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What changed in Concentrix Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Concentrix Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+378 added−348 removedSource: 10-K (2026-01-28) vs 10-K (2025-01-28)

Top changes in Concentrix Corp's 2025 10-K

378 paragraphs added · 348 removed · 288 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

77 edited+22 added−4 removed52 unchanged
Biggest changeIn September 2024, we announced the release of iX Hello TM , the first commercially available product in our Intelligent Experience (“IX”) suite of products. iX Hello is an enterprise-grade GenAI-powered self-service application that is designed to accelerate productivity across multiple business functions by enabling users to create customizable virtual assistants that can integrate with leading large language models as well as internal data sources. 3 Table of Contents iX Hello is capable of researching the latest online information, translating text in over 90 languages, analyzing files, images, and data, transcribing voice and meeting notes, and creating training materials, documentation, and reports, among other applications.
Biggest changeOur current iX suite offerings include: • iX Hello TM is an enterprise-grade GenAI-powered self-service application that is designed to accelerate productivity across multiple business functions by enabling users to create customizable virtual assistants that can integrate with leading large language models as well as internal data sources. iX Hello is capable of researching the latest online information, translating text in over 90 languages, analyzing files, images, and data, transcribing voice and meeting notes, and creating training materials, documentation, and reports, among other applications. • iX Hero TM is an agentic AI-powered application that works together with a human in the loop to accelerate customer experience delivery. iX Hero is designed to analyze advisor performance and provide data-driven real-time coaching and insights, find and surface ready-to-use answers during customer interactions, summarize and automatically transcribe conversations, and deliver essential news and updates to advisors. iX Hero includes two agentic AI features, Harmony, which fine-tunes speech patterns for clearer pronunciation, and Clarity, which suppresses background noise to deliver clearer audio.
Our strategic verticals include: technology and consumer electronics; retail, travel and e-commerce; banking; financial services and insurance; healthcare; communications and media; and other. We focus on developing long-term, strategic relationships with clients in verticals with certain characteristics, such as high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry.
Our strategic verticals include: technology and consumer electronics; retail, travel and e-commerce; communications and media; banking, financial services, and insurance; healthcare; and other. We focus on developing long-term, strategic relationships with clients in verticals with certain characteristics, such as high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry.
Our suite of integrated solutions include: digital transformation services that design and engineer CX solutions to enable efficient customer self-service and build customer loyalty; customer engagement solutions and services that address the entirety of the customer lifecycle; AI technology that can intelligently act on customer intent to improve customer experience with non-human engagement; self-service GenAI assistants that can be customized to fit a myriad of use cases from data analysis to language translations to internal chatbots; VOC solutions to gather and analyze customer feedback to foster loyalty to, and growth with, clients; analytics and consulting solutions that synthesize data and provide professional insight to improve clients’ customer experience strategies; specialized support to specific industry verticals, including collections, know-your-customer, and financial crime and compliance; and back-office services that support clients in non-customer facing areas.
Our suite of integrated solutions include: digital transformation services that design and engineer CX solutions to enable efficient customer self-service and build customer loyalty; customer engagement solutions and services that address the entirety of the customer lifecycle; AI technology that can intelligently act on customer intent to improve customer experience with non-human engagement; self-service GenAI and agentic AI assistants that can be customized to fit a myriad of use cases from data analysis to language translations to internal chatbots; VOC solutions to gather and analyze customer feedback to foster loyalty to, and growth with, clients; analytics and consulting solutions that synthesize data and provide professional insight to improve clients’ customer experience strategies; specialized support to specific industry verticals, including collections, know-your-customer, and financial crime and compliance; and back-office services that support clients in non-customer facing areas.
Our differentiated portfolio of solutions supports Fortune Global 500 and new economy companies across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI (“GenAI”)-powered self-service, social media, asynchronous messaging, and other custom applications.
Our differentiated portfolio of solutions supports Fortune Global 500 and new economy companies across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI (“GenAI”) and agentic AI-powered self-service, social media, asynchronous messaging, and other custom applications.
The SEC maintains a website at www.sec.gov that contains our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and our proxy and information statements. 12 Table of Contents
The SEC maintains a website at www.sec.gov that contains our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and our proxy and information statements. 13 Table of Contents
These issues are compounded by a lack of sufficient investment in cybersecurity, creating exposure to regulatory, reputational, and operational risks. These pain points, coupled with the prevalence of providers offering legacy solutions that fail to address the demands of the modern consumer, create an opportunity for large-scale, global end-to-end solutions providers.
These issues are compounded by a lack of sufficient investment in cybersecurity, creating exposure to regulatory, reputational, and operational risks. These pain points, coupled with the prevalence of providers offering legacy solutions that fail to address the increasing demands of the modern consumer, create an opportunity for large-scale, global end-to-end solutions providers.
Our innovative use of technology, including automation, GenAI, and AI, enables us to improve our voice, chat, web and e-mail handling and personnel scheduling, thereby increasing our efficiency and enhancing the quality of the services we deliver to our clients and their customers. We are able to dynamically scale to respond to changes in our clients’ business volumes.
Our innovative use of technology, including automation, GenAI, agentic AI, and AI, enables us to improve our voice, chat, web and e-mail handling and personnel scheduling, thereby increasing our efficiency and enhancing the quality of the services we deliver to our clients and their customers. We are able to dynamically scale to respond to changes in our clients’ business volumes.
These services are supported by proprietary and third-party technologies to enable efficient and secure contacts through various channels including voice, chat, web, email, social media and other digital platforms, including automated bots, RPA, AI and GenAI.
These services are supported by proprietary and third-party technologies to enable efficient and secure contacts through various channels including voice, chat, web, email, social media and other digital platforms, including automated bots, RPA, AI, GenAI, and agentic AI.
We believe we are well-positioned to serve the largest global brands in nearly every market in which they operate. Our global footprint includes a strong presence in emerging markets such as India, Brazil, Egypt, Türkiye, China, South Africa, Vietnam, Indonesia and Thailand, which provides an opportunity to grow with our clients in these regions.
We believe we are well-positioned to serve the largest global brands in nearly every market in which they operate. Our global footprint includes a strong presence in emerging markets such as India, Egypt, Brazil, Türkiye, China, South Africa, Vietnam, Indonesia, Mexico, Poland and Thailand, which provides an opportunity to grow with our clients in these regions.
Leading global companies, including more than 155 Fortune Global 500 brands, rely upon our solutions and technology. We serve a wide variety of clients, extending across numerous verticals. Our end-to-end capabilities and global scale have enabled us to build long-lasting relationships with our largest clients spanning more than 16 years on average.
Leading global companies, including more than 160 Fortune Global 500 brands, rely upon our solutions and technology. We serve a wide variety of clients, extending across numerous verticals. Our end-to-end capabilities and global scale have enabled us to build long-lasting relationships with our largest clients spanning 16 years on average.
We expect to continue to strategically invest in similar markets to be well-positioned to grow with our clients in the regions and countries where they are growing and cost-effectively serve global brands in multiple time zones. Our Clients In fiscal year 2024, we served more than 2,000 clients across various verticals and geographies.
We expect to continue to strategically invest in similar markets to be well-positioned to grow with our clients in the regions and countries where they are growing and cost-effectively serve global brands in multiple time zones. Our Clients In fiscal year 2025, we served more than 2,000 clients across various verticals and geographies.
We believe in deepening and broadening our support of clients over the long term to build enduring relationships, and we prioritize the pursuit of clients in verticals characterized by high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry. Our average client tenure for our top 30 clients is more than 16 years.
We believe in deepening and broadening our support of clients over the long term to build enduring relationships, and we prioritize the pursuit of clients in verticals characterized by high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry. Our average client tenure for our top 30 clients is 16 years.
For these reasons, we believe investments in disruptive technologies, applications, and services, including GenAI, will continue to be instrumental in driving better value for our clients and, over time, result in increased profitability. • Further Expand into Adjacent Markets : Our marketplace continues to expand, and we see significant opportunity for growth across adjacent markets.
For these reasons, we believe investments in disruptive technologies, applications, and services, including GenAI and agentic AI, will continue to be instrumental in driving better value for our clients and, over time, result in increased profitability. • Further Expand into Adjacent Markets : Our marketplace continues to expand, and we see significant opportunity for growth across adjacent markets.
Old paradigms have shifted as increasingly competitive markets, easily accessible crowd-sourced information, and self-service GenAI solutions have empowered consumers to unprecedented levels. As consumers demand more and have an increasing number of alternatives, companies must differentiate on how they manage their customer relationships.
Old paradigms have shifted as increasingly competitive markets, easily accessible crowd-sourced information, and self-service GenAI and agentic AI solutions have empowered consumers to unprecedented levels. As consumers demand more and have an increasing number of alternatives, companies must differentiate on how they manage their customer relationships.
We also review our compensation practices, both in terms of our overall workforce and individual game-changer s, to ensure our pay is fair and equitable. We have reviewed the compensation of our game-changers to ensure consistent pay practices by conducting a gender pay equity analysis comparing staff in the same role within a country or location.
We also review our compensation practices, both in terms of our overall workforce and individual game-changers, to ensure our pay is fair and equitable. We have reviewed the compensation of our game-changers to ensure consistent pay practices by conducting a gender pay equity analysis comparing staff in the same role within a country or location.
Our clients include: • 9 of the top 10 tech and consumer electronics companies • 7 of the top 10 fintech companies • 2 of the top 5 retail and e-commerce companies • 8 of the top 10 European banks • 6 of the top 10 U.S. banks • 5 of the top 5 U.S. health insurance companies • 3 of the top 5 global healthcare companies • 8 of the top 10 global automotive companies 2 Table of Contents Through our technology-infused solutions, our clients benefit from having a single partner that can deliver integrated solutions at scale, enabling them to address the entirety of the customer journey, from acquisition to support to renewal.
Our clients include: • 8 of the top 10 global tech and consumer electronics companies • 8 of the top 10 global fintech companies • 2 of the top 5 global retail and e-commerce companies • 8 of the top 10 European banks 2 Table of Contents • 7 of the top 10 U.S. banks • 5 of the top 5 U.S. health insurance companies • 3 of the top 5 global healthcare companies • 10 of the top 10 global automotive companies Through our technology-infused solutions, our clients benefit from having a single partner that can deliver integrated solutions globally at scale, enabling them to address the entirety of the customer journey, from acquisition to support to renewal.
Our strategic verticals include technology and consumer electronics, retail, travel and e-commerce, banking, financial services and insurance, healthcare, communications and media, and other.
Our strategic verticals include: • technology and consumer electronics; • retail, travel and e-commerce; • communications and media; • banking, financial services and insurance; and • healthcare.
Contacts in the voice and chat channels are increasingly complex and driving a trend of longer customer engagements, requiring individuals to have a more robust skill set. However, the transition of lower complexity support to online and self-support options, driven by heavy automation and the increased use of new technologies, reduces volumes in the voice channel.
Contacts in the voice and chat channels are increasingly complex and driving a trend of longer customer engagements, requiring individuals to have a more robust skill set. However, the transition of lower 5 Table of Contents complexity support to online and self-support options, driven by heavy automation and the increased use of new technologies, reduces volumes in the voice channel.
We also have the capability to provide services for our clients through our utilization of remote staff. We support secure remote work environments through digital tools and technology that authenticate the remote advisor, restrict unauthorized personnel and devices, and alert of attempts to circumvent control. More than 20% of our global team currently works remotely.
We also have the capability to provide services for our clients through our utilization of remote staff. We support secure remote work environments through digital tools and technology that authenticate the remote advisor, restrict unauthorized personnel and devices, and alert of attempts to circumvent control. Approximately 20% of our global team currently works remotely.
Our team also supports nine staff resource groups, including LGBTQ+, persons with disabilities, women, women in tech, military veterans, and black professionals, to promote a diverse and inclusive workplace.
Our team also supports eleven staff resource groups, including LGBTQ+, persons with disabilities, women, women in tech, military veterans, and black professionals, to promote a diverse and inclusive workplace.
We regularly solicit the opinion and views of our game-changers through a staff satisfaction survey, the results of which inform key initiatives to support engagement and foster retention.
We regularly solicit the opinions and views of our game-changers through a staff satisfaction survey, the results of which inform key initiatives to support engagement and foster retention.
Our Competitive Strengths We believe the following strengths differentiate us from our competitors and provide us with a competitive advantage: • Market Leader with a Differentiated Brand and Value Proposition : We strive to have a compelling brand and reputation as a leading provider of solutions and technology that shape the customer experience.
Our Competitive Strengths We believe the following strengths differentiate us from our competitors and provide us with a competitive advantage: • Market Leader with a Differentiated Brand and Value Proposition : We strive to have a compelling brand and reputation as a leading provider of solutions and technology that improve business outcomes and shape the customer experience.
Our commitment to these principles is set out in our Human Rights Policy, our Diversity, Equity, Inclusion and Belonging Policy, and our Code of Ethical Business Conduct, which require all of our game-changers to adhere to our dedication to an inclusive work environment that fosters respect for all of our team members.
Our commitment to these principles is set out in our Human Rights Policy, our Inclusion and Belonging Policy, and our Code of Ethical Business Conduct (our “Code”), which require all of our game-changers to adhere to our dedication to an inclusive work environment that fosters respect for all of our team members.
As client preferences continue to evolve in line with enterprise preferences, we anticipate that the market will undergo further consolidation. 5 Table of Contents • Legacy Solutions Have Many Limitations . As executives look to successfully navigate digital transformation and manage their customers’ experience across a wider variety of channels, unsophisticated providers and solutions often fail to meet customers’ needs.
As client preferences continue to evolve in line with enterprise preferences, we anticipate that the market will undergo further consolidation. • Legacy Solutions Have Many Limitations . As executives look to successfully navigate digital transformation and manage their customers’ experience across a wider variety of channels, unsophisticated providers and solutions often fail to meet customers’ evolving needs.
A critical component of this capability is our approximately 485 locations in 75 countries across six continents. Our service delivery centers improve the efficiency of our engagement teams through the reuse of processes, solution designs, and infrastructure by leveraging the experience of delivery center professionals. Services are provided from these global locations to customers worldwide in multiple languages.
A critical component of this capability is our approximately 483 locations in 74 countries across six continents. Our service delivery centers improve the efficiency of our engagement teams through the reuse of processes, solution designs, and infrastructure by leveraging the experience of delivery center professionals. Services are provided from these global locations to customers worldwide in multiple languages.
The length of our sales cycle varies depending on the type of services work as well as whether there is an existing relationship with the client. We have designated client partners or global relationship managers for each of our strategic relationships.
The length of our sales cycle varies depending on the type of services work as well as whether there is an existing relationship with the client. 8 Table of Contents We have designated client partners or global relationship managers for each of our strategic relationships.
By leveraging our scale and efficiencies across our common system platforms, we can provide rapid client-specific enhancements and modifications at competitive costs, which positions us as a value-added provider of technology and services. International Operations In fiscal year 2024, approximately 88% of our revenue was generated by our non-U.S. operations.
By leveraging our scale and efficiencies across our common system platforms, we can provide rapid client-specific enhancements and modifications at competitive costs, which positions us as a value-added provider of technology and services. International Operations In fiscal year 2025, approximately 89% of our revenue was generated by our non-U.S. operations.
We have a differentiated combination of global scale, local reach, technological expertise, end-to-end solution capabilities and full lifecycle services, and we are also an industry leader in cybersecurity best practices. We are widely recognized as a leading provider of CX solutions and technology, garnering industry attention via 176 industry awards in fiscal year 2024.
We have a differentiated combination of global scale, local reach, technological expertise, end-to-end solution capabilities and full lifecycle services, and we are also an industry leader in cybersecurity best practices. We are widely recognized as a leading provider of CX solutions and technology, garnering industry attention via 195 industry awards in fiscal year 2025.
As our industry evolves, we will continue to invest in new technologies and faster growing markets to further sustain long-term growth. 7 Table of Contents • Selectively Pursue Strategic Acquisitions : We have made targeted acquisitions to increase our technology expertise, enter new verticals and geographies, and increase our scale, including our acquisitions of the IBM Customer Care Business, Convergys Corporation, PK, ServiceSource, and Webhelp.
As our industry evolves, we will continue to invest in new technologies and faster growing markets to further sustain long-term growth. • Selectively Pursue Strategic Acquisitions : We have made targeted acquisitions to increase our technology expertise, enter new verticals and geographies, and increase our scale, including our acquisitions of the IBM Customer Care Business, Convergys Corporation, PK, ServiceSource, Webhelp, and SAI Digital.
Following our combination with Webhelp, our updated ESG program seeks to use our global reach and the strength of our team of approximately 450,000 game-changers to create significant and sustainable improvements in five impact areas: • Our Planet: We are contributing toward a more sustainable planet by reducing our impact and by protecting and restoring the planet as we progress toward our goal of becoming net zero by 2050; • Our Game-changers: We elevate our game-changers’ experience by developing an inclusive and supportive workplace that prioritizes people’s wellbeing, personal growth, diversity, equity, inclusion and belonging; • Building Trust: We build and foster trust by acting with integrity in everything we do.
Our ESG program seeks to use our global reach and the strength of our team of approximately 455,000 game-changers to create significant and sustainable improvements in five impact areas: • Our Planet: We are contributing toward a more sustainable planet by reducing our impact and by protecting and restoring the planet as we progress toward our goal of becoming net zero by 2050; • Our Game-changers: We elevate our game-changers’ experience by developing an inclusive and supportive workplace that prioritizes people’s wellbeing, personal growth, inclusion and belonging; • Building Trust: We build and foster trust by acting with integrity in everything we do.
Our game-changers: advise clients on their technology strategy and roadmap; develop personalized customer journey experiences; design, build, and run enterprise-wide applications, such as self-service AI bots; accelerate development cycles with quality assurance and testing services; and reinforce cybersecurity through managed security services.
Our game-changers: advise clients on their technology strategy and roadmap; develop personalized customer journey experiences; design, build, and run enterprise-wide applications, such as self-service AI bots and GenAI-powered platforms; accelerate development cycles with quality assurance and testing services; and reinforce cybersecurity through managed security services. • Digital Operations.
We combine global consistency with local expertise, enhancing the end user experience for our clients’ customers through services rendered by a team of approximately 450,000 employees and staff, which we refer to as game-changers, across approximately 485 locations in 75 countries and six continents in the languages that are relevant to our clients and their customers.
We combine global consistency with local expertise, enhancing the end user experience for our clients’ customers through services rendered by a team of approximately 455,000 employees and staff, which we refer to as game-changers, across approximately 483 locations in 74 countries and six continents in the languages and dialects that are relevant to our clients and their customers.
In fiscal year 2022, we acquired PK, which expanded our scale in the digital IT services market and supported our growth strategy of investing in digital transformation to deliver exceptional customer experiences, and ServiceSource, which complemented our B2B digital sales and customer success solutions. • Experienced Management Team : Our passionate and committed management team with a deep understanding of our clients’ needs and significant experience in our industry, with our senior leadership team having an average of more than 30 years of experience.
In fiscal year 2022, we acquired PK, which expanded our scale in the digital IT services market and supported our growth strategy of investing in digital transformation to deliver exceptional customer experiences, and ServiceSource, which complemented our B2B digital sales and customer success solutions. • Experienced Management Team : Our passionate and committed management team with a deep understanding of our clients’ needs and significant experience in our industry, with our executive officers having an average of 35 years of experience.
We have strong relationships with global brands and are a partner of choice for industry leaders, including more than 155 Fortune Global 500 clients as of November 30, 2024.
We have strong relationships with global brands and are a partner of choice for industry leaders, including more than 160 Fortune Global 500 clients as of November 30, 2025.
The global participation rate for our most recent staff satisfaction survey in 2024 was approximately 84.0%, and our overall positive engagement rating (game-changers that gave a satisfaction score of 4 or 5) was approximately 79.4%.
The global participation rate for our most recent staff satisfaction survey in 2025 was approximately 86.0%, and our overall positive engagement rating (game-changers that gave a satisfaction score of 4 or 5) was approximately 79.6%.
We offer our clients integrated solutions to support the entirety of their customer lifecycles, transform their businesses, and solve business challenges: • CX and user experience (“UX”) strategy and design; • digital operations, including B2B sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance; • data analytics, enterprise intelligence, and actionable insights; and • innovative new approaches to enhancing the customer experience through the latest technological advancements in our industry.
We offer our clients integrated solutions to support the entirety of their customer lifecycles, transform their businesses, and solve business challenges: • CX and user experience (“UX”) strategy and design; • digital operations, including business-to-business (“B2B”) sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance; • data analytics, enterprise intelligence, artificial intelligence (“AI”) readiness, and actionable insights; and • innovative new approaches to enhancing the customer experience through the latest technological advancements in our industry, including GenAI and agentic AI technologies.
A key element in our business strategy has been to locate our service delivery centers in markets that are strategic to our client requirements and cost beneficial. We have operations in 75 countries across six continents, with a significant presence in the Philippines and India.
A key element in our business strategy has been to locate our service delivery centers in markets that are strategic to our 9 Table of Contents client requirements and cost beneficial. We have operations in 74 countries across six continents, with a significant presence in the Philippines and India.
Customer Lifecycle Management. We deliver integrated solutions and services that address the entirety of the customer lifecycle, support business transformations, and solve business challenges. We offer our clients the means to acquire, support, and renew customers across all channels while minimizing attrition and increasing customer lifetime value.
We deliver integrated solutions and services that address the entirety of the customer lifecycle, support business transformations, and solve business challenges. We offer our clients the means to acquire, support, and renew customers across all channels while minimizing attrition and increasing customer lifetime value. Our broad portfolio of services include: • Strategy and Design .
We have provided technology-infused CX solutions for nearly two decades. We have been at the forefront of developing CX solutions and technology that improve the customer experience and will continue to strive for this in the future.
We have provided technology-infused CX solutions for nearly two decades. We have been at the forefront of developing CX solutions and technology that improve the customer experience, through all stages of the engagement lifecycle, and will continue to strive for this in the future.
We help our clients by creating tools that their customers and employees love to use, enabling better customer interactions through real-time sentiment analysis, and integrating multiple customer interactions and touchpoints into one-stop smart mobile applications.
We help our clients by creating tools that their customers and 3 Table of Contents employees love to use, enabling better customer interactions through real-time sentiment analysis, and integrating multiple customer interactions and touchpoints into one-stop smart mobile applications. Services Portfolio.
Our disciplined approach to growth has strengthened our value proposition for our clients by broadening our offering of artificial intelligence (“AI”) solutions, digital capabilities, and high-value services.
Our disciplined approach to growth has strengthened our value proposition for our clients by broadening our offering of AI solutions, digital capabilities, and high-value services.
In 2024, we were honored with the number one spot on the Inspiring Workplaces Group’s Global Top 100 Inspiring Workplaces, which recognizes the most forward-thinking and people-first organizations in the world. Training and Development Human capital development underpins our efforts to execute our strategy and continue to deliver exceptional services globally.
In 2025, we were honored, for the third consecutive year, with the number two spot on the Inspiring Workplaces Group’s Global Top 100 Inspiring Workplaces, which recognizes the most forward-thinking and people-first organizations in the world. Training and Development Human capital development underpins our efforts to execute our strategy and continue to deliver exceptional services globally.
These technologies provide clients the opportunity to interact more effectively with their customers and employees and improve experiences by automating processes, optimizing customer journeys to reach faster solutions, enabling personalized engagement across multiple platforms, and focusing human engagement on the most complex interactions. • Importance of Customer Experience . We believe customer experience is a strategic imperative for enterprises today.
These technologies provide clients with the opportunity to interact more effectively with their customers and employees, and improve experiences by automating processes, optimizing customer journeys to reach faster solutions, enabling personalized engagement across multiple platforms, and focusing human engagement on the most complex interactions. • Importance of Customer Experience .
Data, analytics, and digital solutions have reshaped the ways enterprises interact with their customers and internal stakeholders. As a result, enterprises are modernizing how they manage the customer experience across all channels of communication.
We believe customer experience is a strategic imperative for enterprises today. Data, analytics, and digital solutions have reshaped the ways enterprises interact with their customers and internal stakeholders. As a result, enterprises are modernizing how they manage the customer experience across all channels of communication.
Total direct compensation is generally positioned within a competitive range of the market median, with differentiation based on tenure, skills, proficiency, and performance to attract and retain key talent. 10 Table of Contents Game-Changer Engagement We pride ourselves on championing our people. Our company culture emphasizes the satisfaction and well-being of our game-changers and a diverse, engaged team.
Total direct compensation is generally positioned within a competitive range of the market median, with differentiation based on tenure, skills, proficiency, and performance to attract and retain key talent. Game-Changer Engagement We pride ourselves on championing our people. Our company culture emphasizes the satisfaction and well-being of our game-changers and is consistently seeking new ways to enhance engagement.
Our commitment to our clients is our primary focus and has generated numerous accolades to date, including 53 client awards in fiscal year 2024. • Extensive Global Presence : We operate globally in 75 countries across six continents with the ability to conduct business in those locations in the languages that are relevant to our clients and their customers.
Our commitment to our clients is our primary focus and has generated numerous accolades to date, including 70 client awards in fiscal year 2025. • Extensive Global Presence : We operate globally in 74 countries across six continents with the ability to conduct business in those locations in the languages and dialects that are relevant to our clients and their 6 Table of Contents customers.
Additionally, we use technology to analyze information and trends from our clients’ customer interactions to support quality of service and improve the customer journey and experience. See Item 1C. Cybersecurity for a discussion of our cybersecurity program.
Additionally, we use technology to analyze information and trends from our clients’ customer interactions to support quality of service and improve the customer journey and experience. See Item 1C. Cybersecurity in this Annual Report on Form 10-K for a discussion of our cybersecurity program.
Strategic Growth We have a long history of growth through strategic acquisitions, including: • Our September 2023 acquisition of the Webhelp business (“Webhelp”), a leading provider of CX solutions, including sales, marketing, and payment services, with significant operations and client relationships in Europe, Latin America, and Africa; • Our July 2022 acquisition of ServiceSource International, Inc.
Strategic Growth We have a long history of growth through strategic acquisitions, including: • Our September 2025 acquisition of SAI Digital, an end-to-end digital commerce and CX technology solutions company with a strong presence in Asia; • Our September 2023 acquisition of the Webhelp business (“Webhelp”), a leading provider of CX solutions, including sales, marketing, and payment services, with significant operations and client relationships in Europe, Latin America, and Africa; • Our July 2022 acquisition of ServiceSource International, Inc.
Advancements in areas such as digital services, GenAI, and machine learning 4 Table of Contents (“ML”) are further changing our markets and our clients’ markets while opening new avenues for growth and opportunities for us to better serve our clients.
AI and automation acceleration, as well as rapid advancements in areas such as digital services, GenAI, agentic AI, and machine learning (“ML”) are further changing our markets and our clients’ markets while opening new avenues for growth and opportunities for us to better serve our clients.
Our Chief Executive Officer, Chris Caldwell, has been named one of the best CEOs for Women and one of the best CEOs for Diversity multiple times by Comparably, a workplace culture and compensation website, and in 2024, Comparably recognized Concentrix management as one of the top leadership teams.
In 2025, our Chief Executive Officer, Chris Caldwell, was named one of the Best Company CEOs by Comparably, a workplace culture and compensation website, and Comparably recognized Concentrix as one of the Best Companies for Women and our management as one of the top leadership teams.
Our Strategy and Design solutions include business transformation consulting, digital experience design, and digital innovation. Through these services, we promote a more rapid integration of digital and enabling technologies, providing transformational business services to our clients. • Data and Analytics .
Through these services, we promote a more rapid integration of digital and enabling technologies, providing transformational business services to our clients. • Data and Analytics .
We have strengthened our presence in adjacent markets through recent acquisitions, including PK in fiscal year 2022 and Webhelp in fiscal year 2023, and through significant investments across emerging technologies, including the launch of our iX suite of AI and GenAI products in 2024.
We have strengthened our presence in adjacent markets through recent acquisitions, and through significant investments across emerging technologies, including the launch of our iX suite of AI and GenAI products in 2024 and our Agentic Operating Framework in 2025.
(“ServiceSource”), a global outsourced go-to-market services provider that delivered business-to-business (“B2B”) digital sales and customer success solutions; • Our December 2021 acquisition of PK, a leading CX design engineering company that created pioneering experiences to accelerate digital outcomes for their clients’ customers, partners and staff; and • Our October 2018 acquisition of Convergys Corporation, a customer experience outsourcing company that added scale, diversified our revenue base, and expanded our service delivery capabilities.\ Our strategic acquisitions have strengthened our position as a global technology and services leader by expanding our scale in the digital IT services market and creating one of the most robust, well-balanced global footprints in the industry.
(“ServiceSource”), a global outsourced go-to-market services provider that delivered business-to-business (“B2B”) digital sales and customer success solutions; • Our December 2021 acquisition of PK, a leading CX design engineering company that created pioneering experiences to accelerate digital outcomes for their clients’ customers, partners and staff; and • Our October 2018 acquisition of Convergys Corporation, a customer experience outsourcing company that added scale, diversified our revenue base, and expanded our service delivery capabilities.
Sustainability We have a responsibility to improve the lives of our people and the health of our planet. Since we became a public company, we have maintained an Environmental, Social and Governance (“ESG”) program with direction and oversight from our board of directors.
Since we became a public company, we have maintained an Environmental, Social and Governance (“ESG”) program with direction and oversight from our board of directors.
Our market remains highly fragmented and we believe that our acquisition strategy enhances and augments our growth avenues. We intend to continue to evaluate and pursue complementary, value enhancing acquisitions. • Invest in Emerging Markets : We have invested in delivery operations in emerging, high-growth markets such as India, Brazil, Egypt Türkiye, China, South Africa, Vietnam, Indonesia, and Thailand.
We intend to continue to evaluate and pursue complementary, value enhancing acquisitions. • Invest in Emerging Markets : We have invested in delivery operations in emerging, high-growth markets such as India, Egypt, Brazil, Türkiye, China, South Africa, Vietnam, Indonesia, Mexico, Poland, and Thailand.
As of November 30, 2024, we had approximately 450,000 full-time game-changers, of which approximately 90,000 were based in the Americas, approximately 235,000 were based in Asia-Pacific, and approximately 125,000 were based in EMEA.
As of November 30, 2025, we had approximately 455,000 full-time game-changers, of which approximately 85,000 were based in the Americas, approximately 240,000 were based in Asia-Pacific, and approximately 130,000 were based in EMEA.
In addition, a client or potential client may choose not to outsource its business, by setting up captive outsourcing operations or performing formerly outsourced services for themselves, or may switch CX solutions providers. Human Capital Resources We are committed to fostering a diverse and inclusive workplace that attracts and retains exceptional talent.
In addition, a client or potential client may choose not to outsource its business, by setting up captive outsourcing operations or performing formerly outsourced services for themselves, or may switch CX solutions providers.
Third-party researchers have also taken note of our leading global practice with Everest Group Research distinguishing us as a leader for the 9 th consecutive year in 2024, recognizing our GenAI platforms for improving CX and operational efficiency. • Strong Relationships with a Growing and Diversified Client Base : We partner with more than 2,000 clients worldwide.
Third-party researchers have also taken note of our leading global practice with Everest Group Research distinguishing us in 2025 as a leader and star performer for global customer experience management, including recognition as a leader in each of the Americas, APAC, and EMEA regions for the fourth consecutive year. • Strong Relationships with a Growing and Diversified Client Base : We partner with more than 2,000 clients worldwide.
Competition Our major competitors include core CX solutions competitors, including Foundever Group, TaskUs Inc., Teleperformance S.A., TELUS International, and TTEC Holdings, Inc., other CX solutions competitors that primarily provide complementary services such as consulting and design, IT services, business process services, and data and analytics, including Accenture plc, Capgemini SE, Cognizant Technology Solutions Corporation, ExlService Holdings, Inc., Genpact Limited, HCL Technologies Limited, Infosys Limited, Tata Consultancy 9 Table of Contents Services, and WNS (Holdings) Limited, and digital IT services competitors, including Endava UK Ltd., EPAM Systems, Inc., Globant S.A., and Thoughtworks Holding, Inc.
Our major competitors include Accenture plc, Capgemini SE, Cognizant Technology Solutions Corporation, Endava UK Ltd., EPAM Systems, Inc., ExlService Holdings, Inc., Foundever Group, Genpact Limited, Globant S.A., HCL Technologies Limited, Infosys Limited, TaskUs Inc., Tata Consultancy Services, Teleperformance S.A., TELUS Digital, Thoughtworks Holding, Inc., and TTEC Holdings, Inc.
We have been a leader in our industry in advancements such as conversational virtual assistants, multichannel and augmented CRM, predictive analytics, emotion analytics, cognitive learning, AI, and GenAI and enjoy a first mover advantage. In September 2024, we introduced our iX suite of technology with the release of iX Hello, a GenAI-powered platform for creating virtual assistants.
We have been a leader in our industry in advancements such as conversational virtual assistants, multichannel and augmented CRM, predictive analytics, emotion analytics, cognitive learning, AI, GenAI, and agentic AI and believe we enjoy a first mover advantage.
We publish an annual Sustainability Report that outlines our long-term ESG goals and how these commitments align with the Sustainable Development Goals established by the United Nations, and updates stakeholders on our progress toward these goals. Available Information 11 Table of Contents Our website is www.concentrix.com.
We publish an annual Sustainability Report that outlines our long-term ESG goals and how these commitments align with the Sustainable Development Goals established by the United Nations, and updates stakeholders on our progress toward these goals. Corporate Political Activities Our Code sets forth our policy on political contributions.
Our Solutions and Technology Through our strategy, talent, and technology, we are fully equipped to design, build, and run solutions that help our clients enhance their customers’ experience and improve business performance. Our solutions encompass our core service offering of Customer Lifecycle Management, as well as complementary areas, including Strategy and Design, Data and Analytics, and Enterprise Technology.
Our Solutions and Technology Through our strategy, talent, and technology, we are fully equipped to design, build, and run solutions that help our clients enhance their customers’ experience and improve business performance.
Our Market Opportunity Our clients must transform and continually evolve their systems in response to increased competition and to meet the demands of consumers and employees. To meet these growing demands, our clients are looking to large solutions and technology providers, such as Concentrix, to automate their systems and provide professional support to address complexities beyond the scope of automation.
To meet these growing demands, our clients look to large solutions and technology providers with a broad portfolio of services, such as Concentrix, to automate their systems and provide professional support to address complexities beyond the scope of automation.
Our Growth Strategy The key elements to our growth strategy are: • Expand and Deepen Relationships with Existing Clients : We have a well-established track record of cross-selling and offering additional solutions and premium services to sustain and grow our relationships with our existing clients.
Under our tenured management team, we have grown our revenue from $1.1 billion in fiscal year 2014 to $9.8 billion in fiscal year 2025, while delivering strong profitability. 7 Table of Contents Our Growth Strategy The key elements to our growth strategy are: • Expand and Deepen Relationships with Existing Clients : We have a well-established track record of cross-selling and offering additional solutions and premium services to sustain and grow our relationships with our existing clients.
For IT service management (ITIL standard), we have more than 100 delivery centers that are ISO/IEC 20000-1:2018 certified. 8 Table of Contents We operate a globally distributed data processing environment that can seamlessly connect and integrate our service delivery centers with our data centers and points of presence with multiple resilient circuits.
We operate a globally distributed data processing environment that can seamlessly connect and integrate our service delivery centers with our data centers and points of presence with multiple resilient circuits.
Except for a small portion of our team in certain countries, generally required by local regulations or brought in through acquisitions, our staff are not represented by labor unions, nor are they covered by collective bargaining agreements.
Except for a small portion of our team in certain countries, generally required by local regulations or brought in through acquisitions, our staff are not represented by labor unions, nor are they covered by collective bargaining agreements. 10 Table of Contents Inclusion and Belonging We have a long history of intentionally building teams that are rich in talent and represent the diversity of thought, experiences, and perspectives of the communities in which we operate.
We enjoy high staff engagement because of a strong company culture that champions our people and is committed to creating game-changing brand experiences for our clients and their customers. We promote integrity and collaboration, strive for diversity and inclusion in the workplace, and emphasize the wellness and mental health of our game-changers.
As of November 30, 2025, our team consisted of approximately 455,000 game-changers globally. We enjoy high staff engagement because of a strong company culture that champions our people and is committed to creating game-changing brand experiences for our clients and their customers.
Our Data and Analytics services include data and analytics transformation, data engineering, advanced analytics, enterprise intelligence, operational insights, and voice of the customer (“VOC”) solutions. • Enterprise Technology. Utilizing our deep knowledge of our clients’ businesses, industries, and enterprise technology, we partner with our clients to evaluate, adopt, and enhance their use of technology.
Our Data and Analytics services include data and analytics transformation, data annotation and engineering, advanced analytics, enterprise intelligence, operational insights, and voice of the customer (“VOC”) solutions. • Enterprise Technology.
We operate in a fragmented marketplace characterized by numerous vendors offering a variety of services across different levels of the value chain. Our competitive landscape of solutions providers includes core CX solutions, adjacent markets like consulting and design, business process services, and data and analytics, and digital IT services.
We operate in a fragmented marketplace characterized by numerous vendors offering a variety of services across different levels of the value chain.
Through our acquisitions we have benefited from the addition of management talent, who have contributed valuable new perspectives and insights. Under our tenured management team, we have grown our revenue from $1.1 billion in fiscal year 2014 to $9.6 billion in fiscal year 2024, while delivering strong profitability.
Through our acquisitions we have benefited from the addition of management talent, who have contributed valuable new perspectives and insights.
However, our results in a particular year may vary based on client transaction volume and macroeconomic factors. Information Technology We invest in information technology systems, infrastructure, automation and security to enhance workforce management and enhance productivity.
Information Technology We invest in information technology systems, infrastructure, automation and security to enhance workforce management and enhance productivity.
See Note 10 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional financial information related to our international and domestic operations. Seasonality Our revenue and margins fluctuate with the underlying trends in our clients’ businesses. As a result, our revenue and margins are typically the highest in our fourth fiscal quarter.
See “Risk Factors” in this Annual Report on 10-K for a discussion of these risks and others that we face and see Note 9 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional financial information related to our international and domestic operations.
In fiscal year 2024, we increased our investment in technology to approximately 1% of revenue, including expenses related to the development of our new iX suite of technology, as well as pilot programs for clients related to the use of GenAI.
Beginning in fiscal year 2024, we increased our investment in technology to approximately 1% of revenue, including expenses related to the development of our iX suite of technology. • Corporate Culture Committed to Our Clients ’ Success : Our unified team allows us to deliver consistent and exceptional results.
In addition, our game-changers have access to more than 43,000 online courses and 1,080 learning paths through Concentrix University, our virtual learning platform, to develop skills specific to their current roles and promote ongoing career growth. Health, Safety and Wellness The physical health, financial stability, life balance, and mental health of our team is vital to our success.
In addition, our game-changers have access to approximately 74,000 online courses and 1,600 learning paths through Concentrix University, our virtual learning platform, to develop skills specific to their current roles and promote ongoing career growth. In fiscal year 2025, our game-changers completed over 4.7 million hours of developmental learning, completing approximately 12 million courses globally.
We also provide access to Modern Health, a mental health and wellness benefit that offers one-on-one coaching, therapy, live and on-demand group sessions, meditations and programs, and other resources to our game-changers and their dependents. We take an integrated approach to helping our staff manage their work and personal responsibilities, with a strong focus on mental health.
Our confidential employee assistance programs (“EAPs”) provide support for mental health and personal challenges; through our EAPs, we provide access to mental health and wellness benefits such as one-on-one coaching, therapy, live and on-demand group sessions, meditations and programs, and other resources to our game-changers and their dependents.
In addition to our Customer Lifecycle Management services, we also provide complementary services that are provided to clients as integrated solutions with our core service offering, including: • Strategy and Design . We strive to help our clients reimagine what great is by using human-centered design and tech-enabled innovation to design next-generation solutions that exceed our clients’ expectations.
We strive to help our clients reimagine what great is by using human-centered design and tech-enabled innovation to design next-generation solutions that shape experiences, strategies, and operations. Our Strategy and Design solutions include business transformation consulting, next-gen experience design, digital innovation — including GenAI and agentic AI, and lifecycle engagement.
We sponsor a wellness program designed to enhance physical, financial, and mental well-being for all of our game-changers. Throughout the year, we encourage healthy behaviors through regular communications, educational sessions, voluntary progress tracking, wellness challenges, and other incentives.
Throughout the year, we encourage healthy behaviors through regular communications, educational sessions, voluntary progress tracking, wellness challenges, and other incentives. We also take an integrated approach to helping our staff manage their work and personal responsibilities, with a strong focus on mental health. We offer 24/7 access to preventive and crisis support resources for both office and remote environments.
Removed
Our Customer Lifecycle Management solutions include services such as customer care, sales support, digital marketing, technical support, digital self-service, content moderation, creative design and content production, and back-office services. Customer Lifecycle Management represents our core service offering and a significant majority of the services we provide.
Added
Our strategic acquisitions have strengthened our position as a global technology and services leader by expanding our scale in the digital IT services market and creating one of the most robust, well-balanced global footprints in the industry.
Removed
We expect this level of investment will decrease over time. 6 Table of Contents • Corporate Culture Committed to Our Clients ’ Success : Our unified team allows us to deliver consistent and exceptional results. As of November 30, 2024, our team consisted of approximately 450,000 game-changers globally.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn connection with the Webhelp Combination, on March 29, 2023, we entered into an Investor Rights Agreement with certain stockholders of Webhelp Parent, which, among other things, provides that GBL has the right to nominate a certain number of directors, up to a maximum of two, depending on the percentage of the outstanding shares of Concentrix common stock held by GBL, our director, Oliver Duha, and certain of their respective affiliates. 22 Table of Contents As a result of the Concentrix common stock that is held by affiliates of GBL and Olivier Duha and the Investor Rights Agreement described above, GBL may be able to influence (subject to organizational documents and Delaware law) the composition of our board of directors and thus, potentially, the outcome of corporate actions requiring stockholder approval, such as mergers, business combinations and dispositions of assets, among other corporate transactions.
Biggest changeIn connection with the Webhelp Combination, on March 29, 2023, we entered into an Investor Rights Agreement with certain stockholders of Webhelp Parent, which, among other things, provides that GBL has the right to nominate a certain number of directors, up to a maximum of two, depending on the percentage of the outstanding shares of Concentrix common stock held by GBL, our former director, Olivier Duha, and certain of their respective affiliates.
The inability to successfully execute on our strategy and deliver value for our clients could harm our client relationships and reputation, which in turn could adversely affect our revenue and our results of operations. Our strategy focuses on being a leading global technology and services provider that powers our clients’ brand experiences and digital operations.
The inability to successfully execute our strategy and deliver value for our clients could harm our client relationships and reputation, which in turn could adversely affect our revenue and our results of operations. Our strategy focuses on being a leading global technology and services provider that powers our clients’ brand experiences and digital operations.
If we fail to adhere to or successfully implement effective internal controls and other processes, technology, and training to protect our networks and systems and the information that we store, our clients experience disruptions in their systems or operations, or the confidentiality of data is compromised by a malicious actor, our client relationships may suffer, and we may face negative publicity, significant remediation costs, and possible legal or regulatory action.
If we fail to implement or adhere to effective internal controls and other processes, technology, and training to protect our networks and systems and the information that we store, our clients experience disruptions in their systems or operations, or the confidentiality of data is compromised by a malicious actor, our client relationships may suffer, and we may face negative publicity, significant remediation costs, and possible legal or regulatory action.
We believe that the principal competitive factors in the markets in which we operate are breadth and depth of process and domain expertise, service quality, ability to tailor specific solutions to the needs of clients and their customers, the ability to attract, train, and retain qualified staff, cybersecurity infrastructure, compliance rigor, global delivery capabilities, pricing, and marketing and sales capabilities.
We believe that the principal competitive factors in the markets in which we operate are breadth and depth of process and domain expertise, service quality, ability to tailor specific solutions to the needs of clients and their customers, the ability to attract, train, and retain qualified staff, cybersecurity infrastructure, compliance rigor, global delivery capabilities, pricing, partnerships, and marketing and sales capabilities.
A significant increase in the value of the U.S. dollar relative to these currencies may have a material adverse impact on the value of our revenue when translated to U.S. dollars. Our services are delivered from several delivery centers located around the world, with significant operations in the Philippines and India, as well as throughout EMEA and the Americas.
A significant increase in the value of the U.S. dollar relative to these currencies may have a material adverse impact on the value of our revenue when translated to U.S. dollars. Our services are delivered from several delivery centers located around the world, with significant operations in the Philippines and India, as well as throughout APAC, EMEA and the Americas.
If we do not employ new technologies, including AI and GenAI, as quickly or efficiently as our competitors, if our competitors develop more cost-effective or client-preferred technologies, it could have a material adverse effect on our ability to win and retain business from clients, which would adversely affect our business.
If we do not employ new technologies, including agentic AI and GenAI, as quickly or efficiently as our competitors, if our competitors develop more cost-effective or client-preferred technologies, it could have a material adverse effect on our ability to win and retain business from clients, which would adversely affect our business.
General global economic downturns and macroeconomic trends, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations, and an economic slowdown or recession, may result in unfavorable conditions that could negatively affect our clients’ businesses, and, as a result, impact demand for our products and services and our potential for growth.
General global economic downturns and macroeconomic trends, including heightened inflation, tariffs, capital market volatility, interest rate and currency rate fluctuations, and an economic slowdown or recession, may result in unfavorable conditions that could negatively affect our clients’ businesses, and, as a result, impact demand for our products and services and our potential for growth.
Many of these regulations, including those related to data privacy, climate-related disclosures, labor matters, and anti-corruption, change frequently and may conflict among the various jurisdictions and countries in which we provide services. The pace of regulatory change in these areas has accelerated in recent years.
Many of these regulations, including those related to data privacy, AI, climate-related disclosures, labor matters, and anti-corruption, change frequently and may conflict among the various jurisdictions and countries in which we provide services. The pace of regulatory change in these areas has accelerated in recent years.
Uncertainty around, and disruption from, new and emerging technologies, including the increased adoption and utilization of GenAI, may result in risks and challenges that could impact our business. We have and will continue to utilize new and emerging technologies, including AI and GenAI, in our solutions and services.
Uncertainty around, and disruption from, new and emerging technologies, including the increased adoption and utilization of GenAI and agentic AI, may result in risks and challenges that could impact our business. We have and will continue to utilize new and emerging technologies, including AI, GenAI, and agentic AI, in our solutions and services.
The rapid evolution of AI and GenAI technologies requires us to expend resources to develop, test, and implement solutions that utilize AI and GenAI effectively, which has and may continue to lead us to incur significant expense to maintain a competitive advantage within the industry.
The rapid evolution of AI technologies requires us to expend resources to develop, test, and implement solutions that utilize AI, agentic AI, and GenAI effectively, which has and may continue to lead us to incur significant expense to maintain a competitive advantage within the industry.
A reduction of volumes, loss of clients, payment of penalties, failure to receive performance-related bonuses, or inability to terminate any unprofitable contracts could have an adverse impact on our results of operations and financial condition.
A reduction of volumes and margins, loss of clients, payment of penalties, failure to receive performance-related bonuses, or inability to terminate any unprofitable contracts could have an adverse impact on our results of operations and financial condition.
While a significant amount of our contracts are priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, and Brazilian real, among other currencies.
While a significant amount of our contracts are priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, Australian dollars, and Brazilian real, among other currencies.
As we expand our services, products, and solutions into new areas, we may be exposed to operational, legal, regulatory, ethical, technological and other risks specific to such new areas, which may negatively affect our reputation and demand for our services and solutions.
As we expand our services, products, and solutions into new areas, we may be exposed to operational, legal, regulatory, ethical, and other risks specific to such new areas, which may negatively affect our reputation and demand for our services and solutions.
Our acquisition strategy, including our combination with Webhelp, involves a number of risks, including: • risk that we encounter difficulty in successfully integrating acquired operations, IT and other systems, clients, services, businesses, and staff with our operations on a timely and cost-effective basis; • risk that the acquired businesses will fail to maintain the quality of services or results of operations that we have historically provided or that we expect from the acquired businesses; • the announcement or consummation of a transaction may have an adverse impact on relationships with third parties, including existing and potential clients, or may negatively affect our brand identity; • loss of key staff of the acquired operations or inability to attract, retain, and motivate staff necessary for our expanded operations; • acquired businesses located in regions where we have not historically conducted business may subject us to new operational risks, laws, regulations, staff expectations, customs, and practices; • risk that we encounter challenges in scaling critical resources and facilities for the business needs of the expanded enterprise; • diversion of our capital and management attention away from operational matters and other business issues; • increase in our expenses and working capital requirements; • in the case of acquisitions that we may make outside of the United States, difficulty in operating internationally and over significant geographical distances; • other financial risks, including unknown liabilities or inconsistent accounting practices of the businesses we acquire or the impairment of goodwill or intangible assets we record in connection with acquisitions; and • our due diligence fails to identify significant issues with the acquired company’s service quality, financial disclosures, legal liabilities, accounting practices, internal control deficiencies, or other material issues.
Our acquisition strategy involves a number of risks, including: • risk that we encounter difficulty in successfully integrating acquired operations, IT and other systems, clients, services, businesses, and staff with our operations on a timely and cost-effective basis; • risk that the acquired businesses will fail to maintain the quality of services or results of operations that we have historically provided or that we expect from the acquired businesses; • the announcement or consummation of a transaction may have an adverse impact on relationships with third parties, including existing and potential clients, or may negatively affect our brand identity; 21 Table of Contents • loss of key staff of the acquired operations or inability to attract, retain, and motivate staff necessary for our expanded operations; • acquired businesses located in regions where we have not historically conducted business may subject us to new operational risks, laws, regulations, staff expectations, customs, and practices; • risk that we encounter challenges in scaling critical resources and facilities for the business needs of the expanded enterprise; • diversion of our capital and management attention away from operational matters and other business issues; • increase in our expenses and working capital requirements; • in the case of acquisitions that we may make outside of the United States, difficulty in operating internationally and over significant geographical distances; • other financial risks, including unknown liabilities or inconsistent accounting practices of the businesses we acquire or the impairment of goodwill or intangible assets we record in connection with acquisitions; and • our due diligence fails to identify significant issues with the acquired company’s service quality, financial disclosures, legal liabilities, accounting practices, internal control deficiencies, or other material issues.
These provisions may include, among other things, the following: • the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms, including preferences and voting rights, of those shares without stockholder approval; • stockholder action can only be taken at a special or regular meeting and not by written consent; • the inability of our stockholders to call a special meeting; • advance notice procedures for nominating candidates to our board of directors or presenting matters at stockholder meetings; • allowing only our board of directors to fill vacancies on our board of directors; and • restrictions on an “interested stockholder” to engage in certain business combinations with us for a three-year period following the date the interested stockholder became such.
These provisions may include, among other things, the following: • the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms, including preferences and voting rights, of those shares without stockholder approval; • stockholder action can only be taken at a special or regular meeting and not by written consent; • advance notice procedures for nominating candidates to our board of directors or presenting matters at stockholder meetings; • allowing only our board of directors to fill vacancies on our board of directors; and • restrictions on an “interested stockholder” to engage in certain business combinations with us for a three-year period following the date the interested stockholder became such.
Our level of indebtedness could have adverse consequences for us and our stockholders, including: • requiring us to dedicate a substantial portion of our cash flow from operations to make principal and interest payments on our indebtedness, thereby reducing the availability of such cash flow to fund working capital, capital expenditures, and other general corporate requirements, and to grow our business; • limiting our ability to make strategic acquisitions or take advantage of other business opportunities as they arise, or pay cash dividends; • increasing future debt costs and limiting the future availability of debt financing; • increasing our vulnerability to general adverse economic and industry conditions; and • limiting our flexibility in planning for, or reacting to, changes in our business and industry.
Our level of indebtedness could have adverse consequences for us and our stockholders, including: • requiring us to dedicate a substantial portion of our cash flow from operations to make principal and interest payments on our indebtedness, thereby reducing the availability of such cash flow to fund working capital, capital expenditures, and other general corporate requirements, and to grow our business; • limiting our ability to make strategic acquisitions or take advantage of other business opportunities as they arise, pay cash dividends, or repurchase common stock; • increasing future debt costs and limiting the future availability of debt financing; • increasing our vulnerability to general adverse economic and industry conditions; and • limiting our flexibility in planning for, or reacting to, changes in our business and industry.
Internal or external attacks on our networks and systems or those of our clients or vendors, including through phishing, password attacks, and ransomware, other malware, or the increased use of emerging AI technologies, could significantly disrupt our operations and impede our ability to provide critical solutions and services to our clients and their customers, subjecting us to liability under our contracts and damaging our reputation.
Internal or external attacks on our networks and systems or those of our clients, partners, or vendors, including through phishing, password attacks, ransomware, malware, or the increased use of emerging AI technologies, could significantly disrupt our operations and impede our ability to provide critical solutions and services to our clients and their customers, subjecting us to liability under our contracts and damaging our reputation.
For example, fines of up to 4% of an entity’s annual global revenue can be imposed for violations of the GDPR. We expect that the regulatory burden associated with compliance with privacy laws will continue to expand as more jurisdictions adopt privacy laws with different requirements, and as laws governing the use of GenAI are adopted by more jurisdictions.
For example, fines of up to 4% of an entity’s annual global revenue can be imposed for violations of the GDPR. We expect that the regulatory burden associated with compliance with privacy laws will continue to expand as more jurisdictions adopt privacy laws with different requirements, and as laws governing the use of AI are adopted by more jurisdictions.
Our operating results have fluctuated and will fluctuate in the future as a result of many factors, including: • global macroeconomic conditions, including: economic slowdowns or recessions, consumer demand, interest rate and currency rate fluctuations, inflation and supply chain disruptions; public health crises, political or social unrest, and military conflicts, including the conflicts in Ukraine and Gaza, and their impact on the global economy; international trade negotiations, such as between the U.S. and China and between China and India; U.S. federal government budget disruptions; and market volatility, including as a result of political leadership in certain countries; • the level of business activity of our clients, which in turn is affected by the level of economic activity in the industries and markets that they serve and the market acceptance and performance of their products and services; • the demand for the end-to-end solutions, technology, and services we provide, as well as other competitive conditions in our industry; and • the impact of the business acquisitions and dispositions we make, as well as consolidation of our competitors or clients.
Our operating results have fluctuated and will likely fluctuate in the future as a result of many factors, including: • global macroeconomic conditions, including: economic slowdowns or recessions, consumer demand, interest rate and currency rate fluctuations, inflation and supply chain disruptions; public health crises, political or social unrest, and military conflicts, including the conflicts in Ukraine and Gaza and tensions between India and Pakistan, and their impact on the global economy; tariffs and international trade negotiations, such as between the U.S. and China, between China and India; a U.S. federal government shutdown or budget disruptions; and market volatility, including as a result of political leadership in certain countries; • the level of business activity of our clients, which in turn is affected by the level of economic activity in the industries and markets that they serve and the market acceptance and performance of their products and services; • the demand for the end-to-end solutions, technology, and services we provide, as well as other competitive conditions in our industry; and • the impact of the business acquisitions and dispositions we make, as well as consolidation of our competitors or clients.
The services we provide to our clients depend on the persistent availability and uncompromised security of our communications, technology, and information technology systems. Our business uses a wide variety of technologies to allow us to manage large volumes of data and perform services with staff located around the globe.
The services we provide to our clients depend on the persistent availability and uncompromised security of our communications, technology, data centers and servers, and information technology systems. Our business uses a wide variety of technologies to allow us to manage large volumes of data and perform services with staff located around the globe.
Violations of any laws and regulations to which we are subject, including failing to adhere to or successfully implement processes in response to changing regulatory requirements or work practices, could result in liability for damages, fines, criminal prosecution, unfavorable publicity and damage to our reputation, and restrictions on our ability to operate, which could have a material adverse effect on our business, results of operations, and financial condition.
Violations of any laws and regulations to which we are subject, including failing to adhere to or successfully implement processes in response to changing regulatory requirements or work practices, could result in liability for damages, fines, criminal prosecution, unfavorable publicity and damage to our reputation, and 19 Table of Contents restrictions on our ability to operate, which could have a material adverse effect on our business, results of operations, and financial condition.
Socio-economic situations that are specific to the Philippines, India, Brazil, Egypt, Türkiye, Colombia, Malaysia, Morocco, China, and the United Kingdom can severely disrupt our operations and impact our ability to fulfill our contractual obligations to our clients.
Socio-economic situations that are specific to the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco, and the United Kingdom can severely disrupt our operations and impact our ability to fulfill our contractual obligations to our clients.
We operate an extensive internal voice and data network that links our global sites together in a multi-hub model that enables the rerouting of voice and data across the network, and we rely on multiple public communication channels and telephone, internet, and data services provided by various third parties for connectivity to our clients.
We operate an extensive internal voice and data network that links our global sites together in a multi-hub model that enables the rerouting of voice and data across the network, and we rely on multiple public communication channels and telephone, internet, and data services provided by various third parties for connectivity 20 Table of Contents to our clients.
Weather patterns are becoming more volatile, and extreme weather events may become more frequent or widespread as a result of the effects of 15 Table of Contents climate change. Our business continuity, crisis management, and disaster recovery plans and our business interruption insurance may not provide sufficient recovery to compensate for losses that we may incur.
Weather patterns are becoming more volatile, and extreme weather events may become more frequent or widespread as a result of the effects of climate change. Our business continuity, crisis management, and disaster recovery plans and our business interruption insurance may not provide sufficient recovery to compensate for losses that we may incur.
The market price of our common stock has, and may continue to, fluctuate significantly due to a number of factors, some of which may be beyond our control, including: • our financial results; • developments generally affecting the CX solutions industry; • the performance of our business and of similar companies; • our capital structure, including the amount of our indebtedness; • the announcement of acquisitions or dispositions; • additions or departures of key personnel; • changes in market valuations of similar companies; • general economic, industry, and market conditions; • the depth and liquidity of the market for our common stock; • fluctuations in currency exchange rates; • our dividend policy; • investor perception of our business and our company; • the passage of legislation or other regulatory developments that adversely affect us or our industry; and • the impact of the factors referred to elsewhere in “Risk Factors.” In addition, the stock market regularly experiences significant price and volume fluctuations.
The market price of our common stock has, and may continue to, fluctuate significantly due to a number of factors, some of which may be beyond our control, including: • our financial results; • developments generally affecting the CX solutions industry; • the performance of our business and of similar companies; • our capital structure, including the amount of our indebtedness; • the announcement of acquisitions or dispositions; 25 Table of Contents • additions or departures of key personnel; • changes in market valuations of similar companies; • general economic, industry, and market conditions; • the depth and liquidity of the market for our common stock; • fluctuations in currency exchange rates; • our dividend policy and share repurchase activity; • investor perception of our industry, our business, and our company; • the passage of legislation or other regulatory developments that adversely affect us or our industry; and • the impact of the factors referred to elsewhere in “Risk Factors.” In addition, the stock market regularly experiences significant price and volume fluctuations.
If we are unable to successfully deliver to our clients the differentiated combination of solutions, products, and services that we believe we offer, or our solutions do not achieve the desired outcomes, our client relationships and reputation may suffer, which could result in a loss of business with existing clients and hinder our ability to engage new clients.
If we are unable to successfully deliver a differentiated combination of solutions, products, and services to our clients, or our solutions do not achieve the desired outcomes, our client relationships and reputation may suffer, which could result in a loss of business with existing clients and hinder our ability to engage new clients.
In addition, changes in the policies or laws of the United States or other countries or jurisdictions resulting in, among other things, higher taxation, limitations on the ability of companies to utilize offshore outsourcing, currency conversion limitations, restrictions on fund transfers, or the expropriation of private enterprises, could reduce the anticipated benefits of our global operations.
In addition, changes in the policies or laws of the United States or other countries or jurisdictions resulting in, among other things, higher taxation, limitations on the ability of, or increased costs for, companies to utilize offshore outsourcing, currency conversion limitations, restrictions on fund transfers, or the expropriation of private enterprises, could reduce the anticipated benefits of our global operations.
Our business is subject to many laws and regulatory requirements in the United States and the other countries and jurisdictions in which we operate, covering matters that include but are not limited to: data privacy; labor matters, including immigration and equal employment opportunity (“EEO”) compliance; the Foreign Corrupt Practices Act and other anti-corruption and anti-money laundering laws; taxation; securities and insider trading; healthcare, including HIPAA compliance; banking; outsourcing; consumer protection, including the method and timing of placing outbound telephone calls and the recording or monitoring of telephone calls; collections activities; insurance claims administration; gaming licensing; money transmission; internal and disclosure control obligations; governmental affairs; and trade restrictions, sanctions and tariffs.
Our business is subject to many laws and regulatory requirements in the United States and the other countries and jurisdictions in which we operate, covering matters that include but are not limited to: data privacy; labor matters, including immigration and equal employment opportunity (“EEO”) compliance; anti-corruption and anti-money laundering laws; taxation; securities and insider trading; the use of AI; healthcare, including HIPAA compliance; banking; outsourcing; consumer protection, including the method and timing of placing outbound telephone calls and the recording or monitoring of telephone calls; collections activities; insurance claims administration; gaming licensing; money transmission; internal and disclosure control obligations; governmental affairs; and trade restrictions, sanctions and tariffs.
We will also be required to attract, motivate, and retain top professionals with the skills necessary to execute our strategy relating to AI, GenAI and other emerging technologies.
We will also be required to attract, motivate, and retain top professionals with the skills necessary to execute our strategy relating to AI technologies and solutions and other emerging technologies.
Our inability to meet these ratios and tests could result in the acceleration of the repayment of the related debt, termination of the applicable debt arrangement, an increase in our effective cost of 23 Table of Contents funds or the cross-default of other indebtedness.
Our inability to meet these ratios and tests could result in the acceleration of the repayment of the related debt, termination of the applicable debt arrangement, an increase in our effective cost of funds or the cross-default of other indebtedness.
We are also subject to Delaware laws that could have similar effects. One of these laws prohibits us from engaging in a business combination with a significant stockholder unless specific conditions are met.
We are also subject to Delaware laws that could 26 Table of Contents have similar effects. One of these laws prohibits us from engaging in a business combination with a significant stockholder unless specific conditions are met.
The regulatory landscape surrounding AI and GenAI technologies is evolving, and the ways in which these technologies will be regulated by governmental authorities, self-regulatory institutions, or other regulatory authorities remains uncertain and may be inconsistent from jurisdiction to jurisdiction.
The regulatory landscape surrounding AI technologies is evolving, and the ways in which these technologies will be regulated by governmental authorities, self-regulatory institutions, or other regulatory authorities remain uncertain and may be inconsistent from jurisdiction to jurisdiction.
Our operations are based on a global delivery model with client services provided from delivery centers in 75 countries, with a significant concentration of our workforce located in the Philippines, India, Brazil, Egypt, Türkiye, Colombia, Malaysia, Morocco, China, and the United Kingdom.
Our operations are based on a global delivery model with client services provided from delivery centers in 74 countries, with a significant concentration of our workforce located in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco, and the United Kingdom.
We operate in 75 countries, and volatility in the value of the currencies used in these countries increases the uncertainty in our revenue and profitability forecasts.
We operate in 74 countries, and volatility in the value of the currencies used in these countries increases the uncertainty in our revenue and profitability forecasts.
We depend on a limited number of clients for a significant portion of our revenue, and the loss of business from one or more of these clients could adversely affect our results of operations. Our five largest clients collectively represented approximately 18% of our revenue in fiscal year 2024.
We depend on a limited number of clients for a significant portion of our revenue, and the loss of business from one or more of these clients could adversely affect our results of operations. Our five largest clients collectively represented approximately 19% of our revenue in fiscal year 2025.
These third parties can damage our reputation or cause financial loss through cybersecurity or data privacy breaches, inadequate information technology infrastructure, insufficient or defective updates to software, non-conformance to servicing standards, or financial distress that disrupts business operations.
These third parties can damage our reputation or cause financial loss through cybersecurity or data privacy breaches, inadequate information technology infrastructure, insufficient or defective updates to software, non-conformance to servicing standards or our Supplier Code of Conduct, or financial distress that disrupts business operations.
Operating globally subjects us to risks in the countries in which we do business, which may include political and economic instability, armed conflicts, domestic or foreign terrorism, foreign currency volatility, the time and expense required to comply with different laws and regulations, challenges with hiring and retaining adequate staff, inflation, longer payment cycles or difficulties in collecting accounts receivable, and seasonal reductions in business activity.
Operating globally subjects us to risks in the countries in which we do business, which include political and economic instability, armed conflicts, domestic or foreign terrorism, foreign currency volatility, the time and expense required to comply with 16 Table of Contents different laws and regulations, challenges with hiring and retaining adequate staff, inflation, tariffs, longer payment cycles or difficulties in collecting accounts receivable, and seasonal reductions in business activity.
In order to continue delivering services to our clients, we may also need to seek and obtain a license of a third party’s intellectual property rights. We may be unable to obtain such a license on commercially reasonable terms, if at all, which could disrupt our business and adversely affect our results of operations.
In order to continue delivering services to our clients, we may also need to seek and obtain licenses of third party intellectual property rights. We may be unable to obtain such licenses on commercially reasonable terms, if at all, which could disrupt our business and adversely affect our results of operations.
We often carry significant accounts receivable balances from a limited number of clients that generate a large portion of our revenue. For example, approximately 21% of our accounts receivable balance as of November 30, 2024 was attributable to five clients.
We often carry significant accounts receivable balances from a limited number of clients that generate a large portion of our revenue. For example, approximately 19% of our accounts receivable balance as of November 30, 2025 was attributable to five clients.
Some emerging technologies, including AI, GenAI, RPA, ML, VOC, IVR, and IoT, may cause an adverse shift in the way certain of our existing business operations are conducted, including by replacing or supplementing human contacts with automated or self-service options, or by decreasing the size of the available market.
Some emerging technologies, including AI, GenAI, RPA, ML, VOC, IVR, and IoT, may cause an adverse shift in the way certain of our existing business operations are conducted, including by replacing or supplementing human contacts with automated or self-service options, changing client expectations on pricing and pricing models, or by decreasing the size of the available market.
Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the euro, and the Canadian dollar, against the U.S. dollar or other currencies in which we bill our clients, and inflation in the local economies in which these delivery centers are located, could increase the operating and labor costs in these delivery centers, which can result in reduced profitability.
Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the Malaysian Ringgit, the Egyptian pound, Colombian peso, and the Canadian dollar, against the U.S. dollar or other currencies in which we bill our clients, and inflation in the local economies in which these delivery centers are located, could increase the operating and labor costs in these delivery centers, which can result in reduced profitability.
Although we believe our controls are effective and we require all staff to be trained in their responsibilities under our Code of Ethical Business Conduct, with a team of approximately 450,000, we cannot prevent all misconduct.
Although we believe our controls are effective and we require all staff to be trained in cybersecurity, fraud awareness, and their responsibilities under our Code of Ethical Business Conduct, with a team of approximately 455,000, we cannot prevent all misconduct.
We deploy 18 Table of Contents leading edge digital transformation capabilities such as GenAI self-service applications, AI-based automation bots, omnichannel services, and internally-developed and third-party software solutions to enhance customer and staff experience across various technology environments and platforms.
We deploy leading edge digital transformation capabilities such as GenAI self-service applications, AI-based automation bots, omnichannel services, agentic AI infrastructure and internally-developed and third-party software solutions to enhance customer and staff experience across various technology environments and platforms.
Since our common stock started trading on Nasdaq under the symbol “CNXC” on December 1, 2020 through our fiscal year ending November 30, 2024, our stock price has ranged from a high of $208.48 to a low of $36.28 per share.
Since our common stock started trading on Nasdaq under the symbol “CNXC” on December 1, 2020 through our fiscal year ending November 30, 2025, our stock price has ranged from a high of $208.48 to a low of $31.63 per share.
When our staff or contractors fail to adhere to the controls and processes we and our clients have established, we may be subject to financial liability or our client relationships or reputation may suffer.
When our staff or contractors fail to adhere to our and our clients’ controls and processes, we may be subject to financial liability or our client relationships or reputation may suffer. We depend on our staff and contractors to deliver our services to our clients and adhere to the controls and processes we and our clients have established.
Certain stockholders are able to exercise influence over the composition of our board of directors, matters subject to stockholder approval, and our operations, and actual or potential conflicts of interest may develop. As of January 17, 2025, affiliates of Groupe Bruxelles Lambert (“GBL”) owned approximately 13.6% of our common stock.
Certain stockholders are able to exercise influence over the composition of our board of directors, matters subject to stockholder approval, and our operations, and actual or potential conflicts of interest may develop. As of January 16, 2026, affiliates of Groupe Bruxelles Lambert (“GBL”) owned approximately 14.2% of our common stock.
We could be negatively impacted by factors that are outside of our control, including economic downturns, geopolitical tensions, the widespread outbreak of communicable diseases or other public health crises, and natural disasters.
Economic downturns, geopolitical tensions, communicable diseases or any other public health crises, and natural disasters could adversely affect our business, results of operations, and financial condition. We could be negatively impacted by factors that are outside of our control, including economic downturns, geopolitical tensions, the widespread outbreak of communicable diseases or other public health crises, and natural disasters.
While we have the capability to provide multi-channel services in countries across the globe, changes in the types of services utilized and the geographic locations where the services are provided can impact our revenue and profitability.
Our solutions can also be provided in different geographies and through different service channels. While we have the capability to provide multi-channel services in countries across the globe, changes in the types of services utilized and the geographic locations where the services are provided can impact our revenue and profitability.
Several jurisdictions in which we operate are considering or have proposed or enacted legislation and policies regulating AI and non-personal data, such as the European Union’s AI Act and the U.S.’s 14 Table of Contents Executive Order on AI.
Several jurisdictions in which we operate are considering or have proposed or enacted legislation and policies regulating AI and non-personal data, such as the European Union’s AI Act, the U.S.’s Executive Order on AI, and California’s Transparency in Frontier Artificial Intelligence Act.
Our client contracts typically include provisions that, if triggered, could impact our profitability. For example, many of our contracts may be terminated with limited notice for any reason and, to the extent our clients terminate these contracts, we could experience unexpected fluctuations in our revenue and operating results from period to period.
For example, many of our contracts may be terminated with limited notice for any reason and, to the extent our clients terminate these contracts, we could experience unexpected fluctuations in our revenue and operating results from period to period.
We may be unable to obtain insurance coverage for certain claims at a reasonable cost, if at all. Unfavorable outcomes in pending or future litigation or the settlement of asserted claims could negatively affect us. Regardless of the outcome, litigation could result in substantial expense and could divert the efforts of our management.
We may be unable to obtain insurance coverage for certain claims at a reasonable cost, if at all. Unfavorable outcomes in pending or future litigation or the settlement of asserted claims could negatively affect us.
Power or communications failures could interrupt the operations of our facilities or the ability of our staff to work remotely. 17 Table of Contents Natural disasters, severe weather events, or labor disputes that disrupt transportation services could limit the ability of our staff to reach our facilities or increase the cost of transportation services that we procure for our staff in certain countries.
Natural disasters, severe weather events, or labor disputes that disrupt transportation services could limit the ability of our staff to reach our facilities or increase the cost of transportation services that we procure for our staff in certain countries.
The GDPR and Corporate Sustainability Reporting Directive (“CSRD”) in Europe, the SEC’s recently adopted climate disclosure and cybersecurity disclosure rules, the Data Privacy Act in the Philippines, the Digital Personal Data Protection Act in India, the California Consumer Privacy Act, the California Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, and other similar laws have resulted, and will continue to result, in increased compliance costs, and the failure to comply with these laws can result in significant monetary penalties.
The EU GDPR and the UK GDPR, the Corporate Sustainability Reporting Directive (“CSRD”), the AI Act, and the Digital Operational Resilience Act and Network and Information Security 2 Directive in Europe, the Data Privacy Act in the Philippines, the Digital Personal Data Protection Act in India, the California Consumer Privacy Act, the California Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, and other similar laws have resulted, and will continue to result, in increased compliance costs, and the failure to comply with these laws can result in significant monetary penalties.
We have historically pursued, and in the future expect to pursue, acquisitions of, or investments in, businesses, technologies, and assets in new or existing markets, either within or outside the CX solutions industry, that complement or expand our existing business.
We have historically pursued, and in the future expect to pursue, acquisitions of, or investments in, businesses, technologies, and assets in new or existing markets, either within or outside the CX solutions industry, that complement or expand our existing business. For example, in September 2023, we completed our combination with Webhelp, a leading provider of CX solutions.
Moreover, with a significant reliance on remote staff, we depend on the communications and other service providers necessary for our staff to perform their work from our facilities and their homes.
Moreover, with a significant reliance on remote staff, we depend on the communications and other service providers necessary for our staff to perform their work from our facilities and their homes. Power or communications failures could interrupt the operations of our facilities or the ability of our staff to work remotely.
Our ability to pay dividends will depend on our ongoing ability to generate cash from operations and on our access to the capital markets.
Our ability to pay dividends will depend on our ongoing ability to generate cash from operations and on our access to the capital markets. We cannot guarantee that we will continue to pay dividends in the future.
Our operations, reputation, and results of operations may be damaged through the actions, inactions, or vulnerabilities of third parties. We depend on a variety of third parties to enable us to deliver services to our clients, including communications services providers, information technology systems and network providers, electric and other utility providers, transportation providers, and recruiting firms.
We depend on a variety of third parties to enable us to deliver services to our clients, including communications services providers, information technology systems and network providers, electric and other utility providers, transportation providers, and recruiting firms.
We cannot guarantee that we will continue to pay a dividend in the future. 24 Table of Contents Certain provisions of our certificate of incorporation and bylaws and of Delaware law make it difficult for stockholders to change the composition of our board of directors and may discourage hostile takeover attempts that some of our stockholders may consider to be beneficial.
Certain provisions of our certificate of incorporation and bylaws and of Delaware law make it difficult for stockholders to change the composition of our board of directors and may discourage hostile takeover attempts that some of our stockholders may consider to be beneficial.
There can be no assurance that the current demand for our services will continue or grow, that 16 Table of Contents organizations will not elect to perform such services in-house, or that clients will not elect to move services to lower-cost or lower-margin geographies or customer contact channels.
There can be no assurance that the current demand for our services will continue or grow, that organizations will not elect to perform such services in-house, or that clients will not elect to move services to lower-cost or lower-margin geographies or customer contact channels. Our client contracts typically include provisions that, if triggered, could impact our profitability.
We may have higher than anticipated tax liabilities, which could result in a material adverse effect on our business. Due to the global nature of our operations, we are subject to the complex and varying tax laws and rules of many jurisdictions and have material tax-related contingent liabilities that are difficult to predict or quantify.
Due to the global nature of our operations, we are subject to the complex and varying tax laws and rules of many jurisdictions and have material tax-related contingent liabilities that are difficult to predict or quantify.
While we closely monitor our accounts receivable balances, a client’s financial inability or unwillingness, for any reason, to pay a large accounts receivable balance or many clients’ inability or unwillingness to pay accounts receivable balances that are large in the aggregate would adversely impact our income and cash flow.
While we closely monitor our accounts receivable balances, a client’s financial inability or unwillingness, for any reason, to pay a large accounts receivable balance or many clients’ inability or unwillingness to pay accounts receivable balances that are large in the aggregate would adversely impact our income and cash flow. 18 Table of Contents Our operations, reputation, and results of operations may be damaged through the actions, inactions, or vulnerabilities of third parties.
We face competition in hiring, retaining, developing, and motivating talented and skilled leaders and staff with domain experience, and we have, at times, struggled to hire sufficient technical talent to meet the demand for our services. GenAI and other technological advancements may further impact our ability to attract and retain sufficient personnel with the required new capabilities and skill sets.
We face competition in hiring, retaining, developing, and motivating talented and skilled leaders and staff with domain experience, and we have, at times, struggled to hire sufficient technical talent to meet the demand for our services.
As a result, our ability to operate may be restricted and our ability to respond to business and market conditions may be limited, which could have an adverse effect on our business and operating results. Risks Related to Ownership of Our Common Stock The share price and trading volume of our common stock may fluctuate significantly.
As a result, our ability to operate may be restricted and our ability to respond to business and market conditions may be limited, which could have an adverse effect on our business and operating results.
Any actions by countries in which we conduct business to reverse policies that encourage international trade or investment could also adversely affect our business. We depend on a variety of communications services and information technology systems and networks, and any failure or increase in the cost of these systems and networks could adversely impact our business and operating results.
We depend on a variety of communications services and information technology systems and networks, and any failure or increase in the cost of these systems and networks could adversely impact our business and operating results.
If we cannot offer new technologies as quickly or efficiently as our competitors, our competitors develop more cost-effective or client-preferred technologies, or market acceptance and adoption of our technologies is less than anticipated, it could have a material adverse effect on our ability to obtain and complete client engagements, which could adversely affect our business.
If we cannot offer new technologies as quickly or efficiently as our competitors, our competitors develop more cost-effective or client-preferred technologies, or market acceptance and adoption of our technologies is less than anticipated, it could have a material adverse effect on our ability to obtain and complete client engagements, which could adversely affect our business. 17 Table of Contents We are subject to uncertainties and rapid variability in demand by our clients, and our client contracts include provisions such as termination for convenience, which could cause fluctuations in our revenue and adversely affect our operating results.
The terms of our debt arrangements impose restrictions on our ability to operate and could have an adverse effect on our business and results of operations.
Our net income and cash flows, including cash available for servicing indebtedness, will correspondingly decrease. The terms of our debt arrangements impose restrictions on our ability to operate and could have an adverse effect on our business and results of operations.
To the extent that we incur additional indebtedness, the risks described above could increase. In addition, our actual cash requirements in the future may be greater than expected. Our cash flows from operations may not be sufficient to service our outstanding debt or to repay our outstanding debt as it becomes due or within the time frame that we expect.
Our actual cash requirements in the future may be greater than expected. Our cash flows from operations may not be sufficient to service our outstanding debt or to repay our outstanding debt as it becomes due or within the time frame that we expect. In addition, major debt rating agencies regularly evaluate our debt based on a number of factors.
Rising costs, our inability to manage rising costs, or our inability to adequately motivate our team or utilize our personnel resources efficiently could negatively impact our profitability or disrupt our operations. We have pursued and intend to continue to pursue strategic acquisitions or investments and may encounter risks associated with these activities, which could harm our business and operating results.
We have pursued and intend to continue to pursue strategic acquisitions or investments and may encounter risks associated with these activities, which could harm our business and operating results.
The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation or similar governing documents has been challenged in legal proceedings, and it is possible that a court could find the choice of forum provisions contained in our bylaws to be inapplicable or unenforceable, including with respect to claims arising under the U.S. federal securities laws. 25 Table of Contents This exclusive forum provision may limit the ability of a stockholder to commence litigation in a forum that the stockholder prefers, or may require a stockholder to incur additional costs in order to commence litigation in Delaware or U.S. federal district court, each of which may discourage such lawsuits against us or our directors or officers.
The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation or similar governing documents has been challenged in legal proceedings, and it is possible that a court could find the choice of forum provisions contained in our bylaws to be inapplicable or unenforceable, including with respect to claims arising under the U.S. federal securities laws.
Certain of our solutions may require lengthy and complex implementations that can be subject to changing client preferences and continuing changes in technology, which can increase costs or adversely affect our business. Economic downturns, geopolitical tensions, communicable diseases or any other public health crises, and natural disasters could adversely affect our business, results of operations, and financial condition.
Certain of our solutions may require lengthy and complex implementations that can be subject to changing client preferences and continuing changes in technology, which can increase costs or adversely affect our business.
The demand for our services can be affected by events outside of our control, including consolidation among our clients, changing marketplace trends, financial challenges faced by our clients, and fluctuations in the use of our clients’ products and services. Our solutions can also be provided in different geographies and through different service channels.
Our revenue depends, in large part, on the volumes, geographic locations, and types of services demanded. The demand for our services can be affected by events outside of our control, including consolidation among our clients, changing marketplace trends, financial challenges faced by our clients, and fluctuations in the use of our clients’ products and services.
Our recent and future acquisitions or investments, including our combination with Webhelp, may not be successful, and if we fail to realize the anticipated benefits of these acquisitions or investments, our business and operating results could be harmed.
The incurrence of debt in connection with any future acquisitions could restrict our ability to obtain working capital or other financing necessary to operate our business. Our recent and future acquisitions or investments may not be successful, and if we fail to realize the anticipated benefits of these acquisitions or investments, our business and operating results could be harmed.
Rising interest rates increase the cost of our outstanding borrowings and could adversely affect our net income. Our outstanding borrowings under our senior unsecured credit facility and our accounts receivable securitization facility are variable-rate obligations that expose us to interest rate risk.
Our outstanding borrowings under our senior unsecured credit facility and our accounts receivable securitization facility are variable-rate obligations that expose us to interest rate risk. When interest rates increase, our debt service obligations and our interest expense increase even if our outstanding borrowings remain the same.
We also have substantial operations in countries, most notably the Philippines, India, Brazil, Egypt, Türkiye, and Colombia that have experienced severe natural events, such as typhoons, mudslides, droughts, wildfires, earthquakes, and floods, in the recent past.
The extent of such future impact is unknown and would depend on many factors, all of which are uncertain and cannot be predicted. 15 Table of Contents We also have substantial operations in countries, most notably the Philippines, India, Egypt, Brazil, Türkiye, Colombia, and Malaysia that have experienced severe natural events, such as typhoons, mudslides, droughts, wildfires, earthquakes, and floods, in the recent past.
If our communications or information technology systems are disrupted or the cost of maintaining those systems increases significantly, our results of operations could be adversely affected.
If our communications or information technology systems are disrupted or the cost of maintaining those systems increases significantly, our results of operations could be adversely affected. Changes in foreign currency exchange rates have impacted and could continue to impact or adversely affect our business and operating results.
We have developed proprietary information technology systems, mobile applications, and cloud-based technology and acquired technologies that play an important role in our business.
Regardless of the outcome, litigation could result in substantial expense and could divert the efforts of our management. 23 Table of Contents We have developed proprietary information technology systems, mobile applications, and cloud-based technology and acquired technologies that play an important role in our business.
Cybercriminals, including those supported by nation states, political activists, and organized crime, are well organized and increasingly sophisticated, and we expect they will continue to seek out and attempt to exploit vulnerabilities in our and our clients’ networks and systems. 13 Table of Contents We represent our clients in certain critical operations of their business processes such as sales, marketing, and customer support and manage large volumes of customer information and confidential data.
Cybercriminals and other 14 Table of Contents threat actors, including those supported by nation states, political activists, and organized crime, are well organized and increasingly sophisticated, and we expect they will continue to seek out and attempt to exploit vulnerabilities in our and our clients’ networks and systems.
The CX solutions industry and other adjacent markets we operate in are highly competitive, highly fragmented, and subject to rapid change.
Our industry is subject to intense competition and dynamic changes in business model, which in turn could cause our operations to suffer. The CX solutions industry and other adjacent markets we operate in are highly competitive, highly fragmented, and subject to rapid change.
We incurred significant transaction costs related to our combination with Webhelp and will continue to incur significant integration-related fees and costs related to our ongoing integration, including facilities and systems consolidation costs and staff-related costs.
We incurred significant transaction costs related to our combination with Webhelp including costs related to integration.
As of November 30, 2024, we had approximately $4.77 billion of indebtedness prior to debt issuance costs, and we may further increase our indebtedness in the future.
Risks Related to our Capital Structure Our level of indebtedness could have adverse consequences for our business or our financial condition. As of November 30, 2025, we had approximately $4.65 billion of indebtedness prior to debt issuance costs, and we may further increase our indebtedness in the future.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeIn fiscal year 2024, our game-changers completed mandatory security awareness training, resulting in a company-wide pass percentage of 95%. In August 2024, we held a Cyber and Fraud Awareness Month, which promoted best practices and vigilance in protecting information and data to prevent cyber-attacks, and educated game-changers on how to report phishing or suspicious messages through a dedicated reporting channel.
Biggest changeIn March 2025, we held a Cyber Fraud Awareness Month, which promoted best practices and vigilance in protecting information and data to prevent cyber-attacks, and educated game-changers on how to identify sophisticated social engineering attacks, and report phishing or suspicious messages through our dedicated reporting channel. 28 Table of Contents We are currently not aware of any cybersecurity incidents or threats that have materially impacted us or our business, financial condition, and results of operations.
As a part of our ISMS, we evaluate our security risk strategy on an ongoing basis to facilitate our response to the changing cybersecurity threat landscape and build a culture of security within Concentrix, we allocate and evaluate available resources, including technology, infrastructure, and personnel, to support information security initiatives, we regularly identify security risks and prepare and continuously update mitigation and response plans, including with respect to risks related to the use of our third party service providers, we report, investigate, and respond to suspected or confirmed information security risks, and we maintain a business continuity management process to counter potential interruptions to business activities and a data privacy program to protect personal and sensitive information.
As a part of our ISMS, we: • evaluate our security risk strategy on an ongoing basis to facilitate our response to the changing cybersecurity threat landscape and build a culture of security within Concentrix; • allocate and evaluate available resources, including technology, infrastructure, and personnel, to support information security initiatives; • regularly identify security risks and prepare and continuously update mitigation and response plans, including with respect to risks related to the use of our third party service providers; • report, investigate, and respond to suspected or confirmed information security risks; and • maintain a business continuity management process to counter potential interruptions to business activities and a data privacy program to protect personal and sensitive information.
Our SVP, Information Systems and Global Security has an undergraduate degree in Information Technology and over 24 years of global experience in cybersecurity strategy and risk management in various leadership roles at large companies and within government, with extensive experience in the development of and enforcement of security policies, protection of sensitive data, responding to cyber and fraud incidents, and integrating security across operations.
Our SVP, Information Systems and Global Security has an undergraduate degree in Information Technology and over 25 years of global experience in cybersecurity strategy and risk management in various leadership roles at large companies and within government, with extensive experience in the development of and enforcement of security policies, protection of sensitive data, responding to cyber and fraud incidents, and integrating security across operations.
For a discussion of these risks and others that we face, see “Risk Factors” in this Annual Report on Form 10-K. Governance Our board of directors, directly and indirectly through its committees, has oversight responsibility for our risk management process, including risks related to cybersecurity.
For a discussion of these risks and others that we face, see “Risk Factors” in this Annual Report on Form 10-K. Governance Our board of directors, directly and indirectly through its committees, has oversight responsibility for our risk management process, including risks related to cybersecurity and artificial intelligence.
Our SVP, IT Infrastructure has over 29 years of experience in managing a large, geographically dispersed team that designs, plans, implements, and maintains a complex IT infrastructure and operations. He has also played a critical role in the development of security technologies at Concentrix.
Our SVP, IT Infrastructure has over 30 years of experience in managing a large, geographically dispersed team that designs, plans, implements, and maintains a complex IT infrastructure and operations. He has also played a critical role in the development of security technologies at Concentrix.
The data security controls from these standards and regulations are evaluated as a component of our risk management framework, based on the needs of our business and our clients, the nature of our industry, and applicable regulations.
The data security controls from these standards 27 Table of Contents and regulations are evaluated as a component of our risk management framework, based on the needs of our business and our clients, the nature of our industry, and applicable regulations.
We contractually require our vendors to comply with cybersecurity and 26 Table of Contents data privacy requirements, and we perform risk assessments of vendors, including their ability to protect data from unauthorized access.
We contractually require our vendors to comply with cybersecurity and data privacy requirements, and we perform risk assessments of vendors, including their ability to protect data from unauthorized access.
Our GVP, Governance, Risk, and Compliance has over 22 years of global experience in information security with specialization in risk management, security tools and technologies, compliance, and privacy. His experience in information security spans advisory and consulting, policy, processes and standards, engineering, and operational support for clients and the internal organization. 27 Table of Contents
Our GVP, Governance, Risk, and Compliance has over 23 years of global experience in information security with specialization in risk management, security tools and technologies, compliance, and privacy. His experience in information security spans advisory and consulting, policy, processes and standards, engineering, and operational support for clients and the internal organization.
Removed
We are currently not aware of any cybersecurity incidents or threats that have materially impacted us or our business, financial condition, and results of operations.
Added
We are one of the few companies globally recognized for our AI governance, privacy and security standards by receiving the ISO/IIEC 42001:2023 Artificial Intelligence Management System certification for our iX suite of products, together with meeting the ISO 31700:2023 Privacy by Design and HITRUST AI requirements.
Added
In fiscal year 2025, our game-changers completed mandatory security awareness training resulting in a company-wide pass percentage of approximately 95%.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeITEM 2. PROPERTIES We lease our principal executive offices in Newark, California. As of November 30, 2024, we occupied approximately 485 facilities, located in 75 countries across six continents, comprising service and delivery centers and administrative facilities covering approximately 24.3 million square feet, of which approximately 1.4 million square feet was owned and the remainder was leased.
Biggest changeITEM 2. PROPERTIES We lease our principal executive offices in Newark, California. As of November 30, 2025, we occupied approximately 483 facilities, located in 74 countries across six continents, comprising service and delivery centers and administrative facilities covering approximately 25.4 million square feet, of which approximately 1.4 million square feet was owned and the remainder was leased.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeDividends During fiscal years 2024 and 2023, the Company paid the following dividends per share approved by the Company’s board of directors: Announcement Date Record Date Per Share Dividend Amount Payment Date January 19, 2023 January 30, 2023 $0.275 February 10, 2023 March 29, 2023 April 28, 2023 $0.275 May 9, 2023 June 28, 2023 July 28, 2023 $0.275 August 8, 2023 September 27, 2023 October 27, 2023 $0.3025 November 7, 2023 January 24, 2024 February 5, 2024 $0.3025 February 15, 2024 March 26, 2024 April 26, 2024 $0.3025 May 7, 2024 June 26, 2024 July 26, 2024 $0.3025 August 6, 2024 September 25, 2024 October 25, 2024 $0.33275 November 5, 2024 Our board of directors expects that cash dividends will be paid on a quarterly basis in the future.
Biggest changeDividends During fiscal years 2025 and 2024, the Company paid the following dividends per share approved by the Company’s board of directors: Announcement Date Record Date Per Share Dividend Amount Payment Date January 24, 2024 February 5, 2024 $0.3025 February 15, 2024 March 26, 2024 April 26, 2024 $0.3025 May 7, 2024 June 26, 2024 July 26, 2024 $0.3025 August 6, 2024 September 25, 2024 October 25, 2024 $0.33275 November 5, 2024 January 15, 2025 January 31, 2025 $0.33275 February 11, 2025 March 26, 2025 April 25, 2025 $0.33275 May 6, 2025 June 26, 2025 July 25, 2025 $0.33275 August 5, 2025 September 25, 2025 October 24, 2025 $0.36 November 4, 2025 Our board of directors expects that cash dividends will be paid on a quarterly basis in the future.
(from initial public offering in October 2021 through becoming a private company in June 2024), Teleperformance S.A., TELUS International (from initial public offering in February 2021), and TTEC Holdings, Inc., in each case assuming a $100 initial investment.
(from initial public offering in October 2021 through becoming a private company in June 2024), Teleperformance S.A., TELUS International (from initial public offering in February 2021 through becoming a private company in October 2025), and TTEC Holdings, Inc., in each case assuming a $100 initial investment.
December 1, 2020 November 30, 2021 November 30, 2022 November 30, 2023 November 30, 2024 Concentrix Corporation $ 100.00 $ 158.10 $ 116.55 $ 89.51 $ 42.81 S&P Midcap 400 $ 100.00 $ 123.43 $ 117.47 $ 116.82 $ 153.39 Peer Group $ 100.00 $ 121.30 $ 72.41 $ 35.76 $ 26.18 30 Table of Contents ITEM 6. [RESERVED]
December 1, 2020 November 30, 2021 November 30, 2022 November 30, 2023 November 30, 2024 November 30, 2025 Concentrix Corporation $ 100.00 $ 158.10 $ 116.55 $ 89.51 $ 42.81 $ 36.89 S&P Midcap 400 $ 100.00 $ 123.43 $ 117.47 $ 116.82 $ 153.39 $ 164.58 Peer Group $ 100.00 $ 121.30 $ 72.41 $ 35.76 $ 26.18 $ 25.83 32 Table of Contents ITEM 6. [RESERVED]
Share Repurchases In September 2021, our board of directors authorized the repurchase of up to $500 million of our common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. The repurchase program has no termination date and may be suspended or discontinued at any time.
Share Repurchases In September 2021, our board of directors authorized the repurchase of up to $500 million of our common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on Nasdaq under the symbol “CNXC”. As of January 17, 2025, there were 64,398,533 shares of common stock outstanding held by approximately 2,795 stockholders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on Nasdaq under the symbol “CNXC”. As of January 16, 2026, there were 61,597,304 shares of common stock outstanding held by approximately 2,764 stockholders of record.
In January 2025, our board of directors extended our share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $600 million.
(2) Includes shares repurchased as part of the Company’s share repurchase program initiated in September of 2021. (3) 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.
(2) Includes shares repurchased as part of the Company’s share repurchase program initiated in September of 2021. 29 Table of Contents Stock Price Performance Graph The stock price performance graph below compares our cumulative total stockholder return for the period from December 1, 2020 through November 30, 2024 with the cumulative total return of the S&P Midcap 400 Index for the same period and a Peer Group comprised of our core CX solutions competitors that are publicly traded companies: Majorel Group Luxembourg S.A.
The repurchase program has no termination date and may be suspended or discontinued at any time. 31 Table of Contents Stock Price Performance Graph The stock price performance graph below compares our cumulative total stockholder return for the period from December 1, 2020 through November 30, 2025 with the cumulative total return of the S&P Midcap 400 Index for the same period and a Peer Group comprised of CX-focused technology and service providers that are publicly traded companies: Majorel Group Luxembourg S.A.
The following table summarizes the Company’s purchases of common stock during the fourth quarter of the fiscal year ended November 30, 2024: Period Total number of shares purchased (1), (2) Average price paid per share Total number of shares purchased as part of publicly announced program (2) Maximum dollar amount that may yet be purchased under the program (in thousands) September 1, 2024 - September 30, 2024 162,852 $ 65.65 161,613 $ 177,888 October 1, 2024 - October 31, 2024 496,700 $ 47.75 264,273 $ 165,127 November 1, 2024 - November 30, 2024 268,251 $ 41.42 267,950 $ 154,030 Total 927,803 $ 49.06 693,836 (1) Includes shares withheld upon the vesting of certain equity awards to satisfy tax withholding obligations.
At November 30, 2025, we had approximately $439.5 million remaining for share repurchases under the existing authorization from our board of directors. 30 Table of Contents The following table summarizes the Company’s purchases of common stock during the fourth quarter of the fiscal year ended November 30, 2025: Period Total number of shares purchased (1) (2) Average price paid per share Total number of shares purchased as part of publicly announced program (2) Maximum dollar amount that may yet be purchased under the program (in thousands) (3) September 1, 2025 - September 30, 2025 267,252 $ 53.23 264,597 $ 481,318 October 1, 2025 - October 31, 2025 787,716 $ 46.10 434,858 $ 461,270 November 1, 2025 - November 30, 2025 610,044 $ 35.75 609,882 $ 439,468 Total 1,665,012 $ 43.35 1,309,337 (1) Includes shares withheld upon the vesting of certain equity awards to satisfy tax withholding obligations.
As of November 30, 2024, we had repurchased 3,890,691 shares under the share repurchase program for approximately $346.0 million in the aggregate. At November 30, 2024, we had approximately $154.0 million remaining for share repurchases under the existing authorization from our board of directors.
As of November 30, 2025, we had repurchased 7,447,427 shares under the share repurchase program for approximately $514.7 million in the aggregate.
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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 million. The repurchase program has no termination date and may be suspended or discontinued at any time.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThese non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP. 40 Table of Contents Fiscal Years Ended November 30, 2024 2023 ($ in thousands except per share amounts) Operating income $ 596,387 $ 661,327 Acquisition-related and integration expenses 156,771 71,336 Step-up depreciation 9,907 — Amortization of intangibles 458,925 214,832 Share-based compensation 95,922 62,493 Non-GAAP operating income $ 1,317,912 $ 1,009,988 Net income $ 251,217 $ 313,842 Interest expense and finance charges, net 321,828 201,004 Provision for income taxes 48,057 94,386 Other expense (income), net (24,715) 52,095 Acquisition-related and integration expenses 156,771 71,336 Step-up depreciation 9,907 — Amortization of intangibles 458,925 214,832 Share-based compensation 95,922 62,493 Depreciation (exclusive of step-up depreciation) 237,013 171,801 Adjusted EBITDA $ 1,554,925 $ 1,181,789 Operating margin 6.2 % 9.3 % Non-GAAP operating margin 13.7 % 14.2 % Adjusted EBITDA margin 16.2 % 16.6 % Net income $ 251,217 $ 313,842 Acquisition-related and integration expenses 156,771 71,336 Step-up depreciation 9,907 — Acquisition-related expenses included in interest expense and finance charges, net (1) — 25,556 Acquisition-related expenses included in other expense (income), net (1) — 14,629 Imputed interest related to Sellers’ Note included in interest expense and finance charges, net 16,895 2,998 Change in acquisition contingent consideration included in other expense (income), net (29,268) 15,681 Foreign currency losses (gains), net (2) (1,850) 14,938 Amortization of intangibles 458,925 214,832 Share-based compensation 95,922 62,493 Income taxes related to the above (3) (173,963) (105,616) Income tax effect of legal entity restructuring (12,254) — Non-GAAP net income $ 772,302 $ 630,689 41 Table of Contents Fiscal Years Ended November 30, 2024 2023 Diluted earnings per common share (“EPS”) $ 3.71 $ 5.70 Acquisition-related and integration expenses 2.32 1.30 Step-up depreciation 0.15 — Acquisition-related expenses included in interest expense and finance charges, net (1) — 0.46 Acquisition-related expenses included in other expense (income), net (1) — 0.27 Imputed interest related to Sellers’ Note included in interest expense and finance charges, net 0.25 0.05 Change in acquisition contingent consideration included in other expense (income), net (0.43) 0.28 Foreign currency losses (gains), net (2) (0.03) 0.27 Amortization of intangibles 6.79 3.90 Share-based compensation 1.42 1.14 Income taxes related to the above (3) (2.58) (1.92) Income tax effect of legal entity restructuring (0.18) — Non-GAAP Diluted EPS $ 11.42 $ 11.45 (1) Included in these amounts are a) Bridge Facility financing fees and b) losses associated with non-designated call option contracts put in place to hedge foreign exchange movements in connection with the Webhelp Combination that are included within interest expense and finance charges, net and other expense (income), net, respectively, in the consolidated statement of operations.
Biggest changeThese non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP. 41 Table of Contents Fiscal Years Ended November 30, 2025 2024 ($ in thousands except per share amounts) Operating income (loss) $ (918,183) $ 596,387 Impairment charges 1,527,726 — Acquisition-related, integration and restructuring expenses (1) 101,468 156,771 Step-up depreciation 10,326 9,907 Amortization of intangibles 434,332 458,925 Share-based compensation 97,875 95,922 Non-GAAP operating income $ 1,253,544 $ 1,317,912 Net income (loss) $ (1,278,924) $ 251,217 Interest expense and finance charges, net 290,349 321,828 Provision for income taxes 96,702 48,057 Other income, net (26,310) (24,715) Impairment charges 1,527,726 — Acquisition-related, integration and restructuring expenses (1) 101,468 156,771 Step-up depreciation 10,326 9,907 Amortization of intangibles 434,332 458,925 Share-based compensation 97,875 95,922 Depreciation (exclusive of step-up depreciation) 215,775 237,013 Adjusted EBITDA $ 1,469,319 $ 1,554,925 Operating margin (9.3) % 6.2 % Non-GAAP operating margin 12.8 % 13.7 % Adjusted EBITDA margin 15.0 % 16.2 % Net income (loss) $ (1,278,924) $ 251,217 Impairment charges 1,527,726 — Acquisition-related and integration expenses (1) 101,468 156,771 Step-up depreciation 10,326 9,907 Debt costs (2) 1,323 — Imputed interest related to Sellers’ Note included in interest expense and finance charges, net 14,577 16,895 Legal settlement costs (3) 2,000 — Change in acquisition contingent consideration included in other income, net (1,958) (29,268) Foreign currency gains, net (4) (28,959) (1,850) Amortization of intangibles 434,332 458,925 Share-based compensation 97,875 95,922 Income taxes related to the above (5) (155,034) (173,963) Income tax effect of change in tax law 5,699 — Income tax effect of legal entity restructuring 12,960 (12,254) Non-GAAP net income $ 743,411 $ 772,302 42 Table of Contents Fiscal Year Ended November 30, 2025 November 30, 2024 Diluted earnings (loss) per common share (“EPS”) $ (20.36) $ 3.71 Impairment charges 24.22 — Acquisition-related, integration and restructuring expenses (1) 1.61 2.41 Step-up depreciation 0.16 0.15 Debt costs (2) 0.02 — Imputed interest related to Sellers’ Note included in interest expense and finance charges, net 0.23 0.26 Legal settlement costs (3) 0.03 — Change in acquisition contingent consideration included in other income, net (0.03) (0.45) Foreign currency gains, net (4) (0.46) (0.03) Amortization of intangibles 6.89 7.05 Share-based compensation 1.55 1.47 Income taxes related to the above (5) (2.46) (2.67) Income tax effect of change in tax law 0.09 — Income tax effect of legal entity restructuring 0.21 (0.19) Adjustment for participating securities (0.48) (0.29) Non-GAAP Diluted EPS $ 11.22 $ 11.42 (1) For fiscal years 2025 and 2024, acquisition-related, integration and restructuring expenses, primarily included integration costs associated with our combination with Webhelp and restructuring costs.
The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Restated Credit Facility 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 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.
Margins Our gross margins fluctuate and can be impacted by the mix of client contracts, services provided, shifts in the geography from which our technology and services are delivered, client volume trends, the amount of lead time that is required for programs to become fully scaled, and transition and set-up costs.
Margins Our gross margins fluctuate and can be impacted by the mix of client contracts, services provided, shifts in the geography from which our technology and services are delivered, client volume trends, the amount of lead time that is required for programs or services to become fully scaled, and transition and set-up costs.
We also applied a market approach. Under the market approach, we utilized a guideline company method, which involves calculating valuation multiples based on financial data from comparable publicly traded companies and considerations of recent transactions in the technology industry.
We also applied a market approach. Under the market approach, we utilized a guideline public company method, which involves calculating valuation multiples based on financial data from comparable publicly traded companies and considerations of recent transactions in the technology industry.
Financing Activities Net cash used in financing activities in fiscal year 2024 was $492.5 million, consisting primarily of principal payments of $450.0 million made on term loan borrowings under our secured credit facility, share repurchases of $149.5 million, including repurchases under our share repurchase program and shares withheld upon vesting of share-based awards to satisfy tax withholding obligations, dividends paid of $83.8 million, a change in funds held for clients of $32.2 million, and cash paid related to acquired earnout liabilities of $22.7 million.
Net cash used in financing activities in fiscal year 2024 was $492.5 million, consisting primarily of principal payments of $450.0 million made on term loan borrowings under our senior credit facility, share repurchases of $149.5 million, including repurchases under our share repurchase program and shares withheld upon vesting of share-based awards to satisfy tax withholding obligations, dividends paid of $83.8 million, a change in funds held for clients of $32.2 million, and cash paid related to acquired earnout liabilities of $22.7 million.
Any shift in business or the size of the market for our clients’ products or services, or any failure of technology or failure of acceptance of our clients’ products or services in the market may impact our business. The staff turnover rate in our business is high, as is the risk of losing experienced team members.
Any shift in business, demand, or the size of the market for our clients’ products or services, or any failure of technology or failure of acceptance of our clients’ products or services in the market may impact our business. The staff turnover rate in our business is high, as is the risk of losing experienced team members.
The fair value of our reporting unit was estimated using an equal weighting of the income and market valuation approaches. The income approach applied a fair value methodology to our reporting unit based on discounted cash flows.
The fair value of our reporting unit was consistently estimated using an equal weighting of the income and market valuation approaches. The income approach applied a fair value methodology to our reporting unit based on discounted cash flows.
Aggregate borrowing capacity under the Restated Credit Facility may be increased by up to an additional $500 million by increasing the amount of the revolving credit facility or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Facility, including the receipt of additional commitments for such increase.
Aggregate borrowing capacity under the Restated Credit Agreement may be increased by up to an additional $500 million by increasing the amount of the revolving credit facility commitments or by incurring additional term loans, in each case subject to the satisfaction of certain conditions set forth in the Restated Credit Agreement, including the receipt of additional commitments for such increase(s).
As a result, we have certain client contracts that are priced in non-U.S. dollar currencies for which a substantial portion of the costs to deliver the services are in other currencies. Accordingly, our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses.
We have certain client contracts that are priced in non-U.S. dollar currencies for which a substantial portion of the costs to deliver the services are in other currencies. Accordingly, our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses.
Non-GAAP net income also excludes the income tax effect of certain legal entity restructuring activity. • Free cash flow, which is cash flows from operating activities less capital expenditures, and adjusted free cash flow, which is free cash flow excluding the effect of changes in the outstanding factoring balance.
Non-GAAP net income also excludes the income tax effect of certain tax law changes and certain legal entity restructuring activities. • Free cash flow, which is cash flows from operating activities less capital expenditures, and adjusted free cash flow, which is free cash flow excluding the effect of changes in the outstanding factoring balance.
Multiples derived from these companies and transactions provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples are then applied to the financial data for our 34 Table of Contents reporting unit to arrive at an indication of fair value. The market multiple was applied to adjusted EBITDA.
Multiples derived from these companies and transactions provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples are then applied to the financial data for our reporting unit to arrive at an indication of fair value. The market multiple was applied to adjusted EBITDA.
Historically, we have fully utilized and reinvested all non-U.S. cash to fund our international operations and expansions; however, we have recorded deferred tax liabilities related to non-U.S. withholding taxes on the earnings of certain previously acquired non-U.S. entities that are likely to be repatriated in the future.
Historically, we have fully utilized and reinvested all non-U.S. cash to fund our international operations and expansions; however, we have recorded deferred tax liabilities related to non-U.S. 48 Table of Contents withholding taxes on the earnings of certain previously acquired non-U.S. entities that are likely to be repatriated in the future.
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”).
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 44 Table of Contents 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”).
Cash Flows – Fiscal Years Ended November 30, 2024 and 2023 The following summarizes our cash flows for the fiscal years ended November 30, 2024 and 2023, as reported in our consolidated statement of cash flows in the accompanying consolidated financial statements.
Cash Flows – Fiscal Years Ended November 30, 2025 and 2024 The following summarizes our cash flows for the fiscal years ended November 30, 2025 and 2024, as reported in our consolidated statement of cash flows in the accompanying consolidated financial statements.
(b) Includes projected contributions to achieve minimum funding objectives for our cash balance pension plan. As of November 30, 2024, we have established a reserve of $113.0 million for unrecognized tax benefits. As we are unable to reasonably predict the timing of settlement related to these unrecognized tax benefits, the table above excludes such liabilities.
(b) Includes projected contributions to achieve minimum funding objectives for our cash balance pension plan. As of November 30, 2025, we have established a reserve of $95.0 million for unrecognized tax benefits. As we are unable to reasonably predict the timing of settlement related to these unrecognized tax benefits, the table above excludes such liabilities.
We strive to deliver exceptional services globally supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. We generate revenue from performing services that are generally tied to our clients’ products and services.
We strive to deliver exceptional services globally supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. We generate revenue from performing services and providing technology that is generally tied to our clients’ products and services.
(2) Foreign currency losses (gains), net are included in other expense (income), net and primarily consist of gains and losses recognized on the revaluation and settlement of foreign currency transactions and realized and unrealized gains and losses on derivative contracts that do not qualify for hedge accounting.
(4) Foreign currency gains, net are included in other income, net and primarily consist of gains and losses recognized on the revaluation and settlement of foreign currency transactions and realized and unrealized gains and losses on derivative contracts that do not qualify for hedge accounting.
Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the euro, and the Canadian dollar, against the U.S. dollar or other currencies in which we bill our clients, and inflation in the local economies in which these delivery centers are located, can impact the operating and labor costs in these delivery centers, which can result in reduced profitability.
Fluctuations in the value of currencies, such as the Philippine peso, the Indian rupee, the Egyptian pound, the Columbian peso, and the Canadian dollar, against the U.S. dollar or other currencies in which we bill our clients, and inflation in the local economies in which these delivery centers are located, can impact the operating and labor costs in these delivery centers, which can result in reduced profitability.
Under the Securitization Facility, Concentrix Corporation and certain of its U.S. based subsidiaries sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix Corporation that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $600 million.
Securitization Facility Under our Securitization Facility, Concentrix Corporation and certain of its U.S. based subsidiaries sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix Corporation that grants a security interest in the receivables to the lenders in exchange for available borrowings.
For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions. • Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, imputed interest related to the Sellers’ Note, change in acquisition contingent consideration and foreign currency losses (gains), net.
For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions. • Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax-effected impact of impairment charges, acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net.
The discussion comparing our results for the fiscal year ended November 30, 2023 to the fiscal year ended November 30, 2022 is included within Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K filed with the SEC on January 29, 2024, and is incorporated by reference herein.
The discussion comparing our results for the fiscal year ended November 30, 2024 to the fiscal year ended November 30, 2023 is included within Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K filed with the SEC on January 28, 2025, and is incorporated by reference herein.
High staff turnover rates may increase costs 31 Table of Contents and decrease operating efficiencies and productivity. For more information on the risks associated with our business, please see “Risk Factors” in this Annual Report on Form 10-K.
High staff turnover rates may increase costs and decrease operating efficiencies and productivity. For more information on the risks associated with our business, please see “Risk Factors” in this Annual Report on Form 10-K.
(3) The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax deductible portion of the expenses and applying the entity specific, statutory tax rates applicable to each item during the respective fiscal years. Client Concentration In fiscal years 2024 and 2023, no client accounted for more than 10% of our consolidated revenue.
(5) The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity specific, statutory tax rates applicable to each item during the respective periods. Client Concentration In fiscal years 2025 and 2024, no client accounted for more than 10% of our consolidated revenue.
Certain Non-GAAP Financial Information In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including: • Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets and share-based compensation. • Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue. • Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation (exclusive of step-up depreciation). • Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue. • Non-GAAP net income, which is net income excluding the tax effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, imputed interest related to the Sellers’ Note, change in acquisition contingent consideration and foreign currency losses (gains), net.
Certain Non-GAAP Financial Information In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including: • Non-GAAP operating income, which is operating income (loss), adjusted to exclude impairment charges, acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, and share-based compensation. • Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue. • Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation (exclusive of step-up depreciation). • Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue. • Non-GAAP net income, which is net income (loss) excluding the tax-effected impact of impairment charges, acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the Sellers’ Note, 40 Table of Contents certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net.
Pursuant to the Sellers’ Note, the unpaid principal amount outstanding accrues interest at a rate of two percent (2%) per annum, and all principal and accrued interest will be due and payable on September 25, 2025. The stated rate of interest is below our expected borrowing rate. As a result, we discounted the Sellers’ Note by €31,500.
Pursuant to the Sellers’ Note, the unpaid principal amount outstanding accrued interest at a rate of two percent (2%) per annum, and all principal and accrued interest was due and payable on September 25, 2025. The stated rate of interest was below our expected borrowing rate. As a result, we discounted the Sellers’ Note by €31,500.
Our operating margin fluctuates 32 Table of Contents based on changes in gross margins as well as overall volume levels, as we are generally able to gain scale efficiencies in our selling, general and administrative costs as our volumes increase.
Our operating margin fluctuates based on changes in gross margins as well as overall volume levels, as we are generally able to gain scale efficiencies in our selling, general and administrative costs as our volumes increase.
The following discussion compares our results for the fiscal year ended November 30, 2024 to the fiscal year ended November 30, 2023.
The following discussion compares our results for the fiscal year ended November 30, 2025 to the fiscal year ended November 30, 2024.
At November 30, 2024 and 2023, no amounts were outstanding under our revolving credit facility.
At November 30, 2025 and 2024, no amounts were outstanding under our revolving credit facility.
On January 14, 2025, we entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $600 million to up to $700 million and extend the termination date of the Securitization Facility from April 24, 2026 to January 14, 2027.
On January 14, 2025, we entered into an amendment to the Securitization Facility to (i) increase the commitment of the lenders to provide available borrowings from up to $600 million to up to $700 million and (ii) extend the 46 Table of Contents termination date of the Securitization Facility from April 24, 2026 to January 14, 2027.
Our differentiated portfolio of solutions supports Fortune Global 500 as well as new economy clients across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI-powered self service, social media, asynchronous messaging, and custom applications.
Our differentiated portfolio of solutions supports Fortune Global 500 clients across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, GenAI- and agentic AI-powered self-service, social media, asynchronous messaging, and custom applications.
In fiscal years 2024 and 2023, approximately 88% and 82%, respectively, of our consolidated revenue was generated from our non-U.S. operations, and approximately 50% and 64%, respectively, of our consolidated revenue was priced in U.S. dollars. We expect that a significant amount of our revenue will continue to be generated from our non-U.S. operations while being priced in U.S. dollars.
In fiscal years 2025 and 2024, approximately 89% and 88%, respectively, of our consolidated revenue was generated from our non-U.S. operations, and approximately 54% and 50%, respectively, of our consolidated revenue was priced in U.S. dollars. We expect that a significant amount of our revenue will continue to be generated from our non-U.S. operations while being priced in U.S. dollars.
Our cost of revenue consists primarily of personnel costs related to the delivery of our technology and services. The costs of our revenue can be impacted by the mix of client contracts, where we deliver the technology and services, additional lead time for programs to be fully scalable and transition and initial set-up costs.
The costs of our revenue can be impacted by the mix of client contracts, where we deliver the technology and services, additional lead time for programs to be fully scalable, and transition and initial set-up costs.
In addition, the Restated Credit Facility contains financial covenants that require us to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Restated Credit Facility) not to exceed 3.75 to 1.0 (or for certain periods following certain qualified acquisitions, 4.25 to 1.0) and (ii) a consolidated interest coverage ratio (as defined in the Restated Credit Facility) equal to or greater than 3.00 to 1.0.
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.
During fiscal years 2024 and 2023, we paid the following dividends per share approved by our board of directors: Announcement Date Record Date Per Share Dividend Amount Payment Date January 19, 2023 January 30, 2023 $0.275 February 10, 2023 March 29, 2023 April 28, 2023 $0.275 May 9, 2023 June 28, 2023 July 28, 2023 $0.275 August 8, 2023 September 27, 2023 October 27, 2023 $0.3025 November 7, 2023 January 24, 2024 February 5, 2024 $0.3025 February 15, 2024 March 26, 2024 April 26, 2024 $0.3025 May 7, 2024 June 26, 2024 July 26, 2024 $0.3025 August 6, 2024 September 25, 2024 October 25, 2024 $0.33275 November 5, 2024 On January 15, 2025, the Company announced a cash dividend of $0.33275 per share to stockholders of record as of the close of business on January 31, 2025, payable on February 11, 2025.
During fiscal years 2025 and 2024, we paid the following dividends per share approved by our board of directors: Announcement Date Record Date Per Share Dividend Amount Payment Date January 24, 2024 February 5, 2024 $0.3025 February 15, 2024 March 26, 2024 April 26, 2024 $0.3025 May 7, 2024 June 26, 2024 July 26, 2024 $0.3025 August 6, 2024 September 25, 2024 October 25, 2024 $0.33275 November 5, 2024 January 15, 2025 January 31, 2025 $0.33275 February 11, 2025 March 26, 2025 April 25, 2025 $0.33275 May 6, 2025 June 26, 2025 July 25, 2025 $0.33275 August 5, 2025 September 25, 2025 October 24, 2025 $0.36 November 4, 2025 On January 13, 2026, we announced a cash dividend of $0.36 per share to stockholders of record as of the close of business on January 30, 2026, payable on February 10, 2026.
The Restated Credit Facility contains certain loan covenants that are customary for credit facilities of this type and that restrict our ability to take certain actions, including the creation of liens, mergers or consolidations, changes to the nature of our business, and, solely with respect to our subsidiaries, incurrence of indebtedness.
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.
The net cash used in investing activities consisted primarily of purchases of property and equipment of $238.8 million and payment of deferred cash consideration of $4.5 million related to the Webhelp Combination. Net cash used in investing activities in fiscal year 2023 was $2,109.2 million.
The net cash used in investing activities consisted primarily of purchases of property and equipment of $238.8 million and payment of deferred cash consideration of $4.5 million related to the Webhelp Combination.
Borrowings under the Restated Credit Facility bear interest, in the case of SOFR rate loans, at a per annum rate equal to the applicable SOFR rate (but not less than 0.0%), plus an applicable margin, which ranges from 1.125% to 2.000%, based on the credit ratings of our senior unsecured non-credit enhanced long-term indebtedness for borrowed money plus a credit spread adjustment to the SOFR rate of 0.10%.
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 0.0%), 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%.
We currently expect our fiscal year 2025 capital expenditures to be approximately $230 million to $250 million, which includes investments to support our growth and maintenance capital expenditures. 48 Table of Contents
We currently expect our fiscal year 2026 capital expenditures to be approximately $240 million to $250 million, which includes investments to support our growth and maintenance capital expenditures. 49 Table of Contents
Selling, General and Administrative Expenses Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Selling, general and administrative expenses $ 2,852,500 $ 1,916,608 48.8 % Percentage of revenue 29.7 % 26.9 % Our selling, general and administrative expenses consist primarily of support personnel costs such as salaries, commissions, bonuses, employee benefits and share-based compensation costs.
Selling, General and Administrative Expenses Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Selling, general and administrative expenses $ 2,825,468 $ 2,852,500 (0.9) % Percentage of revenue 28.8 % 29.7 % Our selling, general and administrative expenses consist primarily of support personnel costs such as salaries, commissions, bonuses, employee benefits, and share-based compensation costs.
Borrowings under the Restated Credit Facility 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 Facility) in effect on such day, (B) the NYFRB Rate (as defined in the Restated Credit Facility) in effect on such day plus ½ of 1.0%, and (C) the adjusted one-month term SOFR rate plus 1.0% per annum, plus (ii) an applicable margin, which ranges from 0.125% to 1.000%, based on the credit ratings of our senior unsecured non-credit enhanced long-term indebtedness for borrowed money.
Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate (but not less than 1.0%) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500%, and (C) the adjusted one-month term SOFR rate plus 1.0% per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money.
As of September 1, 2024, the date of our annual impairment testing, we reconciled the fair value of our reporting unit to our market capitalization. The result of the analysis demonstrated that our reporting unit’s fair value was in excess of its carrying value.
As of September 1, 2025, the date of our annual impairment test, we performed a quantitative impairment test. We also reconciled the fair value of our reporting unit to our market capitalization. The result of the analysis demonstrated that our reporting unit’s fair value was in excess of its carrying value.
Under the share repurchase program, the board of directors authorized the repurchase of up to $500 million of our common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. The share repurchase program has no termination date and may be suspended or discontinued at any time.
Under the share repurchase program, the board of directors authorized the repurchase of up to $500 million of our common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans.
This analysis requires significant judgments and assumptions, including estimation of our future cash flows, which is dependent on internally developed forecasts, including future levels of revenue growth, adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), estimation of the long-term rate of growth for our business and determination of a discount rate.
This analysis requires significant judgments and assumptions, including estimation of our future cash flows, which is dependent on internally developed forecasts, including future levels of revenue growth, and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin, and determination of a weighted average cost of capital, or a discount rate.
Provision for Income Taxes Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Provision for income taxes $ 48,057 $ 94,386 (49.1) % Percentage of income before income taxes 16.1 % 23.1 % Our provision for income taxes consists of our current and deferred tax expense resulting from our income earned in domestic and international jurisdictions.
Provision for Income Taxes Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Provision for income taxes $ 96,702 $ 48,057 101.2 % Percentage of income before income taxes (8.2) % 16.1 % Our provision for income taxes consists of our current and deferred tax expense resulting from our income earned in domestic and international jurisdictions.
Of our total cash and cash equivalents, 98% and 99% were held by our non-U.S. legal entities as of November 30, 2024 and 2023, respectively. The cash and cash equivalents held by our non-U.S. legal entities are no longer subject to U.S. federal tax on repatriation into the United States; repatriation of some non-U.S. balances is restricted by local laws.
The cash and cash equivalents held by our non-U.S. legal entities are no longer subject to U.S. federal tax on repatriation into the United States; repatriation of some non-U.S. balances is restricted by local laws.
The Indenture also provides for customary events of default. 43 Table of Contents In connection with the closing of the Webhelp Combination, we entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500 million of the Senior Notes.
In connection with the closing of the Webhelp Combination, we entered into cross-currency swap arrangements with certain financial institutions for a total notional amount of $500 million of the Senior Notes.
Our operating margin decreased during fiscal year 2024, compared to fiscal year 2023, due to the decrease in gross margin percentage and the increase in selling, general and administrative expenses as a percentage of revenue.
Our operating margin decreased during fiscal year 2025, compared to fiscal year 2024, primarily due to the impairment charges as a percentage of revenue and a decrease in gross margin, partially offset by a decrease in selling, general and administrative expenses as a percentage of revenue.
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we review and evaluate our estimates and assumptions.
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the financial statement date and reported amounts of 34 Table of Contents revenue and expenses during the reporting period.
Our client contracts typically consist of a master services agreement, supported in most cases by multiple statements of work, which contain the terms and conditions of each contracted solution.
Revenue and Cost of Revenue We generate revenue through the provision of technology and services to our clients pursuant to client contracts. Our client contracts typically consist of a master services agreement, supported in most cases by multiple statements of work, which contain the terms and conditions of each contracted solution.
Economic and Industry Trends The industry in which we operate is competitive, including on the basis of pricing terms, delivery capabilities and quality of services. Further, there can be competitive pressure for labor in various markets, which could result in increased labor costs.
Economic and Industry Trends The industry in which we operate is competitive, including on the basis of pricing terms, delivery capabilities, and quality of services. Labor in various markets is also subject to competitive pressures that can result in increased labor costs.
Gross margins can be impacted by resource location, client mix and pricing, additional lead time for programs to be fully scalable, and transition and initial set-up costs. Our cost of revenue increased by 36.0% in fiscal year 2024, compared to fiscal year 2023, primarily due to the increase in our revenue and personnel costs related to staff supporting acquired operations.
Gross margins can be impacted by resource location, client mix and pricing, additional lead time for programs to be fully scalable, and transition and initial set-up costs. Our cost of revenue increased by 3.6% in fiscal year 2025, compared to fiscal year 2024, primarily due to the increases in underlying revenue due to volumes.
Cost of Revenue, Gross Profit and Gross Margin Percentage Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Cost of revenue $ 6,170,013 $ 4,536,771 36.0 % Gross profit $ 3,448,887 $ 2,577,935 33.8 % Gross margin % 35.9 % 36.2 % Cost of revenue consists primarily of personnel costs.
Cost of Revenue, Gross Profit and Gross Margin Percentage Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Cost of revenue $ 6,390,760 $ 6,170,013 3.6 % Gross profit $ 3,435,011 $ 3,448,887 (0.4) % Gross margin % 35.0 % 35.9 % Cost of revenue consists primarily of personnel costs.
The decrease in free cash flow in fiscal year 2024 over the prior year primarily reflects a decrease in net cash provided by operating activities and an increase in capital expenditures as a result of the full year impact of the expanded business due to the Webhelp Combination. Our adjusted free cash flow was $474.5 million in fiscal year 2024.
The increase in free cash flow in fiscal year 2025 over the prior year primarily reflects an increase in net cash provided by operating activities and a decrease in capital expenditures. Our adjusted free cash flow was $626.4 million in fiscal year 2025, compared to $474.5 million in fiscal year 2024.
Approximately 97% of our revenue is recognized as services are performed, based on staffing hours or the number of client customer transactions handled using contractual rates. Remaining revenue from the sale of these solutions are typically recognized as the services are provided over the duration of the contract using contractual rates.
Approximately 99% of our revenue is recognized as services are performed, based on staffing hours or the number of client customer transactions handled using contractual rates.
In January 2025, our board of directors extended our share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $600 million.
In January 2025, our board of directors extended our share repurchase program by authorizing an increase of the amount remaining for share repurchases under the existing share repurchase authorization to $600 million. The share repurchase program has no termination date and may be suspended or discontinued at any time.
Recently Issued Accounting Pronouncements For a summary of recent accounting pronouncements and the anticipated effects on our consolidated financial statements, see Note 2—Summary of Significant Accounting Policies to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. 35 Table of Contents Results of Operations – Fiscal Years Ended November 30, 2024 and 2023 Fiscal Years Ended November 30, 2024 2023 (in thousands) Revenue $ 9,618,900 $ 7,114,706 Cost of revenue 6,170,013 4,536,771 Gross profit 3,448,887 2,577,935 Selling, general and administrative expenses 2,852,500 1,916,608 Operating income 596,387 661,327 Interest expense and finance charges, net 321,828 201,004 Other expense (income), net (24,715) 52,095 Income before income taxes 299,274 408,228 Provision for income taxes 48,057 94,386 Net income before non-controlling interest $ 251,217 $ 313,842 Revenue Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 (in thousands) Industry vertical: Technology and consumer electronics $ 2,674,040 $ 2,205,834 21.2 % Retail, travel and e-commerce 2,361,866 1,448,666 63.0 % Communications and media 1,527,922 1,117,694 36.7 % Banking, financial services and insurance 1,455,641 1,091,853 33.3 % Healthcare 727,389 696,266 4.5 % Other 872,042 554,393 57.3 % Total $ 9,618,900 $ 7,114,706 35.2 % We generate revenue by delivering our technology and services to our clients categorized in the above primary industry verticals.
Recently Issued Accounting Pronouncements For a summary of recent accounting pronouncements and the anticipated effects on our consolidated financial statements, see Note 2—Summary of Significant Accounting Policies to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. 36 Table of Contents Results of Operations – Fiscal Years Ended November 30, 2025 and 2024 Fiscal Years Ended November 30, 2025 2024 (in thousands) Revenue $ 9,825,771 $ 9,618,900 Cost of revenue 6,390,760 6,170,013 Gross profit 3,435,011 3,448,887 Selling, general and administrative expenses 2,825,468 2,852,500 Impairment charges 1,527,726 — Operating income (loss) (918,183) 596,387 Interest expense and finance charges, net 290,349 321,828 Other income, net (26,310) (24,715) Income (loss) before income taxes (1,182,222) 299,274 Provision for income taxes 96,702 48,057 Net income (loss) $ (1,278,924) $ 251,217 Revenue Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 (in thousands) Industry vertical: Technology and consumer electronics $ 2,666,072 $ 2,674,040 (0.3) % Retail, travel and e-commerce 2,433,885 2,361,866 3.0 % Communications and media 1,592,373 1,527,922 4.2 % Banking, financial services and insurance 1,536,223 1,455,641 5.5 % Healthcare 725,283 727,389 (0.3) % Other 871,935 872,042 0.0 % Total $ 9,825,771 $ 9,618,900 2.2 % We generate revenue by delivering our technology and services to our clients categorized in the above industry verticals.
Overview and Basis of Presentation Concentrix is a global technology and services leader that powers our clients’ brand experiences and digital operations. We design, build, and run fully integrated, end-to-end solutions, including customer experience (“CX”) process optimization, technology innovation and design engineering, front- and back-office automation, analytics and business transformation services to clients in five primary industry verticals.
We design, build, and run fully integrated, end-to-end solutions, including customer experience (“CX”) process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services to clients in five primary industry verticals.
Critical Accounting Policies and Estimates The discussion and analysis of our consolidated financial condition and results of operations are based on our consolidated financial statements, which have been prepared in conformity with GAAP.
As a result, our revenue and margins are typically higher in the fourth fiscal quarter of the year than in any other fiscal quarter. Critical Accounting Policies and Estimates The discussion and analysis of our consolidated financial condition and results of operations are based on our consolidated financial statements, which have been prepared in conformity with GAAP.
The Company tests goodwill for impairment annually at the reporting unit level in the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. For purposes of the goodwill impairment test, the Company can elect to perform a quantitative or qualitative analysis.
We test goodwill for impairment annually at the reporting unit level on the first day of the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired.
The maturity date of the Restated Credit Facility remains December 27, 2026, subject, in the case of the revolving credit facility, to two one-year extensions upon our prior notice to the lenders and the agreement of the lenders to extend such maturity date.
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 our prior notice to the lenders and the agreement of the lenders to extend such maturity date.
Revenue on unit-price transactions is recognized over time using an objective measure of output such as staffing hours or the number of transactions processed by service advisors. Certain contracts may be based on a fixed price.
Revenue on unit-price transactions is recognized over time using an objective measure of output such as staffing hours or the number of transactions processed by service advisors. Certain client contracts include additional payments from the client based upon the achievement of certain agreed-upon service levels and performance metrics.
Fiscal Years Ended November 30, 2024 2023 ($ in thousands) Net cash provided by operating activities $ 667,492 $ 678,008 Net cash used in investing activities (244,266) (2,109,240) Net cash provided by (used in) financing activities (492,532) 1,802,676 Effect of exchange rate changes on cash, cash equivalents and restricted cash (17,577) (12,420) Net increase (decrease) in cash, cash equivalents and restricted cash $ (86,883) $ 359,024 Cash, cash equivalents and restricted cash at beginning of year 516,487 157,463 Cash, cash equivalents and restricted cash at end of year $ 429,604 $ 516,487 Operating Activities Net cash provided by operating activities was $667.5 million for fiscal year 2024, compared to $678.0 million for fiscal year 2023.
Fiscal Years Ended November 30, 2025 2024 ($ in thousands) Net cash provided by operating activities $ 806,967 $ 667,492 Net cash used in investing activities (250,383) (244,266) Net cash used in financing activities (491,443) (492,532) Effect of exchange rate changes on cash, cash equivalents and restricted cash 26,382 (17,577) Net increase (decrease) in cash, cash equivalents and restricted cash $ 91,523 $ (86,883) Cash, cash equivalents and restricted cash at beginning of year 429,604 516,487 Cash, cash equivalents and restricted cash at end of year $ 521,127 $ 429,604 Operating Activities Net cash provided by operating activities was $807.0 million for fiscal year 2025, compared to $667.5 million for fiscal year 2024.
These increases were partially offset by a $137.3 million, or 3.0%, reduction in the cost of revenue due to foreign currency translation. The foreign currency impacts on our cost of revenue were caused primarily by the weakening of the Argentine peso, Egyptian pound, and Philippine peso against the U.S. dollar.
These increases were partially offset by a $63.7 million, or 1.0%, reduction in the cost of revenue due to changes in foreign currency exchange rates. The foreign currency impacts on our cost of revenue were caused primarily by the weakening of several currencies against the U.S. dollar.
Material Cash Requirements, including Contractual Obligations to Third Parties The following table summarizes our material cash requirements from known contractual or other obligations as of November 30, 2024 that are not disclosed elsewhere in this Annual Report on Form 10-K: Payments Due by Period Total Less than 1 Year 1 - 3 Years 3 - 5 Years >5 Years (in thousands) Certain Contractual Obligations: Interest on financing agreements (a) $ 847,962 $ 284,783 $ 314,488 $ 110,550 $ 138,141 Defined benefit plan funding (b) 60,618 — — 4,603 56,015 47 Table of Contents (a) Cash obligations for required interest payments on our variable-rate debt obligations at the current rates as of November 30, 2024.
Material Cash Requirements, including Contractual Obligations to Third Parties The following table summarizes our material cash requirements from known contractual or other obligations as of November 30, 2025 that are not disclosed elsewhere in this Annual Report on Form 10-K: Payments Due by Period Total Less than 1 Year 1 - 3 Years 3 - 5 Years >5 Years (in thousands) Certain Contractual Obligations: Interest on financing agreements (a) $ 777,061 $ 259,531 $ 308,948 $ 108,115 $ 100,467 Defined benefit plan funding (b) 68,832 — 3,769 5,972 59,091 (a) Cash obligations for required interest payments on our variable-rate debt obligations are based on the interest rates as of November 30, 2025.
Other expense (income), net in fiscal year 2024 was $24.7 million of income compared to $52.1 million of expense in fiscal year 2023.
Other income, net in fiscal year 2025 was $26.3 million compared to $24.7 million in fiscal year 2024.
Capital Resources As of November 30, 2024, we had total liquidity of $1,512.1 million, which includes undrawn capacity on our revolving credit facility of $1,042.5 million, undrawn capacity of $229.0 million under our Securitization Facility, and cash and cash equivalents. Our cash and cash equivalents totaled $240.6 million and $295.3 million as of November 30, 2024 and 2023, respectively.
Capital Resources As of November 30, 2025, we had total liquidity of $1,592.4 million, which includes undrawn capacity on our revolving credit facility of $1,100.0 million, undrawn capacity of $163.0 million under our Securitization Facility, and cash and cash equivalents.
Other Expense (Income), Net Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Other expense (income), net $ (24,715) $ 52,095 (147.4) % Percentage of revenue (0.3) % 0.7 % Amounts recorded as other expense (income), net primarily include foreign currency transaction gains and losses other than cash flow hedges, investment gains and losses, the non-service component of pension costs, other non-operating gains and losses, and changes in acquisition contingent consideration related to the Webhelp Combination.
These decreases were partially offset by an increase in interest expense on our Securitization Facility of $5.6 million primarily due to an increase in outstanding borrowings in comparison to fiscal year 2024. 39 Table of Contents Other Income, Net Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Other income, net $ (26,310) $ (24,715) 6.5 % Percentage of revenue (0.3) % (0.3) % Amounts recorded as other income, net primarily include foreign currency transaction gains and losses other than cash flow hedges, investment gains and losses, the non-service component of pension costs, other non-operating gains and losses, and changes in acquisition contingent consideration related to the Webhelp Combination.
Interest Expense and Finance Charges, Net Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Interest expense and finance charges, net $ 321,828 $ 201,004 60.1 % Percentage of revenue 3.3 % 2.8 % Amounts recorded in interest expense and finance charges, net consist primarily of interest expense on our senior notes issued in August 2023, interest expense on term loan borrowings under our senior credit facility, interest expense on borrowings under our accounts receivable securitization facility (the “Securitization Facility”), interest expense on the promissory note issued by us to certain Sellers in connection with the Webhelp Combination (the “Sellers’ Note”), and financing expenses incurred in fiscal year 2023 associated with our commitment letter dated March 29, 2023 (the “Bridge Commitment Letter,” and the commitments pursuant to the Bridge Commitment Letter, the “Bridge Facility”), entered into in connection with the Webhelp Combination.
Interest Expense and Finance Charges, Net Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Interest expense and finance charges, net $ 290,349 $ 321,828 (9.8) % Percentage of revenue 3.0 % 3.3 % Amounts recorded in interest expense and finance charges, net consist primarily of interest expense on our senior notes issued in August 2023, interest expense on our senior credit facility, which includes our revolver and term loans, including our three-year and five-year delayed draw term loans drawn on in September 2025, interest expense on borrowings under our accounts receivable securitization facility (the “Securitization Facility”), and interest expense on the promissory note issued by us to certain Sellers in connection with the Webhelp Combination (the “Sellers’ Note”).
Restated Credit Facility On April 21, 2023, we entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A. to amend and restate our prior credit agreement dated as of October 16, 2020 (the “Prior Credit Facility” and as amended and restated, the “Restated Credit Facility”).
Restated Credit Agreement On April 11, 2025, we entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, Bank of America, N.A., as the administrative agent, the L/C issuer and the swing line lender, and JPMorgan Chase Bank, N.A., as the existing administrative agent, the existing L/C issuer and the existing swing line lender, to amend and restate the Company’s Amended and Restated Credit Agreement dated as of April 21, 2023 (the “Existing Credit Agreement” and, as so amended and restated by the Amendment Agreement, the “Restated Credit Agreement”).
These investments or acquisitions would likely be funded primarily by our existing cash and cash equivalents, available liquidity, including capacity on our debt arrangements, or the issuance of securities.
We expect that such expansion would require an initial investment in working capital, personnel, facilities, and operations. These investments or 43 Table of Contents acquisitions would likely be funded primarily by our existing cash and cash equivalents, available liquidity, including capacity on our debt arrangements, or the issuance of securities.
Liquidity and Capital Resources Our primary uses of cash are working capital, capital expenditures to expand our delivery footprint and enhance our technology solutions, debt repayments, acquisitions, and acquisition-related and integration expenses, including in connection with our combination with Webhelp in September 2023.
Liquidity and Capital Resources Our primary uses of cash are working capital, capital expenditures to expand our delivery footprint and enhance our technology solutions, debt repayments, acquisitions, and acquisition-related and integration expenses. Our financing needs for these uses of cash have been a combination of operating cash flows and third-party debt arrangements.
We believe our current cash balances and credit availability are enough to support our operating activities for the next twelve months and beyond. 46 Table of Contents Free Cash Flow and Adjusted Free Cash Flow (non-GAAP measures) Fiscal Years Ended November 30, 2024 2023 ($ in thousands) Net cash provided by operating activities $ 667,492 $ 678,008 Purchases of property and equipment (238,762) (180,532) Free cash flow (a non-GAAP measure) $ 428,730 $ 497,476 Change in outstanding factoring balances 45,788 Adjusted free cash flow (a non-GAAP measure) $ 474,518 Our free cash flow was $428.7 million in fiscal year 2024, compared to $497.5 million in fiscal year 2023.
Free Cash Flow and Adjusted Free Cash Flow (non-GAAP measures) Fiscal Years Ended November 30, 2025 2024 ($ in thousands) Net cash provided by operating activities $ 806,967 $ 667,492 Purchases of property and equipment (234,496) (238,762) Free cash flow (a non-GAAP measure) $ 572,471 $ 428,730 Change in outstanding factoring balances 53,933 45,788 Adjusted free cash flow (a non-GAAP measure) $ 626,404 $ 474,518 Our free cash flow was $572.5 million in fiscal year 2025, compared to $428.7 million in fiscal year 2024.
During the fiscal years ended November 30, 2024 and 2023, we repurchased 2,200,819 and 709,438 shares, respectively, of our common stock under the share repurchase program 42 Table of Contents for approximately $136.1 million and $64.0 million, respectively, in the aggregate.
During the fiscal years ended November 30, 2025 and 2024, we repurchased 3,556,736 and 2,200,819 shares, respectively, of our common stock under the share repurchase program for approximately $168.7 million and $136.1 million, respectively, in the aggregate. At November 30, 2025, approximately $439.5 million remained available for share repurchases under the existing authorization from our board of directors.
We have significant concentrations in the Philippines, India, Brazil, the United States, Egypt, Türkiye, Colombia, Malaysia, Morocco, China, the United Kingdom, and elsewhere throughout EMEA, Latin America, and Asia-Pacific. Accordingly, we would be impacted by economic strength or weakness in these geographies and by the strengthening or weakening of local currencies relative to the U.S. dollar.
We have significant concentrations in the Philippines, India, Egypt, Brazil, Türkiye, the United States, Colombia, Malaysia, Morocco, China, South Africa, the United Kingdom, and elsewhere throughout EMEA, Latin America, and Asia-Pacific.
See Note 13—Income Taxes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.
Our effective tax rate decreased in comparison to the prior year primarily due to the loss from the non-cash goodwill impairment charge included in pre-tax loss. See Note 12—Income Taxes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.
Non-GAAP EPS also excludes the per share income tax effect of certain legal entity restructuring activity. Non- 39 Table of Contents GAAP EPS excludes net income attributable to participating securities, and the per share, tax-effected impact of adjustments to net income described above that are attributable to common shareholders.
Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes and certain legal entity restructuring activities. Non-GAAP EPS also reflects a per share adjustment to exclude non-GAAP net income attributable to participating securities.
The Restated Credit Facility also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix Corporation.
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 November 30, 2025 and 2024, the outstanding principal balance on our term loans was $1,966 million and $1,500 million, respectively.
The decrease in net cash provided by operating activities over the prior year was primarily related to a decrease in net income and unfavorable changes in operating assets and liabilities. Investing Activities Net cash used in investing activities for fiscal year 2024 was $244.3 million.
The increase in net cash provided by operating activities over the prior year was primarily related to an increase in net income prior to non-cash goodwill impairment charges and a decrease in acquisition-related and integration costs. 47 Table of Contents Investing Activities Net cash used in investing activities for fiscal year 2025 was $250.4 million.
As a percentage of revenue, selling, general and administrative expenses increased from 26.9% for fiscal year 2023 to 29.7% for fiscal year 2024 due to the net effect of the changes described above. 37 Table of Contents Operating Income Fiscal Years Ended November 30, Percent Change 2024 2023 2024 to 2023 ($ in thousands) Operating income $ 596,387 $ 661,327 (9.8) % Operating margin 6.2 % 9.3 % Our operating income decreased during fiscal year 2024, compared to fiscal year 2023, primarily due to the increase in selling, general and administrative expenses partially offset by the increase in gross profit.
Operating Income (Loss) Fiscal Years Ended November 30, Percent Change 2025 2024 2025 to 2024 ($ in thousands) Operating income (loss) $ (918,183) $ 596,387 NM Operating margin (9.3) % 6.2 % NM: Not Meaningful - Change greater than 100% Our operating income (loss) changed during fiscal year 2025, compared to fiscal year 2024, primarily due to the impairment charges and a decrease in gross profit, partially offset by a decrease in selling, general and administrative expenses.
Our gross profit increased by 33.8% in fiscal year 2024, compared to fiscal year 2023, primarily due to the increase in revenue and contributions from acquired operations and a net favorable foreign currency impact of $71.0 million.
Our gross profit decreased by 0.4% in fiscal year 2025, compared to fiscal year 2024, primarily due to decreases in gross profit associated with underlying business partially offset by a net favorable foreign currency impact of $64.8 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAs of November 30, 2024, the fair value of these derivatives not designated as hedges was a net receivable of $13.8 million. Interest Rate Risk At November 30, 2024, our outstanding debt under our Restated Credit Facility and our Securitization Facility is variable rate debt, which exposes the Company to changes in interest rates.
Biggest changeInterest Rate Risk At November 30, 2025, our outstanding debt under our Restated Credit Agreement and our Securitization Facility is variable rate debt, which exposes the Company to changes in interest rates.
The potential loss in fair value at November 30, 2024 for such contracts resulting from a hypothetical 10% adverse change in the underlying foreign currency exchange rates is approximately $105.0 million. This loss would be substantially mitigated by corresponding gains on the underlying foreign currency exposures.
The potential loss in fair value at November 30, 2025 for such contracts resulting from a hypothetical 10% adverse change in the underlying foreign currency exchange rates is approximately $105.0 million. This loss would be substantially mitigated by corresponding gains on the underlying foreign currency exposures.
Foreign Currency Risk While approximately 50% of our revenue is priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, and Brazilian real, among other currencies.
Foreign Currency Risk While approximately 54% of our revenue is priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, and Brazilian real, among other currencies.
See Note 7 of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional discussion of our financial risk management.
See Note 6 of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional discussion of our financial risk management.
The fair value of these derivative instruments as of November 30, 2024 is presented in Note 8 of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
The fair value of these derivative instruments as of November 30, 2025 is presented in Note 7 of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
Holding other variables constant, including the total amount of outstanding indebtedness, a one hundred basis point increase in interest rates on our variable-rate debt would cause an estimated increase in interest expense of approximately $18.7 million per year. 49 Table of Contents
Holding other variables constant, including the total amount of outstanding indebtedness, a one hundred basis point increase in interest rates on our variable-rate debt would cause an estimated increase in interest expense of approximately $24.4 million per year. 50 Table of Contents
As of November 30, 2024, we have hedged a portion of our exposure related to the anticipated cash flow requirements denominated in certain foreign currencies by entering into hedging contracts with institutions to acquire a total of PHP 42,700.0 million at a fixed price of $747.4 million at various dates through November 2026; and INR 27,790.0 million at a fixed price of $324.0 million at various dates through November 2026.
As of November 30, 2025, we have hedged a portion of our exposure related to the anticipated cash flow requirements denominated in certain foreign currencies by entering into hedging contracts with institutions to acquire a total of PHP 43,480.0 million at a fixed price of $750.4 million at various dates through November 2027; and INR 28,430.0 million at a fixed price of $320.1 million at various dates through November 2027.

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