Exceeds revenue guidance for the quarter and raises full year growth outlook
Generates $200 million in adjusted free cash flow and remains on track to deliver $625 million to $650 million of adjusted free cash flow for the year
Sees ongoing momentum for the Company's iX Product Suite
Expects to return more than $240 million to shareholders in fiscal 2025 through share repurchases and dividends

NEWARK, Calif., June 26, 2025 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ:CNXC), a global technology and services leader, today announced financial results for the fiscal second quarter ended May 31, 2025.

	Three Months Ended
	May 31, 2025			May 31, 2024			Change
Revenue ($M)	$	2,417.4		$	2,380.7		1.5	%
Operating income ($M)	$	148.3		$	150.2		(1.3	)%
Non-GAAP operating income ($M) ⁽¹⁾	$	303.7		$	321.1		(5.4	)%
Operating margin		6.1	%		6.3	%	-20 bps
Non-GAAP operating margin ⁽¹⁾		12.6	%		13.5	%	-90 bps
Net income ($M)	$	42.1		$	66.8		(37.0	)%
Non-GAAP net income ($M) ⁽¹⁾	$	179.6		$	183.1		(1.9	)%
Adjusted EBITDA ($M) ⁽¹⁾	$	357.3		$	379.6		(5.9	)%
Adjusted EBITDA margin ⁽¹⁾		14.8	%		15.9	%	-110 bps
Diluted earnings per common share	$	0.63		$	0.98		(35.7	)%
Non-GAAP diluted earnings per common share ⁽¹⁾	$	2.70		$	2.69		0.4	%

_{⁽¹⁾ See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.}

Second Quarter Fiscal 2025 Highlights:

Revenue of $2,417.4 million, an increase of 1.5% year-on-year on an as reported and constant currency basis compared to revenue of $2,380.7 million in the prior year second quarter.
Operating income of $148.3 million, or 6.1% of revenue, compared to $150.2 million, or 6.3% of revenue, in the prior year second quarter.
Non-GAAP operating income of $303.7 million, or 12.6% of revenue, compared to $321.1 million, or 13.5% of revenue in the prior year second quarter, a decrease year-on-year primarily due to temporary program pauses mid-quarter and investments ahead of expected accelerated growth in the second half of the year.
Adjusted EBITDA of $357.3 million, or 14.8% of revenue, compared with $379.6 million, or 15.9% of revenue in the prior year second quarter.
Cash flow provided by operations was $236.5 million in the quarter. Adjusted free cash flow⁽¹⁾ was $200.3 million in the quarter.
Diluted earnings per common share ("EPS") was $0.63 compared to $0.98 in the prior year second quarter.
Non-GAAP diluted EPS was $2.70 compared to $2.69 in the prior year second quarter.

"In the second quarter, we continued to outperform expectations on revenue growth despite some mid-quarter volatility," said Chris Caldwell, President and CEO of Concentrix. "As we look ahead to the second half, we are seeing an accelerated pace of activity with both existing and new clients, and improving margins. Further, our AI investments are on pace to be accretive to the business by year end as planned. With ongoing momentum for our differentiated tech-led solutions, we expect continued growth for the remainder of the year."

Quarterly Dividend and Share Repurchase Program:

The Company paid a $0.33275 per share quarterly dividend on May 6, 2025. The Company's Board of Directors has declared a quarterly dividend of $0.33275 per share payable on August 5, 2025, to shareholders of record at the close of business on July 25, 2025.
The Company repurchased approximately 920,000 common shares in the second quarter at a cost of $45.0 million under its previously announced share repurchase program at an average cost of $49.09 per share. At May 31, 2025, the Company's remaining share repurchase authorization was $537.3 million.

Business Outlook

The following statements are based on the Company's current expectations for the third quarter of fiscal 2025 and the full year fiscal 2025. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, amortization of intangible assets, depreciation, share-based compensation, and the related tax effects thereon. The non-GAAP EPS guidance assumes no impact from changes in acquisition contingent consideration and foreign currency losses (gains), net included in other expense (income), net, and imputed interest related to the sellers' note issued in connection with the combination with Webhelp (the "sellers' note") included in interest expense and finance charges, net. These statements are forward-looking and actual results may differ materially.

Third Quarter Fiscal 2025 Expectations:

Third quarter reported revenue of $2.445 billion to $2.470 billion. Based on current exchange rates, these expectations assume an approximate 140-basis point positive impact of foreign exchange rates compared with the prior year period. The guidance implies constant currency revenue growth for the quarter ranging from 1.0% to 2.0%.
Operating income of $162 million to $172 million and non-GAAP operating income of $318 million to $328 million.
Non-GAAP EPS of $2.80 to $2.91, assuming approximately 62.7 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities.
The effective tax rate is expected to be approximately 25.5%.

Full Year Fiscal 2025 Expectations:

Full year reported revenue of $9.720 billion to $9.815 billion. Based on current exchange rates, the expectations assume a de minimis impact of foreign exchange rates compared with the prior year. The guidance implies constant currency revenue growth for the full year of 1.0% to 2.0%.
Operating income of $675 million to $695 million and non-GAAP operating income of $1,300 million to $1,320 million.
Non-GAAP EPS of $11.53 to $11.76, assuming approximately 63.1 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities.
The effective tax rate is expected to be approximately 25%.

In addition, the Company expects to generate approximately $625 million to $650 million of adjusted free cash flow in fiscal year 2025. The Company also expects to return approximately $240 million to shareholders in fiscal 2025 through share repurchases and dividends.

The Company believes that a quantitative reconciliation of the non-GAAP EPS outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to (a) the inability to forecast future changes in acquisition contingent consideration, which is based, in part, on the future trading price of the Company's common stock, and (b) the inability to forecast future foreign currency losses (gains), net included in other expense (income), net. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company's GAAP results.

The Company believes that a quantitative reconciliation of the adjusted free cash flow outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to uncertainty related to the future changes in the Company's factoring program and related timing of those changes. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company's GAAP results.

Conference Call and Webcast

The Company will host a conference call for investors to review its second quarter fiscal 2025 results today at 5:00 p.m. (ET)/2:00 p.m. (PT).

The live conference call webcast will be available in listen-only mode in the Investor Relations section of the Company's website under "Events and Presentations" at https://ir.concentrix.com/events-and-presentations. A replay will also be available on the website following the conference call.

About us: Experience the power of Concentrix

Concentrix Corporation (NASDAQ:CNXC), a Fortune 500® company, is the global technology and services leader that powers the world's best brands, today and into the future. We're human-centered, tech-powered, intelligence-fueled. Every day, we design, build, and run fully integrated, end-to-end solutions at speed and scale across the entire enterprise, helping over 2,000 clients solve their toughest business challenges. Whether it's designing game-changing brand experiences, building and scaling secure AI technologies, or running digital operations that deliver global consistency with a local touch, we have it covered. At the heart of everything we do lies a commitment to transforming the way companies connect, interact, and grow. We're here to redefine what success means, delivering outcomes unimagined across every major vertical in 70+ markets. Virtually everywhere. Visit concentrix.com to learn more.

Use of Non-GAAP Information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

Constant currency revenue growth, which is revenue growth adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Constant currency revenue growth is calculated by translating the revenue of each fiscal year in the billing currency to U.S. dollars using the comparable prior year's currency conversion rate in comparison to prior year's revenue. Generally, when the U.S. dollar either strengthens or weakens against other currencies, revenue growth at constant currency rates or adjusting for currency will be higher or lower than revenue growth reported at actual exchange rates.
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, certain debt costs, imputed interest related to the sellers' note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP net income also excludes the income tax effect of certain tax law changes.
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. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. We believe that adjusted free cash flow is a meaningful measure of cash flows because it removes the effect of factoring which changes the timing of the receipt of cash for certain receivables. However, free cash flow and adjusted free cash flow have limitations because they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions.
Non-GAAP diluted EPS, which is diluted EPS excluding the per share, tax-effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the sellers' note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes. Non-GAAP EPS excludes net income attributable to participating securities and the related per share, tax-effected impact of adjustments to net income described above reflect only those amounts that are attributable to common shareholders.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. These non-GAAP financial measures exclude amortization of intangible assets. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors' ability to compare our past financial performance with its current performance and to analyze underlying business performance and trends. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

Safe Harbor Statement

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company's expected future financial condition, growth and profitability, results of operations, including revenue and operating income, cash flows, and effective tax rate, capital expenditures and anticipated investment costs, the future growth and success of the Company's capabilities and products portfolio, the potential benefits associated with use of the Company's generative artificial intelligence and other products, including productivity and engagement gains, share repurchase and dividend activity, capital allocation, debt repayment and obligations, business strategy, product launches, foreign currency exchange rate fluctuations, and statements that include words such as believe, expect, intend, plan, may, will, anticipate, provide, could, should, target, estimate, outlook, and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to general economic and geopolitical conditions and their effects on our clients' businesses and demand for our services, including consumer demand, interest rates, inflation, international tariffs and global trade policies, supply chains, the conflicts in Ukraine and the Middle East, and tensions between India and Pakistan; cyberattacks on the Company's or its clients' networks and information technology systems; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of generative artificial intelligence; the failure of the Company's staff and contractors to adhere to the Company's and its clients' controls and processes; the inability to protect personal and proprietary information; the effects of communicable diseases or other public health crises, natural disasters and adverse weather conditions; geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of the Company's operations; the ability to successfully execute on the Company's strategy; the timing and success of product launches; competitive conditions in the Company's industry and consolidation of its competitors; variability in demand by the Company's clients or the early termination of the Company's client contracts; the level of business activity of the Company's clients and the market acceptance and performance of their products and services; the demand for end-to-end solutions and technology; damage to the Company's reputation through the actions or inactions of third parties; changes in law, regulations, or regulatory guidance, or changes in their interpretation or enforcement, including changes in law and policy that restrict travel between countries in which we have operations; the operability of the Company's communication services and information technology systems and networks; the loss of key personnel or the inability to attract and retain staff across all geographies with the skills and expertise needed for the Company's business; increases in the cost of labor; the inability to successfully identify, complete, and integrate strategic acquisitions or investments or realize anticipated benefits within the expected timeframe, including with respect to the Company's combination with Webhelp; higher than expected tax liabilities; currency exchange rate fluctuations; investigative or legal actions; and other factors contained in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2024 filed with the Securities and Exchange Commission ("SEC") and subsequent documents filed with or furnished to the SEC. The Company does not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made.

Copyright 2025 Concentrix Corporation. All rights reserved. Concentrix, Webhelp, the Concentrix logo, and all other Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners.

From Fortune ©2025 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 500 are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Concentrix.

Investor Contact:

Sara Buda

Investor Relations

Concentrix Corporation

sara.buda@concentrix.com

(617) 331-0955


CONCENTRIX CORPORATION CONSOLIDATED BALANCE SHEETS (currency and share amounts in thousands, except par value)

	May 31, 2025			November 30, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	342,759		$	240,571
Accounts receivable, net		2,061,412			1,926,737
Other current assets		766,498			675,116
Total current assets		3,170,669			2,842,424
Property and equipment, net		711,463			714,517
Goodwill		5,131,900			4,986,967
Intangible assets, net		2,156,035			2,286,940
Deferred tax assets		247,536			218,396
Other assets		978,457			942,194
Total assets	$	12,396,060		$	11,991,438

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	209,472		$	209,812
Current portion of long-term debt		28,331			2,522
Accrued compensation and benefits		655,511			706,619
Other accrued liabilities		997,974			977,314
Income taxes payable		82,077			99,546
Total current liabilities		1,973,365			1,995,813
Long-term debt, net		4,862,425			4,733,056
Other long-term liabilities		970,587			910,271
Deferred tax liabilities		310,983			312,574
Total liabilities		8,117,360			7,951,714
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2025 and November 30, 2024, respectively		—			—
Common stock, $0.0001 par value, 250,000 shares authorized; 69,054 and 68,849 shares issued as of May 31, 2025 and November 30, 2024, respectively, and 62,930 and 64,238 shares outstanding as of May 31, 2025 and November 30, 2024, respectively		7			7
Additional paid-in capital		3,738,360			3,683,608
Treasury stock, 6,124 and 4,611 shares as of May 31, 2025 and November 30, 2024, respectively		(496,194	)		(421,449	)
Retained earnings		1,259,559			1,191,871
Accumulated other comprehensive loss		(223,032	)		(414,313	)
Total stockholders' equity		4,278,700			4,039,724
Total liabilities and stockholders' equity	$	12,396,060		$	11,991,438


CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (currency and share amounts in thousands, except per share amounts) (unaudited)

	Three Months Ended							Six Months Ended
	May 31, 2025		May 31, 2024			% Change		May 31, 2025		May 31, 2024			% Change
Revenue
Technology and consumer electronics	$	662,719	$	658,268		1	%	$	1,320,411	$	1,323,370		—	%
Retail, travel and e-commerce		583,782		568,081		3	%		1,167,680		1,151,793		1	%
Communications and media		392,963		381,253		3	%		763,963		761,418		—	%
Banking, financial services and insurance		384,015		377,723		2	%		749,208		743,145		1	%
Healthcare		176,386		176,673		—	%		366,191		367,762		—	%
Other		217,506		218,718		(1	)%		422,140		435,976		(3	)%
Total revenue	$	2,417,371	$	2,380,716		2	%	$	4,789,593	$	4,783,464		—	%
Cost of revenue		1,569,223		1,523,147		3	%		3,085,546		3,069,366		1	%
Gross profit		848,148		857,569		(1	)%		1,704,047		1,714,098		(1	)%
Selling, general and administrative expenses		699,803		707,399		(1	)%		1,386,835		1,415,489		(2	)%
Operating income		148,345		150,170		(1	)%		317,212		298,609		6	%
Interest expense and finance charges, net		75,406		82,457		(9	)%		148,400		164,896		(10	)%
Other expense (income), net		21,218		(19,415	)	(209	)%		16,299		(26,239	)	(162	)%
Income before income taxes		51,721		87,128		(41	)%		152,513		159,952		(5	)%
Provision for income taxes		9,628		20,294		(53	)%		40,163		41,016		(2	)%
Net income	$	42,093	$	66,834		(37	)%	$	112,350	$	118,936		(6	)%

Earnings per common share:
Basic	$	0.63	$	0.98				$	1.68	$	1.75
Diluted	$	0.63	$	0.98				$	1.68	$	1.74
Weighted-average common shares outstanding:
Basic		63,355		65,270					63,693		65,466
Diluted		63,406		65,332					63,733		65,570


CONCENTRIX CORPORATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (currency and share amounts in thousands, except per share amounts) (unaudited)

	Three Months Ended			Six Months Ended
	May 31, 2025			May 31, 2025
Revenue	$	2,417,371		$	4,789,593
Revenue growth, as reported under U.S. GAAP		1.5	%		0.1	%
Foreign exchange impact		—	%		1.3	%
Constant currency revenue growth		1.5	%		1.4	%

	Three Months Ended				Six Months Ended
	May 31, 2025		May 31, 2024		May 31, 2025		May 31, 2024
Operating income	$	148,345	$	150,170	$	317,212	$	298,609
Acquisition-related and integration expenses ⁽¹⁾		16,808		30,906		34,832		61,079
Step-up depreciation		2,536		2,482		4,912		4,983
Amortization of intangibles		109,158		115,969		214,777		232,271
Share-based compensation		26,862		21,618		53,462		43,264
Non-GAAP operating income	$	303,709	$	321,145	$	625,195	$	640,206

	Three Months Ended					Six Months Ended
	May 31, 2025		May 31, 2024			May 31, 2025		May 31, 2024
Net income	$	42,093	$	66,834		$	112,350	$	118,936
Interest expense and finance charges, net		75,406		82,457			148,400		164,896
Provision for income taxes		9,628		20,294			40,163		41,016
Other expense (income), net		21,218		(19,415	)		16,299		(26,239	)
Acquisition-related and integration expenses ⁽¹⁾		16,808		30,906			34,832		61,079
Step-up depreciation		2,536		2,482			4,912		4,983
Amortization of intangibles		109,158		115,969			214,777		232,271
Share-based compensation		26,862		21,618			53,462		43,264
Depreciation (exclusive of step-up depreciation)		53,615		58,492			106,336		123,749
Adjusted EBITDA	$	357,324	$	379,637		$	731,531	$	763,955

	Three Months Ended				Six Months Ended
	May 31, 2025		May 31, 2024		May 31, 2025		May 31, 2024
Operating margin	6.1	%	6.3	%	6.6	%	6.2	%
Non-GAAP operating margin	12.6	%	13.5	%	13.1	%	13.4	%
Adjusted EBITDA margin	14.8	%	15.9	%	15.3	%	16.0	%

	Three Months Ended						Six Months Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Net income	$	42,093		$	66,834		$	112,350		$	118,936
Acquisition-related and integration expenses ⁽¹⁾		16,808			30,906			34,832			61,079
Step-up depreciation		2,536			2,482			4,912			4,983
Debt costs ⁽²⁾		1,102			—			1,102			—
Imputed interest related to sellers' note included in interest expense and finance charges, net		4,503			4,179			8,689			8,357
Legal settlement costs ⁽³⁾		2,000			—			2,000			—
Change in acquisition contingent consideration included in other expense (income), net		8,691			(6,689	)		6,667			(21,586	)
Foreign currency losses (gains), net ⁽⁴⁾		10,789			(14,409	)		6,610			(7,799	)
Amortization of intangibles		109,158			115,969			214,777			232,271
Share-based compensation		26,862			21,618			53,462			43,264
Income taxes related to the above ⁽⁵⁾		(44,931	)		(37,791	)		(81,923	)		(78,695	)
Income tax effect of change in tax law		—			—			4,269			—
Non-GAAP net income	$	179,611		$	183,099		$	367,747		$	360,810

	Three Months Ended						Six Months Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Net income	$	42,093		$	66,834		$	112,350		$	118,936
Less: net income allocated to participating securities		(2,035	)		(2,571	)		(5,448	)		(4,568	)
Net income attributable to common stockholders		40,058			64,263			106,902			114,368
Acquisition-related and integration expenses allocated to common stockholders ⁽¹⁾		15,995			29,717			33,143			58,733
Step-up depreciation allocated to common stockholders		2,413			2,387			4,674			4,792
Debt costs allocated to common stockholders ⁽²⁾		1,049			—			1,049			—
Imputed interest related to sellers' note included in interest expense and finance charges, net allocated to common stockholders		4,285			4,018			8,268			8,036
Legal settlement costs allocated to common stockholders ⁽³⁾		1,903			—			1,903			—
Change in acquisition contingent consideration included in other expense (income), net allocated to common stockholders		8,271			(6,432	)		6,344			(20,757	)
Foreign currency losses (gains), net allocated to common stockholders ⁽⁴⁾		10,267			(13,855	)		6,289			(7,499	)
Amortization of intangibles allocated to common stockholders		103,881			111,508			204,362			223,350
Share-based compensation allocated to common stockholders		25,563			20,786			50,870			41,602
Income taxes related to the above allocated to common stockholders ⁽⁵⁾		(42,759	)		(36,337	)		(77,950	)		(75,673	)
Income tax effect of change in tax law allocated to common stockholders		—			—			4,062			—
Non-GAAP net income attributable to common stockholders	$	170,926		$	176,055		$	349,916		$	346,952

	Three Months Ended						Six Months Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Diluted earnings per common share ("EPS") ⁽⁶⁾	$	0.63		$	0.98		$	1.68		$	1.74
Acquisition-related and integration expenses ⁽¹⁾		0.25			0.45			0.52			0.90
Step-up depreciation		0.04			0.04			0.07			0.07
Debt costs ⁽²⁾		0.02			—			0.02			—
Imputed interest related to sellers' note included in interest expense and finance charges, net		0.07			0.06			0.13			0.12
Legal settlement costs ⁽³⁾		0.03			—			0.03			—
Change in acquisition contingent consideration included in other expense (income), net		0.13			(0.10	)		0.10			(0.32	)
Foreign currency losses (gains), net ⁽⁴⁾		0.16			(0.21	)		0.10			(0.11	)
Amortization of intangibles		1.64			1.71			3.21			3.41
Share-based compensation		0.40			0.32			0.80			0.63
Income taxes related to the above ⁽⁵⁾		(0.67	)		(0.56	)		(1.23	)		(1.15	)
Income tax effect of change in tax law		—			—			0.06			—
Non-GAAP diluted EPS	$	2.70		$	2.69		$	5.49		$	5.29

Weighted-average number of common shares - diluted		63,406			65,332			63,733			65,570

	Three Months Ended						Six Months Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Net cash provided by operating activities	$	236,536		$	238,339		$	237,944		$	191,469
Purchases of property and equipment		(55,792	)		(60,086	)		(106,410	)		(116,145	)
Free cash flow		180,744			178,253			131,534			75,324
Change in outstanding factoring balances		19,542			23,634			28,936			45,258
Adjusted free cash flow	$	200,286		$	201,887		$	160,470		$	120,582

	Forecast
	Three Months Ending August 31, 2025						Fiscal Year Ending November 30, 2025
	Low			High			Low			High
Revenue	$	2,445,000		$	2,470,000		$	9,720,000		$	9,815,000
Revenue growth, as reported under U.S. GAAP		2.4	%		3.4	%		1.0	%		2.0	%
Foreign exchange impact	(1.4		)%	(1.4		)%		—	%		—	%
Constant currency revenue growth		1.0	%		2.0	%		1.0	%		2.0	%

	Forecast
	Three Months Ending August 31, 2025				Fiscal Year Ending November 30, 2025
	Low		High		Low		High
Operating income	$	162,200	$	172,200	$	674,500	$	694,500
Amortization of intangibles		110,000		110,000		430,500		430,500
Share-based compensation		27,800		27,800		119,000		119,000
Acquisition-related and integration expenses		15,500		15,500		66,000		66,000
Step-up depreciation		2,500		2,500		10,000		10,000
Non-GAAP operating income	$	318,000	$	328,000	$	1,300,000	$	1,320,000

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

_{⁽²⁾For the three and six months ended May 31, 2025, debt costs included debt extinguishment costs associated with our restated credit agreement and our voluntary prepayment of a portion of our outstanding term loans.}

_{⁽³⁾For the three and six months ended May 31, 2025, legal settlement costs consist of amounts incurred to settle certain litigation arising outside of the ordinary course of business.}

_{⁽⁴⁾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.}

_{⁽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 presented.}

_{⁽⁶⁾ Diluted EPS is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Restricted stock awards and certain restricted stock units granted to employees are considered participating securities. For the purposes of calculating diluted EPS, net income attributable to participating securities was approximately 4.8% and 3.8% of net income, respectively, for the three months ended May 31, 2025 and 2024 and 4.8% and 3.8% for the six months ended May 31, 2025 and 2024, and was excluded from total net income to calculate net income attributable to common stockholders. In addition, the non-GAAP adjustments allocated to common stockholders were calculated based on the percentage of net income attributable to common stockholders.}