Concentrix Corp

Previous wording

For the six months ended May 31, 2025 and 2024, approximately 89% and 88%, respectively, of our consolidated revenue was generated from our non-U.S. operations, and approximately 55% and 50%, 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 euro, 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.

Current wording

For the nine months ended August 31, 2025 and 2024, approximately 89% and 87%, respectively, of our consolidated revenue was generated from our non-U.S. operations, and approximately 54% and 50%, 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 euro, 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.

Previous wording

Our business operates globally in 75 countries across six continents. We have significant concentrations in the Philippines, India, Brazil, the United States, Egypt, Türkiye, Colombia, Malaysia, Morocco, China, the United Kingdom, and elsewhere throughout EMEA, Latin America, and Asia-Pacific. Accordingly, we would 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.

Current wording

Our business operates globally in 75 countries across six continents. We have significant concentrations in the Philippines, India, Brazil, the United States, Egypt, Türkiye, Colombia, Malaysia, Morocco, China, the United Kingdom, and elsewhere throughout EMEA, Latin America, and Asia-Pacific. 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.

Previous wording

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. 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.

Current wording

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.

Previous wording

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

Current wording

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

Previous wording

Results of Operations – Three and Six Months Ended May 31, 2025 and 2024

Current wording

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

Previous wording

We generate revenue by delivering our technology and services to our clients categorized in the above primary industry verticals. Our solutions focus on customer engagement, process optimization, and back-office automation.

Current wording

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.

Previous wording

Our revenue increased by 0.1% for the six months ended May 31, 2025, compared to the six months ended May 31, 2024. Revenue increased for the six months ended May 31, 2025 due to increases in underlying volumes, but was negatively impacted by the effect of changes in foreign currency exchange rates of $61.9 million, or 1.3%. The unfavorable foreign currency rate impact on revenue was primarily due to the weakening of the euro, the Brazilian real and several other currencies against the U.S. dollar.

Current wording

Our revenue increased by 1.4% for the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024. The increase in revenue resulted from increases in revenue primarily across our retail, travel and e-commerce vertical, communications and media vertical, and banking, financial services and insurance vertical, but was negatively impacted by the effect of changes in foreign currency exchange rates of $28.3 million, or 0.4%. The unfavorable foreign currency rate impact on revenue was primarily due to the weakening of the Brazilian real and several other currencies against the U.S. dollar.

Previous wording

For the three months ended May 31, 2025, revenue increased in our technology and consumer electronics, retail, travel and e-commerce, communications and media and banking, financial services and insurance verticals. Revenue in our healthcare and other verticals decreased in comparison to the prior year period. Revenue in our technology and consumer electronics vertical increased 0.7%, primarily due to increased business from several social media and several other larger clients in the vertical. Revenue in our retail, travel and e-commerce vertical increased 2.8%, primarily due to increased business with several larger clients in this vertical. Revenue in our communications and media vertical increased 3.1%, primarily due to increased business with several larger clients in the vertical. Revenue in our banking, financial services and insurance vertical increased 1.7%, primarily due to increased business from the majority of clients in the vertical. Revenue in our healthcare vertical decreased 0.2%, which included decreases in underlying business, primarily from a larger client in the vertical. Revenue in our other vertical decreased 0.6%, which included decreases in underlying business primarily related to an automotive client partially offset by increases in several other clients in the vertical.

Current wording

For the three months ended August 31, 2025, revenue increased in all of our primary industry verticals and decreased in our other vertical. Revenue in our technology and consumer electronics vertical increased by 0.9%, primarily due to increases in revenue from several social media and several other larger clients in the vertical, partially offset by a decrease in revenue with a larger client in the vertical. Revenue in our retail, travel and e-commerce vertical increased by 4.9%, primarily due to increases in revenue across the majority of clients in this vertical. Revenue in our communications and media vertical increased by 8.1%, primarily due to increases in revenue with several larger clients in the vertical. Revenue in our banking, financial services and insurance vertical increased by 9.1%, primarily due to increases in revenue from the majority of clients in the vertical. Revenue in our healthcare vertical increased by 1.0%, primary due to increases in revenue from several larger clients in the vertical. Revenue in our other vertical decreased by 1.5%, primarily related to decreases in revenue related to several clients in the vertical, partially offset by increases in revenue from several other clients in the vertical.

Previous wording

For the six months ended May 31, 2025, revenue increased in our retail, travel and e-commerce, communications and media and banking, financial services and insurance verticals, while revenue decreased in our technology and consumer electronics, healthcare and other verticals. Revenue in our technology and consumer electronics vertical decreased 0.2%, which included a decrease as a result of foreign currency exchange rates partially offset by increases in underlying business, primarily from several social media and several other clients in the vertical. Revenue in our retail, travel and e-commerce vertical increased 1.4% over the prior year period, which included increases in underlying business, primarily from several larger clients in this vertical, partially offset by a decrease as a result of foreign currency exchange rates. Revenue in our communication and media vertical increased 0.3%, which included increases in underlying business primarily from several larger clients in the vertical, partially offset by a decrease as a result of foreign currency exchange rates. Revenue in our banking, financial services and insurance vertical increased 0.8%, which included increases in underlying business from the majority of clients in the vertical, partially offset by a decrease as a result of foreign currency exchange rates. Revenue in our healthcare vertical decreased 0.4%, which included a decrease as a result of foreign currency exchange rates and decreases in underlying business, primarily from a larger client in the vertical. Revenue in our other vertical decreased 3.2%, which included a decrease as a result of foreign currency exchange rates and decreases in underlying business, primarily related to an automotive client, partially offset by increases in several other clients in the vertical.

Current wording

For the nine months ended August 31, 2025, revenue increased in all of our primary industry verticals, except healthcare, which remained flat year over year. Revenue also decreased in our other vertical. Revenue in our technology and consumer electronics vertical increased by 0.1%, primarily due to increases in revenue from several social media and several other larger clients in the vertical partially offset by a decrease in revenue with a larger client in the vertical. Revenue in our retail, travel and e-commerce vertical increased by 2.6%, primarily due to increases in revenue from several larger clients in this vertical. Revenue in our communication and media vertical increased by 2.9%, primarily due to increases in revenue from several larger clients in the vertical. Revenue in our banking, financial services and insurance vertical increased by 3.5%, primarily due to increases in revenue from the majority of clients in the vertical. Revenue in our healthcare vertical remained flat over the prior year period, primarily due to increases in revenue for two larger clients in the vertical offset by a revenue decrease from a larger client in the vertical. Revenue in our other vertical decreased by 2.6%, primarily related to decreases in revenue from an automotive client and several other clients in the vertical, partially offset by increases in revenue from several other clients in the vertical.

Previous wording

Our cost of revenue increased by 0.5% in the six months ended May 31, 2025, compared to the six months ended May 31, 2024. Our cost of revenue increased due to increases in underlying revenue due to volumes partially offset by a reduction in our cost of revenue of $92.4 million, or 3.0%, due to changes in foreign currency exchange rates. The foreign currency exchange rate impact on our cost of revenue was caused primarily by the weakening of the Brazilian real, Egyptian pound and several other currencies against the U.S. dollar.

Current wording

Our cost of revenue increased by 6.9% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024. Our cost of revenue increased due to increases in underlying revenue due to volumes and included an increase in cost of revenue of $16.0 million, or 1.1%, due to changes in foreign currency exchange rates. The foreign currency exchange rate impact on our cost of revenue was caused primarily by the strengthening of the euro against the U.S. dollar.

Previous wording

Our cost of revenue increased by 3.0% in the three months ended May 31, 2025, compared to the three months ended May 31, 2024. Our cost of revenue increased due to increases in underlying revenue due to volumes partially offset by a reduction in our cost of revenue of $13.1 million, or 0.9%. due to changes in foreign currency exchange rates. The foreign currency exchange rate impact on our cost of revenue was caused primarily by the weakening of the Brazilian real, Egyptian pound and several other currencies against the U.S. dollar.

Current wording

Our cost of revenue increased by 2.6% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024. Our cost of revenue increased due to increases in underlying revenue due to volumes partially offset by a reduction in our cost of revenue of $76.4 million, or 1.7%, due to changes in foreign currency exchange rates. The foreign currency exchange rate impact on our cost of revenue was caused primarily by the weakening of the Brazilian real, Egyptian pound and several other currencies against the U.S. dollar.

Previous wording

Our gross profit decreased by 1.1% in the three months ended May 31, 2025, compared to the three months ended May 31, 2024, primarily due to decreases in gross profit associated with underlying business, partially offset by a net favorable foreign currency impact of $13.6 million on gross profit. Our gross margin percentage for the three months ended May 31, 2025 decreased to 35.1% from 36.0% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Current wording

Our gross profit decreased by 1.1% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024, primarily due to decreases in gross profit associated with underlying business, partially offset by a net favorable foreign currency impact of $17.6 million on gross profit. Our gross margin percentage for the three months ended August 31, 2025 decreased to 34.4% from 36.2% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Previous wording

Our gross profit decreased by 0.6% in the six months ended May 31, 2025, compared to the six months ended May 31, 2024, primarily due to decreases in gross profit associated with underlying business partially offset by a net favorable foreign currency impact of $30.5 million on gross profit. Our gross margin percentage for the three months ended May 31, 2025 decreased to 35.6% from 35.8% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Current wording

Our gross profit decreased by 0.7% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, primarily due to decreases in gross profit associated with underlying business partially offset by a net favorable foreign currency impact of $48.1 million on gross profit. Our gross margin percentage for the three months ended August 31, 2025 decreased to 35.2% from 36.0% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Previous wording

Our selling, general and administrative expenses decreased by 1.1% in the three months ended May 31, 2025, compared to the three months ended May 31, 2024. Contributing to the decrease was a reduction in acquisition-related and integration expenses of approximately $14.1 million and a reduction of $0.7 million in selling, general and administrative expenses due to changes in foreign currency exchange rates. As a percentage of revenue, selling, general and administrative expenses decreased from 29.7% in the second fiscal quarter of 2024 to 28.9% in the second fiscal quarter of 2025, primarily due to lower acquisition-related and integration expenses.

Current wording

Our selling, general and administrative expenses decreased by 0.4% in the three months ended August 31, 2025, compared to the three months ended August 31, 2024. Contributing to the decrease was a reduction of $17.4 million in acquisition-related and integration expenses partially offset by an increase of $12.0 million due to changes in foreign currency exchange rates. As a percentage of revenue, selling, general and administrative expenses decreased from 29.8% in the third fiscal quarter of 2024 to 28.5% in the third fiscal quarter of 2025, primarily due to the changes previously described.

Previous wording

Our selling, general and administrative expenses decreased by 2.0% in the six months ended May 31, 2025, compared to the six months ended May 31, 2024. Contributing to the decrease was a $22.9 million reduction in selling, general and administrative expenses due to changes in foreign currency exchange rates. As a percentage of revenue, selling, general and administrative expenses decreased from 29.6% in the second fiscal quarter of 2024 to 29.0% in the second fiscal quarter of 2025 primarily due to changes in foreign currency exchange rates.

Current wording

Our selling, general and administrative expenses decreased by 1.5% in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024. Contributing to the decrease was a reduction in acquisition-related and integration expenses of approximately $43.7 million and a reduction of $10.9 million due to changes in foreign currency exchange rates. These decreases were partially offset by an increase in share-based compensation expense of $12.6 million and underlying expenses associated with increased business. As a percentage of revenue, selling, general and administrative expenses decreased from 29.7% in the third fiscal quarter of 2024 to 28.8% in the third fiscal quarter of 2025 primarily due to the changes previously described.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

The decrease in interest expense and finance charges, net for the six months ended May 31, 2025, compared to the six months ended May 31, 2024, was primarily due to a decrease in interest expense on our term loan borrowings under our senior credit facility of $20.9 million. The decrease is a result of the decrease in outstanding borrowings and a decrease in the effective interest rate on the borrowings. The decrease was partially offset by an increase in interest expense on our Securitization Facility of $3.8 million primarily due to the increase in outstanding borrowings in comparison to the prior year period.

Current wording

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

Previous wording

The decrease in interest expense and finance charges, net for the three months ended May 31, 2025, compared to the three months ended May 31, 2024, was primarily due to a decrease in interest expense on our term loan borrowings under our senior credit facility of $9.2 million. The decrease is a result of the decrease in outstanding borrowings and a decrease in the effective interest rate on the borrowings. The decrease was partially offset by an increase in interest expense on our Securitization Facility of $1.6 million primarily due to the increase in outstanding borrowings in comparison to the prior year period.

Current wording

The decrease in interest expense and finance charges, net for the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, was primarily due to a decrease in interest expense on our term loan borrowings under our senior credit facility of $29.5 million. The decrease is a result of the decrease in outstanding borrowings and a decrease in the effective interest rate on the borrowings. The decrease was partially offset by an increase in interest expense on our Securitization Facility of $5.0 million primarily due to the increase in outstanding borrowings in comparison to the prior year period.

Previous wording

Other expense (income), net for the three months ended May 31, 2025 was an expense of $21.2 million, compared to income of $19.4 million for the three months ended May 31, 2024. The change in other expense (income), net over the prior fiscal year period was primarily due to an increase in net expense of $15.4 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and net changes in foreign currency losses of $25.2 million.

Current wording

Other expense (income), net for the three months ended August 31, 2025 was income of $36.5 million, compared to an expense of $46.0 million for the three months ended August 31, 2024. The change in other expense (income), net over the prior fiscal year period was primarily due to a year over year net benefit of $12.9 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and a year over year net benefit of $69.0 million related to net changes in foreign currency transaction gains (losses).

Previous wording

Other expense (income), net for the six months ended May 31, 2025 was an expense of $16.3 million, compared to income of $26.2 million for the six months ended May 31, 2024. The change in other expense (income), net over the prior fiscal year period was primarily due to an increase of net expense of $28.3 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and net changes in foreign currency losses of $14.4 million.

Current wording

Other expense (income), net for the nine months ended August 31, 2025 was income of $20.2 million, compared to an expense of $19.8 million for the nine months ended August 31, 2024. The change in other expense (income), net over the prior fiscal year period was primarily due to an increase of net expense of $15.3 million related to the change in acquisition contingent consideration associated with the Webhelp Combination and a year over year benefit of $54.6 million related to net changes in foreign currency transaction gains (losses).

Previous wording

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

Current wording

Our provision for income taxes increased for the three months and nine months ended August 31, 2025, compared to the three months and nine months ended August 31, 2024. The increases in expense were primarily due to an increase in income before taxes and a decrease in the effective tax rate. The effective tax rate for the three months and nine months ended August 31, 2025 decreased compared to the three and nine months ended August 31, 2024, primarily due to certain discrete items and a change in the mix of income earned in different tax jurisdictions between periods.

Previous wording

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

Current wording

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

Previous wording

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes. Non-GAAP EPS excludes net income attributable to participating securities, and the per share, tax-effected impact of adjustments to net income described above that are attributable to common shareholders.

Current wording

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes and certain legal entity restructuring activities. Non-GAAP EPS excludes net income attributable to participating securities, and the per share, tax-effected impact of adjustments to net income described above that are attributable to common shareholders.

Previous wording

(1) For the three and six months ended May 31, 2025 and 2024, acquisition-related and integration expenses, including restructuring costs, primarily included integration costs associated with the Company’s combination with Webhelp. These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

Current wording

(1) For the three and nine months ended August 31, 2025 and 2024, acquisition-related and integration expenses, including restructuring costs, primarily included integration costs associated with the Company’s combination with Webhelp. These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

Previous wording

(2) 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.

Current wording

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

Previous wording

(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.

Current wording

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

Previous wording

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 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 million. The share repurchase program has no termination date and may be suspended or discontinued at any time. 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. During the three and six months ended May 31, 2024, we repurchased 662,580 and 899,685 shares, respectively, of our common stock under the share repurchase program for approximately $40.6 and $62.3 million, respectively, in the aggregate. At May 31, 2025, approximately $537.0 million remained available for share repurchases under the existing authorization from our board of directors.

Current wording

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 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 million. The share repurchase program has no termination date and may be suspended or discontinued at any time. During the three and nine months ended August 31, 2025, we repurchased 783,698 and 2,247,399 shares, respectively, of our common stock under the share repurchase program for approximately $41.6 million and $112.8 million, respectively, in the aggregate. During the three and nine months ended August 31, 2024, we repurchased 607,298 and 1,506,983 shares, respectively, of our common stock under the share repurchase program for approximately $39.3 million and $101.6 million, respectively, in the aggregate. At August 31, 2025, approximately $495.4 million remained available for share repurchases under the existing authorization from our board of directors.

Previous wording

During June 2025, we repurchased 221,842 shares of our common stock under the share repurchase program for an aggregate purchase price of $12.2 million.

Current wording

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

Previous wording

On June 26, 2025, we announced a cash dividend of $0.33275 per share to stockholders of record as of the close of business on July 25, 2025, payable on August 5, 2025.

Current wording

On September 25, 2025, we announced a cash dividend of $0.36 per share to stockholders of record as of the close of business on October 24, 2025, payable on November 4, 2025.

Previous wording

The Restated Credit Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750 million (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250 million (the “3-Year DD Term Loan Facility”), (iii) an unsecured five-year delayed draw term loan facility in an aggregate principal amount not to exceed $500 million (the “5-Year DD Term Loan Facility”, and together with the 3-Year DD Term Loan Facility, the “Delayed Draw Term Loans”), and (iv) a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $1.1 billion (the “Revolving Credit Facility”). The Restated Credit Agreement also provides for the conversion and continuation of loans in an aggregate principal amount of $750 million under our existing unsecured term loan facility pursuant to the Existing Credit Agreement into loans under an unsecured term loan facility with the same maturity as such converted and continued loans (the “Continued Term Loan Facility”). Aggregate borrowing capacity under the Restated Credit Agreement may be increased by up to an additional $500 million by increasing the amount of the revolving credit facility commitments or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Agreement, including the receipt of additional commitments for such increase(s).

Current wording

The Restated Credit Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750 million (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250 million (the “3-Year DD Term Loan Facility”), (iii) an unsecured five-year delayed draw term loan facility in an aggregate principal amount not to exceed $500 million (the “5-Year DD Term Loan Facility”, and together with the 3-Year DD Term Loan Facility, the “Delayed Draw Term Loans”), and (iv) a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $1.1 billion (the “Revolving Credit Facility”). The Restated Credit Agreement also provides for the conversion and continuation of loans in an aggregate principal amount of $750 million under our prior unsecured term loan facility pursuant to the Existing Credit Agreement into loans under an unsecured term loan facility with the same maturity as such converted and continued loans (the “Continued Term Loan Facility”). Aggregate borrowing capacity under the Restated Credit Agreement may be increased by up to an additional $500 million by increasing the amount of the revolving credit facility commitments or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Agreement, including the receipt of additional commitments for such increase(s). On September 25, 2025, we drew $750 million on the Delayed Draw Term Loans and used the proceeds and cash on hand to repay in full the Sellers’ Note.

Previous wording

As of May 31, 2025 and November 30, 2024, the outstanding principal balance on our term loans was $1,350 million and $1,500 million. During the three and six months ended May 31, 2025, we voluntarily prepaid $150 million of the principal balance on our term loans, without penalty.

Current wording

As of August 31, 2025 and November 30, 2024, the outstanding principal balance on our term loans was $1,350 million and $1,500 million. During the nine months ended August 31, 2025, we voluntarily prepaid $150 million of the principal balance on our term loans, without penalty.

Previous wording

On January 14, 2025, we entered into an amendment to the Securitization Facility to (i) increase in the commitment of the lenders to provide available borrowings from up to $600 million to up to $700 million and (ii) extend the termination date of the Securitization Facility from April 24, 2026 to January 14, 2027. For borrowings that are funded by certain lenders through the issuance of commercial paper, the amendment also reduced the spread to the applicable commercial paper rate from 0.80% to 0.75%. Other borrowings bear interest at a per annum rate equal to the applicable SOFR rate (subject to a SOFR related adjustment of 0.10%), plus a spread of 0.90%.

Current wording

On January 14, 2025, we entered into an amendment to the Securitization Facility to (i) increase the commitment of the lenders to provide available borrowings from up to $600 million to up to $700 million and (ii) extend the termination date of the Securitization Facility from April 24, 2026 to January 14, 2027. For borrowings that are funded by certain lenders through the issuance of commercial paper, the amendment also reduced the spread to the applicable commercial paper rate from 0.80% to 0.75%. Other borrowings bear interest at a per annum rate equal to the applicable SOFR rate (subject to a SOFR related adjustment of 0.10%), plus a spread of 0.90%.

Previous wording

Under the Securitization Facility, Concentrix Corporation and certain of its U.S. based subsidiaries sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix Corporation that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $700 million. Borrowing availability under the

Current wording

Under the Securitization Facility, Concentrix Corporation and certain of its U.S. based subsidiaries sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix Corporation that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $700 million. Borrowing availability under the Securitization Facility may be limited by our accounts receivable balances, changes in the credit ratings of our clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time).

Previous wording

We currently intend to use the proceeds of the Delayed Draw Term Loans, when drawn, to repay in full the Sellers’ Note. As a result, the amount outstanding on the Sellers’ Note has been classified as long-term debt within the consolidated balance sheet as of May 31, 2025. The amount outstanding on the Sellers’ Note as of November 30, 2024 was also classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis.

Current wording

On September 25, 2025, we used the proceeds of the Delayed Draw Term Loans and cash on hand to repay the principal balance and accrued interest on the Sellers’ Note. The principal amount outstanding on the Sellers’ Note as of August 31, 2025 and November 30, 2024 was classified as long-term debt within the consolidated balance sheet based on our ability and intent to refinance on a long-term basis.

Previous wording

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

Current wording

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

Previous wording

Net cash provided by operating activities was $237.9 million for the six months ended May 31, 2025, compared to $191.5 million for the six months ended May 31, 2024. The change over the prior year period was primarily due to favorable working capital changes and less cash required for acquisition-related and integration expenses.

Current wording

Net cash provided by operating activities was $462.7 million for the nine months ended August 31, 2025, compared to $383.1 million for the nine months ended August 31, 2024. The change over the prior year period was primarily due to favorable working capital changes and less cash required for acquisition-related and integration expenses.

Previous wording

Net cash used in investing activities for the six months ended May 31, 2025 was $107.1 million, compared to $120.6 million for the six months ended May 31, 2024. The decrease in net cash used in investing activities over the prior year period primarily related to a decrease in capital expenditures.

Current wording

Net cash used in investing activities for the nine months ended August 31, 2025 was $172.1 million, compared to $183.4 million for the nine months ended August 31, 2024. The decrease in net cash used in investing activities over the prior year period primarily related to a decrease in capital expenditures.

Previous wording

Net cash used in financing activities for the six months ended May 31, 2025 was $46.6 million, primarily consisting of net principal payments of $150.0 million on the term loans, share repurchases of $71.2 million, dividends paid of $44.5 million, change in funds held for clients of $8.8 million, payments on other borrowings of $6.0 million, debt issuance costs of $4.8 million, a deferred acquisition consideration payment of $6.5 million, all partially offset by net borrowings under our Securitization Facility of $247.0 million.

Current wording

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

Previous wording

Net cash used by financing activities for the six months ended May 31, 2024 was $183.3 million, consisting of principal payments of $250.0 million made on term loan borrowings under our senior credit facility, cash paid for acquired earnout liabilities of $22.7 million, share repurchases of $62.3 million, a change in funds held for clients of $30.6 million, and dividends of $41.0 million, partially offset by net borrowings of $223.0 million under our Securitization Facility.

Current wording

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