 724 ) ( 1,625 ) ( 388 ) ( 4,805 ) Balance at end of period $ 19,386 $ 13,655 $ 19,386 $ 13,655 Property and equipment, net: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of August 31, 2025 and November 30, 2024: As of August 31, 2025 November 30, 2024 Land $ 28,524 $ 28,235 Equipment, computers, and software 971,045 853,558 Furniture and fixtures 169,498 151,477 Buildings, building improvements, and leasehold improvements 688,257 617,880 Construction-in-progress 49,999 44,566 Total property and equipment, gross $ 1,907,323 $ 1,695,716 Less: Accumulated depreciation ( 1,174,017 ) ( 981,199 ) Property and equipment, net $ 733,306 $ 714,517 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: As of August 31, 2025 November 30, 2024 Property and equipment, net: United States $ 97,438 $ 118,732 Philippines 98,143 82,864 France 58,425 59,645 India 53,506 49,339 Others 425,794 403,937 Total $ 733,306 $ 714,517 11 Goodwill: The following table summarizes the changes in the Company’s goodwill for the nine months ended August 31, 2025 and August 31, 2024: Nine Months Ended August 31, 2025 August 31, 2024 Balance at beginning of period $ 4,986,967 $ 5,078,668 Acquisition 2,353 — Acquisition measurement period adjustments — 31,641 Foreign exchange translation 202,245 ( 26,280 ) Balance at end of period $ 5,191,565 $ 5,084,029 Intangible assets, net: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of August 31, 2025 and November 30, 2024: As of August 31, 2025 As of November 30, 2024 Gross amounts Accumulated amortization Net amounts Gross amounts Accumulated amortization Net amounts Customer relationships $ 3,758,923 $ ( 1,738,596 ) $ 2,020,327 $ 3,594,694 $ ( 1,399,588 ) $ 2,195,106 Technology 79,661 ( 60,642 ) 19,019 79,645 ( 50,119 ) 29,526 Trade names 124,415 ( 84,483 ) 39,932 113,758 ( 51,503 ) 62,255 Non-compete agreements 2,200 ( 2,200 ) — 2,200 ( 2,147 ) 53 $ 3,965,199 $ ( 1,885,921 ) $ 2,079,278 $ 3,790,297 $ ( 1,503,357 ) $ 2,286,940 Estimated future amortization expense of the Company’s intangible assets is as follows: Fiscal years ending November 30, 2025 (remaining three months) $ 107,898 2026 395,769 2027 298,791 2028 253,273 2029 210,803 Thereafter 812,744 Total $ 2,079,278 12 Accumulated other comprehensive income (loss): The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows: Three Months Ended August 31, 2025 and 2024 Unrecognized gains (losses) on defined benefit plan, net of taxes Unrealized gains (losses) on hedges, net of taxes Foreign currency translation adjustments, net of taxes Total Balances at May 31, 2024 $ ( 9,997 ) $ ( 20,390 ) $ ( 279,708 ) $ ( 310,095 ) Other comprehensive income (loss) before reclassification 633 23,647 75,602 99,882 Reclassification of losses from other comprehensive income (loss) — 2,323 — 2,323 Balances at August 31, 2024 $ ( 9,364 ) $ 5,580 $ ( 204,106 ) $ ( 207,890 ) Balances at May 31, 2025 $ ( 4,166 ) $ 5,740 $ ( 224,606 ) $ ( 223,032 ) Other comprehensive income (loss) before reclassification ( 14 ) ( 13,074 ) 27,548 14,460 Reclassification of gains from other comprehensive income (loss) — ( 545 ) — ( 545 ) Balances at August 31, 2025 $ ( 4,180 ) $ ( 7,879 ) $ ( 197,058 ) $ ( 209,117 ) Nine Months Ended August 31, 2025 and 2024 Unrecognized gains (losses) on defined benefit plan, net of taxes Unrealized gains (losses) on hedges, net of taxes Foreign currency translation adjustments, net of taxes Total Balances at November 30, 2023 $ ( 11,271 ) $ 4,489 $ ( 184,945 ) $ ( 191,727 ) Other comprehensive income (loss) before reclassification 1,907 ( 1,300 ) ( 19,161 ) ( 18,554 ) Reclassification of losses from other comprehensive income (loss) — 2,391 — 2,391 Balances at August 31, 2024 $ ( 9,364 ) $ 5,580 $ ( 204,106 ) $ ( 207,890 ) Balances at November 30, 2024 $ ( 5,283 ) $ ( 25,881 ) $ ( 383,149 ) $ ( 414,313 ) Other comprehensive income (loss) before reclassification 1,103 14,375 186,091 201,569 Reclassification of gains from other comprehensive income (loss) — 3,627 — 3,627 Balances at August 31, 2025 $ ( 4,180 ) $ ( 7,879 ) $ ( 197,058 ) $ ( 209,117 ) Refer to Note 5—Derivative Instruments for the location of gains and losses on cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of actuarial (gains) losses of defined benefit plans is recorded in “Other expense (income), net” in the consolidated statement of operations. NOTE 5— DERIVATIVE INSTRUMENTS: In the ordinary course of business, the Company is exposed to foreign currency risk and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other 13 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. legal entities and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes. All derivatives are recognized on the consolidated balance sheets at their fair values. Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of AOCI in the consolidated balance sheets, as discussed below. Cash Flow Hedges To mitigate the impact on gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. 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. 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. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions. Non-Designated Derivatives The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currencies of the Company’s legal entities that own the assets or liabilities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. Cross-currency interest rate swaps In connection with the closing of the Webhelp Combination, the Company entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $ 500,000 of the Company’s senior notes. In addition to aligning the currency of a portion of the Company’s interest payments to the Company’s euro-denominated cash flows, the arrangements, together with intercompany loans and additional intercompany cross-currency interest rate swap arrangements described below, effectively converted $ 250,000 aggregate principal amount of the Company’s 6.650 % Senior Notes due 2026 and $ 250,000 aggregate principal amount of the Company’s 6.660 % Senior Notes due 2028 into synthetic fixed euro-based debt at weighted average interest rates of 5.12 % and 5.18 %, respectively. Concurrent with entering into the cross-currency interest rate swaps with certain financial institutions, Marnix SAS, an indirect wholly owned subsidiary of Concentrix, entered into corresponding U.S. dollar denominated intercompany loan agreements with certain other subsidiaries of Concentrix with identical terms and notional amounts as the underlying $ 500,000 U.S. dollar denominated senior notes, with reciprocal cross-currency interest rate swaps. 14 The cross-currency interest rate swaps are designated as fair value hedges. Fair Values of Derivative Instruments in the Consolidated Balance Sheets The fair values of the Company’s derivative instruments are disclosed in Note 6—Fair Value Measurements and summarized in the table below: Value as of Balance Sheet Line Item August 31, 2025 November 30, 2024 Derivative instruments not designated as hedging instruments: Foreign exchange forward contracts (notional value) $ 234,180 $ 458,482 Other current assets 5,135 13,935 Other accrued liabilities — 167 Derivative instruments designated as fair value hedges: Cross-currency interest rate swaps (notional value) $ 471,604 $ 471,604 Other long-term liabilities 27,999 7,468 Derivative instruments designated as cash flow hedges: Foreign exchange forward contracts (notional value) $ 1,055,219 $ 1,049,787 Other current assets and other assets 6,912 578 Other accrued liabilities and other long-term liabilities 10,736 22,155 Volume of activity The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine peso and the Indian rupee, that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency exchange rates change. 15 The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations 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: Three Months Ended Nine Months Ended 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: Gains (losses) recognized in OCI: Foreign exchange forward contracts $ ( 22,989 ) $ 27,168 $ 12,892 $ ( 7,025 ) Cross-currency interest rate swaps 4,076 3,369 4,758 4,186 Total $ ( 18,913 ) $ 30,537 $ 17,650 $ ( 2,839 ) Gains (losses) reclassified from AOCI into income: Foreign exchange forward contracts Gain (loss) reclassified from AOCI into income Cost of revenue $ 564 $ ( 2,531 ) $ ( 3,576 ) $ ( 2,648 ) Gain (loss) reclassified from AOCI into income Selling, general and administrative expenses 167 ( 581 ) ( 1,286 ) ( 550 ) Total $ 731 $ ( 3,112 ) $ ( 4,862 ) $ ( 3,198 ) Derivative instruments not designated as hedging instruments: Gain recognized from foreign exchange forward contracts, net (1) Other expense (income), net $ 5,118 $ ( 7,663 ) $ 5,858 $ ( 11,696 ) (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. There were no material gain or loss amounts excluded from the assessment of effectiveness. 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 . 16 Offsetting of Derivatives In the consolidated balance sheets, the Company does not offset derivative assets against liabilities in master netting arrangements. Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses by selecting counterparties from a limited group of financial institutions with high credit standing. NOTE 6— FAIR VALUE MEASUREMENTS: The Company’s fair value measurements are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). 17 The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis: As of August 31, 2025 As of November 30, 2024 Fair value measurement category Fair value measurement category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets measured at fair value: Cash and cash equivalents $ 350,259 $ 350,259 $ — $ — $ 240,571 $ 240,571 $ — $ — Restricted cash 188,227 188,227 — — 189,033 189,033 — — Forward foreign currency exchange contracts 12,047 — 12,047 — 14,513 — 14,513 — Liabilities measured at fair value: Forward foreign currency exchange contracts 10,736 — 10,736 — 22,322 — 22,322 — Cross-currency interest rate swaps 27,999 — 27,999 — 7,468 — 7,468 — Acquisition contingent consideration 15,043 — 15,043 — 13,373 — 13,373 — Liabilities measured at other than fair value: Long term debt (senior notes) Fair value 2,240,699 — 2,240,699 — 2,202,221 — 2,202,221 — Carrying amount 2,138,522 — — — 2,135,576 — — — The Company’s cash and cash equivalents consist primarily of cash on hand, including bank deposits, money market fund securities and term deposits with maturity periods of three months or less. The carrying values of cash equivalents approximate fair value since they are near their maturity. Restricted cash balances relate primarily to funds held for clients. The carrying values of restricted cash balances approximate fair value since they are highly liquid and short-term in nature. The Company does not adjust the quoted market price for such financial instruments. The fair values of forward exchange contracts are measured based on the foreign currency spot rates, forward rates, and volatility. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. The fair values of the cross-currency interest rate swaps are determined using a market approach that is based on observable inputs other than quoted market prices, including contract terms, interest rates, currency rates, and other market factors. The estimated fair value of the acquisition contingent consideration entered into in connection with the Webhelp Combination is determined using a Monte-Carlo simulation model. 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. The effect of nonperformance risk on the fair value of derivative instruments was not material as of August 31, 2025 and November 30, 2024. 18 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. The carrying values of the outstanding balance on the term loan under the Company’s senior credit facility and the outstanding balance on the Company’s accounts receivable securitization facility (the “Securitization Facility”) approximate their fair values since they bear interest rates that are similar to existing market rates. The fair values of the 2026 Notes, 2028 Notes, and 2033 Notes (as defined in Note 7) are based on quoted prices in active markets and are classified within Level 2 of the fair value hierarchy. The Company does not adjust the quoted market prices for such financial instruments. 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: As of August 31, 2025 November 30, 2024 Credit Facility - current portion of term loans component $ 37,500 $ — Other loans — 2,522 Current portion of long-term debt $ 37,500 $ 2,522 6.650 % Senior Notes due 2026 $ 800,000 $ 800,000 6.600 % Senior Notes due 2028 800,000 800,000 6.850 % Senior Notes due 2033 550,000 550,000 Credit Facility - term loans component 1,312,500 1,500,000 Securitization Facility 525,000 371,000 Sellers’ Note 818,570 740,466 Other loans — 3,643 Long-term debt, before unamortized debt discount and issuance costs 4,806,070 4,765,109 Less: unamortized debt discount and issuance costs ( 15,777 ) ( 32,053 ) Long-term debt, net $ 4,790,293 $ 4,733,056 Senior Notes On August 2, 2023, the Company issued and sold (i) $ 800,000 aggregate principal amount of 6.650 % Senior Notes due 2026 (the “2026 Notes”), (ii) $ 800,000 aggregate principal amount of 6.600 % Senior Notes due 2028 (the “2028 Notes”) and (iii) $ 550,000 aggregate principal amount of 6.850 % Senior Notes due 2033 (the “2033 Notes” and, together with the 2026 Notes and 2028 Notes, the “Senior Notes”). The Senior Notes were sold in a registered public offering pursuant to the Company’s Registration Statement on Form S-3, which became effective upon filing, and a Prospectus Supplement dated July 19, 2023, to a Prospectus dated July 17, 2023. The Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of August 2, 2023 (the “Base Indenture”), between Concentrix and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by a first supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2026 Notes, a second supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2028 Notes, and a third supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2033 Notes (such supplemental indentures, together with the Base Indenture, the “Indenture”). The Indenture contains customary covenants and restrictions, including covenants that limit Concentrix Corporation’s and certain of its subsidiaries’ ability to create or incur liens on shares of stock of certain subsidiaries or on principal properties, engage in sale/leaseback transactions or, with respect to 19 Concentrix Corporation, consolidate or merge with, or sell or lease substantially all its assets to, another person. The Indenture also provides for customary events of default. 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 On April 11, 2025, Concentrix Corporation entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, Bank of America, N.A., as the administrative agent, the L/C issuer and the swing line lender, and JPMorgan Chase Bank, N.A., as the existing administrative agent, the existing L/C issuer and the existing swing line lender, to amend and restate the Company’s Amended and Restated Credit Agreement dated as of April 21, 2023 (the “Existing Credit Agreement” and, as so amended and restated by the Amendment Agreement, the “Restated Credit Agreement”). The Amendment Agreement appoints Bank of America, N.A. as the Administrative Agent under the Restated Credit Agreement, as successor to JPMorgan Chase Bank, N.A. 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”). 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). 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. The maturity date of the 5-Year DD Term Loan Facility and the Revolving Credit Facility is April 11, 2030, subject, in the case of the Revolving Credit Facility, to two one-year extensions upon Concentrix’ prior notice to the lenders and the agreement of the lenders to extend such maturity date. The maturity date of the Continued Term Loan Facility remains December 27, 2026. The outstanding principal amount of each of the New Term Loan Facility and the Delayed Draw Term Loans is payable in quarterly installments in an amount equal to 1.25 % of the existing principal balance of the applicable term loan, commencing on September 30, 2025, in the case of the New Term Loan Facility, and on the last day of the second full calendar quarter after the Delayed Draw Term Loans are borrowed, in the case of the Delayed Draw Term Loans, with the outstanding principal amount of the New Term Loan Facility, the Delayed Draw Term Loans, and the Continued Term Loan Facility due in full on the applicable maturity date. Borrowings under the Restated Credit Agreement bear interest, in the case of SOFR rate loans, at a per annum rate equal to the applicable SOFR rate (but not less than 0.00 %), plus an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money plus a credit spread adjustment to the SOFR rate of 0.10 %. 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. Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate 20 (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. The Restated Credit Agreement contains certain loan covenants that are customary for credit facilities of this type and that restrict the ability of Concentrix and its subsidiaries to take certain actions, including the creation of liens, mergers, consolidations or other fundamental changes to the nature of their business, and, solely with respect to subsidiaries of Concentrix, incurrence of indebtedness. In addition, the Restated Credit Agreement contains financial covenants that require Concentrix to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Restated Credit Agreement) not to exceed 3.75 to 1.00 (or for certain periods following certain qualified acquisitions, 4.25 to 1.00) and (ii) a consolidated interest coverage ratio (as defined in the Restated Credit Agreement) no less than 3.00 to 1.00. 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. 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. 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. As of August 31, 2025 and November 30, 2024, no amounts were outstanding under the Company’s revolving credit facility. Securitization Facility On January 14, 2025, the Company entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $ 600,000 to up to $ 700,000 and extend the termination date of the Securitization Facility from April 24, 2026 to January 14, 2027. For borrowings that are funded by certain lenders through the issuance of commercial paper, the amendment also reduced the spread to the applicable commercial paper rate from 0.80 % to 0.75 %. Other borrowings bear interest at a per annum rate equal to the applicable SOFR rate (subject to a SOFR related adjustment of 0.10 %), plus a spread of 0.90 %. Under the Securitization Facility, Concentrix Corporation and certain of its subsidiaries (the “Originators”) sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of the Company (the “Borrower”) that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $ 700,000 . The amount received under the Securitization Facility is recorded as debt on the Company’s consolidated balance sheets. Borrowing availability under the Securitization Facility may be limited by the Company’s accounts receivable balances, changes in the credit ratings of the clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time). 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. 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 21 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. Sellers’ Note On September 25, 2023, as part of the consideration for the Webhelp Combination, Concentrix Corporation issued the Sellers’ Note in the aggregate principal amount of € 700,000 to certain Sellers. The stated rate of interest associated with the Sellers’ Note is two percent ( 2.00 %) per annum, which is below the Company’s expected borrowing rate. As a result, the Company discounted the Sellers’ Note by € 31,500 using an approximate 4.36 % imputed annual interest rate. This discounting resulted in an initial value of € 668,500 or $ 711,830 . The discounted value is being amortized into interest expense over the two-year term. 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. 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 As of August 31, 2025 and November 30, 2024, Concentrix was in compliance with all covenants for the above arrangements. 22 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. Three Months Ended Nine Months Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Basic earnings per common share: Net income $ 88,110 $ 16,631 $ 200,460 $ 135,567 Less: net income allocated to participating securities (1) ( 4,219 ) ( 559 ) ( 9,714 ) ( 4,873 ) Net income attributable to common stockholders $ 83,891 $ 16,072 $ 190,746 $ 130,694 Weighted-average number of common shares - basic 62,598 64,660 63,325 65,196 Basic earnings per common share $ 1.34 $ 0.25 $ 3.01 $ 2.00 Diluted earnings per common share: Net income $ 88,110 $ 16,631 $ 200,460 $ 135,567 Less: net income allocated to participating securities (1) ( 4,214 ) ( 558 ) ( 9,709 ) ( 4,865 ) Net income attributable to common stockholders $ 83,896 $ 16,073 $ 190,751 $ 130,702 Weighted-average number of common shares - basic 62,598 64,660 63,325 65,196 Effect of dilutive securities: Stock options and certain restricted stock units 104 89 54 115 Weighted-average number of common shares - diluted 62,702 64,749 63,379 65,311 Diluted earnings per common share $ 1.34 $ 0.25 $ 3.01 $ 2.00 (1) Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities. 23 NOTE 9— REVENUE: Disaggregated revenue In the following table, the Company’s revenue is disaggregated by primary industry verticals: Three Months Ended Nine Months Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Industry vertical: Technology and consumer electronics $ 670,573 $ 664,829 $ 1,990,984 $ 1,988,199 Retail, travel and e-commerce 622,822 593,736 1,790,502 1,745,529 Communications and media 411,229 380,508 1,175,192 1,141,926 Banking, financial services and insurance 384,449 352,471 1,133,657 1,095,616 Healthcare 174,106 172,400 540,297 540,162 Other 220,074 223,468 642,214 659,444 Total $ 2,483,253 $ 2,387,412 $ 7,272,846 $ 7,170,876 NOTE 10— PENSION AND EMPLOYEE BENEFITS PLANS: The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three and nine months ended August 31, 2025, the Company contributed $ 32,903 and $ 95,131 , respectively, to defined contribution plans. 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 For eligible employees in the United States, the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. 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. 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. 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. 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. 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. 24 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. 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. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease between approximately $ 43,855 and $ 46,576 in the next twelve months; however, actual developments in this area could differ from those currently expected. NOTE 12— LEASES: The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2037. The Company’s finance leases are not material. The following table presents the various components of operating lease costs: Three Months Ended Nine Months Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Operating lease cost $ 85,333 $ 73,765 $ 239,592 $ 217,471 Short-term lease cost 15,111 24,437 52,434 67,005 Variable lease cost 13,030 11,145 39,355 33,154 Sublease income ( 553 ) ( 1,013 ) ( 2,707 ) ( 3,299 ) Total operating lease cost $ 112,921 $ 108,334 $ 328,674 $ 314,331 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, 2025 (remaining three months) $ 82,548 2026 293,394 2027 233,370 2028 176,716 2029 117,102 Thereafter 134,027 Total payments 1,037,157 Less: imputed interest* 146,440 Total present value of lease payments $ 890,717 *Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases: As of August 31, 2025 November 30, 2024 Operating lease ROU assets Other assets, net $ 853,456 $ 816,550 Current operating lease liabilities Other accrued liabilities 252,169 235,912 Non-current operating lease liabilities Other long-term liabilities 638,548 625,888 25 The following table presents supplemental cash flow information related to the Company’s operating leases. 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: Nine Months Ended 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 The weighted-average remaining lease term and discount rate as of August 31, 2025 and November 30, 2024 were as follows: As of August 31, 2025 November 30, 2024 Weighted-average remaining lease term (years) 4.23 4.50 Weighted-average discount rate 6.80 % 6.91 % NOTE 13— COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money, or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the liabilities ultimately incurred by the Company could differ from the amounts recorded. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows. NOTE 14—STOCKHOLDERS’ EQUITY: Share repurchase program In September 2021, the Company’s board of directors authorized the repurchase of up to $ 500,000 of the outstanding shares of Concentrix common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. In January 2025, the Company’s board of directors extended the share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $ 600,000 . The repurchase program has no termination date and may be suspended or discontinued at any time. 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. 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. At August 31, 2025, approximately $ 495,402 remained available for share repurchases under the existing authorization from the Company’s board of directors. 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 . 26 Dividends During fiscal years 2025 and 2024, the Company paid the following dividends per share approved by the Company’s board of directors: Announcement Date Record Date Per Share Dividend Amount Payment Date January 24, 2024 February 5, 2024 $ 0.3025 February 15, 2024 March 26, 2024 April 26, 2024 $ 0.3025 May 7, 2024 June 26, 2024 July 26, 2024 $ 0.3025 August 6, 2024 September 25, 2024 October 25, 2024 $ 0.33275 November 5, 2024 January 15, 2025 January 31, 2025 $ 0.33275 February 11, 2025 March 26, 2025 April 25, 2025 $ 0.33275 May 6, 2025 June 26, 2025 July 25, 2025 $ 0.33275 August 5, 2025 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. 27