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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 001-39494

CONCENTRIX CORPORATION

(Exact name of Registrant as specified in its charter)


Delaware									27-1605762
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

39899 Balentine Drive, Suite 235, Newark, California									94560
(Address of Principal Executive Offices)									(Zip Code)

(800) 747-0583

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

CNXC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date.


Class						Outstanding as of June 30, 2026
Common Stock, par value $0.0001 per share						61,018,350

CONCENTRIX CORPORATION

Form 10-Q
Index


		Page
PART I	FINANCIAL INFORMATION	2
Item 1.	Financial Statements	2
	Consolidated Balance Sheets as of May 31, 2026 (unaudited) and November 30, 2025	2
	Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended May 31, 2026 and 2025	3
	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the Three and Six Months Ended May 31, 2026 and 2025	4
	Consolidated Statements of Stockholders’ Equity (unaudited) for the Three and Six Months Ended May 31, 2026 and 2025	5
	Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended May 31, 2026 and 2025	7
	Notes to the Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46

PART II	OTHER INFORMATION	47
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered S ales of E quity S ecurities and U se of P roceeds	47
Item 5.	Other Information	47
Item 6.	Exhibits	48

	Signatures	49

PART I—FINANCIAL INFORMATION

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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

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)


	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

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.

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.

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.

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).

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.

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.

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

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 Agreement 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

(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.

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.

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.

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

*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.

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.

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.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, as filed with the Securities and Exchange Commission on January 28, 2026. References to “we,” “our,” “us,” or “the Company” or “Concentrix” refer to Concentrix Corporation and its subsidiaries.

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, but are not limited to, statements regarding our expected future financial condition and growth, cash flows, results of operations, effective tax rate, leverage, liquidity, business strategy, competitive position, demand and market acceptance for our services and products portfolio, seasonality of our business, international operations, the potential benefits associated with use of the Company’s technology and services, acquisition opportunities and the anticipated impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, debt repayment and obligations, competition and market forecasts, industry trends, our human capital resources and sustainability initiatives, and statements that include words such as believe, expect, may, will, provide, could, should, and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. 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, the price of oil and other petroleum-based products, international tariffs and global trade policies, supply chains, and 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 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 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 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 offshoring or 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; currency exchange rate fluctuations; investigative or legal actions; and other risks that are described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended November 30, 2025. We do not intend to update forward-looking statements, which speak only as of the date hereof, unless otherwise required by law.

Concentrix, Webhelp, and all Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners. All rights reserved.

Overview and Basis of Presentation

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, 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.

Revenue and Cost of Revenue

We generate revenue through the provision of technology and services to our clients pursuant to client contracts. Our client contracts typically consist of a master services agreement, supported in most cases by multiple statements of work, which contain the terms and conditions of each contracted solution. Our client contracts can range from less than one year to over five years in term and are generally subject to early termination by our clients for any reason, typically with 30 to 90 days’ notice.

Our technology and services are generally characterized by flat unit prices. Approximately 99% 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 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. The costs of our revenue can be impacted by the mix of client contracts, where we deliver the technology and services, additional lead time for programs to be fully scalable, and transition and initial set-up costs. 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 six months ended May 31, 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. dollars. We expect that a significant amount of our revenue will continue to be generated from our non-U.S. operations while being priced in U.S. dollars. We have certain client contracts that are priced in non-U.S. dollar currencies for which a substantial portion of the costs to deliver the services are in other currencies. 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 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. As a result, our revenue growth, costs, and profitability have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates and inflation.

Margins

Our gross margins fluctuate and can be impacted by the mix of client contracts, services provided, shifts in the geography from which our technology and services are delivered, client volume trends, the amount of lead time that is required for programs or services to become fully scaled, and transition and set-up costs. Our operating margin fluctuates based on changes in gross margins as well as overall volume levels, as we are generally able to gain scale efficiencies in our selling, general and administrative costs as our volumes increase.

Economic and Industry Trends

The industry in which we operate is competitive, including on the basis of pricing terms, delivery capabilities, and quality of services. Labor in various markets is also subject to competitive pressures that can result in increased labor costs. These factors subject us to pricing and labor cost pressures that can negatively affect our revenue, gross profit, and operating income.

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, 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. dollar.

In January 2025, the U.S. government began imposing, or threatening to impose, new or increased tariffs on certain countries, materials, and industries, and in response, certain impacted countries have imposed or threatened various retaliatory tariffs or other trade restrictions on imports from the United States. The tariff environment remains dynamic, and we cannot predict with certainty the effect of future changes in global trade policy and tariffs on our clients’ operations and demand for our services in future periods.

Seasonality

Our revenue and margins fluctuate with the underlying trends in our clients’ businesses and trends in the level of consumer activity. As a result, our revenue and margins are typically higher in the fourth fiscal quarter of the year than in any other fiscal quarter.

Critical Accounting Policies and Estimates

During the three and six months ended May 31, 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 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

	($ in thousands)				($ in thousands)
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

Revenue


	Three Months Ended				% Change		Six Months Ended				% Change
	May 31, 2026		May 31, 2025		2026 to 2025		May 31, 2026		May 31, 2025		2026 to 2025

	($ in thousands)						($ in thousands)
Industry vertical:
Technology and consumer electronics	$	624,244	$	662,719	(5.8)	%	$	1,259,333	$	1,320,411	(4.6)	%
Retail, travel and e-commerce	640,795		583,782		9.8	%	1,290,158		1,167,680		10.5	%
Communications and media	392,255		392,963		(0.2)	%	786,271		763,963		2.9	%
Banking, financial services and insurance	432,388		384,015		12.6	%	853,993		749,208		14.0	%
Healthcare	151,869		176,386		(13.9)	%	330,699		366,191		(9.7)	%
Other	220,922		217,506		1.6	%	442,410		422,140		4.8	%
Total	$	2,462,473	$	2,417,371	1.9	%	$	4,962,864	$	4,789,593	3.6	%

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 1.9% for the three months ended May 31, 2026, compared to the three months ended May 31, 2025. The increase in revenue resulted primarily from increases in revenue across our retail, travel and e-commerce, banking, financial services and insurance and other verticals offset by decreases in our technology and consumer electronics, healthcare and communications and media verticals. Foreign currency exchange rates had a positive impact of $29.7 million, or 1.3%, 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. dollar.

Our revenue increased by 3.6% for the six months ended May 31, 2026, compared to the six months ended May 31, 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 $111.8 million, or 2.3%, 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. dollar.

For the three months ended May 31, 2026, revenue in our technology and consumer electronics vertical decreased by 5.8%, primarily due to decreases in revenue for certain larger clients in the vertical. Revenue in our retail, travel and e-commerce vertical increased by 9.8%, primarily due to increases in revenue across the majority of clients in this vertical, including our largest clients in the vertical. Revenue in our communications and media vertical decreased by 0.2%, primarily due to a decrease in revenue with a larger client in the vertical substantially offset by increases in revenue across the majority of clients in the vertical. Revenue in our

banking, financial services and insurance vertical increased by 12.6%, primarily due to increases in revenue from the majority of clients in the vertical, including several of our largest clients in the vertical. Revenue in our healthcare vertical decreased by 13.9%, primarily due to decreases in revenue from several larger clients in the vertical. Revenue in our other vertical increased by 1.6%, primarily related to increases in revenue related to several larger clients in the vertical.

For the six months ended May 31, 2026, revenue in our technology and consumer electronics vertical decreased by 4.6%, 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 10.5%, 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 2.9%, primarily due to increases in revenue with the majority of clients in the vertical partially offset by a decrease in revenue with a larger client in the vertical. Revenue in our banking, financial services and insurance vertical increased by 14.0%, primarily due to increases in revenue from the majority of clients in the vertical, including several larger clients in the vertical. Revenue in our healthcare vertical decreased by 9.7%, primarily due to decreases in revenue from several larger clients in the vertical. Revenue in our other vertical increased by 4.8%, 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		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Cost of revenue	$	1,639,124		$	1,569,223		4.5	%	$	3,289,858		$	3,085,546		6.6	%
Gross profit	$	823,349		$	848,148		(2.9)	%	$	1,673,006		$	1,704,047		(1.8)	%
Gross margin %	33.4		%	35.1		%			33.7		%	35.6		%

Cost of revenue consists primarily of personnel costs. 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 4.5% in the three months ended May 31, 2026, compared to the three months ended May 31, 2025. Cost of revenue increased $9.0 million, or 0.6%, 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. dollar. Cost of revenue also increased $32.1 million due to an increase in 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 wage increases across certain countries.

Our cost of revenue increased by 6.6% in the six months ended May 31, 2026, compared to the six months ended May 31, 2025. Cost of revenue increased $62.7 million, or 2.0%, 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. dollar. Cost of revenue also increased $47.2 million due to an increase in 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 wage increases across certain countries.

Our gross profit decreased by 2.9% in the three months ended May 31, 2026, compared to the three months ended May 31, 2025, primarily due to decreases in gross profit associated with underlying business. These decreases were mainly due to increases in cost of revenue associated with severance and employee-related costs as previously described. The decreases were partially offset by a net favorable foreign currency impact of $20.7 million on gross profit. Our gross margin percentage for the three months ended May 31, 2026 decreased to 33.4% from 35.1% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Our gross profit decreased by 1.8% in the six months ended May 31, 2026, compared to the six months ended May 31, 2025, primarily due to decreases in gross profit associated with underlying business. These decreases were mainly due to increases in cost of revenue associated with severance and employee-related costs as previously described. The decreases were partially offset by a net favorable foreign currency impact of $49.1 million on gross profit. Our gross margin percentage for the six months ended May 31, 2026 decreased to 33.7% from 35.6% 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		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Selling, general and administrative expenses	$	727,928		$	699,803		4.0	%	$	1,459,026		$	1,386,835		5.2	%
Percentage of revenue	29.6		%	28.9		%			29.4		%	29.0		%

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, integration and restructuring expenses.

Our selling, general and administrative expenses increased by 4.0% in the three months ended May 31, 2026, compared to the three months ended May 31, 2025. Contributing to the increase over the prior year period was an increase of $8.1 million due to changes in foreign currency exchange rates and $16.6 million related to restructuring expenses. As a percentage of revenue, selling, general and administrative expenses increased from 28.9% in the second fiscal quarter of 2025 to 29.6% in the second fiscal quarter of 2026, primarily due to the changes previously described.

Our selling, general and administrative expenses increased by 5.2% in the six months ended May 31, 2026, compared to the six months ended May 31, 2025. Contributing to the increase over the prior year period was an increase of $36.8 million due to changes in foreign currency exchange rates, $18.3 million related to restructuring expenses and $6.9 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 second fiscal quarter of 2025 to 29.4% in the second fiscal quarter of 2026, primarily due to the changes previously described.

Operating Income


	Three Months Ended						% Change		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Operating income	$	95,421		$	148,345		(35.7)	%	$	213,980		$	317,212		(32.5)	%
Operating margin	3.9		%	6.1		%			4.3		%	6.6		%

Our operating income decreased during the three and six months ended May 31, 2026, compared to the three and six months ended May 31, 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 and six months ended May 31, 2026, compared to the three and six months ended May 31, 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		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Interest expense and finance charges, net	$	68,074		$	75,406		(9.7)	%	$	143,391		$	148,400		(3.4)	%
Percentage of revenue	2.8		%	3.1		%			2.9		%	3.1		%

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 and six months ended May 31, 2025, interest expense on the promissory note issued by us to certain sellers in connection with our combination with Webhelp (the “Sellers’ Note”).

The decrease in interest expense and finance charges, net for the three months ended May 31, 2026, compared to the three months ended May 31, 2025, was primarily due to lower interest expenses due to less debt outstanding during the period in comparison to the prior year. This decrease in interest expense included $8.4 million associated with the Sellers’ Note in the prior year period that did not recur in the current period as it was repaid in the fourth quarter of fiscal year 2025, partially offset by a net increase in interest expense associated with the Company’s remaining borrowings in comparison to the prior year period, primarily related to term loan borrowings.

The decrease in interest expense and finance charges, net for the six months ended May 31, 2026, compared to the six months ended May 31, 2025, was primarily due to lower interest expenses due to less debt outstanding during the period in comparison to the prior year. This decrease in interest expense included $16.2 million associated with the Sellers’ Note in the prior year period that did not recur in the current period as it was repaid in the fourth quarter of fiscal year 2025, partially offset by an increase of $6.3 million associated with our early redemption of $600.0 million principal amount of our senior notes due in August 2026 and a net increase in interest expense associated with the Company’s remaining borrowings, primarily related to term loan borrowings.

Other Expense (Income), Net


	Three Months Ended						% Change		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Other expense (income), net	$	(42,128)		$	21,218		(298.5)	%	$	(27,617)		$	16,299		(269.4)	%
Percentage of revenue	(1.7)		%	0.9		%			(0.6)		%	0.3		%

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.

Other expense (income), net for the three months ended May 31, 2026 was income of $42.1 million, compared to an expense of $21.2 million for the three months ended May 31, 2025. The change in other expense (income), net over the prior fiscal year period was primarily due to a year-over-year decrease in net expense of $55.8 million related to net changes in foreign currency transaction gains (losses) and a decrease in net expense of $9.2 million related to changes in acquisition contingent consideration.

Other expense (income), net for the six months ended May 31, 2026 was income of $27.6 million, compared to an expense of $16.3 million for the six months ended May 31, 2025. The change in other expense (income), net over the prior fiscal year period was primarily due to a year-over-year decrease in net expense of $39.3 million related to net changes in foreign currency transaction gains (losses) and a decrease in net expense of $7.6 million related to changes in acquisition contingent consideration.

Provision for Income Taxes


	Three Months Ended						% Change		Six Months Ended						% Change
	May 31, 2026			May 31, 2025			2026 to 2025		May 31, 2026			May 31, 2025			2026 to 2025

	($ in thousands)								($ in thousands)
Provision for income taxes	$	14,199		$	9,628		47.5	%	$	21,341		$	40,163		(46.9)	%
Percentage of income before income taxes	20.4		%	18.6		%			21.7		%	26.3		%

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 ended May 31, 2026, compared to the three months ended May 31, 2025. The increase in expense was primarily due to an increase in income before taxes and an increase in the effective tax rate. The effective tax rate for the three months ended May 31, 2026 increased compared to the three months ended May 31, 2025, 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 six months ended May 31, 2026, compared to the six months ended May 31, 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 six months ended May 31, 2026 decreased compared to the six months ended May 31, 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, 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.

•Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation (exclusive of step-up depreciation).

•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, 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, 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.

•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. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. 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 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, 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, 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. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. These non-GAAP financial measures exclude amortization of intangible assets. Our acquisition activities have resulted in the recognition of intangible assets, which consist primarily of customer relationships, technology, and trade names. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in our statements of operations. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors’ ability to compare our past financial performance with our current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within our GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired, or the estimated useful life of an intangible asset is revised. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with

GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. 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						Six Months Ended
	May 31, 2026			May 31, 2025			May 31, 2026			May 31, 2025
	($ in thousands, except per share amounts)

Operating income	$	95,421		$	148,345		$	213,980		$	317,212
Acquisition-related, integration and restructuring expenses (1)	65,505			16,808			100,374			34,832
Step-up depreciation	2,701			2,536			5,456			4,912
Amortization of intangibles	102,057			109,158			205,513			214,777
Loss on held for sale	963			—			6,892			—
Share-based compensation	25,367			26,862			54,822			53,462
Non-GAAP operating income	$	292,014		$	303,709		$	587,037		$	625,195

Net income	$	55,276		$	42,093		$	76,865		$	112,350
Interest expense and finance charges, net	68,074			75,406			143,391			148,400
Provision for income taxes	14,199			9,628			21,341			40,163
Other expense (income), net	(42,128)			21,218			(27,617)			16,299
Acquisition-related, integration and restructuring expenses (1)	65,505			16,808			100,374			34,832
Step-up depreciation	2,701			2,536			5,456			4,912
Amortization of intangibles	102,057			109,158			205,513			214,777
Loss on held for sale	963			—			6,892			—
Share-based compensation	25,367			26,862			54,822			53,462
Depreciation (exclusive of step-up depreciation)	55,361			53,615			108,519			106,336
Adjusted EBITDA	$	347,375		$	357,324		$	695,556		$	731,531

Operating margin	3.9		%	6.1		%	4.3		%	6.6		%
Non-GAAP operating margin	11.9		%	12.6		%	11.8		%	13.1		%
Adjusted EBITDA margin	14.1		%	14.8		%	14.0		%	15.3		%

Net income	$	55,276		$	42,093		$	76,865		$	112,350
Acquisition-related, integration and restructuring expenses (1)	65,505			16,808			100,374			34,832
Step-up depreciation	2,701			2,536			5,456			4,912
Debt costs (2)	—			1,102			6,268			1,102
Imputed interest related to Sellers’ Note included in interest expense and finance charges, net	—			4,503			—			8,689
Legal settlement costs (3)	—			2,000			—			2,000
Change in acquisition contingent consideration included in other expense (income), net	(529)			8,691			(945)			6,667
Foreign currency losses (gains), net (4)	(44,965)			10,789			(32,659)			6,610
Amortization of intangibles	102,057			109,158			205,513			214,777
Loss on held for sale	963			—			6,892			—
Share-based compensation	25,367			26,862			54,822			53,462
Income taxes related to the above (5)	(37,805)			(44,931)			(85,862)			(81,923)
Income tax effect of change in tax law	—			—			—			4,269
Non-GAAP net income	$	168,570		$	179,611		$	336,724		$	367,747


	Three Months Ended				Six Months Ended
	May 31, 2026		May 31, 2025		May 31, 2026		May 31, 2025
	($ in thousands, except per share amounts)

Diluted earnings per common share (“EPS”)	$	0.86	$	0.63	$	1.20	$	1.68
Acquisition-related, integration and restructuring expenses (1)	1.08		0.27		1.64		0.55
Step-up depreciation	0.04		0.04		0.09		0.08
Debt costs (2)	—		0.02		0.10		0.02
Imputed interest related to Sellers’ Note included in interest expense and finance charges, net	—		0.07		—		0.14
Legal settlement costs (3)	—		0.03		—		0.03
Change in acquisition contingent consideration included in other expense (income), net	(0.01)		0.14		(0.02)		0.10
Foreign currency losses (gains), net (4)	(0.74)		0.17		(0.53)		0.10
Amortization of intangibles	1.68		1.72		3.36		3.37
Loss on held for sale	0.02		—		0.11		—
Share-based compensation	0.42		0.42		0.90		0.84
Income taxes related to the above (5)	(0.62)		(0.71)		(1.41)		(1.29)
Income tax effect of change in tax law	—		—		—		0.07
Adjustment for participating securities	(0.10)		(0.10)		(0.20)		(0.20)
Non-GAAP Diluted EPS	$	2.63	$	2.70	$	5.24	$	5.49

(1) 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 our 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.

(2) For the six months ended May 31, 2026, debt costs included debt extinguishment costs associated with our early redemption of $600.0 million of our senior notes due in August 2026. For the three and six months ended May 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 three and six months ended May 31, 2025, legal settlement costs consist of amounts incurred to settle certain litigation arising outside of the ordinary course of business.

(4) 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.

(5) 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.

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. Our financing needs for these uses of cash have been a combination of operating cash flows and third-party debt arrangements. Our working capital needs are primarily to finance accounts receivable. When our revenue is increasing, our net investment in working capital typically increases. Conversely, when revenue is decreasing, our net investment in working capital typically decreases. To increase our market share and better serve our clients, we may further expand our operations through investments or acquisitions. We expect that such expansion would require an initial investment in working capital, personnel, facilities, and operations. 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.

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. Under the share repurchase program, the board of directors authorized the repurchase of up to $500.0 million of our 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, our board of directors extended our share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $600.0 million. The share repurchase program has no termination date and may be suspended or discontinued at any time.

During the three months ended May 31, 2026, we did not repurchase any shares of our common stock under the share repurchase program. During the six months ended May 31, 2026, we repurchased 1,081,121 shares of our common stock under the share repurchase program for approximately $43.2 million in the aggregate. During the three and six months ended May 31, 2025, we repurchased 923,899 and 1,463,701 shares, respectively, of our common stock under the share repurchase program for approximately $45.3 million and $71.2 million, respectively, in the aggregate. At May 31, 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 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.

We expect that future cash dividends will be paid on a quarterly basis. However, any decision to pay future cash dividends will be subject to our board of directors’ approval, and will depend on many factors, such as our financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in our debt agreements, industry practice, legal requirements, regulatory constraints, and other factors that our board of directors deems relevant. Our ability to pay dividends will depend on our ongoing ability to generate cash from operations and on our access to the capital markets. We cannot guarantee that we will continue to pay a dividend in the future.

Debt Arrangements

Senior Notes

On February 24, 2026, we issued and sold $600.0 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 $600.0 million of our 6.650% Senior Notes due 2026 (the “2026 Notes”), of which $800.0 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 in the six months ended May 31, 2026.

On August 2, 2023, we issued and sold (i) $800.0 million aggregate principal amount of the 2026 Notes, (ii) $800.0 million aggregate principal amount of 6.600% Senior Notes due 2028 (the “2028 Notes”) and (iii) $550.0 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.

In fiscal year 2023, we entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500.0 million, which represented $250.0 million aggregate principal amount of the 2026 Notes and $250.0 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 $250.0 million aggregate principal amount of the 2029 Notes (previously associated with $250.0 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 $250.0 million aggregate principal amount of the 2028 Notes and $250.0 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

On April 11, 2025, we 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 Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750.0 million (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250.0 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 $500.0 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 $1,100.0 million (the “Revolving Credit Facility”). The Restated Credit Agreement also provided for the conversion and continuation of loans in an aggregate principal amount of $750.0 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 $500.0 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

Concentrix Corp 10-Q