CONCENTRIX CORP, 10-Q filed on 7/3/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
May 31, 2025
Jun. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 31, 2025  
Document Transition Report false  
Entity File Number 001-39494  
Entity Registrant Name CONCENTRIX CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-1605762  
Entity Address, Address Line One 39899 Balentine Drive  
Entity Address, Address Line Two Suite 235  
Entity Address, City or Town Newark  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94560  
City Area Code 800  
Local Phone Number 747-0583  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol CNXC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   63,025,120
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001803599  
Current Fiscal Year End Date --11-30  
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Current assets:    
Cash and cash equivalents $ 342,759 $ 240,571
Accounts receivable, net 2,061,412 1,926,737
Other current assets 766,498 675,116
Total current assets 3,170,669 2,842,424
Property and equipment, net 711,463 714,517
Goodwill 5,131,900 4,986,967
Intangible assets, net 2,156,035 2,286,940
Deferred tax assets 247,536 218,396
Other assets 978,457 942,194
Total assets 12,396,060 11,991,438
Current liabilities:    
Accounts payable 209,472 209,812
Current portion of long-term debt 28,331 2,522
Accrued compensation and benefits 655,511 706,619
Other accrued liabilities 997,974 977,314
Income taxes payable 82,077 99,546
Total current liabilities 1,973,365 1,995,813
Long-term debt, net 4,862,425 4,733,056
Other long-term liabilities 970,587 910,271
Deferred tax liabilities 310,983 312,574
Total liabilities 8,117,360 7,951,714
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2025 and November 30, 2024, respectively 0 0
Common stock, $0.0001 par value, 250,000 shares authorized; 52,058 and 51,927 shares issued as of May 31, 2022 and November 30, 2021, respectively, and 51,342 and 51,594 shares outstanding as of May 31, 2022 and November 30, 2021, respectively 7 7
Additional paid-in capital 3,738,360 3,683,608
Treasury stock, 716 and 333 shares as of May 31, 2022 and November 30, 2021, respectively (496,194) (421,449)
Retained earnings 1,259,559 1,191,871
Accumulated other comprehensive loss (223,032) (414,313)
Total stockholders’ equity 4,278,700 4,039,724
Total liabilities and stockholders’ equity $ 12,396,060 $ 11,991,438
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 69,054,000 68,849,000
Common stock, shares outstanding (in shares) 62,930,000 64,238,000
Treasury stock, shares outstanding (in shares) 6,124,000 4,611,000
Cash and cash equivalents $ 342,759 $ 240,571
Accounts receivable, net 2,061,412 1,926,737
Other current assets 766,498 675,116
Total current assets 3,170,669 2,842,424
Property and equipment, net 711,463 714,517
Goodwill 5,131,900 4,986,967
Total 2,156,035 2,286,940
Deferred tax assets 247,536 218,396
Other assets 978,457 942,194
Total assets 12,396,060 11,991,438
Accounts payable 209,472 209,812
Current portion of long-term debt 28,331 2,522
Accrued compensation and benefits 655,511 706,619
Other accrued liabilities 997,974 977,314
Income taxes payable 82,077 99,546
Total current liabilities 1,973,365 1,995,813
Long-term debt, net 4,862,425 4,733,056
Other long-term liabilities 970,587 910,271
Deferred tax liabilities 310,983 312,574
Total liabilities 8,117,360 7,951,714
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2025 and November 30, 2024, respectively 0 0
Common stock, $0.0001 par value, 250,000 shares authorized; 52,058 and 51,927 shares issued as of May 31, 2022 and November 30, 2021, respectively, and 51,342 and 51,594 shares outstanding as of May 31, 2022 and November 30, 2021, respectively 7 7
Additional paid-in capital 3,738,360 3,683,608
Treasury stock, 716 and 333 shares as of May 31, 2022 and November 30, 2021, respectively (496,194) (421,449)
Retained earnings 1,259,559 1,191,871
Accumulated other comprehensive loss (223,032) (414,313)
Total stockholders’ equity 4,278,700 4,039,724
Total liabilities and stockholders’ equity $ 12,396,060 $ 11,991,438
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Income Statement [Abstract]        
Revenue $ 2,417,371 $ 2,380,716 $ 4,789,593 $ 4,783,464
Cost of revenue 1,569,223 1,523,147 3,085,546 3,069,366
Gross profit 848,148 857,569 1,704,047 1,714,098
Selling, general and administrative expenses 699,803 707,399 1,386,835 1,415,489
Operating income 148,345 150,170 317,212 298,609
Interest expense and finance charges, net 75,406 82,457 148,400 164,896
Other expense (income), net 21,218 (19,415) 16,299 (26,239)
Income before income taxes 51,721 87,128 152,513 159,952
Provision for income taxes 9,628 20,294 40,163 41,016
Net Income (Loss) Attributable to Parent, Total $ 42,093 $ 66,834 $ 112,350 $ 118,936
Earnings per common share:        
Basic (in dollars per share) $ 0.63 $ 0.98 $ 1.68 $ 1.75
Diluted (in dollars per share) $ 0.63 $ 0.98 $ 1.68 $ 1.74
Weighted-average common shares outstanding:        
Basic (in shares) 63,355 65,270 63,693 65,466
Diluted (in shares) 63,406 65,332 63,733 65,570
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 42,093 $ 66,834 $ 112,350 $ 118,936
Other comprehensive income (loss):        
Unrealized gains (losses) of defined benefit plans, net of taxes of $0 and $(19) for the three and six months ended May 31, 2025, respectively, and $0 and $(135) for the three and six months ended May 31, 2024, respectively (35) (30) 1,117 1,274
Unrealized gains (losses) on hedges during the period, net of taxes of $(9,933) and $(9,114) for the three and six months ended May 31, 2025, respectively, and $7,101 and $8,429 for the three and six months ended, respectively 26,162 (20,927) 27,449 (24,947)
Reclassification of net losses (gains) on hedges to net income, net of taxes of $141 and $(1,421) for the three and six months ended May 31, 2025, respectively, and $(168) and $(18) for the three and six months ended May 31, 2024, respectively (414) 495 4,172 68
Total change in unrealized gains (losses) on hedges, net of taxes 25,748 (20,432) 31,621 (24,879)
Foreign currency translation adjustments for the three and six months ended May 31, 2025 and May 31, 2024, respectively 219,457 (25,351) 158,543 (94,763)
Other comprehensive income (loss) 245,170 (45,813) 191,281 (118,368)
Comprehensive income $ 287,263 $ 21,021 $ 303,631 $ 568
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Statement of Comprehensive Income [Abstract]        
Change in unrealized losses of defined benefit plans, tax $ 0 $ 0 $ (19) $ (135)
Unrealized gains (losses) on cash flow hedges, tax 9,933 (7,101) 9,114 (8,429)
Reclassification of net loss on cash flow hedges to net income, tax $ 141 $ (168) $ (1,421) $ (18)
v3.25.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock, Common
Beginning Balance (in shares) at Nov. 30, 2023   67,883,000        
Beginning Balance at Nov. 30, 2023 $ 4,143,294 $ 7 $ 3,582,521 $ 1,024,461 $ (191,727) $ (271,968)
Treasury stock, shares outstanding (in shares) at Nov. 30, 2023           2,149,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other comprehensive income (loss) (118,368)       (118,368)  
Share-based compensation activity (in shares)   124,000        
Share-based compensation activity 45,038   45,038      
Repurchase of common stock for tax withholdings on equity awards (in shares)           25,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (2,211)         $ (2,211)
Repurchase of common stock (in shares)           900,000
Treasury Stock, Value, Acquired, Par Value Method (62,307)         $ (62,307)
Dividends (40,959)     (40,959)    
Net Income (Loss) 118,936     118,936    
Ending Balance (in shares) at May. 31, 2024   68,007,000        
Ending Balance at May. 31, 2024 4,083,423 $ 7 3,627,559 1,102,438 (310,095) $ (336,486)
Treasury stock, shares outstanding (in shares) at May. 31, 2024           3,074,000
Beginning Balance (in shares) at Feb. 29, 2024   67,981,000        
Beginning Balance at Feb. 29, 2024 4,101,637 $ 7 3,605,694 1,055,950 (264,282) $ (295,732)
Treasury stock, shares outstanding (in shares) at Feb. 29, 2024           2,409,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other comprehensive income (loss) (45,813)       (45,813)  
Share-based compensation activity (in shares)   26,000        
Share-based compensation activity 21,865   21,865      
Repurchase of common stock for tax withholdings on equity awards (in shares)           2,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (121)         $ (121)
Repurchase of common stock (in shares)           663,000
Treasury Stock, Value, Acquired, Par Value Method (40,633)         $ (40,633)
Dividends (20,346)     (20,346)    
Net Income (Loss) 66,834     66,834    
Ending Balance (in shares) at May. 31, 2024   68,007,000        
Ending Balance at May. 31, 2024 $ 4,083,423 $ 7 3,627,559 1,102,438 (310,095) $ (336,486)
Treasury stock, shares outstanding (in shares) at May. 31, 2024           3,074,000
Beginning Balance (in shares) at Nov. 30, 2024 64,238,000 68,849,000        
Beginning Balance at Nov. 30, 2024 $ 4,039,724 $ 7 3,683,608 1,191,871 (414,313) $ (421,449)
Treasury stock, shares outstanding (in shares) at Nov. 30, 2024 4,611,000         4,611,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other comprehensive income (loss) $ 191,281       191,281  
Share-based compensation activity (in shares)   205,000        
Share-based compensation activity 54,752   54,752      
Repurchase of common stock for tax withholdings on equity awards (in shares)           49,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (3,571)         $ (3,571)
Repurchase of common stock (in shares)           1,464,000
Treasury Stock, Value, Acquired, Par Value Method (71,174)         $ (71,174)
Dividends (44,662)     (44,662)    
Net Income (Loss) $ 112,350     112,350    
Ending Balance (in shares) at May. 31, 2025 62,930,000 69,054,000        
Ending Balance at May. 31, 2025 $ 4,278,700 $ 7 3,738,360 1,259,559 (223,032) $ (496,194)
Treasury stock, shares outstanding (in shares) at May. 31, 2025 6,124,000         6,124,000
Beginning Balance (in shares) at Feb. 28, 2025   69,007,000        
Beginning Balance at Feb. 28, 2025 $ 4,033,770 $ 7 3,711,701 1,239,638 (468,202) $ (449,374)
Treasury stock, shares outstanding (in shares) at Feb. 28, 2025           5,193,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other comprehensive income (loss) 245,170       245,170  
Share-based compensation activity (in shares)   47,000        
Share-based compensation activity 26,659   26,659      
Repurchase of common stock for tax withholdings on equity awards (in shares)           7,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (1,492)         $ (1,492)
Repurchase of common stock (in shares)           924,000
Treasury Stock, Value, Acquired, Par Value Method (45,328)         $ (45,328)
Dividends (22,172)     (22,172)    
Net Income (Loss) $ 42,093     42,093    
Ending Balance (in shares) at May. 31, 2025 62,930,000 69,054,000        
Ending Balance at May. 31, 2025 $ 4,278,700 $ 7 $ 3,738,360 $ 1,259,559 $ (223,032) $ (496,194)
Treasury stock, shares outstanding (in shares) at May. 31, 2025 6,124,000         6,124,000
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:    
Net income $ 112,350 $ 118,936
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 111,248 128,732
Amortization 214,777 232,271
Non-cash share-based compensation expense 53,146 43,098
Provision for doubtful accounts 4,918 3,690
Deferred income taxes (63,711) (52,809)
Amortization of Debt Issuance Costs 12,621 12,798
Pension and other post-retirement benefit costs 7,710 7,089
Pension and other post-retirement plan contributions 0 (1,790)
Change in acquisition contingent consideration 6,667 (21,586)
Other 597 118
Changes in operating assets and liabilities:    
Accounts receivable, net (89,955) 9,030
Accounts payable 1,168 (38,206)
Other operating assets and liabilities (133,592) (249,902)
Net cash provided by operating activities 237,944 191,469
Cash flows from investing activities:    
Purchases of property and equipment (106,410) (116,145)
Acquisition of business, net of cash and restricted cash acquired (663) (4,504)
Net cash used in investing activities (107,073) (120,649)
Cash flows from financing activities:    
Proceeds from the Securitization Facility 1,095,500 1,178,000
Repayments of the Securitization Facility (848,500) (955,000)
Proceeds from Other Debt 0 5,102
Repayments of Other Debt (5,959) (3,916)
Cash paid for debt issuance costs 4,755 600
Acquisition deferred consideration payment 6,454 22,737
Proceeds from exercise of stock options 1,606 1,940
Repurchase of common stock for tax withholdings on equity awards (3,571) (2,211)
Repurchase of common stock (71,174) (62,307)
Dividends paid (44,524) (40,959)
Change in funds held for clients (8,769) (30,588)
Net cash used in financing activities (46,600) (183,276)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 21,257 (5,978)
Net increase (decrease) in cash, cash equivalents and restricted cash 105,528 (118,434)
Cash, cash equivalents and restricted cash at beginning of year 429,604 516,487
Cash, cash equivalents and restricted cash at end of period 535,132 398,053
Supplemental disclosure of non-cash investing activities:    
Accrued costs for property and equipment purchases 20,192 25,310
Revolver    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Revolver 100,000 0
Repayments of the Credit Facility - term loans (100,000) 0
New Term Loan Member    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Revolver 750,000 0
New Term Loan    
Cash flows from financing activities:    
Repayments of the Credit Facility - term loans $ (900,000) $ (250,000)
v3.25.2
BACKGROUND AND BASIS OF PRESENTATION
 6 Months Ended
May 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BACKGROUND AND BASIS OF PRESENTATION BACKGROUND AND BASIS OF PRESENTATION:
Background
Concentrix Corporation (“Concentrix” or the “Company”), is a global technology and services leader that powers its clients’ brand experiences and digital operations. The Company designs, builds, and runs fully integrated, end-to-end solutions, including customer experience (“CX”) process optimization, technology innovation and design engineering, front- and back-office automation, analytics and business transformation services to clients in five primary industry verticals: technology and consumer electronics; retail, travel and e-commerce; communications and media; banking, financial services and insurance; and healthcare.
Basis of presentation
The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2024 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. All intercompany balances and transactions have been eliminated in consolidation.
On September 25, 2023, the Company completed its acquisition (the “Webhelp Combination”) of all of the issued and outstanding capital stock of Marnix Lux SA (“Webhelp”), from the holders thereof (the “Sellers”). The Webhelp Combination was funded by proceeds from the Company’s offering and sale of senior notes in August 2023, term loan borrowings under the Company’s senior credit facility, the issuance of a promissory note by Concentrix Corporation to certain Sellers (the “Sellers’ Note”), the issuance of shares of common stock, par value $0.0001 per share, of Concentrix Corporation, and cash on hand. See Note 7—Borrowings for a further discussion of the Company’s senior notes, term loan, senior credit facility, and the Sellers’ Note.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
May 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Recently adopted accounting pronouncements are discussed below.
Concentration of credit risk
For the three and six months ended May 31, 2025 and 2024, no client accounted for more than 10% of the Company’s consolidated revenue.
As of May 31, 2025 and November 30, 2024, no client comprised more than 10% of the Company’s total accounts receivable balance.
Accounts receivable factoring

The Company has factoring programs with certain clients to sell accounts receivable to financial institutions under non-recourse agreements in exchange for cash proceeds. During the three and six months ended May 31, 2025, the Company sold approximately $310,000 and $617,000 of accounts receivable under its factoring programs, respectively. During the three and six months ended May 31, 2024, the Company sold approximately $337,000 and $701,000 of accounts receivable under its factoring programs, respectively. As of May 31, 2025 and November 30, 2024, the Company had approximately $142,000 and $162,000 outstanding under its factoring programs. In some instances, the Company may continue to service the transferred receivables after factoring has occurred. However, any servicing of the trade receivable does not constitute significant continuing involvement.

Accounting pronouncements recently issued
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued accounting standards update (“ASU”) 2023-07, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2025 and for interim reporting periods beginning in fiscal year 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The amendments in ASU 2023-09 are effective for the Company for the fiscal year ending November 30, 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2028 and for interim periods beginning in fiscal year 2029. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the consolidated financial statements.
v3.25.2
SHARE-BASED COMPENSATION
 6 Months Ended
May 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION:
The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units, and performance-based restricted stock units based on estimated fair values.

In January 2025, the Company granted 176 restricted stock units and 489 performance-based restricted stock units under the Concentrix Corporation Amended and Restated 2020 Stock Incentive Plan, as amended (the “2020 Plan”), which included annual awards to the Company’s senior executive team. The restricted stock units had a grant date weighted average fair value of $52.54 per share and vest ratably over a service period of three years. 170 of the performance-based restricted stock units under the 2020 Plan will vest, if at all, upon the achievement of certain financial targets during the three-year period ending November 30, 2027. These performance-based restricted stock units had a grant date weighted average fair value of $48.94 per share. 319 of the performance-based restricted stock units under the 2020 Plan will vest, if at all, upon the achievement of certain total shareholder return goals during the three-year period ending January 25, 2028. These performance-based restricted stock units are market condition awards and had a grant date weighted average fair value of $41.28 per share.
The Company recorded share-based compensation expense of $26,862 and $21,618 for the three months ended May 31, 2025 and 2024, respectively. The Company recorded share-based compensation expense of
$53,462 and $43,264 for the six months ended May 31, 2025 and 2024, respectively. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.
v3.25.2
BALANCE SHEET COMPONENTS
 6 Months Ended
May 31, 2025
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS:
Cash, cash equivalents and restricted cash:

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
As of
May 31, 2025November 30, 2024
Cash and cash equivalents$342,759 $240,571 
Restricted cash included in other current assets192,373 189,033 
Cash, cash equivalents and restricted cash$535,132 $429,604 
Restricted cash balances relate primarily to funds held for clients, restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant, and letters of credit for leases. Of the restricted cash balance, $183,393 and $179,949 related to funds held for clients as of May 31, 2025 and November 30, 2024, respectively. As of May 31, 2025 and November 30, 2024, the Company has a corresponding current liability recorded in other accrued liabilities on the consolidated balance sheet related to these funds.
Accounts receivable, net:
Accounts receivable, net is comprised of the following as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Billed accounts receivable$1,167,397 $1,080,778 
Unbilled accounts receivable913,576 860,266 
Less: Allowance for doubtful trade receivables
(19,561)(14,307)
Accounts receivable, net
$2,061,412 $1,926,737 
Allowance for doubtful trade receivables:
Presented below is a progression of the allowance for doubtful trade receivables:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Balance at beginning of period$17,416 $11,175 $14,307 $12,533 
Net additions
1,605 3,870 4,918 3,690 
Write-offs and reclassifications540 (2,002)336 (3,180)
Balance at end of period$19,561 $13,043 $19,561 $13,043 
Property and equipment, net:
The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Land$28,514 $28,235 
Equipment, computers, and software
925,494 853,558 
Furniture and fixtures163,950 151,477 
Buildings, building improvements, and leasehold improvements
647,326 617,880 
Construction-in-progress54,502 44,566 
Total property and equipment, gross$1,819,786 $1,695,716 
Less: Accumulated depreciation(1,108,323)(981,199)
Property and equipment, net
$711,463 $714,517 
Shown below are the countries where significant concentrations of the Company’s property and equipment, net are located as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Property and equipment, net:
United States$92,837 $118,732 
Philippines86,116 82,864 
France
58,931 59,645 
India50,777 49,339 
Others422,802 403,937 
Total$711,463 $714,517 
Goodwill:
The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2025 and May 31, 2024:
Six Months Ended
May 31, 2025May 31, 2024
Balance at beginning of period$4,986,967 $5,078,668 
Acquisition
2,353 — 
Acquisition measurement period adjustments
— 10,442 
Foreign exchange translation142,580 (63,078)
Balance at end of period
$5,131,900 $5,026,032 
Intangible assets, net:
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2025 and November 30, 2024:
As of May 31, 2025As of November 30, 2024
Gross amountsAccumulated amortizationNet amountsGross amountsAccumulated amortizationNet amounts
Customer relationships$3,712,971 $(1,627,415)$2,085,556 $3,594,694 $(1,399,588)$2,195,106 
Technology79,658 (57,135)22,523 79,645 (50,119)29,526 
Trade names121,113 (73,157)47,956 113,758 (51,503)62,255 
Non-compete agreements2,200 (2,200)— 2,200 (2,147)53 
$3,915,942 $(1,759,907)$2,156,035 $3,790,297 $(1,503,357)$2,286,940 
Estimated future amortization expense of the Company’s intangible assets is as follows:
Fiscal years ending November 30,
2025 (remaining six months)$216,534 
2026389,339 
2027294,057 
2028249,274 
2029207,529 
Thereafter799,302 
Total$2,156,035 
Accumulated other comprehensive income (loss):
The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:
Three Months Ended May 31, 2025 and 2024
Unrecognized gains (losses) on
 defined benefit plan, net of taxes
Unrealized gains (losses) on
 hedges, net of taxes
Foreign currency translation
adjustments, net of taxes
Total
Balances at February 29, 2024$(9,967)$42 $(254,357)$(264,282)
Other comprehensive income (loss) before reclassification
(30)(20,927)(25,351)(46,308)
Reclassification of losses from other comprehensive income (loss)
— 495 — 495 
Balances at May 31, 2024
$(9,997)$(20,390)$(279,708)$(310,095)
Balances at February 28, 2025$(4,131)$(20,008)$(444,063)$(468,202)
Other comprehensive income (loss) before reclassification
(35)26,162 219,457 245,584 
Reclassification of gains from other comprehensive income (loss)
— (414)— (414)
Balances at May 31, 2025
$(4,166)$5,740 $(224,606)$(223,032)
Six Months Ended May 31, 2025 and 2024
Unrecognized gains (losses) on
 defined benefit plan, net of taxes
Unrealized gains (losses) on
 hedges, net of taxes
Foreign currency translation
adjustments, net of taxes
Total
Balances at November 30, 2023$(11,271)$4,489 $(184,945)$(191,727)
Other comprehensive income (loss) before reclassification
1,274 (24,947)(94,763)(118,436)
Reclassification of losses from other comprehensive income (loss)
— 68 — 68 
Balances at May 31, 2024
$(9,997)$(20,390)$(279,708)$(310,095)
Balances at November 30, 2024$(5,283)$(25,881)$(383,149)$(414,313)
Other comprehensive income (loss) before reclassification
1,117 27,449 158,543 187,109 
Reclassification of gains from other comprehensive income (loss)
— 4,172— 4,172 
Balances at May 31, 2025
$(4,166)$5,740 $(224,606)$(223,032)
Refer to Note 5—Derivative Instruments for the location of gains and losses on cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of actuarial (gains) losses of defined benefit plans is recorded in “Other expense (income), net” in the consolidated statement of operations.
v3.25.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
May 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS:
In the ordinary course of business, the Company is exposed to foreign currency risk and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain non-U.S. legal entities and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.
All derivatives are recognized on the consolidated balance sheets at their fair values. Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of AOCI in the consolidated balance sheets, as discussed below.
Cash Flow Hedges
To mitigate the impact on gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. These instruments mature at various dates through May 2027. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of “Revenue” in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of foreign currency costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted
hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.
Non-Designated Derivatives
The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currencies of the Company’s legal entities that own the assets or liabilities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.
Cross-currency interest rate swaps
In connection with the closing of the Webhelp Combination, the Company entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500,000 of the Company’s senior notes. In addition to aligning the currency of a portion of the Company’s interest payments to the Company’s euro-denominated cash flows, the arrangements, together with intercompany loans and additional intercompany cross-currency interest rate swap arrangements described below, effectively converted $250,000 aggregate principal amount of the Company’s 6.650% Senior Notes due 2026 and $250,000 aggregate principal amount of the Company’s 6.660% Senior Notes due 2028 into synthetic fixed euro-based debt at weighted average interest rates of 5.12% and 5.18%, respectively.

Concurrent with entering into the cross-currency interest rate swaps with certain financial institutions, Marnix SAS, an indirect wholly owned subsidiary of Concentrix, entered into corresponding U.S. dollar denominated intercompany loan agreements with certain other subsidiaries of Concentrix with identical terms and notional amounts as the underlying $500,000 U.S. dollar denominated senior notes, with reciprocal cross-currency interest rate swaps.

The cross-currency interest rate swaps are designated as fair value hedges.

Fair Values of Derivative Instruments in the Consolidated Balance Sheets
The fair values of the Company’s derivative instruments are disclosed in Note 6—Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line ItemMay 31, 2025November 30, 2024
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$— $458,482 
Other current assets     
— 13,935 
Other accrued liabilities
— 167 
Derivative instruments designated as fair value hedges:
Cross-currency interest rate swaps (notional value)
$471,604 $471,604 
Other assets
— — 
Other long-term liabilities
43,306 7,468 
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)$1,084,150 $1,049,787 
Other current assets and other assets     
20,717 578 
Other accrued liabilities and other long-term liabilities     
821 22,155 
Volume of activity
The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine peso and the Indian rupee, that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency exchange rates change.
The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations
The following table shows the location of gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges, fair value hedges and not designated as hedging instruments in other comprehensive income (“OCI”), and the consolidated statements of operations for the periods presented:                                   
Three Months EndedSix Months Ended
Locations of gain (loss) in statement of operationsMay 31, 2025May 31, 2024May 31, 2025May 31, 2024
Derivative instruments designated as cash flow and fair value hedges:
Gains (losses) recognized in OCI:
Foreign exchange forward contracts$39,107 $(28,770)$35,881 $(34,193)
Cross-currency interest rate swaps
(3,012)742 682 817 
Total
$36,095 $(28,028)$36,563 $(33,376)
Gains (losses) reclassified from AOCI into income:
Foreign exchange forward contracts
Gain (loss) reclassified from AOCI into income
Cost of revenue
$442 $(571)$(4,140)$(117)
Gain (loss) reclassified from AOCI into income
Selling, general and administrative expenses113 (92)(1,453)31 
Total$555 $(663)$(5,593)$(86)
Derivative instruments not designated as hedging instruments:
Gain recognized from foreign exchange forward contracts, net(1)
Other expense (income), net$(8,322)$(4,370)$740 $(4,033)
(1)    The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net gains in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $14,162.
Offsetting of Derivatives
In the consolidated balance sheets, the Company does not offset derivative assets against liabilities in master netting arrangements.
Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses by selecting counterparties from a limited group of financial institutions with high credit standing.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS:
The Company’s fair value measurements are classified and disclosed in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2025As of November 30, 2024
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets measured at fair value:
Cash and cash equivalents
$342,759 $342,759 $— $— $240,571 $240,571 $— $— 
Restricted cash
192,373 192,373 — — 189,033 189,033 — — 
Forward foreign currency exchange contracts20,717 — 20,717 — 14,513 — 14,513 — 
Liabilities measured at fair value:
Forward foreign currency exchange contracts821 — 821 — 22,322 — 22,322 — 
Cross-currency interest rate swaps
43,306 — 43,306 — 7,468 — 7,468 — 
Acquisition contingent consideration
18,386 — 18,386 — 13,373 — 13,373 — 
Liabilities measured at other than fair value:
Long term debt (senior notes)
Fair value
2,217,187 — 2,217,187 — 2,202,221 — 2,202,221 — 
Carrying amount
2,137,524 — — — 2,135,576 — — — 
The Company’s cash and cash equivalents consist primarily of cash on hand, including bank deposits, money market fund securities and term deposits with maturity periods of three months or less. The carrying values of cash equivalents approximate fair value since they are near their maturity. Restricted cash balances relate primarily to funds held for clients. The carrying values of restricted cash balances approximate fair value since they are highly liquid and short-term in nature. The Company does not adjust the quoted market price for such financial instruments. The fair values of forward exchange contracts are measured based on the foreign currency spot rates, forward rates, and volatility. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. The fair values of the cross-currency interest rate swaps are determined using a market approach that is based on observable inputs other than quoted market prices, including contract terms, interest rates, currency rates, and other market factors. The estimated fair value of the acquisition contingent consideration entered into in connection with the Webhelp Combination is determined using a Monte-Carlo simulation model. The inputs include the closing price of Concentrix common stock as of the reporting period end date, Concentrix-specific historical equity volatility, and the risk-free rate.
The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2025 and November 30, 2024.
The carrying values of term deposits with maturities less than one year, accounts receivable and accounts payable approximate fair value due to their short maturities and interest rates that are variable in nature. The carrying values of the outstanding balance on the term loan under the Company’s senior credit facility and the outstanding balance on the Company’s accounts receivable securitization facility (the “Securitization Facility”) approximate their fair values since they bear interest rates that are similar to existing market rates. The fair values of the 2026 Notes, 2028 Notes, and 2033 Notes (as defined in Note 7) are based on quoted prices in active markets and are classified within Level 2 of the fair value hierarchy. The Company does not adjust the quoted market prices for such financial instruments.
During the three and six months ended May 31, 2025 and 2024, there were no transfers between the fair value measurement category levels.
v3.25.2
BORROWINGS
 6 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
BORROWINGS
NOTE 7—BORROWINGS:
Borrowings consist of the following:
As of
May 31, 2025November 30, 2024
Credit Facility - current portion of term loans component$28,125 $— 
Other loans206 2,522 
Current portion of long-term debt$28,331 $2,522 
6.650% Senior Notes due 2026
$800,000 $800,000 
6.600% Senior Notes due 2028
800,000 800,000 
6.850% Senior Notes due 2033
550,000 550,000 
Credit Facility - term loans component1,321,875 1,500,000 
Securitization Facility618,000 371,000 
Sellers’ Note794,319 740,466 
Other loans— 3,643 
Long-term debt, before unamortized debt discount and issuance costs4,884,194 4,765,109 
Less: unamortized debt discount and issuance costs(21,769)(32,053)
Long-term debt, net$4,862,425 $4,733,056 

Senior Notes

On August 2, 2023, the Company issued and sold (i) $800,000 aggregate principal amount of 6.650% Senior Notes due 2026 (the “2026 Notes”), (ii) $800,000 aggregate principal amount of 6.600% Senior Notes due 2028 (the “2028 Notes”) and (iii) $550,000 aggregate principal amount of 6.850% Senior Notes due 2033 (the “2033 Notes” and, together with the 2026 Notes and 2028 Notes, the “Senior Notes”). The Senior Notes were sold in a registered public offering pursuant to the Company’s Registration Statement on Form S-3, which became effective upon filing, and a Prospectus Supplement dated July 19, 2023, to a Prospectus dated July 17, 2023.

The Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of August 2, 2023 (the “Base Indenture”), between Concentrix and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by a first supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2026 Notes, a second supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2028 Notes, and a third supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2033 Notes (such supplemental indentures, together with the Base Indenture, the “Indenture”). 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.

Restated Credit Agreement

On April 11, 2025, Concentrix Corporation entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, Bank of America, N.A., as the administrative agent, the L/C issuer and the swing line lender, and JPMorgan Chase Bank, N.A., as the existing administrative agent, the existing L/C issuer and the existing swing line lender, to amend and restate the Company’s Amended and Restated Credit Agreement dated as of April 21, 2023 (the “Existing Credit Agreement” and, as so amended and restated by the Amendment Agreement, the “Restated Credit Agreement”). The Amendment Agreement appoints Bank of America, N.A. as the Administrative Agent under the Restated Credit Agreement, as successor to JPMorgan Chase Bank, N.A.
The Restated Credit Agreement provides for (i) an unsecured three-year term loan facility in an aggregate principal amount not to exceed $750,000 (the “New Term Loan Facility”), (ii) an unsecured three-year delayed draw term loan facility in an aggregate principal amount not to exceed $250,000 (the “3-Year DD Term Loan Facility”), (iii) an unsecured five-year delayed draw term loan facility in an aggregate principal amount not to exceed $500,000 (the “5-Year DD Term Loan Facility”, and together with the 3-Year DD Term Loan Facility, the “Delayed Draw Term Loans”), 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 $750,000 under the Company’s 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 $500,000 by increasing the amount of the revolving credit facility commitments or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Agreement, including the receipt of additional commitments for such increase(s).

The maturity date of the New Term Loan Facility and the 3-Year DD Term Loan Facility is September 30, 2028. The maturity date of the 5-Year DD Term Loan Facility and the Revolving Credit Facility is April 11, 2030, subject, in the case of the Revolving Credit Facility, to two one-year extensions upon Concentrix’ prior notice to the lenders and the agreement of the lenders to extend such maturity date. The maturity date of the Continued Term Loan Facility remains December 27, 2026.
The outstanding principal amount of each of the New Term Loan Facility and the Delayed Draw Term Loans is payable in quarterly installments in an amount equal to 1.25% of the existing principal balance of the applicable term loan, commencing on September 30, 2025, in the case of the New Term Loan Facility, and on the last day of the second full calendar quarter after the Delayed Draw Term Loans are borrowed, in the case of the Delayed Draw Term Loans, with the outstanding principal amount of the New Term Loan Facility, the Delayed Draw Term Loans, and the Continued Term Loan Facility due in full on the applicable maturity date.
Borrowings under the Restated Credit Agreement bear interest, in the case of SOFR rate loans, at a per annum rate equal to the applicable SOFR rate (but not less than 0.00%), plus an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money plus a credit spread adjustment to the SOFR rate of 0.10%. The applicable margin ranges from 1.000% to 1.500% for the New Term Loan Facility and the 3-Year DD Term Loan Facility, 1.100% to 1.600% for the 5-Year DD Term Loan Facility, 1.125% to 2.000% for the Continued Term Loan Facility, and 0.875% to 1.500% for the Revolving Credit Facility. Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate (but not less than 1.0%) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500%, and (C) the adjusted one-month term SOFR rate plus 1.0% per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced lon
g-term indebtedness for borrowed money. The applicable margin ranges from 0.000% to 0.500% for the New Term Loan Facility, the 3-Year DD Term Loan Facility, and the Revolving Credit Facility, 0.100% to 0.600% for the 5-Year DD Term Loan Facility, and 0.125% to 1.000% for the Continued Term Loan Facility.
The Restated Credit Agreement contains certain loan covenants that are customary for credit facilities of this type and that restrict the ability of Concentrix and its subsidiaries to take certain actions, including the creation of liens, mergers, consolidations or other fundamental changes to the nature of their business, and, solely with respect to subsidiaries of Concentrix, incurrence of indebtedness. In addition, the Restated Credit Agreement contains financial covenants that require Concentrix to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Restated Credit Agreement) not to exceed 3.75 to 1.00 (or for certain periods following certain qualified acquisitions, 4.25 to 1.00) and (ii) a consolidated interest coverage ratio (as defined in the Restated Credit Agreement) no less than 3.00 to 1.00. The Restated Credit Agreement also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.
As of May 31, 2025 and November 30, 2024, the outstanding principal balance on the Company’s term loans was $1,350,000 and $1,500,000, respectively. During the three and six months ended May 31, 2025, the Company voluntarily prepaid $150,000 of the principal balance on the Company’s term loans, without penalty.
None of Concentrix’ subsidiaries guarantees the obligations under the Restated Credit Agreement.
As of May 31, 2025 and November 30, 2024, no amounts were outstanding under the Company’s revolving credit facility.
Securitization Facility
On January 14, 2025, the Company entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $600,000 to up to $700,000 and 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%.

Under the Securitization Facility, Concentrix Corporation and certain of its subsidiaries (the “Originators”) sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of the Company (the “Borrower”) that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $700,000. The amount received under the Securitization Facility is recorded as debt on the Company’s consolidated balance sheets. Borrowing availability under the Securitization Facility may be limited by the Company’s accounts receivable balances, changes in the credit ratings of the clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time).
The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Restated Credit Agreement and customary events of default, including payment defaults, defaults under certain other indebtedness, a change in control of Concentrix Corporation, and certain events negatively affecting the overall credit quality of the transferred accounts receivable.
The Borrower’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related security from the Originators and the subsequent retransfer of or granting of a security interest in such receivables and related security to the administrative agent under the Securitization Facility for the benefit of the lenders. The Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders, and the assets of the Borrower are not available to pay creditors of the Company and its subsidiaries.
Sellers’ Note
On September 25, 2023, as part of the consideration for the Webhelp Combination, Concentrix Corporation issued the Sellers’ Note in the aggregate principal amount of €700,000 to certain Sellers. The stated rate of interest associated with the Sellers’ Note is two percent (2.00%) per annum, which is below the Company’s expected borrowing rate. As a result, the Company discounted the Sellers’ Note by €31,500 using an approximate 4.36% imputed annual interest rate. This discounting resulted in an initial value of €668,500 or $711,830. The discounted value is being amortized into interest expense over the two-year term. All stated principal and accrued interest will be due and payable on September 25, 2025.

The Company currently intends 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.

Covenant compliance
As of May 31, 2025 and November 30, 2024, Concentrix was in compliance with all covenants for the above arrangements.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
May 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE:
Basic and diluted earnings per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security.

Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Basic earnings per common share:
Net income$42,093 $66,834 $112,350 $118,936 
Less: net income allocated to participating securities(1)
(2,036)(2,573)(5,450)(4,575)
Net income attributable to common stockholders$40,057 $64,261 $106,900 $114,361 
Weighted-average number of common shares - basic63,355 65,270 63,693 65,466 
Basic earnings per common share$0.63 $0.98 $1.68 $1.75 
Diluted earnings per common share:
Net income$42,093 $66,834 $112,350 $118,936 
Less: net income allocated to participating securities(1)
(2,035)(2,571)(5,448)(4,568)
Net income attributable to common stockholders$40,058 $64,263 $106,902 $114,368 
Weighted-average number of common shares - basic63,355 65,270 63,693 65,466 
Effect of dilutive securities:
Stock options and certain restricted stock units51 62 40 104 
Weighted-average number of common shares - diluted63,406 65,332 63,733 65,570 
Diluted earnings per common share$0.63 $0.98 $1.68 $1.74 
(1)Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities.
v3.25.2
REVENUE
 6 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE:
Disaggregated revenue
In the following table, the Company’s revenue is disaggregated by primary industry verticals:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Industry vertical:     
Technology and consumer electronics     
$662,719 $658,268 $1,320,411 $1,323,370 
Retail, travel and e-commerce
583,782 568,081 1,167,680 1,151,793 
Communications and media     
392,963 381,253 763,963 761,418 
Banking, financial services and insurance     
384,015 377,723 749,208 743,145 
Healthcare     
176,386 176,673 366,191 367,762 
Other     
217,506 218,718 422,140 435,976 
Total$2,417,371 $2,380,716 $4,789,593 $4,783,464 
v3.25.2
PENSION AND EMPLOYEE BENEFITS PLANS
 6 Months Ended
May 31, 2025
Retirement Benefits [Abstract]  
PENSION AND EMPLOYEE BENEFITS PLANS PENSION AND EMPLOYEE BENEFITS PLANS:
The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three and six months ended May 31, 2025, the Company contributed $19,266 and $47,887, respectively, to defined contribution plans. During the three and six months ended May 31, 2024, the Company contributed $25,516 and $51,632, respectively, to defined contribution plans.
Defined Benefit Plans
For eligible employees in the United States, the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund.
The Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans.
Net benefit costs related to defined benefit plans were $3,827 and $7,710, during the three and six months ended May 31, 2025, respectively. Net benefit costs related to defined benefit plans were $3,510 and $7,089, during the three and six months ended May 31, 2024, respectively. Service costs are recorded in cost of services and selling, general and administrative expenses while the remaining components of total pension costs are recorded within other expense (income), net in the consolidated statements of operations. On an aggregate basis, the plans were underfunded by $81,702 and $77,942 at May 31, 2025 and November 30, 2024, respectively.
v3.25.2
INCOME TAXES
 6 Months Ended
May 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES:
Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions. The effective tax rates for the three and six months ended May 31, 2025 and 2024 were impacted by the geographic mix of worldwide income and certain discrete items.
The liability for unrecognized tax benefits was $112,741 and $112,961 at May 31, 2025 and November 30, 2024, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of May 31, 2025 and November 30, 2024, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $83,517 and $60,512, respectively. This amount includes net interest and penalties of $13,616 and $12,613 for the respective periods. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease between approximately $44,052 and $46,725 in the next twelve months; however, actual developments in this area could differ from those currently expected.
v3.25.2
LEASES
 6 Months Ended
May 31, 2025
Leases [Abstract]  
LEASES LEASES:
The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2037. The Company’s finance leases are not material.
The following table presents the various components of operating lease costs:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Operating lease cost$79,977 $74,786 $154,259 $143,706 
Short-term lease cost17,669 22,082 37,323 42,568 
Variable lease cost13,854 11,253 26,325 22,009 
Sublease income(287)(1,794)(2,154)(2,286)
Total operating lease cost$111,213 $106,327 $215,753 $205,997 
The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of May 31, 2025:
Fiscal Years Ending November 30,
2025 (remaining six months)
$154,073 
2026273,582 
2027212,005 
2028163,260 
2029106,508 
Thereafter118,076 
Total payments1,027,504 
Less: imputed interest*144,303 
Total present value of lease payments$883,201 
*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.
The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:
As of
May 31, 2025November 30, 2024
Operating lease ROU assetsOther assets, net$843,998 $816,550 
Current operating lease liabilitiesOther accrued liabilities248,995 235,912 
Non-current operating lease liabilitiesOther long-term liabilities634,206 625,888 
The following table presents supplemental cash flow information related to the Company’s operating leases. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
Six Months Ended
May 31, 2025May 31, 2024
Cash paid for amounts included in the measurement of lease liabilities$146,313 $152,964 
Non-cash ROU assets obtained in exchange for lease liabilities110,985 144,532 
The weighted-average remaining lease term and discount rate as of May 31, 2025 and November 30, 2024 were as follows:
As of
May 31, 2025November 30, 2024
Weighted-average remaining lease term (years)4.304.50
Weighted-average discount rate6.88 %6.91 %
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
May 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES:
From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money, or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the liabilities ultimately incurred by the Company could differ from the amounts recorded.
The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.
v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
May 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 14—STOCKHOLDERS’ EQUITY:

Share repurchase program
In September 2021, the Company’s board of directors authorized the repurchase of up to $500,000 of the outstanding shares of Concentrix common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. In January 2025, the Company’s board of directors extended the share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $600,000. The repurchase program has no termination date and may be suspended or discontinued at any time.
During the three and six months ended May 31, 2025, under the share repurchase program, the Company repurchased 924 and 1,464 shares, respectively, of its common stock for an aggregate purchase price of $45,328 and $71,174, respectively. During the three and six months ended May 31, 2024, under the share repurchase program, the Company repurchased 663 and 900 shares, respectively, of its common stock for an aggregate purchase price of $40,633 and $62,307, respectively. The share repurchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes. At May 31, 2025, approximately $537,002 remained available for share repurchases under the existing authorization from the Company’s board of directors.
During June 2025, the Company repurchased 222 shares of its common stock under the share repurchase program for an aggregate purchase price of $12,206.
Dividends
During fiscal years 2025 and 2024, the Company paid the following dividends per share approved by the Company’s board of directors:

Announcement DateRecord DatePer Share Dividend AmountPayment Date
January 24, 2024February 5, 2024$0.3025February 15, 2024
March 26, 2024April 26, 2024$0.3025May 7, 2024
June 26, 2024July 26, 2024$0.3025August 6, 2024
September 25, 2024October 25, 2024$0.33275November 5, 2024
January 15, 2025January 31, 2025$0.33275February 11, 2025
March 26, 2025April 25, 2025$0.33275May 6, 2025

On June 26, 2025, the Company announced a cash dividend of $0.33275 per share to stockholders of record as of the close of business on July 25, 2025, payable on August 5, 2025.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 42,093 $ 66,834 $ 112,350 $ 118,936
v3.25.2
Insider Trading Arrangements
 3 Months Ended
May 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Cormac Twomey [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 676 days
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
May 31, 2025
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation
The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2024 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. All intercompany balances and transactions have been eliminated in consolidation.
On September 25, 2023, the Company completed its acquisition (the “Webhelp Combination”) of all of the issued and outstanding capital stock of Marnix Lux SA (“Webhelp”), from the holders thereof (the “Sellers”). The Webhelp Combination was funded by proceeds from the Company’s offering and sale of senior notes in August 2023, term loan borrowings under the Company’s senior credit facility, the issuance of a promissory note by Concentrix Corporation to certain Sellers (the “Sellers’ Note”), the issuance of shares of common stock, par value $0.0001 per share, of Concentrix Corporation, and cash on hand. See Note 7—Borrowings for a further discussion of the Company’s senior notes, term loan, senior credit facility, and the Sellers’ Note.
Concentration of credit risk
Concentration of credit risk
For the three and six months ended May 31, 2025 and 2024, no client accounted for more than 10% of the Company’s consolidated revenue.
As of May 31, 2025 and November 30, 2024, no client comprised more than 10% of the Company’s total accounts receivable balance
Recently adopted accounting pronouncements and Recently issued accounting pronouncements
Accounting pronouncements recently issued
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued accounting standards update (“ASU”) 2023-07, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2025 and for interim reporting periods beginning in fiscal year 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The amendments in ASU 2023-09 are effective for the Company for the fiscal year ending November 30, 2026. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company for annual reporting periods beginning with the fiscal year ending November 30, 2028 and for interim periods beginning in fiscal year 2029. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.
No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the consolidated financial statements.
Accounts Receivable Factoring
Accounts receivable factoring

The Company has factoring programs with certain clients to sell accounts receivable to financial institutions under non-recourse agreements in exchange for cash proceeds. During the three and six months ended May 31, 2025, the Company sold approximately $310,000 and $617,000 of accounts receivable under its factoring programs, respectively. During the three and six months ended May 31, 2024, the Company sold approximately $337,000 and $701,000 of accounts receivable under its factoring programs, respectively. As of May 31, 2025 and November 30, 2024, the Company had approximately $142,000 and $162,000 outstanding under its factoring programs. In some instances, the Company may continue to service the transferred receivables after factoring has occurred. However, any servicing of the trade receivable does not constitute significant continuing involvement.
v3.25.2
BALANCE SHEET COMPONENTS (Tables)
 6 Months Ended
May 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
As of
May 31, 2025November 30, 2024
Cash and cash equivalents$342,759 $240,571 
Restricted cash included in other current assets192,373 189,033 
Cash, cash equivalents and restricted cash$535,132 $429,604 
Schedule of Restricted Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
As of
May 31, 2025November 30, 2024
Cash and cash equivalents$342,759 $240,571 
Restricted cash included in other current assets192,373 189,033 
Cash, cash equivalents and restricted cash$535,132 $429,604 
Schedule of Accounts Receivable
Accounts receivable, net is comprised of the following as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Billed accounts receivable$1,167,397 $1,080,778 
Unbilled accounts receivable913,576 860,266 
Less: Allowance for doubtful trade receivables
(19,561)(14,307)
Accounts receivable, net
$2,061,412 $1,926,737 
Schedule of Allowance for Doubtful Trade Receivables
Presented below is a progression of the allowance for doubtful trade receivables:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Balance at beginning of period$17,416 $11,175 $14,307 $12,533 
Net additions
1,605 3,870 4,918 3,690 
Write-offs and reclassifications540 (2,002)336 (3,180)
Balance at end of period$19,561 $13,043 $19,561 $13,043 
Property, Plant and Equipment
The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Land$28,514 $28,235 
Equipment, computers, and software
925,494 853,558 
Furniture and fixtures163,950 151,477 
Buildings, building improvements, and leasehold improvements
647,326 617,880 
Construction-in-progress54,502 44,566 
Total property and equipment, gross$1,819,786 $1,695,716 
Less: Accumulated depreciation(1,108,323)(981,199)
Property and equipment, net
$711,463 $714,517 
Shown below are the countries where significant concentrations of the Company’s property and equipment, net are located as of May 31, 2025 and November 30, 2024:
As of
May 31, 2025November 30, 2024
Property and equipment, net:
United States$92,837 $118,732 
Philippines86,116 82,864 
France
58,931 59,645 
India50,777 49,339 
Others422,802 403,937 
Total$711,463 $714,517 
Schedule of Goodwill
The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2025 and May 31, 2024:
Six Months Ended
May 31, 2025May 31, 2024
Balance at beginning of period$4,986,967 $5,078,668 
Acquisition
2,353 — 
Acquisition measurement period adjustments
— 10,442 
Foreign exchange translation142,580 (63,078)
Balance at end of period
$5,131,900 $5,026,032 
Schedule of Intangible Assets
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2025 and November 30, 2024:
As of May 31, 2025As of November 30, 2024
Gross amountsAccumulated amortizationNet amountsGross amountsAccumulated amortizationNet amounts
Customer relationships$3,712,971 $(1,627,415)$2,085,556 $3,594,694 $(1,399,588)$2,195,106 
Technology79,658 (57,135)22,523 79,645 (50,119)29,526 
Trade names121,113 (73,157)47,956 113,758 (51,503)62,255 
Non-compete agreements2,200 (2,200)— 2,200 (2,147)53 
$3,915,942 $(1,759,907)$2,156,035 $3,790,297 $(1,503,357)$2,286,940 
Schedule of Intangible Assets, Future Amortization Expense
Estimated future amortization expense of the Company’s intangible assets is as follows:
Fiscal years ending November 30,
2025 (remaining six months)$216,534 
2026389,339 
2027294,057 
2028249,274 
2029207,529 
Thereafter799,302 
Total$2,156,035 
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:
Three Months Ended May 31, 2025 and 2024
Unrecognized gains (losses) on
 defined benefit plan, net of taxes
Unrealized gains (losses) on
 hedges, net of taxes
Foreign currency translation
adjustments, net of taxes
Total
Balances at February 29, 2024$(9,967)$42 $(254,357)$(264,282)
Other comprehensive income (loss) before reclassification
(30)(20,927)(25,351)(46,308)
Reclassification of losses from other comprehensive income (loss)
— 495 — 495 
Balances at May 31, 2024
$(9,997)$(20,390)$(279,708)$(310,095)
Balances at February 28, 2025$(4,131)$(20,008)$(444,063)$(468,202)
Other comprehensive income (loss) before reclassification
(35)26,162 219,457 245,584 
Reclassification of gains from other comprehensive income (loss)
— (414)— (414)
Balances at May 31, 2025
$(4,166)$5,740 $(224,606)$(223,032)
Six Months Ended May 31, 2025 and 2024
Unrecognized gains (losses) on
 defined benefit plan, net of taxes
Unrealized gains (losses) on
 hedges, net of taxes
Foreign currency translation
adjustments, net of taxes
Total
Balances at November 30, 2023$(11,271)$4,489 $(184,945)$(191,727)
Other comprehensive income (loss) before reclassification
1,274 (24,947)(94,763)(118,436)
Reclassification of losses from other comprehensive income (loss)
— 68 — 68 
Balances at May 31, 2024
$(9,997)$(20,390)$(279,708)$(310,095)
Balances at November 30, 2024$(5,283)$(25,881)$(383,149)$(414,313)
Other comprehensive income (loss) before reclassification
1,117 27,449 158,543 187,109 
Reclassification of gains from other comprehensive income (loss)
— 4,172— 4,172 
Balances at May 31, 2025
$(4,166)$5,740 $(224,606)$(223,032)
v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
May 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair values of the Company’s derivative instruments are disclosed in Note 6—Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line ItemMay 31, 2025November 30, 2024
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$— $458,482 
Other current assets     
— 13,935 
Other accrued liabilities
— 167 
Derivative instruments designated as fair value hedges:
Cross-currency interest rate swaps (notional value)
$471,604 $471,604 
Other assets
— — 
Other long-term liabilities
43,306 7,468 
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)$1,084,150 $1,049,787 
Other current assets and other assets     
20,717 578 
Other accrued liabilities and other long-term liabilities     
821 22,155 
Derivative Instruments, Gain (Loss)
The following table shows the location of gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges, fair value hedges and not designated as hedging instruments in other comprehensive income (“OCI”), and the consolidated statements of operations for the periods presented:                                   
Three Months EndedSix Months Ended
Locations of gain (loss) in statement of operationsMay 31, 2025May 31, 2024May 31, 2025May 31, 2024
Derivative instruments designated as cash flow and fair value hedges:
Gains (losses) recognized in OCI:
Foreign exchange forward contracts$39,107 $(28,770)$35,881 $(34,193)
Cross-currency interest rate swaps
(3,012)742 682 817 
Total
$36,095 $(28,028)$36,563 $(33,376)
Gains (losses) reclassified from AOCI into income:
Foreign exchange forward contracts
Gain (loss) reclassified from AOCI into income
Cost of revenue
$442 $(571)$(4,140)$(117)
Gain (loss) reclassified from AOCI into income
Selling, general and administrative expenses113 (92)(1,453)31 
Total$555 $(663)$(5,593)$(86)
Derivative instruments not designated as hedging instruments:
Gain recognized from foreign exchange forward contracts, net(1)
Other expense (income), net$(8,322)$(4,370)$740 $(4,033)
(1)    The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2025As of November 30, 2024
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets measured at fair value:
Cash and cash equivalents
$342,759 $342,759 $— $— $240,571 $240,571 $— $— 
Restricted cash
192,373 192,373 — — 189,033 189,033 — — 
Forward foreign currency exchange contracts20,717 — 20,717 — 14,513 — 14,513 — 
Liabilities measured at fair value:
Forward foreign currency exchange contracts821 — 821 — 22,322 — 22,322 — 
Cross-currency interest rate swaps
43,306 — 43,306 — 7,468 — 7,468 — 
Acquisition contingent consideration
18,386 — 18,386 — 13,373 — 13,373 — 
Liabilities measured at other than fair value:
Long term debt (senior notes)
Fair value
2,217,187 — 2,217,187 — 2,202,221 — 2,202,221 — 
Carrying amount
2,137,524 — — — 2,135,576 — — — 
v3.25.2
BORROWINGS (Tables)
 6 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Borrowings consist of the following:
As of
May 31, 2025November 30, 2024
Credit Facility - current portion of term loans component$28,125 $— 
Other loans206 2,522 
Current portion of long-term debt$28,331 $2,522 
6.650% Senior Notes due 2026
$800,000 $800,000 
6.600% Senior Notes due 2028
800,000 800,000 
6.850% Senior Notes due 2033
550,000 550,000 
Credit Facility - term loans component1,321,875 1,500,000 
Securitization Facility618,000 371,000 
Sellers’ Note794,319 740,466 
Other loans— 3,643 
Long-term debt, before unamortized debt discount and issuance costs4,884,194 4,765,109 
Less: unamortized debt discount and issuance costs(21,769)(32,053)
Long-term debt, net$4,862,425 $4,733,056 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
May 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Basic earnings per common share:
Net income$42,093 $66,834 $112,350 $118,936 
Less: net income allocated to participating securities(1)
(2,036)(2,573)(5,450)(4,575)
Net income attributable to common stockholders$40,057 $64,261 $106,900 $114,361 
Weighted-average number of common shares - basic63,355 65,270 63,693 65,466 
Basic earnings per common share$0.63 $0.98 $1.68 $1.75 
Diluted earnings per common share:
Net income$42,093 $66,834 $112,350 $118,936 
Less: net income allocated to participating securities(1)
(2,035)(2,571)(5,448)(4,568)
Net income attributable to common stockholders$40,058 $64,263 $106,902 $114,368 
Weighted-average number of common shares - basic63,355 65,270 63,693 65,466 
Effect of dilutive securities:
Stock options and certain restricted stock units51 62 40 104 
Weighted-average number of common shares - diluted63,406 65,332 63,733 65,570 
Diluted earnings per common share$0.63 $0.98 $1.68 $1.74 
(1)Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities.
v3.25.2
REVENUE (Tables)
 6 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
In the following table, the Company’s revenue is disaggregated by primary industry verticals:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Industry vertical:     
Technology and consumer electronics     
$662,719 $658,268 $1,320,411 $1,323,370 
Retail, travel and e-commerce
583,782 568,081 1,167,680 1,151,793 
Communications and media     
392,963 381,253 763,963 761,418 
Banking, financial services and insurance     
384,015 377,723 749,208 743,145 
Healthcare     
176,386 176,673 366,191 367,762 
Other     
217,506 218,718 422,140 435,976 
Total$2,417,371 $2,380,716 $4,789,593 $4,783,464 
v3.25.2
LEASES (Tables)
 6 Months Ended
May 31, 2025
Leases [Abstract]  
Schedule of Lease Cost
The following table presents the various components of operating lease costs:
Three Months EndedSix Months Ended
May 31, 2025May 31, 2024May 31, 2025May 31, 2024
Operating lease cost$79,977 $74,786 $154,259 $143,706 
Short-term lease cost17,669 22,082 37,323 42,568 
Variable lease cost13,854 11,253 26,325 22,009 
Sublease income(287)(1,794)(2,154)(2,286)
Total operating lease cost$111,213 $106,327 $215,753 $205,997 
The weighted-average remaining lease term and discount rate as of May 31, 2025 and November 30, 2024 were as follows:
As of
May 31, 2025November 30, 2024
Weighted-average remaining lease term (years)4.304.50
Weighted-average discount rate6.88 %6.91 %
Operating Lease Liability Maturity Schedule
The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of May 31, 2025:
Fiscal Years Ending November 30,
2025 (remaining six months)
$154,073 
2026273,582 
2027212,005 
2028163,260 
2029106,508 
Thereafter118,076 
Total payments1,027,504 
Less: imputed interest*144,303 
Total present value of lease payments$883,201 
*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.
Schedule of Amounts Recorded In Consolidated Balance Sheet Related to Operating Leases
The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:
As of
May 31, 2025November 30, 2024
Operating lease ROU assetsOther assets, net$843,998 $816,550 
Current operating lease liabilitiesOther accrued liabilities248,995 235,912 
Non-current operating lease liabilitiesOther long-term liabilities634,206 625,888 
Schedule of Supplemental Cash Flow Information Related to Operating Leases
The following table presents supplemental cash flow information related to the Company’s operating leases. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
Six Months Ended
May 31, 2025May 31, 2024
Cash paid for amounts included in the measurement of lease liabilities$146,313 $152,964 
Non-cash ROU assets obtained in exchange for lease liabilities110,985 144,532 
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
May 31, 2025
Equity [Abstract]  
Dividends Declared
During fiscal years 2025 and 2024, the Company paid the following dividends per share approved by the Company’s board of directors:

Announcement DateRecord DatePer Share Dividend AmountPayment Date
January 24, 2024February 5, 2024$0.3025February 15, 2024
March 26, 2024April 26, 2024$0.3025May 7, 2024
June 26, 2024July 26, 2024$0.3025August 6, 2024
September 25, 2024October 25, 2024$0.33275November 5, 2024
January 15, 2025January 31, 2025$0.33275February 11, 2025
March 26, 2025April 25, 2025$0.33275May 6, 2025

On June 26, 2025, the Company 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.
v3.25.2
BACKGROUND AND BASIS OF PRESENTATION (Details)
May 31, 2025
market
$ / shares
Nov. 30, 2024
$ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Primary industry verticals | market 5  
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Concentration Risk [Line Items]        
Accounts Receivable Factoring, Amounts Sold $ 310,000 $ 337,000 $ 617,000,000 $ 701,000
Accounts Receivable Factoring, Amount Outstanding $ 142,000,000 $ 162,000,000 $ 142,000,000 $ 162,000,000
v3.25.2
SHARE-BASED COMPENSATION - Narrative (Details) - $ / shares
shares in Thousands
 1 Months Ended
Jan. 31, 2025
Apr. 30, 2024
Mar. 02, 2024
Restricted Stock Awards and Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock granted (in shares) 176    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 52.54    
Performance-based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock granted (in shares) 489 319  
Vesting period   3 years 3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value   $ 41.28 $ 48.94
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Expected to Vest 170    
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
v3.25.2
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Share-Based Payment Arrangement [Abstract]        
Share-Based Payment Arrangement, Expense $ 26,862 $ 21,618 $ 53,462 $ 43,264
v3.25.2
BALANCE SHEET COMPONENTS - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
May 31, 2024
Nov. 30, 2023
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 342,759 $ 240,571    
Restricted cash included in other current assets 192,373 189,033    
Cash, cash equivalents and restricted cash 535,132 429,604 $ 398,053 $ 516,487
Funds Held for Clients $ 183,393 $ 179,949    
v3.25.2
BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
May 31, 2025
Feb. 28, 2025
Nov. 30, 2024
May 31, 2024
Feb. 29, 2024
Nov. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Less: Allowance for doubtful trade receivables $ (19,561) $ (17,416) $ (14,307) $ (13,043) $ (11,175) $ (12,533)
Accounts receivable, net 2,061,412   1,926,737      
Billed accounts receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accounts receivable, gross 1,167,397   1,080,778      
Unbilled accounts receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accounts receivable, gross $ 913,576   $ 860,266      
v3.25.2
BALANCE SHEET COMPONENTS - Allowance for Doubtful Trade Receivables (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Feb. 28, 2025
Nov. 30, 2024
Feb. 29, 2024
Nov. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]                
Accounts Receivable, Allowance for Credit Loss, Current $ 19,561 $ 13,043 $ 19,561 $ 13,043 $ 17,416 $ 14,307 $ 11,175 $ 12,533
Write-offs and reclassifications 540 (2,002) 336 (3,180)        
Provision for doubtful accounts $ 1,605 $ 3,870 $ 4,918 $ 3,690        
v3.25.2
BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 1,819,786 $ 1,695,716
Less: Accumulated depreciation (1,108,323) (981,199)
Property and equipment, net 711,463 714,517
United States    
Property, Plant and Equipment [Line Items]    
Property and equipment, net 92,837 118,732
Philippines    
Property, Plant and Equipment [Line Items]    
Property and equipment, net 86,116 82,864
India    
Property, Plant and Equipment [Line Items]    
Property and equipment, net 50,777 49,339
Other    
Property, Plant and Equipment [Line Items]    
Property and equipment, net 422,802 403,937
FRANCE    
Property, Plant and Equipment [Line Items]    
Property and equipment, net 58,931 59,645
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 28,514 28,235
Equipment, computers, and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 925,494 853,558
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 163,950 151,477
Buildings, building improvements, and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 647,326 617,880
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 54,502 $ 44,566
v3.25.2
BALANCE SHEET COMPONENTS - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Goodwill [Roll Forward]        
Goodwill, Beginning Balance     $ 4,986,967 $ 5,078,668
Goodwill, Measurement Period Adjustment     0 10,442
Foreign exchange translation     142,580 (63,078)
Goodwill, Ending Balance $ 5,131,900 $ 5,026,032 $ 5,131,900 $ 5,026,032
Goodwill, Acquired During Period $ 2,353 $ 0    
v3.25.2
BALANCE SHEET COMPONENTS - Intangible Assets, Net (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross amounts $ 3,915,942 $ 3,790,297
Accumulated amortization (1,759,907) (1,503,357)
Total 2,156,035 2,286,940
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross amounts 3,712,971 3,594,694
Accumulated amortization (1,627,415) (1,399,588)
Total 2,085,556 2,195,106
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross amounts 79,658 79,645
Accumulated amortization (57,135) (50,119)
Total 22,523 29,526
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross amounts 121,113 113,758
Accumulated amortization (73,157) (51,503)
Total 47,956 62,255
Noncompete Agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross amounts 2,200 2,200
Accumulated amortization (2,200) (2,147)
Total $ 0 $ 53
v3.25.2
BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Balance Sheet Related Disclosures [Abstract]    
2021 (remaining three months) $ 216,534  
2026 389,339  
2027 294,057  
2028 249,274  
2029 207,529  
Thereafter 799,302  
Total $ 2,156,035 $ 2,286,940
v3.25.2
BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Feb. 28, 2025
Nov. 30, 2024
Feb. 29, 2024
Nov. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax $ (414) $ 495 $ 4,172 $ 68        
Total stockholders’ equity 4,278,700 4,083,423 4,278,700 4,083,423 $ 4,033,770 $ 4,039,724 $ 4,101,637 $ 4,143,294
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 245,584 (46,308) 187,109 (118,436)        
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0 0 0        
Total stockholders’ equity (224,606) (279,708) (224,606) (279,708) (444,063) (383,149) (254,357) (184,945)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 219,457 (25,351) 158,543 (94,763)        
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax (414) 495 4,172 68        
Total stockholders’ equity 5,740 (20,390) 5,740 (20,390) (20,008) (25,881) 42 4,489
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 26,162 (20,927) 27,449 (24,947)        
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0 0 0        
Total stockholders’ equity (4,166) (9,997) (4,166) (9,997) (4,131) (5,283) (9,967) (11,271)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (35) (30) 1,117 1,274        
AOCI Attributable to Parent [Member]                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Total stockholders’ equity $ (223,032) $ (310,095) $ (223,032) $ (310,095) $ (468,202) $ (414,313) $ (264,282) $ (191,727)
v3.25.2
DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instruments in Balance Sheets (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Sep. 25, 2023
Foreign Exchange Forward | Not Designated as Hedging Instrument      
Derivative instruments not designated as hedging instruments:      
Notional value $ 0 $ 458,482  
Derivative instruments designated as cash flow hedges:      
Notional value 0 458,482  
Foreign Exchange Forward | Not Designated as Hedging Instrument | Other current assets      
Derivative instruments not designated as hedging instruments:      
Forward foreign currency exchange contracts 0 13,935  
Derivative instruments designated as cash flow hedges:      
Forward foreign currency exchange contracts 0 13,935  
Foreign Exchange Forward | Not Designated as Hedging Instrument | Other accrued liabilities      
Derivative instruments not designated as hedging instruments:      
Forward foreign currency exchange contracts 0 167  
Derivative instruments designated as cash flow hedges:      
Forward foreign currency exchange contracts 0 167  
Foreign Exchange Forward | Designated as Hedging Instrument      
Derivative instruments not designated as hedging instruments:      
Notional value 1,084,150 1,049,787  
Derivative instruments designated as cash flow hedges:      
Notional value 1,084,150 1,049,787  
Foreign Exchange Forward | Designated as Hedging Instrument | Other current assets and other assets      
Derivative instruments not designated as hedging instruments:      
Forward foreign currency exchange contracts 20,717 578  
Derivative instruments designated as cash flow hedges:      
Forward foreign currency exchange contracts 20,717 578  
Foreign Exchange Forward | Designated as Hedging Instrument | Other accrued liabilities and other long-term liabilities      
Derivative instruments not designated as hedging instruments:      
Forward foreign currency exchange contracts 821 22,155  
Derivative instruments designated as cash flow hedges:      
Forward foreign currency exchange contracts 821 22,155  
Cross Currency Interest Rate Contract | Not Designated as Hedging Instrument      
Derivative instruments not designated as hedging instruments:      
Notional value     $ 500,000
Derivative instruments designated as cash flow hedges:      
Notional value     500,000
Cross Currency Interest Rate Contract | Designated as Hedging Instrument      
Derivative instruments not designated as hedging instruments:      
Notional value 471,604 471,604 500,000
Derivative instruments designated as cash flow hedges:      
Notional value 471,604 471,604 $ 500,000
Cross Currency Interest Rate Contract | Designated as Hedging Instrument | Other Noncurrent Liabilities      
Derivative instruments not designated as hedging instruments:      
Notional value 43,306 7,468  
Derivative instruments designated as cash flow hedges:      
Notional value 43,306 7,468  
Cross Currency Interest Rate Contract | Designated as Hedging Instrument | Other Assets      
Derivative instruments not designated as hedging instruments:      
Notional value 0 0  
Derivative instruments designated as cash flow hedges:      
Notional value $ 0 $ 0  
v3.25.2
DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on AOCI and Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Designated as Hedging Instrument        
Derivative [Line Items]        
(Losses) gains recognized in OCI $ 36,095 $ (28,028) $ 36,563 $ (33,376)
Designated as Hedging Instrument | Foreign Exchange Forward        
Derivative [Line Items]        
Gain (loss) reclassified from AOCI into income 555 (663) (5,593) (86)
(Losses) gains recognized in OCI 39,107 (28,770) 35,881 (34,193)
Designated as Hedging Instrument | Cross Currency Interest Rate Contract        
Derivative [Line Items]        
(Losses) gains recognized in OCI (3,012) 742 682 817
Other expense (income), net | Not Designated as Hedging Instrument | Foreign Exchange Forward        
Derivative [Line Items]        
(Loss) gain recognized from foreign exchange forward contracts, net (8,322) (4,370) 740 (4,033)
Selling, general and administrative expenses | Designated as Hedging Instrument | Foreign Exchange Forward        
Derivative [Line Items]        
Gain (loss) reclassified from AOCI into income 113 (92) (1,453) 31
Cost of revenue | Designated as Hedging Instrument | Foreign Exchange Forward        
Derivative [Line Items]        
Gain (loss) reclassified from AOCI into income $ 442 $ (571) $ (4,140) $ (117)
v3.25.2
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 25, 2023
May 31, 2025
Aug. 02, 2023
Derivative [Line Items]      
Existing gains expected to be reclassified   $ 14,162  
2026 Notes      
Derivative [Line Items]      
Debt Conversion, Converted Instrument, Amount $ 250,000    
Debt Instrument, Interest Rate, Stated Percentage 6.65% 6.65% 6.65%
Debt, Weighted Average Interest Rate 5.12%    
2028 Notes      
Derivative [Line Items]      
Debt Conversion, Converted Instrument, Amount $ 250,000    
Debt Instrument, Interest Rate, Stated Percentage 6.66% 6.60% 6.60%
Debt, Weighted Average Interest Rate 5.18%    
v3.25.2
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Liabilities measured at fair value:    
Carrying amount $ 4,862,425 $ 4,733,056
Fair Value, Recurring    
Assets measured at fair value:    
Cash and cash equivalents 342,759 240,571
Other Assets, Fair Value Disclosure 192,373 189,033
Liabilities measured at fair value:    
Fair value 2,217,187 2,202,221
Carrying amount 2,137,524 2,135,576
Fair Value, Recurring | Foreign Exchange Forward    
Assets measured at fair value:    
Forward foreign currency exchange contracts 20,717 14,513
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 821 22,322
Fair Value, Recurring | Cross Currency Interest Rate Contract    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 43,306 7,468
Fair Value, Recurring | Contingent Consideration    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 18,386 13,373
Fair Value, Recurring | Level 1    
Assets measured at fair value:    
Cash and cash equivalents 342,759 240,571
Other Assets, Fair Value Disclosure 192,373 189,033
Liabilities measured at fair value:    
Fair value 0 0
Carrying amount 0 0
Fair Value, Recurring | Level 1 | Foreign Exchange Forward    
Assets measured at fair value:    
Forward foreign currency exchange contracts 0 0
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 0 0
Fair Value, Recurring | Level 1 | Cross Currency Interest Rate Contract    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 0 0
Fair Value, Recurring | Level 1 | Contingent Consideration    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 0 0
Fair Value, Recurring | Level 2    
Assets measured at fair value:    
Cash and cash equivalents 0 0
Other Assets, Fair Value Disclosure 0 0
Liabilities measured at fair value:    
Fair value 2,217,187 2,202,221
Carrying amount 0 0
Fair Value, Recurring | Level 2 | Foreign Exchange Forward    
Assets measured at fair value:    
Forward foreign currency exchange contracts 20,717 14,513
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 821 22,322
Fair Value, Recurring | Level 2 | Cross Currency Interest Rate Contract    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 43,306 7,468
Fair Value, Recurring | Level 2 | Contingent Consideration    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 18,386 13,373
Fair Value, Recurring | Level 3    
Assets measured at fair value:    
Cash and cash equivalents 0 0
Other Assets, Fair Value Disclosure 0 0
Liabilities measured at fair value:    
Fair value 0 0
Carrying amount 0 0
Fair Value, Recurring | Level 3 | Foreign Exchange Forward    
Assets measured at fair value:    
Forward foreign currency exchange contracts 0 0
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 0 0
Fair Value, Recurring | Level 3 | Cross Currency Interest Rate Contract    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts 0 0
Fair Value, Recurring | Level 3 | Contingent Consideration    
Liabilities measured at fair value:    
Forward foreign currency exchange contracts $ 0 $ 0
v3.25.2
BORROWINGS - Schedule of Debt (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
May 31, 2024
Sep. 25, 2023
Aug. 02, 2023
Debt Instrument [Line Items]          
Long-term debt, before unamortized debt discount and issuance costs $ 4,884,194 $ 4,765,109      
Less: unamortized debt discount and issuance costs (21,769) (32,053)      
Long-term debt, net 4,862,425 4,733,056      
Notes Payable 794,319 740,466      
Other Loans Payable 0 3,643      
Other Loans Payable, Current 206 2,522      
Other Long-Term Debt, Current 28,331        
2026 Notes          
Debt Instrument [Line Items]          
Senior Notes $ 800,000 800,000     $ 800,000
Debt Instrument, Interest Rate, Stated Percentage 6.65%     6.65% 6.65%
2028 Notes          
Debt Instrument [Line Items]          
Senior Notes $ 800,000 800,000     $ 800,000
Debt Instrument, Interest Rate, Stated Percentage 6.60%     6.66% 6.60%
2033 Notes          
Debt Instrument [Line Items]          
Senior Notes $ 550,000 550,000     $ 550,000
Debt Instrument, Interest Rate, Stated Percentage 6.85%       6.85%
Securitization Facility          
Debt Instrument [Line Items]          
Credit Facility - term loans component $ 618,000 371,000      
Senior Secured Credit Facility | New Term Loan          
Debt Instrument [Line Items]          
Credit Facility - term loans component 1,321,875 $ 1,500,000      
Line of Credit, Current $ 28,125   $ 0    
v3.25.2
BORROWINGS - Narrative (Details)
 6 Months Ended
Apr. 11, 2025
USD ($)
Jan. 14, 2025
USD ($)
Apr. 25, 2024
USD ($)
Sep. 25, 2023
USD ($)
Dec. 27, 2021
May 31, 2025
USD ($)
May 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
Sep. 25, 2023
EUR (€)
Aug. 02, 2023
USD ($)
Webhelp                    
Debt Instrument [Line Items]                    
Business Acquisition, Note Payable Consideration       $ 700,000,000            
Debt Instrument, Interest Rate, Stated Percentage       2.00%         2.00%  
Business Acquisition, Note Payable Discount | €                 € 31,500,000  
Business Acquisition, Note Payable Discounted Value       $ 711,830,000         € 668,500,000  
Debt Instrument, Imputed Annual Interest Rate       4.36%         4.36%  
Revolver                    
Debt Instrument [Line Items]                    
Principal payments           $ 100,000,000 $ 0      
New Term Loan                    
Debt Instrument [Line Items]                    
Principal payments           900,000,000 $ 250,000,000      
Securitization Facility                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity   $ 700,000,000 $ 600,000,000              
Credit Facility - term loans component           $ 618,000,000   $ 371,000,000    
Securitization Facility | Commercial Paper Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate   0.75% 0.80%              
Securitization Facility | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate   0.90%                
Debt Instrument, Basis Spread on Variable Rate, Adjustment   0.10%                
2026 Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       6.65%   6.65%     6.65% 6.65%
Senior Notes           $ 800,000,000   800,000,000   $ 800,000,000
2028 Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage       6.66%   6.60%     6.66% 6.60%
Senior Notes           $ 800,000,000   800,000,000   $ 800,000,000
2033 Notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Stated Percentage           6.85%       6.85%
Senior Notes           $ 550,000,000   550,000,000   $ 550,000,000
Senior Secured Credit Facility                    
Debt Instrument [Line Items]                    
Consolidated leverage ratio 3.75                  
Consolidated interest coverage ratio 3.00                  
Senior Secured Credit Facility | Period Following Acquisition                    
Debt Instrument [Line Items]                    
Consolidated leverage ratio 4.25                  
Senior Secured Credit Facility | Revolver                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity $ 1,100,000,000                  
Amount outstanding           0   0    
Increase in credit facility 500,000,000                  
Senior Secured Credit Facility | New Term Loan                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity $ 750,000,000                  
Amount outstanding           1,350,000,000   1,500,000,000    
Principal payments           150,000,000        
Credit Facility - term loans component           $ 1,321,875,000   $ 1,500,000,000    
Senior Secured Credit Facility | Prior Credit Facility - Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Periodic Payment, Percentage of Existing Principal Balance 1.25%                  
Senior Secured Credit Facility | New Term Loan Member                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity $ 750,000,000                  
Senior Secured Credit Facility | 3-Year DD Term Loan Facility                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity 250,000,000                  
Senior Secured Credit Facility | 5-Year DD Term Loan                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity $ 500,000,000                  
Senior Secured Credit Facility | Federal Funds Rate                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.50%                  
Senior Secured Credit Facility | Federal Funds Rate | Not LIBOR Rate Loans                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         0.50%          
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 1.00%                  
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.10%                  
Debt Instrument, Interest Rate, Effective Percentage, Minimum 0.00%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Revolver                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 87.50%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Prior Credit Facility - Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.125%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | 3-Year DD Term Loan Facility                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.00%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | 5-Year DD Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.10%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Revolver                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.50%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Prior Credit Facility - Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 2.00%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | 3-Year DD Term Loan Facility                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.50%                  
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | 5-Year DD Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.60%                  
Senior Secured Credit Facility | Base Rate                    
Debt Instrument [Line Items]                    
Debt Instrument, Interest Rate, Effective Percentage, Minimum 1.00%                  
Senior Secured Credit Facility | Base Rate | Minimum | Prior Credit Facility - Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.125%                  
Senior Secured Credit Facility | Base Rate | Minimum | 3-Year DD Term Loan Facility                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.00%                  
Senior Secured Credit Facility | Base Rate | Minimum | 5-Year DD Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.10%                  
Senior Secured Credit Facility | Base Rate | Maximum | Prior Credit Facility - Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 1.00%                  
Senior Secured Credit Facility | Base Rate | Maximum | 3-Year DD Term Loan Facility                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.50%                  
Senior Secured Credit Facility | Base Rate | Maximum | 5-Year DD Term Loan                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate, Adjustment 0.60%                  
v3.25.2
EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Basic earnings per common share:        
Net Income (Loss) $ 42,093 $ 66,834 $ 112,350 $ 118,936
Less: net income allocated to participating securities (2,036) (2,573) (5,450) (4,575)
Net income attributable to common stockholders $ 40,057 $ 64,261 $ 106,900 $ 114,361
Weighted-average number of common shares - basic (in shares) 63,355 65,270 63,693 65,466
Basic earnings per common share (in dollars per share) $ 0.63 $ 0.98 $ 1.68 $ 1.75
Diluted earnings per common share:        
Net Income (Loss) $ 42,093 $ 66,834 $ 112,350 $ 118,936
Less: net income allocated to participating securities (2,035) (2,571) (5,448) (4,568)
Net income attributable to common stockholders $ 40,058 $ 64,263 $ 106,902 $ 114,368
Weighted-average number of common shares - basic (in shares) 63,355 65,270 63,693 65,466
Effect of dilutive securities:        
Stock options and certain restricted stock units 51 62 40 104
Weighted-average number of common shares - diluted (in shares) 63,406 65,332 63,733 65,570
Diluted earnings per common share (in dollars per share) $ 0.63 $ 0.98 $ 1.68 $ 1.74
v3.25.2
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 2,417,371 $ 2,380,716 $ 4,789,593 $ 4,783,464
Technology and consumer electronics        
Disaggregation of Revenue [Line Items]        
Revenue 662,719 658,268 1,320,411 1,323,370
Communications and media        
Disaggregation of Revenue [Line Items]        
Revenue 392,963 381,253 763,963 761,418
Retail, travel and e-commerce        
Disaggregation of Revenue [Line Items]        
Revenue 583,782 568,081 1,167,680 1,151,793
Banking, financial services and insurance        
Disaggregation of Revenue [Line Items]        
Revenue 384,015 377,723 749,208 743,145
Other        
Disaggregation of Revenue [Line Items]        
Revenue 217,506 218,718 422,140 435,976
Healthcare        
Disaggregation of Revenue [Line Items]        
Revenue $ 176,386 $ 176,673 $ 366,191 $ 367,762
v3.25.2
PENSION AND EMPLOYEE BENEFITS PLANS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Nov. 30, 2024
Retirement Benefits [Abstract]          
Contributed amount $ 19,266 $ 25,516 $ 47,887 $ 51,632  
Net benefit costs 3,827 $ 3,510 7,710 $ 7,089  
Plan underfunded amount $ 81,702   $ 81,702   $ 77,942
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Nov. 30, 2024
Income Tax Disclosure [Abstract]          
Unrecognized tax benefits $ 112,741   $ 112,741   $ 112,961
Unrecognized tax benefits that would affect income tax expense if recognized 83,517   83,517   60,512
Interest and penalties accrued on unrecognized tax benefits 13,616   13,616   $ 12,613
Income Tax Contingency [Line Items]          
Provision for income taxes 9,628 $ 20,294 40,163 $ 41,016  
Minimum          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits decrease amount 44,052   44,052    
Maximum          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits decrease amount $ 46,725   $ 46,725    
v3.25.2
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Leases [Abstract]        
Operating lease cost $ 79,977 $ 74,786 $ 154,259 $ 143,706
Short-term lease cost 17,669 22,082 37,323 42,568
Variable lease cost 13,854 11,253 26,325 22,009
Sublease income (287) (1,794) (2,154) (2,286)
Total operating lease cost $ 111,213 $ 106,327 $ 215,753 $ 205,997
v3.25.2
LEASES - Operating Lease Liability Maturity (Details)
$ in Thousands
May 31, 2025
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year $ 154,073
2026 273,582
2027 212,005
2028 163,260
2029 106,508
Thereafter 118,076
Total payments 1,027,504
Less: imputed interest 144,303
Total present value of lease payments $ 883,201
v3.25.2
LEASES - Operating Lease ROU Assets and Liabilities (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Leases [Abstract]    
Operating lease ROU assets $ 843,998 $ 816,550
Current operating lease liabilities 248,995 235,912
Non-current operating lease liabilities $ 634,206 $ 625,888
Operating lease, right-of-use asset, statement of financial position Other assets Other assets
Operating lease, liability, current, statement of financial position Other accrued liabilities Other accrued liabilities
Operating Lease, liability, noncurrent, statement of financial position Other long-term liabilities Other long-term liabilities
v3.25.2
LEASES - Operating Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2025
May 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ 146,313 $ 152,964
Non-cash ROU assets obtained in exchange for lease liabilities $ 110,985 $ 144,532
v3.25.2
LEASES - Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)
May 31, 2025
Nov. 30, 2024
Leases [Abstract]    
Weighted-average remaining lease term (years) 4 years 3 months 18 days 4 years 6 months
Weighted-average discount rate 6.88% 6.91%
v3.25.2
STOCKHOLDERS' EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 26, 2025
Mar. 26, 2025
Jan. 15, 2025
Sep. 25, 2024
Jun. 26, 2024
Mar. 26, 2024
Jan. 24, 2024
Jun. 30, 2025
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Jan. 01, 2025
Sep. 30, 2021
Equity [Abstract]                            
Share Repurchase Program, Authorized, Amount                         $ 600,000 $ 500,000
Common Stock, Dividends, Per Share, Cash Paid   $ 0.33275 $ 0.33275 $ 0.33275 $ 0.3025 $ 0.3025 $ 0.3025              
Share Repurchase Program, Remaining Authorized, Amount                 $ 537,002   $ 537,002      
Stock Repurchased During Period, Value                 $ 45,328 $ 40,633 $ 71,174 $ 62,307    
Stock Repurchased During Period, Shares                 924,000 663 1,464,000 900    
Subsequent Event [Line Items]                            
Stock Repurchased During Period, Shares                 924,000 663 1,464,000 900    
Stock Repurchased During Period, Value                 $ 45,328 $ 40,633 $ 71,174 $ 62,307    
Common Stock, Dividends, Per Share, Cash Paid   $ 0.33275 $ 0.33275 $ 0.33275 $ 0.3025 $ 0.3025 $ 0.3025              
Subsequent Event                            
Equity [Abstract]                            
Stock Repurchased During Period, Value               $ 12,206            
Stock Repurchased During Period, Shares               222,000            
Common stock quarterly dividend declared (in dollars per share) $ 0.33275                          
Subsequent Event [Line Items]                            
Common stock quarterly dividend declared (in dollars per share) $ 0.33275                          
Stock Repurchased During Period, Shares               222,000            
Stock Repurchased During Period, Value               $ 12,206