What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-04-03 compared with 2025-10-03 · 190 added, 245 removed, 228 unchanged (66% of the section changed)

6 unchanged sentences

Risks and uncertainties include, among other things:

risks related to general economic and geopolitical conditions and their effects on our clients’ businesses and demand for our services, including consumer demand, interest rates, inflation, international tariffs and global trade policies, supply chains, and the conflicts in Ukraine and the Middle East, and tensions between India and Pakistan;

cyberattacks on our or our clients’ networks and information technology systems;

uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence (“AI”) and generative AI;

the failure of our staff and contractors to adhere to our and our clients’ controls and processes;

risks related to general economic and geopolitical conditions and their effects on our clients’ businesses and demand for our services, including consumer demand, interest rates, inflation, the price of oil and other petroleum-based products, international tariffs and global trade policies, supply chains, the conflicts in the Middle East and Ukraine;

cyberattacks on the Company’s or its clients’ networks and information technology systems;

uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence (“AI”), including agentic and generative AI;

the failure of the Company’s staff and contractors to adhere to the Company’s and its clients’ controls and processes;

the inability to protect personal and proprietary information;

the effects of communicable diseases or other public health crises, natural disasters and adverse weather conditions;

geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of our operations;

the ability to successfully execute our strategy;

geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of the Company’s operations;

the ability to successfully execute the Company’s strategy;

the timing and success of product launches;

competitive conditions in our industry and consolidation of our competitors;

variability in demand by our clients or the early termination of our client contracts;

the level of business activity of our clients and the market acceptance and performance of their products and services;

variability in demand by the Company’s clients or the early termination of the Company’s client contracts;

the level of business activity of the Company’s clients and the market acceptance and performance of their products and services;

the demand for end-to-end solutions and technology;

damage to our reputation through the actions or inactions of third parties;

changes in law, regulations or regulatory guidance, or changes in their interpretation or enforcement, including changes in law and policy that restrict travel between countries in which we have operations;

the operability of our communication services and information technology systems and networks;

the loss of key personnel or the inability to attract and retain staff with the skills and expertise needed for our business;

increases in the cost of labor;

the inability to successfully identify, complete and integrate strategic acquisitions or investments or realize anticipated benefits within the expected timeframe, including with respect to our combination with Webhelp;

damage to the company’s reputation through the actions or inactions of third parties;

changes in law, regulations, or regulatory guidance, or changes in their interpretation or enforcement, including changes in law and policy that restrict travel or visas between countries in which we have operations;

the operability of the Company’s communication services and information technology systems and networks;

the loss of key personnel or the inability to attract and retain staff across all geographies with the skills and expertise needed for the Company’s business;

increases in the cost of labor, including minimum wage rates in the countries in which we operate;

the inability to successfully identify, complete, and integrate strategic acquisitions or investments or realize anticipated benefits within the expected timeframe;

higher than expected tax liabilities;

7 unchanged sentences

Overview and Basis of Presentation

Concentrix is a global technology and services leader that powers our clients’ brand experiences and digital operations.

Concentrix is a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe.

We design, build, and run 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.

Our differentiated portfolio of solutions supports Fortune Global 500 clients across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI-powered self-service, social media, asynchronous messaging, and custom applications.

We strive to deliver exceptional services

globally supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise.

We generate revenue from performing services that are generally tied to our clients’ products and services.

Any shift in business or the size of the market for our clients’ products or services, or any failure of technology or failure of acceptance of our clients’ products or services in the market may impact our business.

Our differentiated portfolio of solutions supports Fortune Global 500 clients across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, GenAI- and agentic AI-powered self-service, social media, asynchronous messaging,

and custom applications.

We strive to deliver exceptional services globally supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise.

We generate revenue from performing services and providing technology that is generally tied to our clients’ products and services.

Any shift in business, demand, or the size of the market for our clients’ products or services, or any failure of technology or failure of acceptance of our clients’ products or services in the market may impact our business.

The staff turnover rate in our business is high, as is the risk of losing experienced team members.

High staff turnover rates may increase costs and decrease operating efficiencies and productivity.

Webhelp Combination

On September 25, 2023, we completed our acquisition (the “Webhelp Combination”) of all of the issued and outstanding capital stock (the “Shares”) of Marnix Lux SA (“Webhelp”), from the holders thereof (the “Sellers”).

The purchase consideration for the acquisition of the Shares was valued at approximately $3,774.8 million, net of cash and restricted cash acquired.

Revenue and Cost of Revenue

4 unchanged sentences

Approximately 98% of our revenue is recognized as services are performed, based on staffing hours or the number of client customer transactions handled using contractual rates.

Remaining revenue from the sale of these solutions are typically recognized as the services are provided over the duration of the contract using contractual rates.

Remaining revenue from the sale of these solutions is typically recognized as the services are provided over the duration of the contract using contractual rates.

Our cost of revenue consists primarily of personnel costs related to the delivery of our technology and services.

1 unchanged sentence

Our cost of revenue as a percentage of revenue has also fluctuated in the past, based primarily on our ability to achieve economies of scale, the management of our operating expenses, and the timing and costs incurred related to our acquisitions and investments.

For the nine months ended August 31, 2025 and 2024, approximately 89% and 87%, respectively, of our consolidated revenue was generated from our non-U.S.

For the three months ended February 28, 2026 and 2025, approximately 90% and 89%, respectively, of our consolidated revenue was generated from our non-U.S.

operations, and approximately 52% and 55%, respectively, of our consolidated revenue was priced in U.S.

4 unchanged sentences

Accordingly, our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses.

Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the euro, and the Canadian dollar, against the U.S.

Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the Egyptian pound, the Columbian peso, and the Canadian dollar, against the U.S.

dollar or other currencies in which we bill our clients, and inflation in the local economies in which these delivery centers are located, can impact the operating and labor costs in these delivery centers, which can result in reduced profitability.

7 unchanged sentences

Our business operates globally in 74 countries across six continents.

We have significant concentrations in the Philippines, India, Brazil, the United States, Egypt, Türkiye , Colombia, Malaysia, Morocco, China, the United Kingdom, and elsewhere throughout EMEA, Latin America, and Asia-Pacific.

We have significant concentrations in the Philippines, India, Brazil, the United States, Egypt, Türkiye , Colombia, Malaysia, Morocco, China, South Africa, the United Kingdom, and elsewhere

throughout EMEA, Latin America, and Asia-Pacific.

Accordingly, we historically have and expect to continue to be impacted by economic strength or weakness in these geographies and by the strengthening or weakening of local currencies relative to the U.S.

5 unchanged sentences

Critical Accounting Policies and Estimates

During the three and nine months ended August 31, 2025, there were no material changes to our critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024.

Results of Operations – Three and Nine Months Ended August 31, 2025 and 2024

Three Months Ended Nine Months Ended

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

($ in thousands) ($ in thousands)

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

During the three months ended February 28, 2026, there were no material changes to our critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025.

Results of Operations – Three Months Ended February 28, 2026 and 2025

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

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

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

2 unchanged sentences

Retail, travel and e-commerce

622,822 593,736 4.9 % 1,790,502 1,745,529 2.6 %

Communications and media

Banking, financial services and insurance

Healthcare 174,106 172,400 1.0 % 540,297 540,162 — %

Other 220,074 223,468 (1.5) % 642,214 659,444 (2.6) %

Total $ 2,483,253 $ 2,387,412 4.0 % $ 7,272,846 $ 7,170,876 1.4 %

We generate revenue by delivering our technology and services to our clients categorized in the above industry verticals.

Our solutions focus on customer engagement, process optimization, and back-office automation.

Our revenue increased by 4.0% for the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

The increase in revenue resulted from increases in revenue across our five primary industry verticals.

Our revenue increased by 5.4% for the three months ended February 28, 2026, compared to the three months ended February 28, 2025.

The increase in revenue resulted primarily from increases in revenue across our retail, travel and e-commerce, banking, financial services and insurance, communications and media and other verticals offset by decreases in our technology and consumer electronics and healthcare verticals.

Foreign currency exchange rates had a positive impact of $82.1 million, or 3.5%, on revenue growth for the period.

The favorable foreign currency rate impact on revenue was primarily due to the strengthening of the euro against the U.S.

Our revenue increased by 1.4% for the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024.

The increase in revenue resulted from increases in revenue primarily across our retail, travel and e-commerce vertical, communications and media vertical, and banking, financial services and insurance vertical, but was negatively impacted by the effect of changes in foreign currency exchange rates of $28.3 million, or 0.4%.

The unfavorable foreign currency rate impact on revenue was primarily due to the weakening of the Brazilian real and several other currencies against the U.S.

For the three months ended August 31, 2025, revenue increased in all of our primary industry verticals and decreased in our other vertical.

Revenue in our technology and consumer electronics vertical increased by 0.9%, primarily due to increases in revenue from several social media and several other larger clients in the vertical, partially offset by a decrease in revenue with a larger client in the vertical.

Revenue in our retail, travel and e-commerce vertical increased by 4.9%, primarily due to increases in revenue across the majority of clients in this vertical.

Revenue in our technology and consumer electronics vertical decreased by 3.4%, primarily due to decreases in revenue for certain larger clients in the vertical, partially offset by an increase in revenue with a larger client in the vertical.

Revenue in our retail, travel and e-commerce vertical increased by 11.2%, primarily due to increases in revenue across the majority of clients in this vertical, including our largest clients.

Revenue in our communications and media vertical increased by 6.2%, primarily due to increases in revenue with several larger clients in the vertical.

Revenue in our banking, financial services and insurance vertical increased by 9.1%, primarily due to increases in revenue from the majority of clients in the vertical.

Revenue in our healthcare vertical increased by 1.0%, primary due to increases in revenue from several larger clients in the vertical.

Revenue in our other vertical decreased by 1.5%,

primarily related to decreases in revenue related to several clients in the vertical, partially offset by increases in revenue from several other clients in the vertical.

For the nine months ended August 31, 2025, revenue increased in all of our primary industry verticals, except healthcare, which remained flat year over year.

Revenue also decreased in our other vertical.

Revenue in our technology and consumer electronics vertical increased by 0.1%, primarily due to increases in revenue from several social media and several other larger clients in the vertical partially offset by a decrease in revenue with a larger client in the vertical.

Revenue in our retail, travel and e-commerce vertical increased by 2.6%, primarily due to increases in revenue from several larger clients in this vertical.

Revenue in our communication and media vertical increased by 2.9%, primarily due to increases in revenue from several larger clients in the vertical.

Revenue in our banking, financial services and insurance vertical increased by 3.5%, primarily due to increases in revenue from the majority of clients in the vertical.

Revenue in our healthcare vertical remained flat over the prior year period, primarily due to increases in revenue for two larger clients in the vertical offset by a revenue decrease from a larger client in the vertical.

Revenue in our other vertical decreased by 2.6%, primarily related to decreases in revenue from an automotive client and several other clients in the vertical, partially offset by increases in revenue from several other clients in the vertical.

Revenue in our banking, financial services and insurance vertical increased by 15.4%, primarily due to increases in revenue from the majority of clients in the vertical, including our largest client.

Revenue in our healthcare vertical decreased by 5.8%, primarily due to decreases in revenue from several larger clients in the vertical.

Revenue in our other vertical increased by 8.2%, primarily related to increases in revenue related to several larger clients in the vertical.

Cost of Revenue, Gross Profit and Gross Margin Percentage

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Cost of revenue

Gross profit $ 855,007 $ 864,192 (1.1)% $ 2,559,054 $ 2,578,290 (0.7)%

Gross margin %

1 unchanged sentence

Gross margins can be impacted by resource location, client mix and pricing, additional lead time for programs to be fully scalable, and transition and initial set-up costs.

Our cost of revenue increased by 6.9% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Our cost of revenue increased due to increases in underlying revenue due to volumes and included an increase in cost of revenue of $16.0 million, or 1.1%, due to changes in foreign currency exchange rates.

The foreign currency exchange rate impact on our cost of revenue was caused primarily by the strengthening of the euro against the U.S.

Our cost of revenue increased by 2.6% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024.

Our cost of revenue increased due to increases in underlying revenue due to volumes partially offset by a reduction in our cost of revenue of $76.4 million, or 1.7%, due to changes in foreign currency exchange rates.

The foreign currency exchange rate impact on our cost of revenue was caused primarily by the weakening of the Brazilian real, Egyptian pound and several other currencies against the U.S.

Our gross profit decreased by 1.1% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024, primarily due to decreases in gross profit associated with underlying business, partially offset by a net favorable foreign currency impact of $17.6 million on gross profit.

Our gross margin percentage for the three months ended August 31, 2025 decreased to 34.4% from 36.2% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Our gross profit decreased by 0.7% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, primarily due to decreases in gross profit associated with underlying business partially offset by a net favorable foreign currency impact of $48.1 million on gross profit.

Our gross margin percentage for the three months ended August 31, 2025 decreased to 35.2% from 36.0% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Our cost of revenue increased by 8.9% in the three months ended February 28, 2026, compared to the three months ended February 28, 2025.

Cost of revenue increased $53.7 million, or 3.5%, due to changes in foreign currency exchange rates, which was caused primarily by the strengthening of the euro and several other currencies against the U.S.

Cost of revenue also increased $15.1 million due to an increase in acquisition-related, integration and restructuring expenses, primarily related to severance expenses and employee-related costs as a result of the Company’s recent cost reduction initiatives.

Further increases in cost of revenue resulted due to increases in underlying revenue due to client volumes and wage increases across certain countries.

Our gross profit decreased by 0.7% in the three months ended February 28, 2026, compared to the three months ended February 28, 2025, primarily due to decreases in gross profit associated with underlying business and the increases in cost of revenue described above.

The decreases were partially offset by a net favorable foreign currency impact of $28.4 million on gross profit.

Our gross margin percentage for the three months ended February 28, 2026 decreased to 34.0% from 36.1% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Selling, General and Administrative Expenses

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Selling, general and administrative expenses

$ 708,023 $ 710,950 (0.4)% $ 2,094,858 $ 2,126,439 (1.5)%

Percentage of revenue

Our selling, general and administrative expenses consist primarily of support personnel costs such as salaries, commissions, bonuses, employee benefits, and share-based compensation costs.

Selling, general and administrative expenses also include the cost of our global delivery facilities, utility expenses, hardware and software costs related to our technology infrastructure, legal and professional fees, depreciation on our technology and facility equipment, amortization of intangible assets resulting from acquisitions, marketing expenses, and acquisition-related and integration expenses.

Our selling, general and administrative expenses decreased by 0.4% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Contributing to the decrease was a reduction of $17.4 million in acquisition-related and integration expenses partially offset by an increase of $12.0 million due to changes in foreign currency exchange rates.

As a percentage of revenue, selling, general and administrative expenses decreased from 29.8% in the third fiscal quarter of 2024 to 28.5% in the third fiscal quarter of 2025, primarily due to the changes previously described.

Our selling, general and administrative expenses decreased by 1.5% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024.

Contributing to the decrease was a reduction in acquisition-related and integration expenses of approximately $43.7 million and a reduction of $10.9 million due to changes in foreign currency exchange rates.

These decreases were partially offset by an increase in share-based compensation expense of $12.6 million and underlying expenses associated with increased business.

As a percentage of revenue, selling, general and administrative expenses decreased from 29.7% in the third fiscal quarter of 2024 to 28.8% in the third fiscal quarter of 2025 primarily due to the changes previously described.

Our selling, general and administrative expenses increased by 6.4% in the three months ended February 28, 2026, compared to the three months ended February 28, 2025.

Contributing to the increase over the prior year period was an increase of $28.7 million due to changes in foreign currency exchange rates and $5.9 million related to the loss on held for sale of a non-core business.

As a percentage of revenue, selling, general and administrative expenses increased from 29.0% in the first fiscal quarter of 2025 to 29.2% in the first fiscal quarter of 2026, primarily due to the changes previously described.

Operating Income

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Operating income

Operating margin

Our operating income decreased during the three months ended August 31, 2025, compared to the three months ended August 31, 2024, primarily due to the decrease in gross profit partially offset by the decrease in selling, general and administrative expenses.

Our operating margin decreased during the three months ended August 31, 2025, compared to the three months ended August 31, 2024, due to the decrease in gross margin percentage partially offset by the decrease in selling, general and administrative expenses as a percentage of revenue.

Our operating income increased during the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, primarily due to the decrease in selling, general and administrative expenses partially offset by the decrease in gross profit.

Our operating margin increased during the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, due to the decrease in selling, general and administrative expenses as a percentage of revenue partially offset by the decrease in gross margin percentage.

Our operating income decreased during the three months ended February 28, 2026, compared to the three months ended February 28, 2025, primarily due to the decrease in gross profit and the increase in selling, general and administrative expenses.

Our operating margin decreased during the three months ended February 28, 2026, compared to the three months ended February 28, 2025, primarily due to the decrease in gross margin and the increase in selling, general and administrative expenses as a percentage of revenue.

Interest Expense and Finance Charges, Net

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Interest expense and finance charges, net

Percentage of revenue

Amounts recorded in interest expense and finance charges, net consist primarily of interest expense on our senior notes issued in August 2023, interest expense on term loan borrowings under our senior credit facility, interest expense on borrowings under our accounts receivable securitization facility (the “Securitization Facility”), and interest expense on the promissory note issued by us to certain Sellers in connection with the Webhelp Combination (the “Sellers’ Note”).

The decrease in interest expense and finance charges, net for the three months ended August 31, 2025, compared to the three months ended August 31, 2024, was primarily due to a decrease in interest expense on our term loan borrowings under our senior credit facility of $8.9 million.

The decrease is a result of the decrease in outstanding borrowings and a decrease in the effective interest rate on the borrowings.

The decrease in interest expense and finance charges, net for the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, was primarily due to a decrease in interest expense on our term loan borrowings under our senior credit facility of $29.5 million.

The decrease is a result of the decrease in outstanding borrowings and a decrease in the effective interest rate on the borrowings.

The decrease was partially offset by an increase in interest expense on our Securitization Facility of $5.0 million primarily due to the increase in outstanding borrowings in comparison to the prior year period.

Amounts recorded in interest expense and finance charges, net consist primarily of interest expense on our senior notes, interest expense on term loan borrowings under our senior credit facility, interest expense on borrowings under our accounts receivable securitization facility (the “Securitization Facility”), and, for the three months ended February 28, 2025, interest expense on the promissory note issued by us to certain sellers in connection with our combination with Webhelp (the “Sellers’ Note”).

The increase in interest expense and finance charges, net for the three months ended February 28, 2026, compared to the three months ended February 28, 2025, was primarily related to debt extinguishment costs of $6.3 million associated with our early redemption of $600 million principal amount of our senior notes due in August 2026.

Other Expense (Income), Net

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Other expense (income), net

Percentage of revenue

Amounts recorded as other expense (income), net primarily include foreign currency transaction gains and losses other than cash flow hedges, investment gains and losses, the non-service component of pension costs, other non-operating gains and losses, and changes in acquisition contingent consideration related to the Webhelp Combination.

Other expense (income), net for the three months ended August 31, 2025 was income of $36.5 million, compared to an expense of $46.0 million for the three months ended August 31, 2024.

The change in other expense (income), net over the prior fiscal year period was primarily due to a year over year net benefit of $12.9 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and a year over year net benefit of $69.0 million related to net changes in foreign currency transaction gains (losses).

Other expense (income), net for the nine months ended August 31, 2025 was income of $20.2 million, compared to an expense of $19.8 million for the nine months ended August 31, 2024.

The change in other expense (income), net over the prior fiscal year period was primarily due to an increase of net expense of $15.3 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and a year over year benefit of $54.6 million related to net changes in foreign currency transaction gains (losses).

Other expense (income), net for the three months ended February 28, 2026 was an expense of $14.5 million, compared to income of $4.9 million for the three months ended February 28, 2025.

The change in other expense (income), net over the prior fiscal year period was primarily due to a year-over-year increase in net expense of $16.5 million related to net changes in foreign currency transaction gains (losses).

Provision for Income Taxes

Three Months Ended % Change Nine Months Ended % Change

August 31, 2025 August 31, 2024 2025 to 2024

($ in thousands) ($ in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Provision for income taxes

1 unchanged sentence

Our provision for income taxes consists of our current and deferred tax expense resulting from our income earned in domestic and international jurisdictions.

Our provision for income taxes increased for the three months and nine months ended August 31, 2025, compared to the three months and nine months ended August 31, 2024.

The increases in expense were primarily due to an increase in income before taxes and a decrease in the effective tax rate.

The effective tax rate for the three months and nine months ended August 31, 2025 decreased compared to the three and nine months ended August 31, 2024, primarily due to certain discrete items and a change in the mix of income earned in different tax jurisdictions between periods.

Our provision for income taxes decreased for the three months ended February 28, 2026, compared to the three months ended February 28, 2025.

The decrease in expense was primarily due to a decrease in income before taxes and a decrease in the effective tax rate.

The effective tax rate for the three months ended February 28, 2026 decreased compared to the three months ended February 28, 2025, primarily due to certain discrete items and a change in the mix of income earned in different tax jurisdictions between periods.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

• Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets and share-based compensation.

• Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, loss on held for sale and share-based compensation.

• Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.

1 unchanged sentence

• Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue.

• Non-GAAP net income, which is net income excluding the tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net.

Non-GAAP net income also excludes the income tax effect of certain tax law changes and certain legal entity restructuring activities.

• Non-GAAP net income, which is net income excluding the tax-effected impact of acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, loss on held for sale, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, change in acquisition contingent consideration and foreign currency losses (gains), net.

Non-GAAP net income also excludes the income tax effect of certain tax law changes.

• Free cash flow, which is cash flows from operating activities less capital expenditures, and adjusted free cash flow, which is free cash flow excluding the effect of changes in the outstanding factoring balance.

1 unchanged sentence

We believe that adjusted free cash flow is a meaningful measure of cash flows because it removes the effect of factoring which changes the timing of the receipt of cash for certain receivables.

However, free cash flow and adjusted cash flow have limitations because they do not represent the residual cash flow available for discretionary expenditures.

However, free cash flow and adjusted free cash flow have limitations because they do not represent the residual cash flow available for discretionary expenditures.

For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions.

• Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net.

Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes and certain legal entity restructuring activities.

Non-GAAP EPS excludes net income attributable to participating securities, and the per share, tax-effected impact of adjustments to net income described above that are attributable to common shareholders.

• Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net.

Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes.

Non-GAAP EPS also reflects a per share adjustment to exclude non-GAAP net income attributable to participating securities.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results.

14 unchanged sentences

These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

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

($ in thousands, except per share amounts)

Operating income

Acquisition-related and integration expenses (1)

18,619 36,055 53,451 97,134

Acquisition-related, integration and restructuring expenses (1)

Step-up depreciation

2,704 2,449 7,616 7,432

Amortization of intangibles

Loss on held for sale

Share-based compensation

Non-GAAP operating income

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

Interest expense and finance charges, net

1 unchanged sentence

Other expense (income), net

Acquisition-related and integration expenses (1)

18,619 36,055 53,451 97,134

Acquisition-related, integration and restructuring expenses (1)

Step-up depreciation

2,704 2,449 7,616 7,432

Amortization of intangibles

Loss on held for sale

Share-based compensation

Depreciation (exclusive of step-up depreciation)

54,074 57,115 160,410 180,864

Adjusted EBITDA

2 unchanged sentences

Adjusted EBITDA margin

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

Acquisition-related and integration expenses (1)

18,619 36,055 53,451 97,134

Acquisition-related, integration and restructuring expenses (1)

Step-up depreciation

2,704 2,449 7,616 7,432

Debt costs (2)

Imputed interest related to Sellers' Note included in interest expense and finance charges, net

Legal settlement costs (3)

Change in acquisition contingent consideration included in other expense (income), net

Foreign currency losses (gains), net (3)

(35,531) 33,435 (28,921) 25,636

Amortization of intangibles

Loss on held for sale

Share-based compensation

Income taxes related to the above (4)

(30,535) (55,753) (112,458) (134,448)

Income tax effect of change in tax law

721 — 4,990 —

Income tax effect of legal entity restructuring (6)

— 5,363 — 5,363

Non-GAAP net income

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

($ in thousands, except per share amounts)

Diluted earnings per common share (“EPS”)

Acquisition-related and integration expenses (1)

0.28 0.54 0.80 1.43

Acquisition-related, integration and restructuring expenses (1)

Step-up depreciation

0.04 0.04 0.11 0.11

Debt costs (2)

Imputed interest related to Sellers' Note included in interest expense and finance charges, net

Legal settlement costs (3)

Change in acquisition contingent consideration included in other expense (income), net

Foreign currency losses (gains), net (3)

(0.54) 0.50 (0.43) 0.38

Amortization of intangibles

Loss on held for sale

Share-based compensation

Income taxes related to the above (4)

(0.46) (0.84) (1.68) (1.99)

Income tax effect of change in tax law

0.01 — 0.07 —

Income tax effect of legal entity restructuring (6)

— 0.08 — 0.08

Adjustment for participating securities

Non-GAAP Diluted EPS

(1) For the three and nine months ended August 31, 2025 and 2024, acquisition-related and integration expenses, including restructuring costs, primarily included integration costs associated with the Company’s combination with Webhelp.

(1) 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 our 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.

(2) For the nine months ended August 31, 2025, debt costs included debt extinguishment costs associated with our Restated Credit Agreement and our voluntary prepayment of a portion of our outstanding term loans.

(3) For the nine months ended August 31, 2025, legal settlement costs consist of amounts incurred to settle certain litigation arising outside of the ordinary course of business.

(2) For the three months ended February 28, 2026, debt costs included debt extinguishment costs associated with our early redemption of $600 million of our senior notes due in August 2026.

(3) Foreign currency losses (gains), net are included in other expense (income), net and primarily consist of gains and losses recognized on the revaluation and settlement of foreign currency transactions and realized and unrealized gains and losses on derivative contracts that do not qualify for hedge accounting.

(4) The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity specific, statutory tax rates applicable to each item during the respective periods.

(6) For the three and nine months ended August 31, 2024, represents the income tax impact related to certain legal entity restructuring activities.

Liquidity and Capital Resources

Our primary uses of cash are working capital, capital expenditures to expand our delivery footprint and enhance our technology solutions, debt repayments, acquisitions, and acquisition-related and integration expenses, including in connection with the Webhelp Combination.

Our financing needs for these uses of cash have been a combination of operating cash flows and third-party debt arrangements.

5 unchanged sentences

These investments or acquisitions would likely be funded primarily by our existing cash and cash equivalents, available liquidity, including capacity on our debt arrangements, or the issuance of securities.

We funded the Webhelp Combination through (i) proceeds from our August 2023 offering and sale of senior notes, (ii) term loan borrowings under our senior credit facility, and (iii) cash on hand.

In September 2021, considering our strong free cash flow, low leverage, and adequate liquidity to support capital return to stockholders while maintaining flexibility to pursue acquisitions, our board of directors authorized a share repurchase program.

2 unchanged sentences

The share 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, we repurchased 783,698 and 2,247,399 shares, respectively, of our common stock under the share repurchase program for approximately $41.6 million and $112.8 million, respectively, in the aggregate.

During the three and nine months ended August 31, 2024, we repurchased 607,298 and 1,506,983 shares, respectively, of our common stock under the share repurchase program for approximately $39.3 million and $101.6 million, respectively, in the aggregate.

At August 31, 2025, approximately $495.4 million remained available for share repurchases under the existing authorization from our board of directors.

During September 2025, we repurchased 264,597 shares of our common stock under the share repurchase program for an aggregate purchase price of $14.1 million.

During the three months ended February 28, 2026 and February 28, 2025, we repurchased 1,081,121 and 539,802 shares, respectively, of our common stock under the share repurchase program for approximately $43.2 million and $25.8 million, respectively, in the aggregate.

At February 28, 2026, approximately $396.6 million remained available for share repurchases under the existing authorization from our board of directors.

During fiscal years 2026 and 2025, we paid the following dividends per share approved by our 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, we 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.

We expect that future cash dividends will be paid on a quarterly basis.

3 unchanged sentences

Debt Arrangements

On August 2, 2023, we issued and sold (i) $800 million aggregate principal amount of 6.650% Senior Notes due 2026 (the “2026 Notes”), (ii) $800 million aggregate principal amount of 6.600% Senior Notes due 2028 (the “2028 Notes”) and (iii) $550 million 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 our 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”).

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

The 2029 Notes were sold in a registered public offering pursuant to our 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.

We used the net proceeds from the sale of the 2029 Notes, together with other available funds, to redeem $600 million of our 6.650% Senior Notes due 2026 (the “2026 Notes”), of which $800 million aggregate principal amount was outstanding immediately

before giving effect to such redemption.

We recorded debt extinguishment costs of $6.3 million associated with this early redemption of a portion of the 2026 Notes.

On August 2, 2023, we issued and sold (i) $800 million aggregate principal amount of the 2026 Notes, (ii) $800 million aggregate principal amount of 6.600% Senior Notes due 2028 (the “2028 Notes”) and (iii) $550 million 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 our 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 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.

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.

In connection with the closing of the Webhelp Combination, we entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500 million of the Senior Notes.

In addition to aligning the currency of a portion of our interest payments to our euro-denominated cash flows, the arrangements effectively converted $250 million aggregate principal amount of the 2026 Notes and $250 million aggregate principal amount of the 2028 Notes 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 Corporation, 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 million U.S.

dollar denominated senior notes, with reciprocal cross-currency interest rate swaps.

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.

In fiscal year 2023, we entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500 million, which represented $250 million aggregate principal amount of the 2026 Notes and $250 million aggregate principal amount of the 2028 Notes.

As part of the senior notes refinancing that occurred in February 2026, we extended cross-currency swap arrangements with certain financial institutions for a total notional amount equivalent to $250 million aggregate principal amount of the 2029 Notes (previously associated with $250 million aggregate principal amount of the 2026 Notes).

In addition to aligning the currency of a portion of our interest payments to our euro-denominated cash flows, the arrangements, together with intercompany loans and additional intercompany cross-currency interest rate swap arrangements, effectively converted $250 million aggregate principal amount of the 2028 Notes and $250 million aggregate principal amount of the 2029 Notes into synthetic fixed euro-based debt, both at weighted average interest rates of 5.18%.

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 Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750 million (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250 million (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 million (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 million under our 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 million 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, we drew $750 million on the Delayed Draw Term Loans and used the proceeds and cash on hand to repay in full the Sellers’ Note.

The Restated Credit Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750 million (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250 million (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 million (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 million under our 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 million 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).

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 our 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.

In September 2025, in connection with the issuance of the Delayed Draw Term Loans of $750 million, we entered into an interest rate swap to fix the interest component associated with the debt, creating synthetic fixed-rate debt.

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

In addition to aligning the currency of our 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.

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 0.0%), 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%.

5 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 our term loans was $1,350 million and $1,500 million.

During the nine months ended August 31, 2025, we voluntarily prepaid $150 million of the principal balance on our term loans, without penalty.

As of February 28, 2026 and November 30, 2025, the outstanding principal balance on our term loans was $1,956 million and $1,966 million.

During the three months ended February 28, 2026, we made a required quarterly principal payment of $9.4 million.

None of our subsidiaries guarantees the obligations under the Restated Credit Agreement.

At August 31, 2025 and November 30, 2024, no amounts were outstanding under our revolving credit facility.

At February 28, 2026 and November 30, 2025, no amounts were outstanding under our revolving credit facility.

Securitization Facility

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

based subsidiaries sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix Corporation that grants a security interest in the receivables to the lenders in exchange for available borrowings.

On January 14, 2025, we entered into an amendment to the Securitization Facility to (i) increase the commitment of the lenders to provide available borrowings from up to $600 million to up to $700 million and (ii) 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 U.S.

Borrowing availability under the Securitization Facility may be limited by our accounts receivable balances, changes in the credit ratings of our 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.

Sellers’ Note

On September 25, 2023, as part of the consideration for the Webhelp Combination, we issued the Sellers’ Note in the aggregate principal amount of €700 million to certain Sellers.

Pursuant to the Sellers’ Note, the unpaid principal amount outstanding accrues interest at a rate of two percent (2%) per annum, and all principal and accrued interest will be due and payable on September 25, 2025.

The stated rate of interest is below our expected borrowing rate.

As a result, we discounted the Sellers’ Note by €31,500.

The discounted value is being amortized into interest expense over the two-year term.

On September 25, 2025, we 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 classified as long-term debt within the consolidated balance sheet based on our ability and intent to refinance on a long-term basis.

As of August 31, 2025 and November 30, 2024, we were in compliance with the debt covenants related to our debt arrangements.

Cash Flows – Nine Months Ended August 31, 2025 and 2024

The following summarizes our cash flows for the nine months ended August 31, 2025 and 2024, as reported in our consolidated statement of cash flows in the accompanying consolidated financial statements.

Nine Months Ended

August 31, 2025 August 31, 2024

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

As of February 28, 2026 and November 30, 2025, we were in compliance with the debt covenants related to our debt arrangements.

Cash Flows – Three Months Ended February 28, 2026 and 2025

The following summarizes our cash flows for the three months ended February 28, 2026 and 2025, as reported in our consolidated statements of cash flows in the accompanying consolidated financial statements.

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Net cash provided by operating activities

$ 462,747 $ 383,091

Net cash provided by (used in) operating activities

Net cash used in investing activities

Net cash used in financing activities

(211,444) (268,074)

Net cash provided by financing activities

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

Cash, cash equivalents and restricted cash at beginning of year 429,604 516,487

Cash, cash equivalents and restricted cash at the end of the period $ 538,486 $ 441,762

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

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

Operating Activities

Net cash provided by operating activities was $462.7 million for the nine months ended August 31, 2025, compared to $383.1 million for the nine months ended August 31, 2024.

The change over the prior year period was primarily due to favorable working capital changes and less cash required for acquisition-related and integration expenses.

Net cash used in operating activities was $83.2 million for the three months ended February 28, 2026, compared to cash provided by operating activities of $1.4 million for the three months ended February 28, 2025.

The change over the prior year period was primarily due to a decrease in net income and unfavorable working capital changes.

Investing Activities

Net cash used in investing activities for the nine months ended August 31, 2025 was $172.1 million, compared to $183.4 million for the nine months ended August 31, 2024.

The decrease in net cash used in investing activities over the prior year period primarily related to a decrease in capital expenditures.

Net cash used in investing activities for the three months ended February 28, 2026 was $50.7 million, compared to $51.3 million for the three months ended February 28, 2025.

Financing Activities

Net cash used in financing activities for the nine months ended August 31, 2025 was $211.4 million, primarily consisting of net principal payments of $150.0 million on the term loans, share repurchases of $112.8 million, dividends paid of $66.4 million, change in funds held for clients of $19.2 million, deferred acquisition consideration payments of $6.5 million, payments on other borrowings of $6.2 million, and debt issuance costs of $4.8 million, partially offset by net borrowings of $154.0 million under our Securitization Facility.

Net cash used by financing activities for the nine months ended August 31, 2024 was $268.1 million, consisting of principal payments of $350.0 million made on term loan borrowings under our senior credit facility, cash paid for acquired earnout liabilities of $22.7 million, share repurchases of $101.6 million, change in funds held for clients of $25.8 million, and dividends of $61.2 million, partially offset by net borrowings of $290.5 million under our Securitization Facility.

Net cash provided by financing activities for the three months ended February 28, 2026 was $18.5 million, primarily consisting of net borrowings of $118.5 million under our Securitization Facility partially offset by share repurchases of $43.2 million, dividends paid of $23.1 million, change in funds held for clients of $16.1 million and payments of $9.4 million on the Company’s term loan borrowings.

The net proceeds from the issuance of $600 million aggregate principal amount of the 2029 Notes were used to redeem $600 million aggregate principal amount of the 2026 Notes.

Net cash provided by financing activities for the three months ended February 28, 2025 was $102.3 million, consisting of net borrowings under our Securitization Facility of $181.0 million partially offset by share repurchases of $25.8 million, dividends paid of $22.4 million, a deferred acquisition consideration payment of $3.5 million, and change in funds held for clients of $20.5 million.

Free Cash Flow and Adjusted Free Cash Flow (non-GAAP measures)

Nine Months Ended

August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026

February 28, 2025

($ in thousands)

Net cash provided by operating activities

$ 462,747 $ 383,091

Net cash provided by (used in) operating activities

Purchases of property and equipment

1 unchanged sentence

Change in outstanding factoring balances

47,992 51,632

Adjusted free cash flow (a non-GAAP measure)

$ 339,275 $ 255,832

Our free cash flow was $291.3 million for the nine months ended August 31, 2025 compared to $204.2 million for the nine months ended August 31, 2024.

The increase in free cash flow for the nine months ended August 31, 2025 compared to the prior fiscal year period was due to the increase in cash provided by operating activities and a decrease in capital expenditures.

Our adjusted free cash flow was $339.3 million for the nine months ended August 31, 2025 compared to $255.8 million for the nine months ended August 31, 2024.

The increase in adjusted free cash flow for the nine months ended August 31, 2025 compared to the prior year period was due to an increase in free cash flow partially offset by a decrease in the change in outstanding factoring balances.

Our free cash flow was a use of cash of $137.1 million for the three months ended February 28, 2026 compared to a use of cash of $49.2 million for the three months ended February 28, 2025.

The decrease in free cash flow for the three months ended February 28, 2026 compared to the prior fiscal year period was due to the decrease in cash provided by operating activities and an increase in capital expenditures.

Our adjusted free cash flow was a use of cash of $144.6 million for the three months ended February 28, 2026 compared to a use of cash of $39.8 million for the three months ended February 28, 2025.

The decrease in adjusted free cash flow for the three months ended February 28, 2026 compared to the prior year period was due to a decrease in free cash flow and a decrease in the change in outstanding factoring balances.

Capital Resources

As of August 31, 2025, we had total liquidity of $1,625.3 million, which includes undrawn capacity on our revolving credit facility of $1,100.0 million, undrawn capacity of $175.0 million under our Securitization Facility, and cash and cash equivalents.

Our cash and cash equivalents totaled $350.3 million and $240.6 million as of August 31, 2025 and November 30, 2024, respectively.

As of February 28, 2026, we had total liquidity of $1,378.5 million, which includes undrawn capacity on our revolving credit facility of $1,100.0 million, undrawn capacity of $44.5 million under our Securitization Facility, and cash and cash equivalents, including cash held for sale.

Our cash and cash equivalents, including cash held for sale, totaled $234.0 million and $329.4 million as of February 28, 2026 and November 30, 2025, respectively.

Of our total cash and cash equivalents, 98% were held by our non-U.S.

legal entities as of both August 31, 2025 and November 30, 2024.

legal entities as of both February 28, 2026 and November 30, 2025.

The cash and cash equivalents held by our non-U.S.

8 unchanged sentences

entities that are likely to be repatriated in the future.

If in the future our intentions change, and we repatriate the cash back to the United States, we will report in

our consolidated financial statements the impact of the state and withholding taxes depending upon the planned timing and manner of such repatriation.

If in the future our intentions change, and we repatriate the cash back to the United States,

we will report in our consolidated financial statements the impact of the state and withholding taxes depending upon the planned timing and manner of such repatriation.

We believe that our available cash and cash equivalents balances, the cash flows expected to be generated from operations, and our sources of liquidity will be sufficient to satisfy our current and planned working capital and investment needs for the next twelve months.

1 unchanged sentence

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 2. Management’s Discussion and Analysis