$CNXC

Concentrix Corp

CIK:0001803599|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
Income Statement [Abstract]
Revenue	$ 2,453,679	$ 2,483,253	$ 7,416,543	$ 7,272,846
Cost of revenue	1,604,800	1,628,246	4,894,658	4,713,792
Gross profit	848,879	855,007	2,521,885	2,559,054
Selling, general and administrative expenses	709,184	708,023	2,168,210	2,094,858
Impairment charge	1,050,000	0	1,050,000	0
Operating income (loss)	(910,305)	146,984	(696,325)	464,196
Interest expense and finance charges, net	64,856	72,014	208,247	220,414
Other expense (income), net	4,603	(36,474)	(23,014)	(20,175)
Income (loss) before income taxes	(979,764)	111,444	(881,558)	263,957
Provision for income taxes	8,349	23,334	29,690	63,497
Net income (loss)	$ (988,113)	$ 88,110	$ (911,248)	$ 200,460
Earnings (loss) per common share:
Basic (in dollars per share)	$ (16.24)	$ 1.34	$ (14.99)	$ 3.01
Diluted (in dollars per share)	$ (16.24)	$ 1.34	$ (14.99)	$ 3.01
Weighted-average common shares outstanding:
Basic (in shares)	60,910	62,598	61,011	63,325
Diluted (in shares)	60,910	62,702	61,011	63,379

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (911,248)	$ 200,460
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charge	1,050,000	0
Depreciation	170,548	168,026
Amortization	306,421	326,556
Non-cash share-based compensation expense	72,022	77,913
Provision for credit losses	7,384	5,467
Deferred income taxes	(70,110)	(112,717)
Amortization of debt discount and issuance costs	5,723	19,056
Pension and other post-retirement benefit costs	18,911	11,220
Change in acquisition contingent consideration	1,180	4,250
Loss on held for sale	8,420	0
Other	3,788	(39)
Changes in operating assets and liabilities:
Accounts receivable, net	30,085	(64,260)
Accounts payable	(19,719)	6,895
Other operating assets and liabilities	(230,527)	(180,080)
Net cash provided by operating activities	442,878	462,747
Cash flows from investing activities:
Purchases of property and equipment	(149,054)	(171,464)
Proceeds from sale of property and equipment	17,016	0
Proceeds from divestiture, net of cash sold	3,156	0
Acquisition of business, net of cash acquired	0	(663)
Net cash used in investing activities	(128,882)	(172,127)
Cash flows from financing activities:
Proceeds from the Securitization Facility	1,151,500	1,628,000
Repayments of the Securitization Facility	(1,068,000)	(1,474,000)
Proceeds from the issuance of Senior Notes due 2029	599,796	0
Repayments of Senior Notes due 2026	(800,000)	0
Cash paid for debt extinguishment	(5,478)	0
Other debt repayments	0	(6,165)
Cash paid for debt issuance costs	(4,953)	(4,755)
Acquisition deferred consideration payment	0	(6,454)
Proceeds from exercise of stock options	3,848	3,991
Repurchase of common stock for tax withholdings on equity awards	(4,068)	(3,743)
Payments for Repurchase of Common Stock	(43,194)	(112,774)
Dividends paid	(69,264)	(66,393)
Change in funds held for clients	3,340	(19,151)
Net cash used in financing activities	(383,348)	(211,444)
Effect of exchange rate changes on cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale	3,004	29,706
Net increase (decrease) in cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale	(66,348)	108,882
Cash, cash equivalents, cash held for sale and restricted cash at beginning of year	521,127	429,604
Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale at end of period	454,779	538,486
Supplemental disclosure of non-cash investing activities:
Accrued costs for property and equipment purchases	31,536	38,346
New Term Loan
Cash flows from financing activities:
Proceeds from Long-Term Lines of Credit	0	750,000
Repayments of Long-Term Lines of Credit	146,875	900,000
Revolver
Cash flows from financing activities:
Proceeds from Long-Term Lines of Credit	1,668,500	100,000
Repayments of Long-Term Lines of Credit	$ 1,668,500	$ 100,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Aug. 31, 2026	Nov. 30, 2025
Current assets:
Cash and cash equivalents	$ 244,692,000	$ 327,347,000
Accounts receivable, net	1,969,848,000	1,999,021,000
Assets held for sale	212,959,000	0
Other current assets	489,238,000	758,135,000
Total current assets	2,916,737,000	3,084,503,000
Property and equipment, net	698,116,000	735,550,000
Operating lease ROU assets	864,749,000	857,025,000
Goodwill	2,636,667,000	3,671,746,000
Intangible assets, net	1,651,400,000	1,960,338,000
Deferred tax assets	346,058,000	317,453,000
Other assets	147,042,000	134,471,000
Total assets	9,260,769,000	10,761,086,000
Current liabilities:
Accounts payable	221,495,000	244,771,000
Current portion of long-term debt	450,000,000	65,625,000
Accrued compensation and benefits	680,040,000	764,962,000
Other accrued liabilities	763,409,000	997,198,000
Income taxes payable	73,221,000	123,794,000
Liabilities held for sale	182,149,000	0
Total current liabilities	2,370,314,000	2,196,350,000
Long-term debt, net	3,925,373,000	4,572,889,000
Other long-term liabilities	949,867,000	950,983,000
Deferred tax liabilities	246,476,000	296,519,000
Total liabilities	7,492,030,000	8,016,741,000
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of August 31, 2026 and November 30, 2025, respectively	0	0
Common stock, $0.0001 par value, 250,000 shares authorized; 70,679 and 70,316 shares issued as of August 31, 2026 and November 30, 2025, respectively, and 60,948 and 61,739 shares outstanding as of August 31, 2026 and November 30, 2025, respectively	7,000	7,000
Additional paid-in capital	3,859,842,000	3,783,972,000
Treasury stock, 9,731 and 8,577 shares as of August 31, 2026 and November 30, 2025, respectively	(657,424,000)	(610,162,000)
Retained deficit	(1,157,782,000)	(177,010,000)
Accumulated other comprehensive loss	(275,904,000)	(252,462,000)
Total stockholders’ equity	1,768,739,000	2,744,345,000
Total liabilities and stockholders’ equity	$ 9,260,769,000	$ 10,761,086,000