Concentrix Corp

Previous wording

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.

Current wording

For the nine months ended August 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 54%, 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.

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. 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.

Current wording

From time to time since January 2025, the U.S. government has imposed, or threatened 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, 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.

Current wording

During the three and nine months ended August 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.

Previous wording

Results of Operations – Three and Six Months Ended May 31, 2026 and 2025

Current wording

Results of Operations – Three and Nine Months Ended August 31, 2026 and 2025

Previous wording

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.

Current wording

Our revenue decreased by 1.2% for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. The decrease in revenue resulted primarily from decreases in our healthcare, technology and consumer electronics, and communications and media verticals partially offset by increases in revenue across our banking, financial services and insurance, retail, travel and e-commerce, and other verticals. Foreign currency exchange rates had a negative impact of $16.2 million, or 0.7%, on revenue for the period. The unfavorable foreign currency rate impact on revenue was primarily due to the weakening of the Turkish lira against the U.S. dollar.

Previous wording

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.

Current wording

Our revenue increased by 2.0% for the nine months ended August 31, 2026, compared to the nine months ended August 31, 2025. The increase in revenue resulted primarily from increases in revenue across our banking, financial services and insurance, retail, travel and e-commerce, and other verticals partially offset by decreases in our healthcare, technology and consumer electronics, and communications and media verticals. Foreign currency exchange rates had a positive impact of $95.7 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.

Previous wording

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.

Current wording

For the three months ended August 31, 2026, revenue in our technology and consumer electronics vertical decreased by 10.0%, primarily due to decreases in revenue for certain larger clients in the vertical. Revenue in our retail, travel and e-commerce vertical increased by 6.4%, 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 7.1%, primarily due to a decrease in revenue with a larger client in the vertical partially offset by increases in revenue from certain clients in the vertical. Revenue in our banking, financial services and insurance vertical increased by 12.5%, primarily due to increases in revenue from certain clients in the vertical, including several of our largest clients in the vertical. Revenue in our healthcare vertical decreased by 16.6%, primarily due to decreases in revenue from several larger clients in the vertical. Revenue in our other vertical increased by 3.6%, primarily related to increases in revenue related to several larger clients in the vertical.

Previous wording

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.

Current wording

For the nine months ended August 31, 2026, revenue in our technology and consumer electronics vertical decreased by 6.4%, primarily due to decreases in revenue from certain larger clients in the vertical, partially offset by increases in revenue from certain clients in the vertical. Revenue in our retail, travel and e-commerce vertical increased by 9.1%, 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 decreased by 0.6%, primarily due to a decrease in revenue with a larger client in the vertical substantially offset by increases in revenue with the majority of clients in the vertical. Revenue in our banking, financial services and insurance vertical increased by 13.5%, 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 11.9%, primarily due to decreases in revenue from several larger clients in the vertical. Revenue in our other vertical increased by 4.4%, primarily related to increases in revenue related to several larger clients in the vertical.

Previous wording

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.

Current wording

Our cost of revenue decreased by 1.4% in the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Cost of revenue decreased $26.1 million, or 1.6%, due to changes in foreign currency exchange rates, which was caused primarily by the weakening of the Turkish lira and several other currencies against the U.S. dollar. Additionally, lower wages and reduced temporary contract service costs contributed to the decrease in cost of revenue. These decreases were partially offset by higher restructuring expenses, primarily related to severance and other employee-related costs resulting from the Company's recent cost reduction initiatives.

Previous wording

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.

Current wording

Our cost of revenue increased by 3.8% in the nine months ended August 31, 2026, compared to the nine months ended August 31, 2025. Cost of revenue increased $36.6 million, or 0.8%, 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 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 from wage increases across certain countries.

Previous wording

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.

Current wording

Our gross profit decreased by 0.7% in the three months ended August 31, 2026, compared to the three months ended August 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 $9.9 million on gross profit. Our gross margin percentage for the three months ended August 31, 2026 increased to 34.6% from 34.4% in the prior fiscal year period due to the changes to revenue and gross profit previously described.

Previous wording

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.

Current wording

Our gross profit decreased by 1.5% in the nine months ended August 31, 2026, compared to the nine months ended August 31, 2025, primarily due to the 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 $59.1 million on gross profit. Our gross margin percentage for the nine months ended August 31, 2026 decreased to 34.0% from 35.2% 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 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.

Current wording

Our selling, general and administrative expenses increased by 0.2% in the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Contributing to the increase over the prior year period was an increase of $5.7 million related to restructuring expenses, which was offset by a reduction of $6.2 million due to changes in foreign currency exchange rates. As a percentage of revenue, selling, general and administrative expenses increased from 28.5% in the third fiscal quarter of 2025 to 28.9% in the third fiscal quarter of 2026, primarily due to the changes previously described.

Previous wording

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.

Current wording

Our selling, general and administrative expenses increased by 3.5% in the nine months ended August 31, 2026, compared to the nine months ended August 31, 2025. Contributing to the increase over the prior year period was an increase of $30.6 million due to changes in foreign currency exchange rates, $24.0 million related to restructuring expenses and $8.4 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 28.8% in the third fiscal quarter of 2025 to 29.2% in the third fiscal quarter of 2026, primarily due to the changes previously described.

Previous wording

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.

Current wording

Our operating income (loss) decreased during the three and nine months ended August 31, 2026, compared to the three and nine months ended August 31, 2025, primarily due to the non-cash goodwill impairment charge.

Previous wording

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.

Current wording

Our operating margin decreased during the three and nine months ended August 31, 2026, compared to the three and nine months ended August 31, 2025, primarily due to the non-cash goodwill impairment charge.

Previous wording

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”).

Current wording

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

Previous wording

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.

Current wording

The decrease in interest expense and finance charges, net for the three months ended August 31, 2026, compared to the three months ended August 31, 2025, was primarily due to lower interest expense due to less debt outstanding during the period in comparison to the prior year. This decrease in interest expense included $8.8 million of interest expense 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 our remaining borrowings in comparison to the prior year period, primarily related to our term loan borrowings.

Previous wording

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.

Current wording

The decrease in interest expense and finance charges, net for the nine months ended August 31, 2026, compared to the nine months ended August 31, 2025, was primarily due to lower interest expense due to less debt outstanding during the period in comparison to the prior year. This decrease in interest expense included $25.0 million of interest expense 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 our remaining borrowings, primarily related to our term loan borrowings.

Previous wording

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.

Current wording

Other expense (income), net for the three months ended August 31, 2026 was expense of $4.6 million, compared to income of $36.5 million for the three months ended August 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 income of $34.6 million related to net changes in foreign currency transaction gains (losses), an increase in net expense of $4.5 million related to changes in acquisition contingent consideration, and an increase in net expense of $2.1 million related to the non-service cost components of defined benefit cost.

Previous wording

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.

Current wording

Other expense (income), net for the nine months ended August 31, 2026 was income of $23.0 million, compared to income of $20.2 million for the nine months ended August 31, 2025. The change in other expense (income), net over the prior fiscal year period was primarily due to a year-over-year increase in net income of $4.6 million related to net changes in foreign currency transaction gains (losses), a decrease in net expense of $3.1 million related to changes in acquisition contingent consideration, and an increase in net expense of $5.6 million related to the non-service cost components of defined benefit cost.

Previous wording

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.

Current wording

Our provision for income taxes decreased for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. The decrease in expense was primarily due to the geographic mix of worldwide income taxes and a decrease in income before taxes. The effective tax rate for the three months ended August 31, 2026 decreased compared to the three months ended August 31, 2025, primarily due to the decrease in income before taxes related to the non-cash goodwill impairment charge.

Previous wording

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.

Current wording

Our provision for income taxes decreased for the nine months ended August 31, 2026, compared to the nine months ended August 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 nine months ended August 31, 2026 decreased compared to the nine months ended August 31, 2025, primarily due to the decrease in income before taxes related to the non-cash goodwill impairment charge and certain discrete items.

Previous wording

•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.

Current wording

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

Previous wording

•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.

Current wording

•Non-GAAP net income, which is net income (loss) excluding the tax-effected impact of impairment charge, 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.

Previous wording

•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.

Current wording

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax-effected impact of impairment charge, 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.

Previous wording

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

Current wording

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 c…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

(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.

Current wording

(1)For the three and nine months ended August 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 nine months ended August 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.

Previous wording

(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.

Current wording

(2)For the nine months ended August 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 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

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.

Current wording

Our primary uses of cash are working capital, capital expenditures to expand our delivery footprint and enhance our technology solutions, debt repayment, 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.

Previous wording

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.

Current wording

During the three months ended August 31, 2026, we did not repurchase any shares of our common stock under the share repurchase program. During the nine months ended August 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 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. At August 31, 2026, approximately $396.6 million remained available for share repurchases under the existing authorization from our board of directors.

Previous wording

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.

Current wording

On September 29, 2026, the Company announced a cash dividend of $0.37 per share to stockholders of record as of October 23, 2026, payable on November 3, 2026.

Previous wording

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.

Current wording

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 nine months ended August 31, 2026. On August 3, 2026, we redeemed all $200.0 million of the remaining aggregate principal amount of the 2026 Notes.

Previous wording

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.

Current wording

On August 2, 2023, we issued and sold (i) $800.0 million aggregate principal amount of 6.600% Senior Notes due 2028 (the “2028 Notes”) and (ii) $550.0 million aggregate principal amount of 6.850% Senior Notes due 2033 (the “2033 Notes” and, together with the 2028 Notes and 2029 Notes, the “Senior Notes”). The 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.

Previous wording

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.

Current wording

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 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.

Previous wording

As of May 31, 2026 and November 30, 2025, the outstanding principal balance on our term loans was $1,837.5 million and $1,965.6 million. During the three and six months ended May 31, 2026, we made required quarterly principal payments of $18.8 million and $28.1 million on our term loans. In addition, during the three months ended May 31, 2026, we voluntarily prepaid $100.0 million of the principal balance on our term loans, without penalty.

Current wording

As of August 31, 2026 and November 30, 2025, the outstanding principal balance on our term loans was $1,818.8 million and $1,965.6 million. During the three and nine months ended August 31, 2026, we made required quarterly principal payments of $18.8 million and $46.9 million on our term loans. In addition, during the nine months ended August 31, 2026, we voluntarily prepaid $100.0 million of the principal balance on our term loans, without penalty.

Previous wording

The following summarizes our cash flows for the six months ended May 31, 2026 and 2025, as reported in our consolidated statements of cash flows in the accompanying consolidated financial statements.

Current wording

The following summarizes our cash flows for the nine months ended August 31, 2026 and 2025, as reported in our consolidated statements of cash flows in the accompanying consolidated financial statements.

Previous wording

Net cash provided by operating activities was $174.7 million for the six months ended May 31, 2026, compared to $237.9 million for the six months ended May 31, 2025. The change over the prior year period was primarily due to a decrease in net income, an increase in payments for severance expenses, and unfavorable working capital changes.

Current wording

Net cash provided by operating activities was $442.9 million for the nine months ended August 31, 2026, compared to $462.7 million for the nine months ended August 31, 2025. The change over the prior year period was primarily related to a decrease in net income prior to the non-cash impairment charge, an increase in payments for severance expenses, and unfavorable working capital changes.

Previous wording

Net cash used in investing activities for the six months ended May 31, 2026 was $81.9 million, compared to $107.1 million for the six months ended May 31, 2025. The change over the prior year period was primarily related to proceeds on the sale of property and equipment of $17.1 million during the six months ended May 31, 2026 and a decrease in capital expenditures.

Current wording

Net cash used in investing activities for the nine months ended August 31, 2026 was $128.9 million, compared to $172.1 million for the nine months ended August 31, 2025. The change over the prior year period was primarily related to proceeds on the sale of property and equipment of $17.1 million during the nine months ended August 31, 2026 and a decrease of $22.4 million in capital expenditures.