What changed in this filing

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Item 1. Financial Statements

2026-04-03 compared with 2025-10-03 · 293 added, 331 removed, 353 unchanged (64% of the section changed)

3 unchanged sentences

(currency and share amounts in thousands, except par value)

August 31, 2025 November 30, 2024

February 28, 2026

November 30, 2025

Current assets:

1 unchanged sentence

Accounts receivable, net

Assets held for sale

Other current assets

1 unchanged sentence

Property and equipment, net

Goodwill 5,191,565 4,986,967

Intangible assets, net

Deferred tax assets

Other assets 985,953 942,194

Total assets $ 12,410,099 $ 11,991,438

LIABILITIES AND STOCKHOLDERS’ EQUITY

5 unchanged sentences

Income taxes payable

Liabilities held for sale

Total current liabilities

5 unchanged sentences

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

Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of February 28, 2026 and November 30, 2025, 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

70,546 and 70,316 shares issued as of February 28, 2026 and November 30, 2025, respectively, and 60,822 and 61,739 shares outstanding as of February 28, 2026 and November 30, 2025, respectively

Additional paid-in capital

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

Treasury stock, 9,724 and 8,577 shares as of February 28, 2026 and November 30, 2025, respectively

Retained deficit

Accumulated other comprehensive loss

5 unchanged sentences

(currency and share amounts in thousands, except per share amounts)

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

Three Months Ended

February 28, 2026

February 28, 2025

Cost of revenue

Gross profit 855,007 864,192 2,559,054 2,578,290

Selling, general and administrative expenses

4 unchanged sentences

Provision for income taxes

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.

2 unchanged sentences

(currency in thousands)

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

$ 88,110 $ 16,631 $ 200,460 $ 135,567

Three Months Ended

February 28, 2026

February 28, 2025

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

Unrealized gains (losses) of defined benefit plans, net of taxes of $ 15 and $( 19 ) for the three months ended February 28, 2026 and 2025, respectively

Unrealized gains (losses) on hedges during the period, net of taxes of $( 1,964 ) and $ 819 for the three months ended February 28, 2026 and 2025, respectively

Reclassification of net losses (gains) on hedges to net income, net of taxes of $( 1,477 ) and $( 1,562 ) for the three months ended February 28, 2026 and 2025, respectively

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 )

Foreign currency translation adjustments for the three months ended February 28, 2026 and 2025, respectively

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.

2 unchanged sentences

(currency and share amounts in thousands)

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

Three Months Ended February 28, 2026 and 2025

Treasury stock

Additional paid-in capital

Retained deficit

Accumulated other comprehensive loss

Total stockholders’ equity

Balances, November 30, 2024

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.

CONCENTRIX CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(currency and share amounts in thousands)

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

Other comprehensive loss

Share-based compensation activity

1 unchanged sentence

Repurchase of common stock

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, February 28, 2025

Balances, November 30, 2025

Other comprehensive loss — — — — — — ( 16,163 ) ( 16,163 )

Other comprehensive income

Share-based compensation activity

1 unchanged sentence

Repurchase of common stock

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

Balances, February 28, 2026

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(currency in thousands)

Nine Months Ended

August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026

February 28, 2025

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

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Non-cash share-based compensation expense

Provision for doubtful accounts 5,467 5,927

Provision for credit losses

Deferred income taxes

1 unchanged sentence

Pension and other post-retirement benefit costs

Pension and other post-retirement plan contributions — ( 3,420 )

Change in acquisition contingent consideration

Other ( 39 ) 1,463

Loss on held for sale

Changes in operating assets and liabilities:

2 unchanged sentences

Other operating assets and liabilities

Net cash provided by operating activities 462,747 383,091

Net cash provided by (used in) operating activities

Cash flows from investing activities:

Purchases of property and equipment

Acquisition of business, net of cash and restricted cash acquired ( 663 ) ( 4,504 )

Proceeds from divestiture, net of cash sold

Acquisition of business, net of cash acquired

Net cash used in investing activities

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 )

Repayments of the Credit Facility - Term Loan

Proceeds from the Credit Facility - Revolver

2 unchanged sentences

Repayments of the Securitization Facility

Other debt proceeds — 6,369

Proceeds from the issuance of Senior Notes due 2029

Repayments of Senior Notes due 2026

Cash paid for debt extinguishment

Other debt repayments

6 unchanged sentences

Change in funds held for clients

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

Net cash provided by financing activities

Effect of exchange rate changes on cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale

Net increase (decrease) in cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale

Cash, cash equivalents, cash held for sale and restricted cash at beginning of year

Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale at end of period

Supplemental disclosure of non-cash investing activities:

5 unchanged sentences

NOTE 1— BACKGROUND AND BASIS OF PRESENTATION:

Concentrix Corporation (“Concentrix” or the “Company”), is a global technology and services leader that powers its clients’ brand experiences and digital operations.

Concentrix Corporation (“Concentrix” or the “Company”), is a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe.

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:

4 unchanged sentences

and healthcare.

Basis of presentation

Basis of presentation (including principles of consolidation)

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”).

4 unchanged sentences

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:

2 unchanged sentences

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 .

For the three months ended February 28, 2026 and 2025, no client accounted for more than 10% of the Company’s consolidated revenue.

As of February 28, 2026 and November 30, 2025, 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.

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.

These accounts receivable financing agreements are accounted for as a true sale of assets under the provisions of Accounting Standards Codification 860, Transfer and Servicing (“ASC 860”).

In accordance with ASC 860, the accounts receivable financing arrangements are deemed a

true sale as the Company retains no rights or interest and has no obligations with respect to the accounts receivable.

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.

However, any servicing of the accounts receivable does not constitute significant continuing involvement.

Under the accounts receivable financing arrangements, the financial institutions are responsible for any credit risk associated with the sold receivables.

Sales of accounts receivable under the various factoring programs were $ 313,000 and $ 307,000 during the three months ended February 28, 2026 and 2025, respectively, which amounts approximate cash collections on sold accounts receivable during each quarter.

As noted above, the Company acts as a servicer (collects customer cash on behalf of the financial institution) for certain of its accounts receivable factoring arrangements.

The servicing fees and loss on the sale associated with these accounts receivable factoring arrangements were not material to the Company for the three months ended February 28, 2026 and 2025.

As of February 28, 2026 and November 30, 2025, accounts receivable in the amount of $ 129,000 and $ 119,000 , respectively, had been sold to the financial institutions and were not included in accounts receivable, net in the consolidated balance sheets.

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.

The Company is currently evaluating the impact that this update will have on its disclosures in the annual 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.

8 unchanged sentences

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— ASSETS AND LIABILITIES HELD FOR SALE:

In February 2026, the Company entered into a definitive agreement to sell a non-core business to a third party for approximately 15 million euros, subject to customary closing conditions and certain purchase price adjustments.

The Company expects the transaction to close in the second half of fiscal year 2026.

In February 2026, the assets and liabilities of the business qualified as assets and liabilities held for sale due to the planned divestiture.

As of February 28, 2026, assets held for sale of $ 207,502 primarily consist of cash, restricted cash (which relates to funds held for clients) and intangible assets, and liabilities held for sale of $ 174,941 primarily consist of liabilities related to funds held for clients.

The Company determined that execution into a definitive agreement did not qualify as discontinued operations since it neither represented a strategic shift nor did it have a major effect on the Company’s operations and financial results.

The Company recorded a loss on held for sale of $ 5,929 for the three months ended February 28, 2026 as a result of the fair value analysis performed.

This expense is included within selling, general and administrative expenses in the consolidated statement of operations.

There was no comparable loss for the three months ended February 28, 2025.

NOTE 4— 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.

The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including restricted stock awards, restricted stock units, and performance-based restricted stock units based on estimated fair values.

In January 2026, the Company granted 213 restricted stock units and 279 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 $ 41.76 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

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.

The performance-based restricted stock units had a grant date weighted-average fair value of $ 37.84 per share and will vest, if at all, upon the achievement of certain financial targets during the three-year period ending November 30, 2028.

The Company recorded share-based compensation expense of $ 29,455 and $ 26,600 for the three months ended February 28, 2026 and 2025, respectively.

Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.

NOTE 5— 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:

August 31, 2025 November 30, 2024

Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale:

The following table provides a reconciliation of cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale reported within the consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:

February 28, 2026

February 28, 2025

Cash and cash equivalents

Cash held for sale

Restricted cash included in other current assets

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.

Restricted cash held for sale

Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale

Restricted cash and restricted cash held for sale 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 and restricted cash held for sale balance, $ 174,314 and $ 187,139 related to funds held for clients as of February 28, 2026 and November 30, 2025, respectively.

As of February 28, 2026 and November 30, 2025, the Company has a corresponding current liability recorded in current liabilities held for sale and 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:

August 31, 2025 November 30, 2024

Accounts receivable, net is comprised of the following as of February 28, 2026 and November 30, 2025:

February 28, 2026

November 30, 2025

Billed accounts receivable

Unbilled accounts receivable

Allowance for doubtful trade receivables

( 19,386 ) ( 14,307 )

Allowance for credit losses

Accounts receivable, net

$ 2,051,920 $ 1,926,737

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

Allowance for credit losses:

Presented below is a progression of the allowance for credit losses:

Three Months Ended

February 28, 2026

February 28, 2025

Balance at beginning of period

Net additions

549 2,237 5,467 5,927

Write-offs and reclassifications ( 724 ) ( 1,625 ) ( 388 ) ( 4,805 )

Balance at end of period

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:

August 31, 2025 November 30, 2024

Land $ 28,524 $ 28,235

The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of February 28, 2026 and November 30, 2025:

February 28, 2026

November 30, 2025

Equipment, computers, and software

971,045 853,558

Furniture and fixtures

Buildings, building improvements, and leasehold improvements

688,257 617,880

Construction-in-progress

1 unchanged sentence

Accumulated depreciation

Property and equipment, net

( 1,243,401 )

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:

August 31, 2025 November 30, 2024

( 1,178,008 )

Property and equipment, net

Shown below are the countries where 10% or more and other significant concentrations of the Company’s property and equipment, net are located as of February 28, 2026 and November 30, 2025:

February 28, 2026

November 30, 2025

Property and equipment, net:

United States

Philippines 98,143 82,864

58,425 59,645

India 53,506 49,339

Others 425,794 403,937

Total $ 733,306 $ 714,517

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

The following table summarizes the changes in the Company’s goodwill for the three months ended February 28, 2026 and February 28, 2025:

Three Months Ended

February 28, 2026

February 28, 2025

Balance at beginning of period

Acquisition measurement period adjustments

Assets held for sale

Foreign exchange translation

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

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 28, 2026 and November 30, 2025:

As of February 28, 2026

As of November 30, 2025

Gross amounts

Accumulated amortization

Gross amounts

Accumulated amortization

Customer relationships

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

( 1,924,094 )

( 1,822,119 )

Non-compete agreements

( 2,098,312 )

( 1,981,540 )

Estimated future amortization expense of the Company’s intangible assets is as follows:

Fiscal years ending November 30,

2025 (remaining three months) $ 107,898

Thereafter 812,744

Total $ 2,079,278

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

2026 (remaining nine months)

Accumulated other comprehensive loss:

The components of accumulated other comprehensive loss (“AOCL”), net of taxes, were as follows:

Three Months Ended February 28, 2026 and 2025

Unrecognized gains (losses) on

3 unchanged sentences

Foreign currency translation

adjustments, net of taxes

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 )

adjustments and other, net of taxes

Balances at November 30, 2024

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

Balances at February 28, 2025

Balances at November 30, 2025

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.

Balances at February 28, 2026

Refer to Note 6—Derivative Instruments for the location of gains and losses on cash flow hedges reclassified from other accumulated other comprehensive loss to the consolidated statements of operations.

Reclassifications of amortization of actuarial (gains) losses of defined benefit plans are recorded in “Other expense (income), net” in the consolidated statement of operations.

NOTE 6— 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

than the legal entity’s functional currency.

The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other 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.

5 unchanged sentences

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.

Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of AOCL in the consolidated balance sheets, as discussed below.

The cash flow effects of the Company’s cash flow and fair value derivative instruments are reflected in operating activities on the consolidated statements of cash flows.

Cash Flow Hedges

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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.

These instruments mature at various dates through February 2028.

Gains and losses on cash flow hedges are recorded in AOCL until the hedged item is recognized in earnings.

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.

Deferred gains and losses in AOCL 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.

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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.

Interest rate swaps and cross-currency interest rate swaps

In fiscal year 2023, the Company entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $ 500,000 , which represented $ 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 6.600 % Senior Notes due 2028.

As part of the senior notes refinancing that occurred in February 2026 (as further described in Note 8), the Company extended cross-currency swap arrangements with certain financial institutions for a total notional amount equivalent to $ 250,000 aggregate principal amount of the Company’s 6.500 % Senior Notes due in 2029 (previously associated with $ 250,000 aggregate principal amount of the Company’s 6.650 % Senior Notes due 2026).

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, effectively converted $ 250,000 aggregate principal amount of the Company’s 6.600 % Senior Notes due 2028 and $ 250,000 aggregate principal amount of the Company’s 6.500 % Senior Notes due 2029 into synthetic fixed euro-based debt, both at weighted average interest rates of 5.18 %.

The cross-currency interest rate swaps are designated as fair value hedges.

In September 2025, in connection with the issuance of delayed draw term loans in the total principal amount of $ 750,000 , the Company entered into an interest rate swap to fix the interest component associated with this debt, creating synthetic fixed-rate debt.

Concurrent with entering into the interest rate swaps, the Company entered into cross-currency swap arrangements with certain financial institutions for a total notional amount equivalent to $ 750,000 .

In addition to aligning the currency 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, effectively converted the delayed draw term loans into synthetic fixed

euro-based debt at weighted average interest rates of 3.43 % for the three-year term loan and 3.69 % for the five-year term loan.

The interest rate swap is designated as a cash flow hedge and the cross-currency 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 7—Fair Value Measurements and summarized in the table below:

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

Other accrued liabilities

Balance Sheet Line Item

February 28, 2026

November 30, 2025

Derivative instruments designated as fair value hedges:

Cross-currency interest rate swaps (notional value)

$ 471,604 $ 471,604

Other long-term liabilities

Other current liabilities and other long-term liabilities

Derivative instruments designated as cash flow hedges:

Interest rate swaps (notional value)

Other long-term liabilities

Foreign exchange forward contracts (notional value)

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Other accrued liabilities and other long-term liabilities

10,736 22,155

Volume of activity

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The Company’s exposure to credit loss and market risk will vary over time as currency exchange rates change.

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

The Effect of Derivative Instruments on AOCL and the Consolidated Statements of Operations

The following table shows the location of the 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 (loss) (“OCI”), and the consolidated statements of operations for the periods presented:

Three Months Ended

Locations of gain (loss) in statement of operations

February 28, 2026

February 28, 2025

Derivative instruments designated as cash flow and fair value hedges:

2 unchanged sentences

Cross-currency interest rate swaps

4,076 3,369 4,758 4,186

$ ( 18,913 ) $ 30,537 $ 17,650 $ ( 2,839 )

Gains (losses) reclassified from AOCI into income:

Interest rate swaps

Gains (losses) reclassified from AOCL into income:

Foreign exchange forward contracts

Gain (loss) reclassified from AOCI into income

Gain (loss) reclassified from AOCL into income

Cost of revenue

$ 564 $ ( 2,531 ) $ ( 3,576 ) $ ( 2,648 )

Gain (loss) reclassified from AOCI into income

Gain (loss) reclassified from AOCL into income

Selling, general and administrative expenses

Total $ 731 $ ( 3,112 ) $ ( 4,862 ) $ ( 3,198 )

Derivative instruments not designated as hedging instruments:

Gain recognized from foreign exchange forward contracts, net (1)

Gain (loss) recognized from foreign exchange forward contracts, net (1)

Other expense (income), net

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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 .

Existing net losses in AOCL that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $ 6,219 .

Offsetting of Derivatives

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NOTE 7— FAIR VALUE MEASUREMENTS:

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date.

The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are from sources independent of the Company.

Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances.

The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The hierarchy is broken down into three levels:

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

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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

As of February 28, 2026

As of November 30, 2025

Fair value measurement category

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 — —

Cash and cash equivalents, including cash held for sale

Restricted cash, including restricted cash held for sale

Forward foreign currency exchange contracts

Cross-currency interest rate swaps

Liabilities measured at fair value:

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Cross-currency interest rate swaps

27,999 — 27,999 — 7,468 — 7,468 —

Interest rate swaps

Acquisition contingent consideration

15,043 — 15,043 — 13,373 — 13,373 —

Liabilities measured at other than fair value:

Long-term debt (senior notes)

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 Company’s cash and cash equivalents, including cash held for sale, 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.

Restricted cash balances, including restricted cash held for sale, 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.

The fair values of forward exchange contracts are measured based on the foreign currency spots, 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 estimated fair value of the acquisition contingent consideration 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.

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 inputs for this liability are unobservable, and therefore, are classified within Level 3 of the fair value hierarchy.

Changes in the fair value of this liability are recorded in other expense (income), net on the consolidated statement of operations.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of February 28, 2026 and November 30, 2025.

The carrying values of 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 loans 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, 2029 Notes, and 2033 Notes (as defined in Note 8) 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.

During the three months ended February 28, 2026 and 2025, there were no transfers between the fair value measurement category levels.

NOTE 8— BORROWINGS:

Borrowings consist of the following:

August 31, 2025 November 30, 2024

February 28, 2026

November 30, 2025

Credit Facility - current portion of term loans component

Other loans — 2,522

6.650 % Senior Notes due 2026

Current portion of long-term debt

6.650 % Senior Notes due 2026

$ 800,000 $ 800,000

6.600 % Senior Notes due 2028

800,000 800,000

6.500 % Senior Notes due 2029

550,000 550,000

6.850 % Senior Notes due 2033

Credit Facility - term loans component

Securitization Facility

Sellers’ Note 818,570 740,466

Other loans — 3,643

Long-term debt, before unamortized debt discount and issuance costs

1 unchanged sentence

Long-term debt, net

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

Concentrix Corporation, consolidate or merge with, or sell or lease substantially all its assets to, another person.

On February 24, 2026, the Company issued and sold $ 600,000 aggregate principal amount of 6.500 % Senior Notes due 2029 (the “2029 Notes”).

The 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 February 12, 2026, to a Prospectus dated July 17, 2023.

The Company used the net proceeds from the sale of the 2029 Notes, together with other available funds, to redeem $ 600,000 of its 6.650 % Senior Notes due 2026 (the “2026 Notes”), of which $ 800,000 aggregate principal amount was outstanding immediately before giving effect to such redemption.

The Company recorded debt extinguishment costs of $ 6,268 associated with the early redemption of a portion of the 2026 Notes.

These costs are included in interest expense and finance charges, net on the consolidated statement of operations for the three months ended February 28, 2026.

There were no such costs in the three months ended February 28, 2025.

On August 2, 2023, the Company issued and sold (i) $ 800,000 aggregate principal amount of 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, 2028 Notes and 2029 Notes, the “Senior Notes”).

The 2026 Notes, 2028 Notes and 2033 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 2029 Notes and 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, a third supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2033 Notes, and a fourth supplemental indenture dated as of February 24, 2026 between Concentrix and the Trustee relating to the 2029 Notes (such supplemental indentures, together with the Base Indenture, the “Indenture”).

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.

The interest rate payable on the 2029 Notes is subject to adjustment from time to time if any of Moody’s, S&P or Fitch (in each case, as defined in the Indenture) (or, in each case, a substitute rating agency therefor), downgrades (or subsequently upgrades) the debt rating applicable to the 2029 Notes.

Restated Credit Agreement

2 unchanged sentences

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”).

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”), which was drawn in full in September 2025, (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”), which was drawn in full in September 2025, 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 provided for the conversion and continuation of loans in an aggregate principal amount of $ 750,000 under the Company’s prior unsecured term loan facility 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.

The maturity date of the Continued Term Loan Facility is 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 March 31, 2026, 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

(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.

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 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.

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.

As of February 28, 2026 and November 30, 2025, the outstanding principal balance on the Company’s term loans was $ 1,956,250 and $ 1,965,625 , respectively.

The Company made a required quarterly principal payment of $ 9,375 on the term loans during the first quarter of fiscal year 2026.

None of Concentrix’ subsidiaries guarantee the obligations under the Restated Credit Agreement.

As of February 28, 2026 and November 30, 2025, no amounts were outstanding under the Company’s revolving credit facility.

Securitization Facility

Under the Securitization Facility, Concentrix Corporation and certain of its U.S.

based 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.

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.

1 unchanged sentence

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.

1 unchanged sentence

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

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.

On March 20, 2026, the Company entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $ 700,000 to up to $ 750,000 and extend the termination date of the Securitization Facility from January 14, 2027 to March 20, 2028.

Covenant compliance

As of August 31, 2025 and November 30, 2024, Concentrix was in compliance with all covenants for the above arrangements.

As of February 28, 2026 and November 30, 2025, Concentrix was in compliance with all covenants for the above arrangements.

NOTE 9— 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

Three Months Ended

February 28, 2026

February 28, 2025

Basic earnings per common share:

Net income $ 88,110 $ 16,631 $ 200,460 $ 135,567

net income allocated to participating securities (1)

( 4,219 ) ( 559 ) ( 9,714 ) ( 4,873 )

Net income attributable to common stockholders

2 unchanged sentences

Diluted earnings per common share:

Net income $ 88,110 $ 16,631 $ 200,460 $ 135,567

net income allocated to participating securities (1)

( 4,214 ) ( 558 ) ( 9,709 ) ( 4,865 )

Net income attributable to common stockholders

5 unchanged sentences

(1) Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities.

For the three months ended February 28, 2026, dividends paid to common stockholders and participating securities exceeded net income.

As a result, the allocation to participating securities in the three months ended February 28, 2026 represents dividends paid to participating securities as participating securities do not participate in undistributed losses.

NOTE 10— 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

The following table presents the Company’s revenue disaggregated by primary industry verticals:

Three Months Ended

February 28, 2026

February 28, 2025

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

174,106 172,400 540,297 540,162

220,074 223,468 642,214 659,444

Total $ 2,483,253 $ 2,387,412 $ 7,272,846 $ 7,170,876

NOTE 11— PENSION AND EMPLOYEE BENEFITS PLANS:

4 unchanged sentences

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.

During the three months ended February 28, 2026 and February 28, 2025, the Company contributed $ 34,068 and $ 28,621 , 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.

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.

Net benefit costs related to defined benefit plans were $ 4,779 and $ 3,883 , during the three months ended February 28, 2026 and February 28, 2025, respectively.

Service costs are recorded in cost of revenue 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 $ 81,105 and $ 81,064 at February 28, 2026 and November 30, 2025, respectively.

NOTE 12— 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.

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.

The effective tax rates for the three months ended February 28, 2026 and February 28, 2025 were impacted by the geographic mix of worldwide income and certain discrete items.

The liability for unrecognized tax benefits was $ 87,404 and $ 95,034 at February 28, 2026 and November 30, 2025, respectively, and is included in other long-term liabilities in the consolidated balance sheets.

As of February 28, 2026 and November 30, 2025, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $ 86,265 and $ 88,130 , respectively.

This amount includes net interest and penalties of $ 13,511 and $ 12,860 for the respective periods.

5 unchanged sentences

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

Three Months Ended

February 28, 2026

February 28, 2025

Operating lease cost

3 unchanged sentences

Total operating lease cost

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:

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 February 28, 2026:

Fiscal Years Ending November 30,

2025 (remaining three months)

Thereafter 134,027

2026 (remaining nine months)

Total payments

3 unchanged sentences

The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:

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

Balance Sheet location

February 28, 2026

November 30, 2025

Operating lease ROU assets

Current operating lease liabilities

Other accrued liabilities

Non-current operating lease liabilities

Other long-term liabilities

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

Three Months Ended

February 28, 2026

February 28, 2025

Cash paid for amounts included in the measurement of lease liabilities

Non-cash ROU assets obtained in exchange for lease liabilities

The weighted-average remaining lease term and discount rate as of August 31, 2025 and November 30, 2024 were as follows:

August 31, 2025 November 30, 2024

The weighted-average remaining lease term and discount rate as of February 28, 2026 and November 30, 2025 were as follows:

February 28, 2026

November 30, 2025

Weighted-average remaining lease term (years)

12 unchanged sentences

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.

During the three months ended February 28, 2026 and February 28, 2025, under the share repurchase program, the Company repurchased 1,081 and 540 shares, respectively, of its common stock for an aggregate purchase price of $ 43,194 and $ 25,846 , 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 .

At February 28, 2026, approximately $ 396,602 remained available for share repurchases under the existing authorization from the Company’s board of directors.

During fiscal years 2026 and 2025, 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.

Announcement Date

Per Share Dividend Amount

January 15, 2025

January 31, 2025

February 11, 2025

March 26, 2025

April 25, 2025

June 26, 2025

July 25, 2025

August 5, 2025

September 25, 2025

October 24, 2025

November 4, 2025

January 13, 2026

January 30, 2026

February 10, 2026

On March 24, 2026, the Company announced a cash dividend of $ 0.36 per share to stockholders of record as of April 24, 2026, payable on May 5, 2026.

NOTE 16— SEGMENT REPORTING:

The Company operates as one operating segment.

The Company's chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who reviews financial information presented on a consolidated basis.

The CODM uses consolidated net income and operating income to assess financial performance, allocate resources, and make key operating decisions.

The following table presents selected financial information, including significant segment expenses, with respect to the Company’s single operating segment for the three months ended February 28, 2026 and 2025.

Three Months Ended

February 28, 2026

February 28, 2025

Cost of revenue (1)

Selling, general and administrative expenses (2)

Acquisition-related, integration and restructuring expenses

Share-based compensation expense

Amortization of intangible assets

Loss on held for sale

Depreciation expense

Operating income

Interest expense and finance charges, net

Other expense (income), net

Provision for income taxes

(1) Exclusive of depreciation expense and acquisition-related, integration and restructuring expenses.

(2) Exclusive of loss on held for sale, depreciation expense, amortization of intangible assets, acquisition-related, integration and restructuring expenses, and share-based compensation expense.

For the three months ended February 28, 2026, acquisition-related, integration and restructuring expenses primarily included restructuring costs associated with the Company’s recent cost reduction initiatives, including severance and employee-related costs.

Restructuring expenses also included costs associated with facilities consolidation, including lease terminations.

For the three months ended February 28, 2025, acquisition-related, integration and restructuring costs primarily included integration costs associated with the combination with Webhelp and restructuring expenses.

These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

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.

What changed 10-Q

Item 1. Financial Statements