Concentrix Corp 10-Q

ITEM 1. FINANCIAL STATEMENTS CONCENTRIX CORPORATION CONSOLIDATED BALANCE SHEETS (currency and share amounts in thousands, except par value) May 31, 2026 November 30, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 255,566 $ 327,347 Accounts receivable, net 1,987,978 1,999,021 Assets held for sale 202,738 — Other current assets 593,611 758,135 Total current assets 3,039,893 3,084,503 Property and equipment, net 709,829 735,550 Goodwill 3,653,490 3,671,746 Intangible assets, net 1,749,909 1,960,338 Deferred tax assets 343,201 317,453 Other assets 1,016,525 991,496 Total assets $ 10,512,847 $ 10,761,086 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 198,108 $ 244,771 Current portion of long-term debt 650,000 65,625 Accrued compensation and benefits 658,057 764,962 Other accrued liabilities 815,876 997,198 Income taxes payable 85,078 123,794 Liabilities held for sale 172,259 — Total current liabilities 2,579,378 2,196,350 Long-term debt, net 3,934,874 4,572,889 Other long-term liabilities 1,011,706 950,983 Deferred tax liabilities 285,603 296,519 Total liabilities 7,811,561 8,016,741 Commitments and contingencies (Note 15) Stockholders’ equity: Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2026 and November 30, 2025, respectively — — Common stock, $ 0.0001 par value, 250,000 shares authorized; 70,591 and 70,316 shares issued as of May 31, 2026 and November 30, 2025, respectively, and 60,863 and 61,739 shares outstanding as of May 31, 2026 and November 30, 2025, respectively 7 7 Additional paid-in capital 3,838,082 3,783,972 Treasury stock, 9,728 and 8,577 shares as of May 31, 2026 and November 30, 2025, respectively ( 657,340 ) ( 610,162 ) Retained deficit ( 146,518 ) ( 177,010 ) Accumulated other comprehensive loss ( 332,945 ) ( 252,462 ) Total stockholders’ equity 2,701,286 2,744,345 Total liabilities and stockholders’ equity $ 10,512,847 $ 10,761,086 The accompanying notes are an integral part of these consolidated financial statements. 2 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (currency and share amounts in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Revenue $ 2,462,473 $ 2,417,371 $ 4,962,864 $ 4,789,593 Cost of revenue 1,639,124 1,569,223 3,289,858 3,085,546 Gross profit 823,349 848,148 1,673,006 1,704,047 Selling, general and administrative expenses 727,928 699,803 1,459,026 1,386,835 Operating income 95,421 148,345 213,980 317,212 Interest expense and finance charges, net 68,074 75,406 143,391 148,400 Other expense (income), net ( 42,128 ) 21,218 ( 27,617 ) 16,299 Income before income taxes 69,475 51,721 98,206 152,513 Provision for income taxes 14,199 9,628 21,341 40,163 Net income $ 55,276 $ 42,093 $ 76,865 $ 112,350 Earnings per common share: Basic $ 0.86 $ 0.63 $ 1.20 $ 1.68 Diluted $ 0.86 $ 0.63 $ 1.20 $ 1.68 Weighted-average common shares outstanding: Basic 60,850 63,355 61,062 63,693 Diluted 60,862 63,406 61,078 63,733 The accompanying notes are an integral part of these consolidated financial statements. 3 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (currency in thousands) (unaudited) Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Net income $ 55,276 $ 42,093 $ 76,865 $ 112,350 Other comprehensive income (loss): Unrealized gains (losses) of defined benefit plans, net of taxes of $ 7,257 and $ 7,272 for the three and six months ended May 31, 2026, respectively, and $ 0 and $( 19 ) for the three and six months ended May 31, 2025, respectively ( 21,667 ) ( 35 ) ( 21,681 ) 1,117 Reclassification of net losses of defined benefit plans, net of taxes of $( 958 ) and $( 958 ) for the three and six months ended May 31, 2026, respectively, and $ 0 and $ 0 for the three and six months ended May 31, 2025, respectively 2,861 — 2,861 — Total change in unrealized gain (losses) of defined benefit plans, net of taxes ( 18,806 ) ( 35 ) ( 18,820 ) 1,117 Unrealized gains (losses) on hedges during the period, net of taxes of $ 14,655 and $ 12,691 for the three and six months ended May 31, 2026, respectively, and $( 9,933 ) and $( 9,114 ) for the three and six months ended May 31, 2025, respectively ( 33,577 ) 26,162 ( 30,106 ) 27,449 Reclassification of net losses (gains) on hedges to net income, net of taxes of $( 2,818 ) and $( 4,295 ) for the three and six months ended May 31, 2026, respectively, and $ 141 and $( 1,421 ) for the three and six months ended May 31, 2025, respectively 8,280 ( 414 ) 12,614 4,172 Total change in unrealized gains (losses) on hedges, net of taxes ( 25,297 ) 25,748 ( 17,492 ) 31,621 Foreign currency translation adjustments for the three and six months ended May 31, 2026 and 2025, respectively ( 97,863 ) 219,457 ( 44,171 ) 158,543 Other comprehensive income (loss) ( 141,966 ) 245,170 ( 80,483 ) 191,281 Comprehensive income (loss) $ ( 86,690 ) $ 287,263 $ ( 3,618 ) $ 303,631 The accompanying notes are an integral part of these consolidated financial statements. 4 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (currency and share amounts in thousands) (unaudited) Three and Six Months Ended May 31, 2026 Common stock Treasury stock Shares Amount Additional paid-in capital Shares Amount Retained deficit Accumulated other comprehensive loss Total stockholders’ equity Balances, February 28, 2026 70,546 $ 7 $ 3,814,078 9,724 $ ( 656,047 ) $ ( 178,645 ) $ ( 190,979 ) $ 2,788,414 Other comprehensive income (loss) — — — — — — ( 141,966 ) ( 141,966 ) Share-based compensation activity 45 — 24,004 — — — — 24,004 Repurchase of common stock for tax withholdings on equity awards — — — 4 ( 1,293 ) — — ( 1,293 ) Repurchase of common stock — — — — — — — — Dividends — — — — — ( 23,149 ) — ( 23,149 ) Net income — — — — — 55,276 — 55,276 Balances, May 31, 2026 70,591 $ 7 $ 3,838,082 9,728 $ ( 657,340 ) $ ( 146,518 ) $ ( 332,945 ) $ 2,701,286 Balances, November 30, 2025 70,316 $ 7 $ 3,783,972 8,577 $ ( 610,162 ) $ ( 177,010 ) $ ( 252,462 ) $ 2,744,345 Other comprehensive income (loss) — — — — — — ( 80,483 ) ( 80,483 ) Share-based compensation activity 275 — 54,110 — — — — 54,110 Repurchase of common stock for tax withholdings on equity awards — — — 70 ( 3,984 ) — — ( 3,984 ) Repurchase of common stock — — — 1,081 ( 43,194 ) — — ( 43,194 ) Dividends — — — — — ( 46,373 ) — ( 46,373 ) Net income — — — — — 76,865 — 76,865 Balances, May 31, 2026 70,591 $ 7 $ 3,838,082 9,728 $ ( 657,340 ) $ ( 146,518 ) $ ( 332,945 ) $ 2,701,286 5 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (currency and share amounts in thousands) (unaudited) Three and Six Months Ended May 31, 2025 Common stock Treasury stock Shares Amount Additional paid-in capital Shares Amount Retained earnings Accumulated other comprehensive loss Total stockholders’ equity Balances, February 28, 2025 69,007 $ 7 $ 3,711,701 5,193 $ ( 449,374 ) $ 1,239,638 $ ( 468,202 ) $ 4,033,770 Other comprehensive income — — — — — — 245,170 245,170 Share-based compensation activity 47 — 26,659 — — — — 26,659 Repurchase of common stock for tax withholdings on equity awards — — — 7 ( 1,492 ) — — ( 1,492 ) Repurchase of common stock — — — 924 ( 45,328 ) — — ( 45,328 ) Dividends — — — — — ( 22,172 ) — ( 22,172 ) Net income — — — — — 42,093 — 42,093 Balances, May 31, 2025 69,054 $ 7 $ 3,738,360 6,124 $ ( 496,194 ) $ 1,259,559 $ ( 223,032 ) $ 4,278,700 Balances, November 30, 2024 68,849 $ 7 $ 3,683,608 4,611 $ ( 421,449 ) $ 1,191,871 $ ( 414,313 ) $ 4,039,724 Other comprehensive income — — — — — — 191,281 191,281 Share-based compensation activity 205 — 54,752 — — — — 54,752 Repurchase of common stock for tax withholdings on equity awards — — — 49 ( 3,571 ) — — ( 3,571 ) Repurchase of common stock — — — 1,464 ( 71,174 ) — — ( 71,174 ) Dividends — — — — — ( 44,662 ) — ( 44,662 ) Net income — — — — — 112,350 — 112,350 Balances, May 31, 2025 69,054 $ 7 $ 3,738,360 6,124 $ ( 496,194 ) $ 1,259,559 $ ( 223,032 ) $ 4,278,700 The accompanying notes are an integral part of these consolidated financial statements. 6 CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (currency in thousands) (unaudited) Six Months Ended May 31, 2026 May 31, 2025 Cash flows from operating activities: Net income $ 76,865 $ 112,350 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 113,975 111,248 Amortization 205,513 214,777 Non-cash share-based compensation expense 51,703 53,146 Provision for credit losses 6,106 4,918 Deferred income taxes ( 22,516 ) ( 63,711 ) Amortization of debt discount and issuance costs 4,172 12,621 Pension and other post-retirement benefit costs 13,007 7,710 Change in acquisition contingent consideration ( 945 ) 6,667 Loss on held for sale 6,892 — Other 1,161 597 Changes in operating assets and liabilities: Accounts receivable, net 13,968 ( 89,955 ) Accounts payable ( 43,820 ) 1,168 Other operating assets and liabilities ( 251,410 ) ( 133,592 ) Net cash provided by operating activities 174,671 237,944 Cash flows from investing activities: Purchases of property and equipment ( 102,076 ) ( 106,410 ) Proceeds from sale of property and equipment 17,016 — Proceeds from divestiture, net of cash sold 3,156 — Acquisition of business, net of cash acquired — ( 663 ) Net cash used in investing activities ( 81,904 ) ( 107,073 ) Cash flows from financing activities: Proceeds from the Credit Facility - Term Loan — 750,000 Repayments of the Credit Facility - Term Loan ( 128,125 ) ( 900,000 ) Proceeds from the Credit Facility - Revolver 1,538,500 100,000 Repayments of the Credit Facility - Revolver ( 1,538,500 ) ( 100,000 ) Proceeds from the Securitization Facility 553,000 1,095,500 Repayments of the Securitization Facility ( 477,500 ) ( 848,500 ) Proceeds from the issuance of Senior Notes due 2029 599,796 — Repayments of Senior Notes due 2026 ( 600,000 ) — Cash paid for debt extinguishment ( 5,478 ) — Other debt repayments — ( 5,959 ) Cash paid for debt issuance costs ( 4,586 ) ( 4,755 ) Acquisition deferred consideration payment — ( 6,454 ) Proceeds from exercise of stock options 2,407 1,606 Repurchase of common stock for tax withholdings on equity awards ( 3,984 ) ( 3,571 ) Repurchase of common stock ( 43,194 ) ( 71,174 ) Dividends paid ( 46,218 ) ( 44,524 ) Change in funds held for clients ( 21,483 ) ( 8,769 ) Net cash used in financing activities ( 175,365 ) ( 46,600 ) Effect of exchange rate changes on cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale 2,956 21,257 Net increase (decrease) in cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale ( 79,642 ) 105,528 Cash, cash equivalents, cash held for sale and restricted cash at beginning of year 521,127 429,604 Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale at end of period $ 441,485 $ 535,132 Supplemental disclosure of non-cash investing activities: Accrued costs for property and equipment purchases $ 28,466 $ 20,192 The accompanying notes are an integral part of these consolidated financial statements. 7 CONCENTRIX CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (currency and share amounts in thousands, except per share amounts) NOTE 1— BACKGROUND AND BASIS OF PRESENTATION: Background Concentrix Corporation (“Concentrix” or the “Company”), is a global technology and services leader that powers 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: technology and consumer electronics; retail, travel and e-commerce; communications and media; banking, financial services and insurance; and healthcare. 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”). The amounts as of November 30, 2025 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2025. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2025. All intercompany balances and transactions have been eliminated in consolidation. NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2025. Recently adopted accounting pronouncements are discussed below. Concentration of credit risk For the three and six months ended May 31, 2026 and 2025, no client accounted for more than 10% of the Company’s consolidated revenue. As of May 31, 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. 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. 8 In some instances, the Company may continue to service the transferred receivables after factoring has occurred. 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 $ 314,000 and $ 627,000 during the three and six months ended May 31, 2026, respectively, and $ 310,000 and $ 617,000 during the three and six months ended May 31, 2025, respectively, which amounts approximate cash collections on sold accounts receivable during each quarter. As noted above, the Company acts as a servicer (collects client payments 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 and six months ended May 31, 2026 and 2025. As of May 31, 2026 and November 30, 2025, accounts receivable in the amount of $ 95,000 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 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 annual consolidated financial statements; however, the amendments will be applied on a prospective basis. In November 2024, the FASB issued ASU 2024-03, which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2028 and for interim periods beginning in fiscal year 2029. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, which amends the guidance in ASC 350-40, Intangibles -Goodwill and Other - Internal-Use Software . The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2029 and for interim reporting periods beginning in that fiscal year. The Company is currently evaluating the impact that this update will have on the consolidated financial statements. No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the consolidated financial statements. NOTE 3— 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 May 31, 2026, assets held for sale of $ 202,738 primarily consist of cash, restricted cash (which relates to funds held for clients) and intangible assets, and liabilities held for sale of $ 172,259 primarily consist of liabilities related to funds held for clients. The Company determined that execution of 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. 9 The Company recorded a loss on held for sale of $ 963 and $ 6,892 for the three and six months ended May 31, 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 and six months ended May 31, 2025. NOTE 4— SHARE-BASED COMPENSATION: 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. 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 $ 25,367 and $ 26,862 for the three months ended May 31, 2026 and 2025, respectively. The Company recorded share-based compensation expense of $ 54,822 and $ 53,462 for the six months ended May 31, 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, 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: As of May 31, 2026 May 31, 2025 Cash and cash equivalents $ 255,566 $ 342,759 Cash held for sale 11,533 — Restricted cash included in other current assets 18,820 192,373 Restricted cash held for sale 155,566 — Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale $ 441,485 $ 535,132 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 the restricted cash held for sale balance, an aggregate of $ 166,579 and $ 187,139 related to funds held for clients as of May 31, 2026 and November 30, 2025, respectively. As of May 31, 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. 10 Accounts receivable, net: Accounts receivable, net is comprised of the following as of May 31, 2026 and November 30, 2025: As of May 31, 2026 November 30, 2025 Billed accounts receivable $ 1,106,384 $ 1,102,601 Unbilled accounts receivable 904,234 913,863 Less: Allowance for credit losses ( 22,640 ) ( 17,443 ) Accounts receivable, net $ 1,987,978 $ 1,999,021 Allowance for credit losses: Presented below is a progression of the allowance for credit losses: Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Balance at beginning of period $ 19,524 $ 17,416 $ 17,443 $ 14,307 Net additions 4,025 1,605 6,106 4,918 Write-offs and reclassifications ( 909 ) 540 ( 909 ) 336 Balance at end of period $ 22,640 $ 19,561 $ 22,640 $ 19,561 Property and equipment, net: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2026 and November 30, 2025: As of May 31, 2026 November 30, 2025 Land $ 19,391 $ 28,391 Equipment, computers, and software 994,118 969,841 Furniture and fixtures 173,340 172,154 Buildings, building improvements, and leasehold improvements 732,637 704,074 Construction-in-progress 35,084 39,098 Total property and equipment, gross $ 1,954,570 $ 1,913,558 Less: Accumulated depreciation ( 1,244,741 ) ( 1,178,008 ) Property and equipment, net $ 709,829 $ 735,550 11 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 May 31, 2026 and November 30, 2025: As of May 31, 2026 November 30, 2025 Property and equipment, net: Philippines $ 101,345 $ 105,475 United States 79,937 93,773 India 65,406 57,585 France 51,101 56,386 Others 412,040 422,331 Total $ 709,829 $ 735,550 Goodwill: The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2026 and May 31, 2025: Six Months Ended May 31, 2026 May 31, 2025 Balance at beginning of period $ 3,671,746 $ 4,986,967 Acquisition — 2,353 Assets held for sale ( 8,805 ) — Foreign exchange translation ( 9,451 ) 142,580 Balance at end of period $ 3,653,490 $ 5,131,900 Intangible assets, net: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2026 and November 30, 2025: As of May 31, 2026 As of November 30, 2025 Gross amounts Accumulated amortization Net amounts Gross amounts Accumulated amortization Net amounts Customer relationships $ 3,730,276 $ ( 2,000,761 ) $ 1,729,515 $ 3,736,591 $ ( 1,822,119 ) $ 1,914,472 Technology 79,664 ( 71,106 ) 8,558 79,603 ( 64,089 ) 15,514 Trade names 124,184 ( 112,348 ) 11,836 123,484 ( 93,132 ) 30,352 Non-compete agreements 2,200 ( 2,200 ) — 2,200 ( 2,200 ) — Total $ 3,936,324 $ ( 2,186,415 ) $ 1,749,909 $ 3,941,878 $ ( 1,981,540 ) $ 1,960,338 12 Estimated future amortization expense of the Company’s intangible assets is as follows: Fiscal years ending November 30, 2026 (remaining six months) $ 186,893 2027 296,455 2028 251,288 2029 209,176 2030 177,288 Thereafter 628,809 Total $ 1,749,909 Accumulated other comprehensive loss: The components of accumulated other comprehensive loss (“AOCL”), net of taxes, were as follows: Three Months Ended May 31, 2026 and 2025 Unrecognized gains (losses) on defined benefit plan, net of taxes Unrealized gains (losses) on hedges, net of taxes Foreign currency translation adjustments and other, net of taxes Total Balances at February 28, 2025 $ ( 4,131 ) $ ( 20,008 ) $ ( 444,063 ) $ ( 468,202 ) Other comprehensive income (loss) before reclassification ( 35 ) 26,162 219,457 245,584 Reclassification of (gains) losses from other comprehensive income (loss) — ( 414 ) — ( 414 ) Balances at May 31, 2025 $ ( 4,166 ) $ 5,740 $ ( 224,606 ) $ ( 223,032 ) Balances at February 28, 2026 $ ( 1,595 ) $ ( 14,836 ) $ ( 174,548 ) $ ( 190,979 ) Other comprehensive income (loss) before reclassification ( 21,667 ) ( 33,577 ) ( 97,863 ) ( 153,107 ) Reclassification of (gains) losses from other comprehensive income (loss) 2,861 8,280 — 11,141 Balances at May 31, 2026 $ ( 20,401 ) $ ( 40,133 ) $ ( 272,411 ) $ ( 332,945 ) 13 Six Months Ended May 31, 2026 and 2025 Unrecognized gains (losses) on defined benefit plan, net of taxes Unrealized gains (losses) on hedges, net of taxes Foreign currency translation adjustments, net of taxes Total Balances at November 30, 2024 $ ( 5,283 ) $ ( 25,881 ) $ ( 383,149 ) $ ( 414,313 ) Other comprehensive income (loss) before reclassification 1,117 27,449 158,543 187,109 Reclassification of (gains) losses from other comprehensive income (loss) — 4,172 — 4,172 Balances at May 31, 2025 $ ( 4,166 ) $ 5,740 $ ( 224,606 ) $ ( 223,032 ) Balances at November 30, 2025 $ ( 1,581 ) $ ( 22,641 ) $ ( 228,240 ) $ ( 252,462 ) Other comprehensive income (loss) before reclassification ( 21,681 ) ( 30,106 ) ( 44,171 ) ( 95,958 ) Reclassification of (gains) losses from other comprehensive income (loss) 2,861 12,614 — 15,475 Balances at May 31, 2026 $ ( 20,401 ) $ ( 40,133 ) $ ( 272,411 ) $ ( 332,945 ) 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 may enter into forward contracts, option contracts, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain non-U.S. legal entities and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes. All derivatives are recognized on the consolidated balance sheets at their fair values. Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of 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 To mitigate the impact on gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. These instruments mature at various dates through May 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 14 subsequent two-month time period. 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. Non-Designated Derivatives The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currencies of the Company’s legal entities that own the assets or liabilities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. 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. 15 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: Value as of Balance Sheet Line Item May 31, 2026 November 30, 2025 Derivative instruments designated as fair value hedges: Cross-currency interest rate swaps (notional value) $ 1,104,692 $ 1,112,706 Other assets 274 5,343 Other current liabilities and other long-term liabilities 56,960 49,319 Derivative instruments designated as cash flow hedges: Interest rate swaps (notional value) $ 740,625 $ 750,000 Other long-term assets 9,460 — Other long-term liabilities — 3,357 Foreign exchange forward contracts (notional value) $ 1,043,195 $ 1,049,896 Other current assets and other assets 307 914 Other accrued liabilities and other long-term liabilities 53,877 21,424 Volume of activity The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine peso and the Indian rupee, that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency exchange rates change. 16 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 Six Months Ended Locations of gain (loss) in statement of operations May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Derivative instruments designated as cash flow and fair value hedges: Gains (losses) recognized in OCI: Foreign exchange forward contracts $ ( 57,695 ) $ 39,107 $ ( 49,968 ) $ 35,881 Cross-currency interest rate swaps ( 5,062 ) ( 3,012 ) ( 5,646 ) 682 Interest rate swaps 14,525 — 12,817 — Total $ ( 48,232 ) $ 36,095 $ ( 42,797 ) $ 36,563 Gains (losses) reclassified from AOCL into income: Foreign exchange forward contracts Gain (loss) reclassified from AOCL into income Cost of revenue $ ( 7,907 ) $ 442 $ ( 11,854 ) $ ( 4,140 ) Gain (loss) reclassified from AOCL into income Selling, general and administrative expenses ( 3,191 ) 113 ( 5,055 ) ( 1,453 ) Total $ ( 11,098 ) $ 555 $ ( 16,909 ) $ ( 5,593 ) Derivative instruments not designated as hedging instruments: Gain (loss) recognized from foreign exchange forward contracts, net (1) Other expense (income), net $ — $ ( 8,322 ) $ — $ 740 (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net losses in AOCL that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $ 28,098 . Offsetting of Derivatives In the consolidated balance sheets, the Company does not offset derivative assets against liabilities in master netting arrangements. 17 Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses by selecting counterparties from a limited group of financial institutions with high credit standing. NOTE 7— FAIR VALUE MEASUREMENTS: 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: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). 18 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 May 31, 2026 As of November 30, 2025 Fair value measurement category Fair value measurement category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets measured at fair value: Cash and cash equivalents, including cash held for sale $ 267,099 $ 267,099 $ — $ — $ 329,404 $ 329,404 $ — $ — Restricted cash, including restricted cash held for sale 174,386 174,386 — — 191,723 191,723 — — Forward foreign currency exchange contracts 307 — 307 — 914 — 914 — Cross-currency interest rate swaps 274 — 274 — 5,343 — 5,343 — Interest rate swaps 9,460 — 9,460 — — — — — Liabilities measured at fair value: Forward foreign currency exchange contracts 53,877 — 53,877 — 21,424 — 21,424 — Cross-currency interest rate swaps 56,960 — 56,960 — 49,319 — 49,319 — Interest rate swaps — — — — 3,357 — 3,357 — Acquisition contingent consideration 4,888 — — 4,888 7,866 — — 7,866 Liabilities measured at other than fair value: Long-term debt (senior notes) Fair value 2,091,749 — 2,091,749 — 2,184,727 — 2,184,727 — Carrying amount 2,137,598 — — — 2,139,537 — — — 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, 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 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 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 inputs for this liability are unobservable, and therefore, are classified within Level 3 of the fair value hierarchy. 19 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 May 31, 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 six months ended May 31, 2026 and 2025, there were no transfers between the fair value measurement category levels. 20 NOTE 8— BORROWINGS: Borrowings consist of the following: As of May 31, 2026 November 30, 2025 Credit Facility - current portion of term loans component $ 450,000 $ 65,625 6.650 % Senior Notes due 2026 (August) 200,000 — Current portion of long-term debt $ 650,000 $ 65,625 6.650 % Senior Notes due 2026 $ — $ 800,000 6.600 % Senior Notes due 2028 800,000 800,000 6.500 % Senior Notes due 2029 600,000 — 6.850 % Senior Notes due 2033 550,000 550,000 Credit Facility - term loans component 1,387,500 1,900,000 Securitization Facility 612,500 537,000 Long-term debt, before unamortized debt discount and issuance costs 3,950,000 4,587,000 Less: unamortized debt discount and issuance costs ( 15,126 ) ( 14,111 ) Long-term debt, net $ 3,934,874 $ 4,572,889 Senior Notes 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 2029 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 six months ended May 31, 2026. There were no such costs in the six months ended May 31, 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 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 21 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 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 On April 11, 2025, Concentrix Corporation entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, Bank of America, N.A., as the administrative agent, the L/C issuer and the swing line lender, and JPMorgan Chase Bank, N.A., as the existing administrative agent, the existing L/C issuer and the existing swing line lender, to amend and restate the Company’s Amended and Restated Credit Agreement dated as of April 21, 2023 (the “Existing Credit Agreement” and, as so amended and restated by the Amendment Agreement, the “Restated Credit Agreement”). The Amendment Agreement appoints Bank of America, N.A. as the Administrative Agent under the Restated Credit Agreement, as successor to JPMorgan Chase Bank, N.A. The Restated Credit Agr eement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $ 750,000 (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $ 250,000 (the “3-Year DD Term Loan Facility”), 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). 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 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 22 (but not less than 1.0 %) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500 %, and (C) the adjusted one-month term SOFR rate plus 1.0 % per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money. The applicable margin ranges from 0.000 % to 0.500 % for the New Term Loan Facility, the 3-Year DD Term Loan Facility, and the Revolving Credit Facility, 0.100 % to 0.600 % for the 5-Year DD Term Loan Facility, and 0.125 % to 1.000 % for the Continued Term Loan Facility. The Restated Credit Agreement contains certain loan covenants that are customary for credit facilities of this type and that restrict the ability of Concentrix and its subsidiaries to take certain actions, including the creation of liens, mergers, consolidations or other fundamental changes to the nature of their business, and, solely with respect to subsidiaries of Concentrix, incurrence of indebtedness. In addition, the Restated Credit Agreement contains financial covenants that require Concentrix to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Restated Credit Agreement) not to exceed 3.75 to 1.00 (or for certain periods following certain qualified acquisitions, 4.25 to 1.00) and (ii) a consolidated interest coverage ratio (as defined in the Restated Credit Agreement) no less than 3.00 to 1.00. The Restated Credit Agreement also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix. As of May 31, 2026 and November 30, 2025, the outstanding principal balance on the Company’s term loans was $ 1,837,500 and $ 1,965,625 , respectively. During the three and six months ended May 31, 2026, the Company made required quarterly principal payments of $ 18,750 and $ 28,125 , respectively, on the term loans. In addition, during the three months ended May 31, 2026, the Company voluntarily prepaid $ 100,000 of the principal balance on the term loans, without penalty. None of Concentrix’ subsidiaries guarantee the obligations under the Restated Credit Agreement. As of May 31, 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 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. Borrowings that are funded by certain lenders through such lenders’ issuance of commercial paper bear interest at the applicable commercial paper rate plus a spread of 0.75 %. Other borrowings bear interest at a per annum rate equal to the applicable SOFR rate (subject to a SOFR related adjustment of 0.10 %), plus a spread of 0.90 %. The amount received under the Securitization Facility is recorded as debt on the Company’s consolidated balance sheets. Borrowing availability under the Securitization Facility may be limited by the Company’s accounts receivable balances, changes in the credit ratings of the clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time). The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Restated Credit Agreement and customary events of default, including payment defaults, defaults under certain other indebtedness, a change in control of Concentrix Corporation, and certain events negatively affecting the overall credit quality of the transferred accounts receivable. 23 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. Covenant compliance As of May 31, 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 Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Basic earnings per common share: Net income $ 55,276 $ 42,093 $ 76,865 $ 112,350 Less: net income allocated to participating securities (1) ( 2,745 ) ( 2,036 ) ( 3,869 ) ( 5,450 ) Net income attributable to common stockholders $ 52,531 $ 40,057 $ 72,996 $ 106,900 Weighted-average number of common shares - basic 60,850 63,355 61,062 63,693 Basic earnings per common share $ 0.86 $ 0.63 $ 1.20 $ 1.68 Diluted earnings per common share: Net income $ 55,276 $ 42,093 $ 76,865 $ 112,350 Less: net income allocated to participating securities (1) ( 2,745 ) ( 2,035 ) ( 3,869 ) ( 5,448 ) Net income attributable to common stockholders $ 52,531 $ 40,058 $ 72,996 $ 106,902 Weighted-average number of common shares - basic 60,850 63,355 61,062 63,693 Effect of dilutive securities: Stock options and certain restricted stock units 12 51 16 40 Weighted-average number of common shares - diluted 60,862 63,406 61,078 63,733 Diluted earnings per common share $ 0.86 $ 0.63 $ 1.20 $ 1.68 (1) Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities. 24 NOTE 10— REVENUE: Disaggregated revenue The following table presents the Company’s revenue disaggregated by primary industry verticals: Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Industry vertical: Technology and consumer electronics $ 624,244 $ 662,719 $ 1,259,333 $ 1,320,411 Retail, travel and e-commerce 640,795 583,782 1,290,158 1,167,680 Communications and media 392,255 392,963 786,271 763,963 Banking, financial services and insurance 432,388 384,015 853,993 749,208 Healthcare 151,869 176,386 330,699 366,191 Other 220,922 217,506 442,410 422,140 Total $ 2,462,473 $ 2,417,371 $ 4,962,864 $ 4,789,593 NOTE 11— RESTRUCTURING-RELATED EXPENSES: The Company recorded severance costs of $ 42,384 and $ 60,221 for the three and six months ended May 31, 2026, respectively, primarily related to the Company’s cost reduction initiatives. These actions affected approximately 20,000 employees. Severance costs were recognized in cost of revenue and selling, general and administrative expenses in the consolidated statement of operations based on the functions of the affected employees. Severance costs included in cost of revenue were $ 29,272 and $ 42,671 for the three and six months ended May 31, 2026, respectively, and severance costs included in selling, general and administrative expenses were $ 13,112 and $ 17,550 for the same periods. As of May 31, 2026, the remaining liability for these severance-related actions was $ 16,062 and was included in other accrued liabilities. The remaining cash payments are expected to be substantially completed by November 30, 2026. Severance costs recorded during the three and six months ended May 31, 2025 were not material. NOTE 12— PENSION AND EMPLOYEE BENEFITS PLANS: The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three and six months ended May 31, 2026, the Company contributed $ 31,918 and $ 65,986 , respectively, to defined contribution plans. During the three and six months ended May 31, 2025, the Company contributed $ 19,266 and $ 47,887 , respectively, to defined contribution plans. Defined Benefit Plans For eligible employees in the United States, the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans. 25 Net benefit costs related to defined benefit plans were $ 8,228 and $ 13,007 , during the three and six months ended May 31, 2026, respectively. Net benefit costs related to defined benefit plans were $ 3,827 and $ 7,710 , during the three and six months ended May 31, 2025, respectively. 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 $ 102,775 and $ 81,064 at May 31, 2026 and November 30, 2025, respectively. NOTE 13— 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 six months ended May 31, 2026 and 2025 were impacted by the geographic mix of worldwide income and certain discrete items. The liability for unrecognized tax benefits was $ 78,068 and $ 95,034 at May 31, 2026 and November 30, 2025, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of May 31, 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 $ 78,068 and $ 88,130 , respectively. This amount includes net interest and penalties of $ 11,526 and $ 12,860 for the respective periods. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease between approximately $ 8,283 and $ 13,149 in the next twelve months; however, actual developments in this area could differ from those currently expected. NOTE 14— LEASES: The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2036. The Company’s finance leases are not material. The following table presents the various components of operating lease costs: Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Operating lease cost $ 85,131 $ 79,977 $ 171,356 $ 154,259 Short-term lease cost 17,069 17,669 31,977 37,323 Variable lease cost 15,346 13,854 29,776 26,325 Sublease income ( 466 ) ( 287 ) ( 921 ) ( 2,154 ) Total operating lease cost $ 117,080 $ 111,213 $ 232,188 $ 215,753 The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of May 31, 2026: Fiscal Years Ending November 30, 2026 (remaining six months) $ 163,169 2027 284,947 2028 231,708 2029 166,274 2030 101,937 Thereafter 129,812 Total payments 1,077,847 Less: imputed interest* 158,460 Total present value of lease payments $ 919,387 26 *Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases: As of Description Balance Sheet location May 31, 2026 November 30, 2025 Operating lease ROU assets Other assets $ 877,332 $ 857,025 Current operating lease liabilities Other accrued liabilities 252,982 256,739 Non-current operating lease liabilities Other long-term liabilities 666,405 641,444 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: Six Months Ended May 31, 2026 May 31, 2025 Cash paid for amounts included in the measurement of lease liabilities $ 164,759 $ 146,313 Non-cash ROU assets obtained in exchange for lease liabilities 143,684 110,985 The weighted-average remaining lease term and discount rate as of May 31, 2026 and November 30, 2025 were as follows: As of May 31, 2026 November 30, 2025 Weighted-average remaining lease term (years) 4.30 4.20 Weighted-average discount rate 7.07 % 6.85 % NOTE 15— COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money, or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the liabilities ultimately incurred by the Company could differ from the amounts recorded. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows. NOTE 16—STOCKHOLDERS’ EQUITY: Share repurchase program In September 2021, the Company’s board of directors authorized the repurchase of up to $ 500,000 of the outstanding shares of Concentrix common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. In January 2025, the Company’s board of directors extended the share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $ 600,000 . The repurchase program has no termination date and may be suspended or discontinued at any time. 27 During the three months ended May 31, 2026, there were no repurchases of the Company’s common stock under the share repurchase program. During the six months ended May 31, 2026, under the share repurchase program, the Company repurchased 1,081 shares of its common stock for an aggregate purchase price of $ 43,194 . During the three and six months ended May 31, 2025, under the share repurchase program, the Company repurchased 924 and 1,464 shares, respectively, of its common stock for an aggregate purchase price of $ 45,328 and $ 71,174 , respectively. 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 May 31, 2026, approximately $ 396,602 remained available for share repurchases under the existing authorization from the Company’s board of directors. Dividends 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 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 September 25, 2025 October 24, 2025 $ 0.36 November 4, 2025 January 13, 2026 January 30, 2026 $ 0.36 February 10, 2026 March 24, 2026 April 24, 2026 $ 0.36 May 5, 2026 On June 29, 2026, the Company announced a cash dividend of $ 0.36 per share to stockholders of record as of July 24, 2026, payable on August 4, 2026. 28 NOTE 17— 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 and six months ended May 31, 2026 and 2025. Three Months Ended Six Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025 Revenue $ 2,462,473 $ 2,417,371 $ 4,962,864 $ 4,789,593 Cost of revenue (1) 1,602,793 1,564,966 3,235,533 3,078,421 Selling, general and administrative expenses (2) 512,305 495,081 1,031,775 979,641 Acquisition-related, integration and restructuring expenses 65,505 16,808 100,374 34,832 Share-based compensation expense 25,367 26,862 54,822 53,462 Amortization of intangible assets 102,057 109,158 205,513 214,777 Loss on held for sale 963 — 6,892 — Depreciation expense 58,062 56,151 113,975 111,248 Operating income 95,421 148,345 213,980 317,212 Interest expense and finance charges, net 68,074 75,406 143,391 148,400 Other expense (income), net ( 42,128 ) 21,218 ( 27,617 ) 16,299 Provision for income taxes 14,199 9,628 21,341 40,163 Net income $ 55,276 $ 42,093 $ 76,865 $ 112,350 (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 and six months ended May 31, 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 and six months ended May 31, 2025, acquisition-related, integration and restructuring costs primarily included integration costs associated with the combination with Webhelp and restructuring expenses. These costs primarily included severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs. 29