0001803599-22-000075 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Feb. 28, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2022
Document Transition Report	false
Entity File Number	001-39494
Entity Registrant Name	CONCENTRIX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1605762
Entity Address, Address Line One	39899 Balentine Drive
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	800
Local Phone Number	747-0583
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CNXC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		52,469,126
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001803599
Current Fiscal Year End Date	--11-30

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Current assets:
Cash and cash equivalents	$ 142,157	$ 182,038
Accounts receivable, net	1,324,738	1,207,953
Other current assets	163,945	153,074
Total current assets	1,630,840	1,543,065
Property and equipment, net	416,874	407,144
Goodwill	2,942,439	1,813,502
Intangible assets, net	1,085,942	655,528
Deferred tax assets	53,474	48,413
Other assets	587,219	578,715
Total assets	6,716,788	5,046,367
Current liabilities:
Accounts payable	118,974	129,359
Current portion of long-term debt	78,750	0
Total liabilities	3,982,523	2,426,112
Commitments and contingencies (Note 14)
Redeemable non-controlling interest	$ 2,266	$ 0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of February 28, 2022 and November 30, 2021, respectively	$ 0	$ 0
Common stock, $0.0001 par value, 250,000 shares authorized; 52,011 and 51,927 shares issued as of February 28, 2022 and November 30, 2021, respectively, and 51,664 and 51,594 shares outstanding as of February 28, 2022 and November 30, 2021, respectively	5	5
Additional paid-in capital	$ 2,389,403	$ 2,355,767
Treasury stock (in shares)	348,000	333,000
Treasury stock, 348 and 333 shares as of February 28, 2022 and November 30, 2021, respectively	$ (60,040)	$ (57,486)
Retained earnings	489,656	392,495
Accumulated other comprehensive loss	(87,025)	(70,526)
Total stockholders’ equity	2,731,999	2,620,255
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	6,716,788	5,046,367
Accrued compensation and benefits	414,971	453,434
Other accrued liabilities	376,877	351,642
Income taxes payable	46,704	33,779
Total current liabilities	1,036,276	968,214
Long-term debt, net	2,266,646	802,017
Other long-term liabilities	519,490	546,410
Deferred tax liabilities	$ 160,111	$ 109,471
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)	51,664,000	51,594,000
Common stock, shares issued (in shares)	52,011,000	51,927,000
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Feb. 28, 2022	Nov. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	52,011,000	51,927,000
Common stock, shares outstanding (in shares)	51,664,000	51,594,000
Treasury stock (in shares)	348,000	333,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Income Statement [Abstract]
Revenue	$ 1,536,052	$ 1,353,278
Cost of revenue	997,918	867,228
Gross profit	538,134	486,050
Selling, general and administrative expenses	390,389	351,161
Operating income	147,745	134,889
Interest expense and finance charges, net	8,770	7,703
Other expense (income), net	(7,616)	3,803
Income before income taxes	146,591	123,383
Provision for income taxes	36,052	34,572
Net income before non-controlling interest	110,539	88,811
Less: Net income attributable to non-controlling interest	266	0
Net income attributable to Concentrix Corporation	$ 110,273	$ 88,811
Earnings per common share:
Basic (in dollars per share)	$ 2.11	$ 1.72
Diluted (in dollars per share)	$ 2.09	$ 1.69
Weighted-average common shares outstanding
Basic (in shares)	51,629	51,155
Diluted (in shares)	52,046	51,805

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interest	$ 110,539	$ 88,811
Other comprehensive loss:
Unrealized gains (losses) of defined benefit plans, net of taxes of $0 and $98 for the three months ended February 28, 2022 and 2021, respectively	773	(376)
Unrealized losses on cash flow hedges during the period, net of taxes of $947 and $2,255 for the three months ended February 28, 2022 and 2021, respectively	(2,760)	(7,070)
Reclassification of net gains on cash flow hedges to net income, net of taxes of $232 and $3,022 for the three months ended February 28, 2022 and 2021, respectively	(673)	(9,171)
Total change in unrealized gains (losses) on cash flow hedges, net of taxes	(3,433)	(16,241)
Foreign currency translation adjustments, net of taxes of $0 for the three months ended February 28, 2022 and 2021, respectively	(13,839)	6,306
Other comprehensive loss	(16,499)	(10,311)
Comprehensive income	94,040	78,500
Less: Comprehensive income attributable to non-controlling interests	266	0
Comprehensive income attributable to Concentrix Corporation	$ 93,774	$ 78,500

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Change in unrealized losses of defined benefit plans, tax	$ 0	$ 98
Unrealized gains (losses) on cash flow hedges, tax	947	2,255
Reclassification of net loss on cash flow hedges to net income, tax	232	3,022
Foreign currency translation gain (loss), tax	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares	Additional paid-in capital	Retained earnings	Former parent company investment	Accumulated other comprehensive loss	Amount
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding (in shares)		0					0
Beginning Balance at Nov. 30, 2020	$ 2,302,085	$ 0	$ 0	$ 0	$ 2,305,899	$ (3,814)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(10,311)					(10,311)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9,102		9,102
Reclassification of net former parent investment in Concentrix	0		2,305,899		(2,305,899)
Issuance of common stock at separation and spin-off	0	5	(5)
Repurchase of common stock for tax withholdings on equity awards	(409)						(409)
Net income attributable to Concentrix Corporation	88,811			88,811
Ending Balance at Feb. 28, 2021	2,389,278	$ 5	2,314,996	88,811	0	(14,125)	$ (409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, New Issues		51,135,000
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		79,000
Share-based Payment Arrangement, Shares Repurchased for Tax Withholding Obligation							4,000
Less: Net income attributable to non-controlling interest	0
Common stock, shares outstanding (in shares)		51,214,000					4,000
Redeemable non-controlling interest	$ 0
Common stock, shares outstanding (in shares)	51,594,000	51,594,000					333,000
Beginning Balance at Nov. 30, 2021	$ 2,620,255	$ 5	2,355,767	392,495	0	(70,526)	$ (57,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(16,499)					(16,499)
Stock Issued During Period, Value, Acquisitions	15,725		15,725
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	2,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	17,911		17,911
Repurchase of common stock for tax withholdings on equity awards	(2,554)						(2,554)
Net income attributable to Concentrix Corporation	110,273			110,273
Ending Balance at Feb. 28, 2022	2,731,999	$ 5	$ 2,389,403	489,656	$ 0	$ (87,025)	$ (60,040)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		70,000
Share-based Payment Arrangement, Shares Repurchased for Tax Withholding Obligation							15,000
Dividends	(13,112)			$ (13,112)
Less: Net income attributable to non-controlling interest	266
Redeemable non-controlling interest	$ 2,266
Common stock, shares outstanding (in shares)	51,664,000	51,664,000					348,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash flows from operating activities:
Net income before non-controlling interest	$ 110,539	$ 88,811
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,037	35,999
Amortization	38,056	34,601
Non-cash share-based compensation expense	15,030	6,811
Provision for doubtful accounts	1,948	(2,554)
Deferred income taxes	(10,646)	(8,276)
Unrealized foreign exchange loss	726	6,305
Other	(98)	133
Changes in operating assets and liabilities:
Accounts receivable, net	(30,188)	(48,099)
Payable to former parent	0	(22,825)
Accounts payable	(7,171)	(27,766)
Other operating assets and liabilities	(109,218)	(27,256)
Net cash provided by operating activities	45,015	35,884
Cash flows from investing activities:
Purchases of property and equipment	(45,393)	(41,950)
Acquisitions of business, net of cash acquired	(1,564,430)	0
Other investments	(1,000)	0
Net cash used in investing activities	(1,610,823)	(41,950)
Cash flows from financing activities:
Repayments of the Credit Facility - Prior Term Loan	(700,000)	(50,000)
Proceeds from the Securitization Facility	508,000	399,500
Repayments of the Securitization Facility	(359,000)	(382,000)
Cash paid for debt issuance costs	(8,863)	0
Proceeds from exercise of stock options	2,882	2,291
Repurchase of common stock for tax withholdings on equity awards	(2,554)	(409)
Net cash provided by (used in) financing activities	1,527,353	(30,618)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,395)	(471)
Net decrease in cash, cash equivalents and restricted cash	(39,850)	(37,155)
Cash, cash equivalents and restricted cash at beginning of year	183,010	156,351
Cash, cash equivalents and restricted cash at end of period	143,160	119,196
Supplemental disclosure of non-cash investing activities:
Accrued costs for property and equipment purchases	6,293	6,768
Proceeds from Long-term Lines of Credit	2,100,000	0
Payments of Dividends	$ (13,112)	$ 0

BACKGROUND AND BASIS OF PRESENTATION	3 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	BACKGROUND AND BASIS OF PRESENTATION: Background Concentrix Corporation (“Concentrix,” the “CX business” or the “Company”) is a leading global provider of Customer Experience (“CX”) solutions and technology that help iconic and disruptive brands drive deep understanding, full lifecycle engagement, and differentiated experiences for their end-customers around the world. The Company provides end-to-end capabilities, including 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. The Company’s primary verticals are technology and consumer electronics, communications and media, retail, travel and e-commerce, banking, financial services and insurance, and healthcare. On December 1, 2020, the separation of the CX business (the “separation”) from SYNNEX Corporation, now known as TD SYNNEX Corporation (“TD SYNNEX” or the “former parent”) was completed through a tax-free distribution of all of the issued and outstanding shares of the Company’s common stock to TD SYNNEX stockholders (the “distribution” and, together with the separation, the “spin-off”). TD SYNNEX stockholders received one share of the Company’s common stock for each share of TD SYNNEX common stock held as of the close of business on November 17, 2020. As a result of the spin-off, the Company became an independent public company and the Company’s common stock commenced trading on the Nasdaq Stock Market (“Nasdaq”) under the symbol “CNXC” on December 1, 2020. Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2021 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. All intercompany balances and transactions have been eliminated in consolidation. Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization in March 2020. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and labor force participation, and created significant volatility and disruption of financial markets. The Company successfully transitioned a significant portion of its workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in the Company’s sites to protect the health and safety of the team. During the three months ended February 28, 2022, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as variants caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on the Company’s operational and financial performance, including its ability to execute business strategies and initiatives in the expected time frame, will depend on future developments, including the duration, spread and severity of the pandemic, the evolution of the virus and the effects of mutations in its genetic code, country and state restrictions regarding virus containment, the availability and effectiveness of vaccines and treatment options, accessibility to the Company’s delivery and operations locations, its continued utilization of remote work environments in response to future health and safety restrictions, and the effect on the Company’s clients’ businesses and the demand for their products and services, all of which are uncertain and cannot be predicted. The Company is unable to predict how long the pandemic conditions will persist in regions in which the Company operates, if or when countries or localities may experience an increase in COVID-19 cases, what additional measures may be introduced by governments or the Company’s clients in response to the pandemic generally or to an increase in COVID-19 cases in a particular country or locality, and the effect of any such additional measures on the Company’s business. As a result, many of the estimates and assumptions used in preparation of these consolidated financial statements required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to the pandemic and the global recovery from the pandemic, the Company’s estimates may materially change in future periods.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Feb. 28, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Accounting pronouncements adopted during the three months ended February 28, 2022 are discussed below. Concentration of credit risk For the three months ended February 28, 2022 and February 28, 2021, one client accounted for 10.3% and 11.9%, respectively, of the Company’s consolidated revenue. As of February 28, 2022 and November 30, 2021, one client comprised 12.3% and 15.3%, respectively, of the Company’s total accounts receivable balance. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. This standard became effective for fiscal year 2022 and did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The guidance requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets, including significant gains and losses affecting the benefit obligation for the period. This standard became effective for fiscal year 2021 and did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued a new credit loss standard that replaced the prior incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This standard became effective for fiscal year 2021 and did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance to ease the potential burden for a limited time in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of this guidance.

ACQUISITION

3 Months Ended

Feb. 28, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

ACQUISITION:

PK Acquisition

Background

On December 27, 2021, the Company completed its acquisition of PK, a leading CX design engineering company with more than 5,000 staff in four countries. PK creates pioneering experiences that accelerate digital outcomes for their clients’ customers, partners and staff. The acquisition of PK expands the Company’s scale in the digital IT services market and supports the Company’s growth strategy of investing in digital transformation to deliver exceptional customer experiences. The addition of the PK staff and technology to the Company’s team further strengthens its capabilities in CX design and development, artificial intelligence (“AI”), intelligent automation, and customer loyalty.

Purchase price consideration

The total purchase price, net of cash acquired, was $1,581.2 million, which was funded by proceeds from the Company’s new term loan (the “Term Loan”) under its amended senior secured credit facility (the “Credit Facility”) and additional borrowings under its accounts receivable securitization facility (the “Securitization Facility”). See Note 8—Borrowings for a further discussion of the Term Loan, the Credit Facility and the Securitization Facility.

The preliminary purchase price consideration to acquire PK consisted of the following:


Cash consideration for PK stock (1)	$	1,177,568
Cash consideration for PK vested equity awards (2)	246,229
Cash consideration for repayment of PK debt, including accrued interest (3)	148,492
Cash consideration for transaction expenses of PK (4)	22,842
Total cash consideration	1,595,131
Non-cash equity consideration for conversion of PK equity awards (5)	15,725
Total consideration transferred	1,610,856
Less: Cash acquired (6)	29,653
Total purchase price consideration	$	1,581,203

(1) Represents the cash consideration paid for the outstanding shares of PK’s common stock, which includes a preliminary estimate of the merger consideration adjustment to be paid pursuant to the merger agreement.

(2) Represents the cash consideration paid for vested PK stock option awards and restricted stock awards.

(3) Represents the cash consideration paid to retire PK’s outstanding third-party debt, including accrued interest.

(4) Represents the cash consideration paid for expenses incurred by PK in connection with the merger and paid by Concentrix pursuant to the merger agreement. These expenses primarily related to third-party consulting services.

(5) Represents the issuance of vested Concentrix stock options that were issued in conversion of certain vested PK stock options that were assumed by Concentrix pursuant to the merger agreement.

(6) Represents the PK cash balance acquired at acquisition.

Preliminary purchase price allocation

The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations. The purchase price was allocated to the assets acquired, liabilities assumed and non-controlling interest based on management’s estimate of the respective fair values at the date of

acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the assembled workforce, comprehensive service portfolio delivery capabilities and strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes.

The following table summarizes the preliminary estimates of fair values of the assets acquired, liabilities assumed and non-controlling interest as of the acquisition date:


	As of
	December 27, 2021
Assets acquired:
Cash and cash equivalents	$	29,653
Accounts receivable	86,955
Property and equipment	11,335
Operating lease right-of-use assets	12,288
Identifiable intangible assets	469,300
Goodwill	1,132,017
Other assets	11,954
Total assets acquired	$	1,753,502

Liabilities assumed and non-controlling interest:
Accounts payable and accrued liabilities	70,269
Operating lease liabilities	12,288
Deferred tax liabilities	58,089
Non-controlling interest	2,000
Total liabilities assumed and non-controlling interest	$	142,646

Total consideration transferred	$	1,610,856

As of February 28, 2022, the purchase price allocation is preliminary. The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as the twelve months following the acquisition date). The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of identifiable intangible assets acquired, the fair value of certain tangible assets acquired and liabilities assumed, and deferred income taxes. The Company expects to continue to obtain information for the purpose of determining the fair value of the assets acquired and liabilities assumed on the acquisition date throughout the remainder of the measurement period.

The preliminary purchase price allocation includes $469.3 million of acquired identifiable intangible assets, all of which have finite lives. The preliminary fair value of the identifiable intangible assets has been estimated using the income approach through a discounted cash flow analysis of certain cash flow projections. The cash flow projections are based on forecasts used by the Company to price the PK acquisition, and the discount rates applied were benchmarked by referencing the implied rate of return of the Company’s pricing model and the weighted average cost of capital. The intangible assets are being amortized over their estimated useful lives on either a straight-line basis or an accelerated method that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the acquisition of PK.

Impact on results of operations

The results of the PK operations have been included in the consolidated financial statements since December 27, 2021. The following table provides the results of operations for PK included in the consolidated statement of operations from the acquisition date through February 28, 2022:


Revenue	$	83,196
Income before income taxes	207

In connection with the acquisition of PK, the Company incurred a total of $0.9 million of acquisition-related and integration expenses for the three months ended February 28, 2022. These expenses primarily include legal and professional services, and severance and retention payments to integrate the business. These acquisition-related and integration expenses were recorded within selling, general and administrative expenses.

Supplemental Pro Forma Information

The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PK acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that we believe are reasonable under the circumstances.

The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PK acquisition had occurred on December 1, 2020 to give effect to certain events that the Company believes to be directly attributable to the PK acquisition. These pro forma adjustments primarily include:

•An increase in amortization expense that would have been recognized due to acquired identifiable intangible assets.

•An adjustment to interest expense to reflect the additional borrowings of Concentrix on the amended credit facility and the repayment of PK’s historical debt in conjunction with the acquisition.

•The related income tax effects of the adjustments noted above.

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended
	February 28,
	2022		2021
Revenue	$	1,569,013	$	1,448,752
Net income	106,351		84,235

SHARE-BASED COMPENSATION

3 Months Ended

Feb. 28, 2022

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION: In November 2020, in connection with the spin-off, TD SYNNEX, as sole stockholder of Concentrix, approved the Concentrix Corporation 2020 Stock Incentive Plan (the “Concentrix Stock Incentive Plan”) and the Concentrix Corporation 2020 Employee Stock Purchase Plan (the “Concentrix ESPP”), each to be effective upon completion of the spin-off. 4,000 shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan, and 1,000 shares of Concentrix common stock were authorized for issuance under the Concentrix ESPP. In December 2021, 523 additional shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan resulting from an automatic annual increase pursuant to the terms of the plan.

In January 2022, the Company granted 137 restricted stock awards and restricted stock units and 129 performance-based restricted stock units under the Concentrix Stock Incentive Plan, which included annual awards to the Company’s senior executive team and retention and new hire awards to staff who joined the Company from PK. The restricted stock awards and restricted stock units awards had a weighted average grant date fair value of $181.09 per share and vest over a service period of four years. The performance-based restricted stock units will vest, if at all, upon the achievement of certain annual financial targets during the three-year period ending November 30, 2024. The performance-based restricted stock units had a grant date weighted average fair value of $178.58 per share.

The Company recorded share-based compensation expense in the consolidated statements of operations for the three months ended February 28, 2022 and 2021 as follows:


	Three Months Ended
	February 28, 2022		February 28, 2021
Total share-based compensation	$	15,169	$	7,118
Tax benefit recorded in the provision for income taxes	(3,852)		(1,780)
Effect on net income	$	11,317	$	5,338

Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.

BALANCE SHEET COMPONENTS

3 Months Ended

Feb. 28, 2022

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS:

Cash, cash equivalents and restricted cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:


	As of
	February 28, 2022		November 30, 2021
Cash and cash equivalents	$	142,157	$	182,038
Restricted cash included in other current assets	1,003		972
Cash, cash equivalents and restricted cash	$	143,160	$	183,010

Restricted cash balances relate primarily to restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant.

Accounts receivable, net:

Accounts receivable, net is comprised of the following as of February 28, 2022 and 2021:


	As of
	February 28, 2022		November 30, 2021
Billed accounts receivable	$	781,807	$	714,032
Unbilled accounts receivable	549,835		499,342
Less: Allowance for doubtful accounts	(6,904)		(5,421)
Accounts receivable, net	$	1,324,738	$	1,207,953

Allowance for doubtful trade receivables:

Presented below is a progression of the allowance for doubtful trade receivables:


	Three Months Ended
	February 28,
	2022		2021
Balance at beginning of period	$	5,421	$	8,963
Net additions (reductions)	1,948		(2,554)
Write-offs and reclassifications	(465)		(170)
Balance at end of period	$	6,904	$	6,239

Property and equipment, net:

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of February 28, 2022 and November 30, 2021:


	As of
	February 28, 2022		November 30, 2021
Land	$	27,663	$	27,677
Equipment, computers and software	512,346		488,270
Furniture and fixtures	92,202		90,442
Buildings, building improvements and leasehold improvements	376,993		364,166
Construction-in-progress	12,350		10,741
Total property and equipment, gross	$	1,021,554	$	981,296
Less: Accumulated depreciation	(604,680)		(574,152)
Property and equipment, net	$	416,874	$	407,144

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of February 28, 2022 and November 30, 2021:


	As of
	February 28, 2022		November 30, 2021
Property and equipment, net:
United States	$	113,231	$	101,333
Philippines	84,497		87,548
India	46,430		46,167
Others	172,716		172,096
Total	$	416,874	$	407,144

Goodwill:

The following table summarizes the changes in the Company’s goodwill for the three months ended February 28, 2022:


Balance as of November 30, 2021	$	1,813,502
Acquisition	1,132,017
Foreign exchange translation	(3,080)
Balance as of February 28, 2022	$	2,942,439

Intangible assets, net:

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 28, 2022 and November 30, 2021:


	As of February 28, 2022						As of November 30, 2021
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,745,122	$	(729,092)	$	1,016,030	$	1,347,961	$	(694,701)	$	653,260
Technology	74,328		(11,400)		62,928		10,835		(8,900)		1,935
Trade names	11,721		(6,807)		4,914		6,724		(6,391)		333
Non-compete agreements	2,200		(130)		2,070		—		—		—
	$	1,833,371	$	(747,429)	$	1,085,942	$	1,365,520	$	(709,992)	$	655,528

Estimated future amortization expense of the Company’s intangible assets is as follows:


Fiscal years ending November 30,
2022 (remaining nine months)	$	124,838
2023	154,781
2024	140,805
2025	129,176
2026	113,544
Thereafter	422,798
Total	$	1,085,942

Accumulated other comprehensive income (loss):

The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:


	Three Months Ended February 28, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(376)		(7,070)		6,306		(1,140)
Reclassification of gains from other comprehensive income (loss)	—		(9,171)		—		(9,171)
Balances at February 28, 2021	$	(38,960)	$	12,998	$	11,837	$	(14,125)

Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)
Other comprehensive income (loss) before reclassification	773		(2,760)		(13,839)		(15,826)
Reclassification of gains from other comprehensive income (loss)	—		(673)		—		(673)
Balances at February 28, 2022	$	(21,972)	$	(4,836)	$	(60,217)	$	(87,025)

Refer to Note 6 for the location of gains and losses on cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of actuarial (gains) losses of defined benefit plans is recorded in “Other expense (income), net” in the consolidated statement of operations.

Restructuring:

The following table presents the activity related to liabilities for restructuring charges of previous acquisitions for the three months ended February 28, 2022 and 2021:


	Three Months Ended
	February 28, 2022 and 2021
Restructuring costs	Facility and exit costs
Accrued balance as of November 30, 2020	$	17,810
Cash payments	(2,004)
Accrued balance as of February 28, 2021	$	15,806

Accrued balance as of November 30, 2021	$	12,406
Additional accrual during the period	47
Cash payments	(1,002)
Accrued balance as of February 28, 2022	$	11,451

DERIVATIVE INSTRUMENTS

3 Months Ended

Feb. 28, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS: In the ordinary course of business, the Company is exposed to foreign currency risk and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, or other

derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain non-U.S. legal entities and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.

All derivatives are recognized on the consolidated balance sheets at their fair values. Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of AOCI in the consolidated balance sheets, as discussed below.

Cash Flow Hedges

To mitigate the risk of fluctuations in foreign currency exchange rates on gross margins, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. These instruments mature at various dates through February 2024. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of “Revenue” in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of foreign currency costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.

Non-Designated Derivatives

The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the Company’s legal entities that own the asset or liability. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.

Fair Values of Derivative Instruments in the Consolidated Balance Sheets

The fair values of the Company’s derivative instruments are disclosed in Note 7 and summarized in the table below:


	Value as of
Balance Sheet Line Item	February 28, 2022		November 30, 2021
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,456,904	$	1,415,447
Other current assets	9,745		10,058
Other accrued liabilities	6,300		12,542
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	921,264	$	918,097
Other current assets and other assets	5,228		7,851
Other accrued liabilities and other long-term liabilities	11,723		9,736

Volume of activity

The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine peso, the Indian rupee, the euro, the British pound, the Canadian dollar and the Japanese yen, that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency exchange rates change.

The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations

The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and not designated as hedging instruments in other comprehensive income (“OCI”), and the consolidated statements of operations for the periods presented:


		Three Months Ended
	Locations of gain (loss) in statement of operations	February 28, 2022		February 28, 2021
Derivative instruments designated as cash flow hedges
Losses recognized in OCI:
Foreign exchange forward contracts		$	(3,707)	$	(9,325)

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Cost of revenue for services	$	415	$	8,835
Gain reclassified from AOCI into income	Selling, general and administrative expenses	490		3,358
Total		$	905	$	12,193

Derivative instruments not designated as hedging instruments:
Loss recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(1,012)	$	(2,767)

(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $6,376.

Offsetting of Derivatives

In the consolidated balance sheets, the Company does not offset derivative assets against liabilities in master netting arrangements.

Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.

FAIR VALUE MEASUREMENTS

3 Months Ended

Feb. 28, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS:

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:


	As of February 28, 2022								As of November 30, 2021
			Fair value measurement category								Fair value measurement category
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	80,885	$	80,885	$	—	$	—	$	77,332	$	77,332	$	—	$	—
Foreign government bond	1,704		1,704		—		—		1,446		1,446		—		—
Forward foreign currency exchange contracts	14,973		—		14,973		—		17,909		—		17,909		—
Liabilities:
Forward foreign currency exchange contracts	$	18,023	$	—	$	18,023	$	—	$	22,278	$	—	$	22,278	$	—

The Company’s cash equivalents consist primarily of highly liquid investments in money market funds and term deposits with maturity periods of three months or less. The carrying values of cash equivalents approximate fair value since they are near their maturity. Investment in foreign government bond classified as an available-for-sale debt security is recorded at fair value based on quoted market prices. The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by banks or foreign currency dealers. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. The effect of nonperformance risk on the fair value of derivative instruments was not material as of February 28, 2022 and November 30, 2021.

The carrying values of term deposits with maturities less than one year, accounts receivable and accounts payable approximate fair value due to their short maturities and interest rates that are variable in nature. The carrying values of the outstanding balance on the Term Loan under the Company’s Credit Facility and the outstanding balance on the Securitization Facility approximate their fair values since they bear interest rates that are similar to existing market rates.

During the three months ended February 28, 2022 and 2021, there were no transfers between the fair value measurement category levels.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

BORROWINGS

3 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS:

Borrowings consist of the following:


	As of
	February 28, 2022		November 30, 2021
Credit Facility - current portion of Term Loan component	$	78,750	$	—
Current portion of long term debt	78,750		—

Credit Facility - Term Loan component	$	2,021,250	$	—
Credit Facility - Prior Term Loan component	—		700,000
Securitization Facility	254,000		105,000
Long-term debt, before unamortized debt discount and issuance costs	2,275,250		805,000
Less: unamortized debt discount and issuance costs	(8,604)		(2,983)
Long-term debt, net	$	2,266,646	$	802,017

Credit Facility

On December 27, 2021, in connection with the closing of the acquisition of PK, Concentrix entered into an amendment of its senior secured credit facility (the “Credit Facility”) (i) to refinance the previously existing term loan (the “Prior Term Loan”) with a new term loan, which was fully advanced, in the aggregate outstanding principal amount of $2,100,000 (the “Term Loan”), (ii) to increase the revolving credit facility to $1,000,000 (the “Revolver”), (iii) to extend the maturity of the Credit Facility from November 30, 2025 to December 27, 2026, (iv) to replace LIBOR with SOFR (the Secured Overnight Financing Rate) as the primary reference rate used to calculate interest on the loans under the Credit Facility, and (v) to modify the commitment fee on the unused portion of the Revolver and the margins in excess of the reference rates at which the loans under the Credit Facility bear interest. The proceeds from the Term Loan and additional borrowings on the Securitization Facility were used to repay the principal amounts outstanding on the Prior Term Loan and to finance the acquisition of PK, including the repayment of certain indebtedness of PK and the payment of fees and expenses in connection with the acquisition of PK.

As amended, borrowings under the 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 adjustment of between 0.10% and 0.25% depending on the interest period of each SOFR loan, plus an applicable margin, which ranges from 1.25% to 2.00%, based on Concentrix’ consolidated leverage ratio. Borrowings under the Credit Facility that are not SOFR rate loans bear interest at a per annum rate equal to (i) the greatest of (a) the Federal Funds Rate in effect on such day plus ½ of 1.00%, (b) the rate of interest last publicly announced by Bank of America as its “prime rate” and (c) the term SOFR rate plus 1.00%, plus (ii) an applicable margin, which ranges from 0.25% to 1.00%, based on Concentrix’ consolidated leverage ratio. As amended, the commitment fee on the unused portion of the Revolver ranges from 22.5 to 30 basis points, based on Concentrix’ consolidated leverage ratio.

Beginning August 31, 2022, the outstanding principal of the Term Loan will be payable in quarterly installments of $26.25 million, with the unpaid balance due in full on the maturity date.

Concentrix may request, subject to obtaining commitments from any participating lenders and certain other conditions, incremental commitments to increase the amount of the Revolver or the Term Loan available under the Credit Facility in an aggregate principal amount of up to $450,000, plus an additional amount, so long as after giving effect to the incurrence of such additional amount, the Company’s pro forma first lien leverage ratio (as defined in the Credit Facility) would not exceed 3.00 to 1.00.

Obligations under the Credit Facility are secured by substantially all of the assets of Concentrix and certain of its U.S. subsidiaries and are guaranteed by certain of its U.S. subsidiaries.

The Credit Facility contains various loan covenants that restrict the ability of Concentrix and its subsidiaries to take certain actions, including, incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock, making certain investments, entering into certain transactions with affiliates or changing the nature of their business. In addition, the Credit Facility contains financial covenants that require Concentrix to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Credit Facility) not to exceed 3.75 to 1.0 and (ii) a consolidated interest coverage ratio (as defined in the Credit Facility) equal to or greater than 3.00 to 1.0. The Credit Facility also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.

Concentrix initially entered into the Credit Facility on October 16, 2020, and the Credit Facility initially provided for the extension of revolving loans of up to $600,000 and term loan borrowings of up to $900,000. On November 30, 2020, in connection with the spin-off, the Company incurred $900,000 of term loan borrowings under the Credit Facility. Substantially all of the proceeds from such indebtedness, net of debt issuance costs, were transferred to TD SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to TD SYNNEX and in exchange for the contribution of certain Concentrix trademarks from TD SYNNEX to Concentrix.

Beginning May 31, 2021, the outstanding principal of the Prior Term Loan was payable in quarterly installments of $11,250, with the unpaid balance due in full on the maturity date. During the fiscal year ended November 30, 2021, the Company paid $200,000 of the principal balance on the Prior Term Loan, including $166,250 of voluntary prepayments, without penalty.

At February 28, 2022 and November 30, 2021, no amounts were outstanding under the Revolver.

Securitization Facility

On October 30, 2020, Concentrix entered into a $350,000 accounts receivable securitization facility (the “Securitization Facility”) pursuant to certain agreements, including a Receivables Financing Agreement and a Receivables Purchase Agreement. On November 30, 2020, in connection with the spin-off, the Company incurred $250,000 of borrowings under the Securitization Facility. Substantially all of the proceeds from such indebtedness were transferred to TD SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to TD SYNNEX and in exchange for the contribution of certain Concentrix trademarks from TD SYNNEX to Concentrix.

Under the Securitization Facility, Concentrix and certain of its subsidiaries (the “Originators”) sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix (the “Borrower”) that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $350,000. The amount received under the Securitization Facility is recorded as debt on the Company’s consolidated balance sheets. Borrowing availability under the Securitization Facility may be limited by the Company’s accounts receivable balances, changes in the credit ratings of the clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time). The Securitization Facility has a termination date of October 28, 2022. Amounts drawn under this Securitization Facility have been classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis as of February 28, 2022.

Borrowings under the Securitization Facility bear interest with respect to loans that are funded through the issuance of commercial paper at the applicable commercial paper rate plus a spread of 1.05% and, otherwise, at a per annum rate equal to the applicable LIBOR rate plus a spread of 1.15%. Concentrix is also obligated to pay a monthly undrawn fee that ranges from 30 to 37.5 basis points based on the portion of the Securitization Facility that is undrawn.

The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Credit Facility and customary events of default, including payment

defaults, defaults under certain other indebtedness, a change in control of Concentrix, and certain events negatively affecting the overall credit quality of the transferred accounts receivable.

The Borrower’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related security from the Originators and the subsequent retransfer of or granting of a security interest in such receivables and related security to the administrative agent under the Securitization Facility for the benefit of the lenders. The Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders, and the assets of the Borrower are not available to pay creditors of Concentrix and its subsidiaries.

Covenant compliance

As of February 28, 2022, Concentrix was in compliance with all covenants for the above arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

EARNINGS PER SHARE

3 Months Ended

Feb. 28, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE:

Basic and diluted earnings per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. The Company’s restricted stock awards are considered participating securities because they are legally issued at the grant date and holders have a non-forfeitable right to receive dividends.


	Three Months Ended
	February 28, 2022		February 28, 2021
Basic earnings per common share:
Net income	$	110,273	$	88,811
Less: net income allocated to participating securities(1)	(1,554)		(1,060)
Net income attributable to common stockholders	$	108,719	$	87,751

Weighted-average number of common shares - basic	51,629		51,155

Basic earnings per common share	$	2.11	$	1.72

Diluted earnings per common share:
Net income	$	110,273	$	88,811
Less: net income allocated to participating securities(1)	(1,542)		(1,047)
Net income attributable to common stockholders	$	108,731	$	87,764

Weighted-average number of common shares - basic	51,629		51,155
Effect of dilutive securities:
Stock options and restricted stock units	417		650
Weighted-average number of common shares - diluted	52,046		51,805

Diluted earnings per common share	$	2.09	$	1.69

(1)Restricted stock awards granted to employees by the Company are considered participating securities.

REVENUE

3 Months Ended

Feb. 28, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

Disaggregated revenue

In the following table, the Company’s revenue is disaggregated by primary industry verticals:


	Three Months Ended
	February 28, 2022		February 28, 2021
Industry vertical:
Technology and consumer electronics	$	470,199	$	412,818
Communications and media	260,643		248,790
Retail, travel and ecommerce	284,917		239,001
Banking, financial services and insurance	243,246		209,084
Healthcare	150,136		125,224
Other	126,911		118,361
Total	$	1,536,052	$	1,353,278

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

PENSION AND EMPLOYEE BENEFITS PLANS	3 Months Ended
PENSION AND EMPLOYEE BENEFITS PLANS	Feb. 28, 2022
Retirement Benefits [Abstract]
PENSION AND EMPLOYEE BENEFITS PLANS	PENSION AND EMPLOYEE BENEFITS PLANS: The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three months ended February 28, 2022 and 2021, the Company contributed $21,812 and $20,174, respectively, to defined contribution plans. Defined Benefit Plans The Company has defined benefit pension and retirement plans for eligible employees of certain non-U.S. legal entities. For eligible employees in the U.S., the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans. Net benefit costs related to defined benefit plans were $5,722 and $3,311, during the three months ended February 28, 2022 and 2021, respectively. On an aggregate basis, the plans were underfunded by $102,276 and $104,689 at February 28, 2022 and November 30, 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Feb. 28, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES: Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions. The effective tax rates for the three months ended February 28, 2022 and 2021 were impacted by the geographic mix of worldwide income and certain discrete items. The liability for unrecognized tax benefits was $56,046 and $56,308 at February 28, 2022 and November 30, 2021, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of February 28, 2022 and November 30, 2021, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $48,241 and $48,438, respectively. This amount includes net interest and penalties of $8,884 and $8,861 for the respective periods. The net interest and penalties balance for November 30, 2021 includes an immaterial prior period disclosure adjustment to properly present the amount. This disclosure adjustment resulted in no impact to the Company’s consolidated balance sheets or consolidated statement of operations for any period presented. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease between approximately $6,484 and $12,693 in the next twelve months; however, actual developments in this area could differ from those currently expected.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES

3 Months Ended

Feb. 28, 2022

Leases [Abstract]

LEASES

LEASES:

The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2035. The Company’s finance leases are not material.

The following table presents the various components of operating lease costs:


	Three Months Ended
	February 28, 2022		February 28, 2021
Operating lease cost	$	50,802	$	51,441
Short-term lease cost	4,337		3,708
Variable lease cost	11,984		10,120
Sublease income	(735)		(472)
Total operating lease cost	$	66,388	$	64,797

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of February 28, 2022:


Fiscal Years Ending November 30,
2022 (remaining nine months)	$	145,077
2023	160,906
2024	121,676
2025	76,990
2026	32,099
Thereafter	21,730
Total payments	558,478
Less: imputed interest*	55,638
Total present value of lease payments	$	502,840

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:


		As of
		February 28, 2022		November 30, 2021
Operating lease ROU assets	Other assets, net	$	483,083	$	489,171
Current operating lease liabilities	Other accrued liabilities	158,865		153,329
Non-current operating lease liabilities	Other long-term liabilities	343,975		354,471

The following table presents supplemental cash flow information related to the Company’s operating leases. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:


	Three Months Ended
	February 28, 2022		February 28, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	50,044	$	54,004
Non-cash ROU assets obtained in exchange for lease liabilities	37,492		14,873

The weighted-average remaining lease term and discount rate as of February 28, 2022 and November 30, 2021 were as follows:


	As of
	February 28, 2022		November 30, 2021
Weighted-average remaining lease term (years)	3.68		3.81
Weighted-average discount rate	5.50	%	5.82	%

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the liabilities ultimately incurred by the Company could differ from the amounts recorded. Under the separation and distribution agreement with TD SYNNEX, the Company agreed to indemnify TD SYNNEX, each of its subsidiaries and each of their respective directors, officers and employees from and against all liabilities allocated to Concentrix under the separation and distribution agreement, which are generally those liabilities that relate to the CX business and the Company’s business activities, whether incurred prior to or after the spin-off. Under the tax matters agreement with TD SYNNEX, if the spin-off fails to qualify for tax-free treatment, the Company is generally required to indemnify TD SYNNEX for any taxes resulting from the spin-off (and related costs and other damages) to the extent such amounts result from (1) an acquisition of all or a portion of the Company’s equity securities or assets by any means, (2) any action or failure to act by the Company after the distribution affecting the voting rights of the Company’s stock, (3) other actions or failures to act by the Company, or (4) certain breaches of the Company’s agreements and representations in the tax matters agreement. The Company’s indemnification obligations to TD SYNNEX and its subsidiaries, officers, directors and employees are not limited by any maximum amount. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

STOCKHOLDERS' EQUITY

3 Months Ended

Feb. 28, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY:

Share repurchase program

In September 2021, the Company’s board of directors authorized the Company to purchase up to $500,000 of the Company’s outstanding shares of 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. During the three months ended February 28, 2022, the Company did not repurchase any shares under the program. At February 28, 2022, approximately $474,900 remained available for share repurchases under the existing authorization from the Company’s board of directors.

Dividends

During fiscal years 2022 and 2021, the Company has paid the following dividends per share approved by the Company’s board of directors:


Announcement Date	Record Date	Per Share Dividend Amount	Payment Date
September 27, 2021	October 22, 2021	$0.25	November 2, 2021
January 18, 2022	January 28, 2022	$0.25	February 8, 2022

On March 29, 2022, the Company announced a cash dividend of $0.25 per share to stockholders of record as of April 29, 2022, payable on May 10, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Feb. 28, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2021 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. All intercompany balances and transactions have been eliminated in consolidation.
Risks and uncertainties related to the COVID-19 pandemic	Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization in March 2020. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and labor force participation, and created significant volatility and disruption of financial markets. The Company successfully transitioned a significant portion of its workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in the Company’s sites to protect the health and safety of the team. During the three months ended February 28, 2022, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as variants caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on the Company’s operational and financial performance, including its ability to execute business strategies and initiatives in the expected time frame, will depend on future developments, including the duration, spread and severity of the pandemic, the evolution of the virus and the effects of mutations in its genetic code, country and state restrictions regarding virus containment, the availability and effectiveness of vaccines and treatment options, accessibility to the Company’s delivery and operations locations, its continued utilization of remote work environments in response to future health and safety restrictions, and the effect on the Company’s clients’ businesses and the demand for their products and services, all of which are uncertain and cannot be predicted. The Company is unable to predict how long the pandemic conditions will persist in regions in which the Company operates, if or when countries or localities may experience an increase in COVID-19 cases, what additional measures may be introduced by governments or the Company’s clients in response to the pandemic generally or to an increase in COVID-19 cases in a particular country or locality, and the effect of any such additional measures on the Company’s business. As a result, many of the estimates and assumptions used in preparation of these consolidated financial statements required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to the pandemic and the global recovery from the pandemic, the Company’s estimates may materially change in future periods.
Concentration of credit risk	Concentration of credit risk For the three months ended February 28, 2022 and February 28, 2021, one client accounted for 10.3% and 11.9%, respectively, of the Company’s consolidated revenue. As of February 28, 2022 and November 30, 2021, one client comprised 12.3% and 15.3%, respectively, of the Company’s total accounts receivable balance.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. This standard became effective for fiscal year 2022 and did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The guidance requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets, including significant gains and losses affecting the benefit obligation for the period. This standard became effective for fiscal year 2021 and did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued a new credit loss standard that replaced the prior incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This standard became effective for fiscal year 2021 and did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance to ease the potential burden for a limited time in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of this guidance.

ACQUISITION (Tables)

3 Months Ended

Feb. 28, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The preliminary purchase price consideration to acquire PK consisted of the following:


Cash consideration for PK stock (1)	$	1,177,568
Cash consideration for PK vested equity awards (2)	246,229
Cash consideration for repayment of PK debt, including accrued interest (3)	148,492
Cash consideration for transaction expenses of PK (4)	22,842
Total cash consideration	1,595,131
Non-cash equity consideration for conversion of PK equity awards (5)	15,725
Total consideration transferred	1,610,856
Less: Cash acquired (6)	29,653
Total purchase price consideration	$	1,581,203

(2) Represents the cash consideration paid for vested PK stock option awards and restricted stock awards.

(3) Represents the cash consideration paid to retire PK’s outstanding third-party debt, including accrued interest.

(5) Represents the issuance of vested Concentrix stock options that were issued in conversion of certain vested PK stock options that were assumed by Concentrix pursuant to the merger agreement.

(6) Represents the PK cash balance acquired at acquisition.

Schedule of Business Acquisitions

The following table summarizes the preliminary estimates of fair values of the assets acquired, liabilities assumed and non-controlling interest as of the acquisition date:


	As of
	December 27, 2021
Assets acquired:
Cash and cash equivalents	$	29,653
Accounts receivable	86,955
Property and equipment	11,335
Operating lease right-of-use assets	12,288
Identifiable intangible assets	469,300
Goodwill	1,132,017
Other assets	11,954
Total assets acquired	$	1,753,502

Liabilities assumed and non-controlling interest:
Accounts payable and accrued liabilities	70,269
Operating lease liabilities	12,288
Deferred tax liabilities	58,089
Non-controlling interest	2,000
Total liabilities assumed and non-controlling interest	$	142,646

Total consideration transferred	$	1,610,856

Business Acquisition, Pro Forma Information

The following table provides the results of operations for PK included in the consolidated statement of operations from the acquisition date through February 28, 2022:


Revenue	$	83,196
Income before income taxes	207

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended
	February 28,
	2022		2021
Revenue	$	1,569,013	$	1,448,752
Net income	106,351		84,235

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Feb. 28, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense in the consolidated statements of operations for the three months ended February 28, 2022 and 2021 as follows:


	Three Months Ended
	February 28, 2022		February 28, 2021
Total share-based compensation	$	15,169	$	7,118
Tax benefit recorded in the provision for income taxes	(3,852)		(1,780)
Effect on net income	$	11,317	$	5,338

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Feb. 28, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Cash and Cash Equivalents


	As of
	February 28, 2022		November 30, 2021
Cash and cash equivalents	$	142,157	$	182,038
Restricted cash included in other current assets	1,003		972
Cash, cash equivalents and restricted cash	$	143,160	$	183,010

Schedule of Restricted Cash and Cash Equivalents


	As of
	February 28, 2022		November 30, 2021
Cash and cash equivalents	$	142,157	$	182,038
Restricted cash included in other current assets	1,003		972
Cash, cash equivalents and restricted cash	$	143,160	$	183,010

Schedule of Accounts Receivable

Accounts receivable, net is comprised of the following as of February 28, 2022 and 2021:


	As of
	February 28, 2022		November 30, 2021
Billed accounts receivable	$	781,807	$	714,032
Unbilled accounts receivable	549,835		499,342
Less: Allowance for doubtful accounts	(6,904)		(5,421)
Accounts receivable, net	$	1,324,738	$	1,207,953

Schedule of Allowance for Doubtful Trade Receivables

Presented below is a progression of the allowance for doubtful trade receivables:


	Three Months Ended
	February 28,
	2022		2021
Balance at beginning of period	$	5,421	$	8,963
Net additions (reductions)	1,948		(2,554)
Write-offs and reclassifications	(465)		(170)
Balance at end of period	$	6,904	$	6,239

Property, Plant and Equipment

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of February 28, 2022 and November 30, 2021:


	As of
	February 28, 2022		November 30, 2021
Land	$	27,663	$	27,677
Equipment, computers and software	512,346		488,270
Furniture and fixtures	92,202		90,442
Buildings, building improvements and leasehold improvements	376,993		364,166
Construction-in-progress	12,350		10,741
Total property and equipment, gross	$	1,021,554	$	981,296
Less: Accumulated depreciation	(604,680)		(574,152)
Property and equipment, net	$	416,874	$	407,144

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of February 28, 2022 and November 30, 2021:


	As of
	February 28, 2022		November 30, 2021
Property and equipment, net:
United States	$	113,231	$	101,333
Philippines	84,497		87,548
India	46,430		46,167
Others	172,716		172,096
Total	$	416,874	$	407,144

Schedule of Goodwill

The following table summarizes the changes in the Company’s goodwill for the three months ended February 28, 2022:


Balance as of November 30, 2021	$	1,813,502
Acquisition	1,132,017
Foreign exchange translation	(3,080)
Balance as of February 28, 2022	$	2,942,439

Schedule of Intangible Assets

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 28, 2022 and November 30, 2021:


	As of February 28, 2022						As of November 30, 2021
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,745,122	$	(729,092)	$	1,016,030	$	1,347,961	$	(694,701)	$	653,260
Technology	74,328		(11,400)		62,928		10,835		(8,900)		1,935
Trade names	11,721		(6,807)		4,914		6,724		(6,391)		333
Non-compete agreements	2,200		(130)		2,070		—		—		—
	$	1,833,371	$	(747,429)	$	1,085,942	$	1,365,520	$	(709,992)	$	655,528

Schedule of Intangible Assets, Future Amortization Expense

Estimated future amortization expense of the Company’s intangible assets is as follows:


Fiscal years ending November 30,
2022 (remaining nine months)	$	124,838
2023	154,781
2024	140,805
2025	129,176
2026	113,544
Thereafter	422,798
Total	$	1,085,942

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:


	Three Months Ended February 28, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(376)		(7,070)		6,306		(1,140)
Reclassification of gains from other comprehensive income (loss)	—		(9,171)		—		(9,171)
Balances at February 28, 2021	$	(38,960)	$	12,998	$	11,837	$	(14,125)

Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)
Other comprehensive income (loss) before reclassification	773		(2,760)		(13,839)		(15,826)
Reclassification of gains from other comprehensive income (loss)	—		(673)		—		(673)
Balances at February 28, 2022	$	(21,972)	$	(4,836)	$	(60,217)	$	(87,025)

Liability for Restructuring Charges related to Acquisition

The following table presents the activity related to liabilities for restructuring charges of previous acquisitions for the three months ended February 28, 2022 and 2021:


	Three Months Ended
	February 28, 2022 and 2021
Restructuring costs	Facility and exit costs
Accrued balance as of November 30, 2020	$	17,810
Cash payments	(2,004)
Accrued balance as of February 28, 2021	$	15,806

Accrued balance as of November 30, 2021	$	12,406
Additional accrual during the period	47
Cash payments	(1,002)
Accrued balance as of February 28, 2022	$	11,451

DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Feb. 28, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of the Company’s derivative instruments are disclosed in Note 7 and summarized in the table below:


	Value as of
Balance Sheet Line Item	February 28, 2022		November 30, 2021
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,456,904	$	1,415,447
Other current assets	9,745		10,058
Other accrued liabilities	6,300		12,542
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	921,264	$	918,097
Other current assets and other assets	5,228		7,851
Other accrued liabilities and other long-term liabilities	11,723		9,736

Derivative Instruments, Gain (Loss)


		Three Months Ended
	Locations of gain (loss) in statement of operations	February 28, 2022		February 28, 2021
Derivative instruments designated as cash flow hedges
Losses recognized in OCI:
Foreign exchange forward contracts		$	(3,707)	$	(9,325)

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Cost of revenue for services	$	415	$	8,835
Gain reclassified from AOCI into income	Selling, general and administrative expenses	490		3,358
Total		$	905	$	12,193

Derivative instruments not designated as hedging instruments:
Loss recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(1,012)	$	(2,767)

(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Feb. 28, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:


	As of February 28, 2022								As of November 30, 2021
			Fair value measurement category								Fair value measurement category
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	80,885	$	80,885	$	—	$	—	$	77,332	$	77,332	$	—	$	—
Foreign government bond	1,704		1,704		—		—		1,446		1,446		—		—
Forward foreign currency exchange contracts	14,973		—		14,973		—		17,909		—		17,909		—
Liabilities:
Forward foreign currency exchange contracts	$	18,023	$	—	$	18,023	$	—	$	22,278	$	—	$	22,278	$	—

BORROWINGS (Tables)

3 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings consist of the following:


	As of
	February 28, 2022		November 30, 2021
Credit Facility - current portion of Term Loan component	$	78,750	$	—
Current portion of long term debt	78,750		—

Credit Facility - Term Loan component	$	2,021,250	$	—
Credit Facility - Prior Term Loan component	—		700,000
Securitization Facility	254,000		105,000
Long-term debt, before unamortized debt discount and issuance costs	2,275,250		805,000
Less: unamortized debt discount and issuance costs	(8,604)		(2,983)
Long-term debt, net	$	2,266,646	$	802,017

EARNINGS PER SHARE (Tables)

3 Months Ended

Feb. 28, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended
	February 28, 2022		February 28, 2021
Basic earnings per common share:
Net income	$	110,273	$	88,811
Less: net income allocated to participating securities(1)	(1,554)		(1,060)
Net income attributable to common stockholders	$	108,719	$	87,751

Weighted-average number of common shares - basic	51,629		51,155

Basic earnings per common share	$	2.11	$	1.72

Diluted earnings per common share:
Net income	$	110,273	$	88,811
Less: net income allocated to participating securities(1)	(1,542)		(1,047)
Net income attributable to common stockholders	$	108,731	$	87,764

Weighted-average number of common shares - basic	51,629		51,155
Effect of dilutive securities:
Stock options and restricted stock units	417		650
Weighted-average number of common shares - diluted	52,046		51,805

Diluted earnings per common share	$	2.09	$	1.69

(1)Restricted stock awards granted to employees by the Company are considered participating securities.

REVENUE (Tables)

3 Months Ended

Feb. 28, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

In the following table, the Company’s revenue is disaggregated by primary industry verticals:


	Three Months Ended
	February 28, 2022		February 28, 2021
Industry vertical:
Technology and consumer electronics	$	470,199	$	412,818
Communications and media	260,643		248,790
Retail, travel and ecommerce	284,917		239,001
Banking, financial services and insurance	243,246		209,084
Healthcare	150,136		125,224
Other	126,911		118,361
Total	$	1,536,052	$	1,353,278

LEASES (Tables)

3 Months Ended

Feb. 28, 2022

Leases [Abstract]

Schedule of Lease Cost

The following table presents the various components of operating lease costs:


	Three Months Ended
	February 28, 2022		February 28, 2021
Operating lease cost	$	50,802	$	51,441
Short-term lease cost	4,337		3,708
Variable lease cost	11,984		10,120
Sublease income	(735)		(472)
Total operating lease cost	$	66,388	$	64,797

The weighted-average remaining lease term and discount rate as of February 28, 2022 and November 30, 2021 were as follows:


	As of
	February 28, 2022		November 30, 2021
Weighted-average remaining lease term (years)	3.68		3.81
Weighted-average discount rate	5.50	%	5.82	%

Operating Lease Liability Maturity Schedule

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of February 28, 2022:


Fiscal Years Ending November 30,
2022 (remaining nine months)	$	145,077
2023	160,906
2024	121,676
2025	76,990
2026	32,099
Thereafter	21,730
Total payments	558,478
Less: imputed interest*	55,638
Total present value of lease payments	$	502,840

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Schedule of Amounts Recorded In Consolidated Balance Sheet Related to Operating Leases

The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:


		As of
		February 28, 2022		November 30, 2021
Operating lease ROU assets	Other assets, net	$	483,083	$	489,171
Current operating lease liabilities	Other accrued liabilities	158,865		153,329
Non-current operating lease liabilities	Other long-term liabilities	343,975		354,471

Schedule of Supplemental Cash Flow Information Related to Operating Leases


	Three Months Ended
	February 28, 2022		February 28, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	50,044	$	54,004
Non-cash ROU assets obtained in exchange for lease liabilities	37,492		14,873

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Feb. 28, 2022

Equity [Abstract]

Dividends Declared

During fiscal years 2022 and 2021, the Company has paid the following dividends per share approved by the Company’s board of directors:


Announcement Date	Record Date	Per Share Dividend Amount	Payment Date
September 27, 2021	October 22, 2021	$0.25	November 2, 2021
January 18, 2022	January 28, 2022	$0.25	February 8, 2022

BACKGROUND AND BASIS OF PRESENTATION (Details)	Dec. 01, 2020	Feb. 28, 2022 market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Primary industry verticals		5
Share ratio, received from distribution	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk - One Client	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	10.30%	11.90%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	12.30%	15.30%

ACQUISITIONS - Narrative (Details) $ in Thousands		3 Months Ended
ACQUISITIONS - Narrative (Details) $ in Thousands	Dec. 27, 2021 USD ($) market	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)
Business Acquisition [Line Items]
Acquisitions of business, net of cash acquired		$ 1,564,430	$ 0
PK
Business Acquisition [Line Items]
Number of staff members acquired \| market	5,000
Acquisitions of business, net of cash acquired	$ 1,581,203
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	469,300
Acquisition-related and integration expenses	$ 22,842	$ 900

ACQUISITIONS - Consideration (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 27, 2021	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Acquisitions of business, net of cash acquired		$ 1,564,430	$ 0
PK
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross, Cash Consideration for Stock	$ 1,177,568
Payments to Acquire Businesses, Gross, Cash Consideration for Vested Equity Awards	246,229
Payments to Acquire Businesses, Gross, Cash Consideration for Repayment of Debt, Including Accrued Interest	148,492
Acquisition-related and integration expenses	22,842	$ 900
Cash paid for acquisition	1,595,131
Business Combination, Consideration Transferred, Other	15,725
Purchase price	1,610,856
Cash Acquired from Acquisition	29,653
Acquisitions of business, net of cash acquired	$ 1,581,203

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Thousands	Dec. 27, 2021	Feb. 28, 2022	Nov. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 2,942,439	$ 1,813,502
PK
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 29,653
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	86,955
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	11,335
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Operating Lease Right-of-use-Assets	12,288
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	469,300
Goodwill	1,132,017
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	11,954
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	1,753,502
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	70,269
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	12,288
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	58,089
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	142,646
Purchase price	$ 1,610,856

ACQUISITIONS - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended
ACQUISITIONS - Pro Forma (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Revenue	$ 1,536,052	$ 1,353,278
Income before income taxes	146,591	123,383
PK
Business Acquisition [Line Items]
Revenue	83,196
Income before income taxes	207
Business Acquisition, Pro Forma Revenue	1,569,013	1,448,752
Business Acquisition, Pro Forma Net Income (Loss)	$ 106,351	$ 84,235

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SHARE-BASED COMPENSATION - Narrative (Details) - $ / shares			3 Months Ended
	Jul. 01, 2021	Jan. 20, 2021	Feb. 28, 2022	Dec. 27, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)					4,000,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				523,000
Common stock authorized for issuance (in shares)					1,000,000
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares)		137,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 181.09
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares)	129,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 178.58
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Share-based Payment Arrangement [Abstract]
Total share-based compensation	$ 15,169	$ 7,118
Tax benefit recorded in the provision for income taxes	(3,852)	(1,780)
Effect on net income	$ 11,317	$ 5,338

BALANCE SHEET COMPONENTS - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 142,157	$ 182,038
Restricted cash included in other current assets	1,003	972
Cash, cash equivalents and restricted cash	$ 143,160	$ 183,010	$ 119,196	$ 156,351

BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for doubtful accounts	$ (6,904)	$ (5,421)	$ (6,239)	$ (8,963)
Accounts receivable, net	1,324,738	1,207,953
Billed accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	781,807	714,032
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 549,835	$ 499,342

BALANCE SHEET COMPONENTS - Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts Receivable, Allowance for Credit Loss, Current	$ 6,904	$ 6,239	$ 5,421	$ 8,963
Write-offs and reclassifications	(465)	(170)
Provision for doubtful accounts	$ 1,948	$ (2,554)

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,021,554	$ 981,296
Less: Accumulated depreciation	(604,680)	(574,152)
Property and equipment, net	416,874	407,144
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	113,231	101,333
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	84,497	87,548
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	46,430	46,167
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	172,716	172,096
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,663	27,677
Equipment, computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	512,346	488,270
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	92,202	90,442
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	376,993	364,166
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 12,350	$ 10,741

BALANCE SHEET COMPONENTS - Goodwill (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,813,502
Acquisition	1,132,017
Foreign exchange translation	(3,080)
Goodwill, Ending Balance	$ 2,942,439

BALANCE SHEET COMPONENTS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross amounts	$ 1,833,371	$ 1,365,520
Accumulated amortization	(747,429)	(709,992)
Total	1,085,942	655,528
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross amounts	1,745,122	1,347,961
Accumulated amortization	(729,092)	(694,701)
Total	1,016,030	653,260
Technology
Finite-Lived Intangible Assets [Line Items]
Gross amounts	74,328	10,835
Accumulated amortization	(11,400)	(8,900)
Total	62,928	1,935
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross amounts	11,721	6,724
Accumulated amortization	(6,807)	(6,391)
Total	4,914	333
Noncompete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross amounts	2,200	0
Accumulated amortization	(130)	0
Total	$ 2,070	$ 0

BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Balance Sheet Related Disclosures [Abstract]
2021 (remaining three months)	$ 124,838
2023	154,781
2024	140,805
2025	129,176
2026	113,544
Thereafter	422,798
Total	$ 1,085,942	$ 655,528

BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021	Nov. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ (673)	$ (9,171)
Total stockholders’ equity	2,731,999	2,389,278	$ 2,620,255	$ 2,302,085
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(15,826)	(1,140)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Total stockholders’ equity	(60,217)	11,837	(46,378)	5,531
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(13,839)	6,306
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(673)	(9,171)
Total stockholders’ equity	(4,836)	12,998	(1,403)	29,239
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(2,760)	(7,070)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Total stockholders’ equity	(21,972)	(38,960)	(22,745)	(38,584)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	773	(376)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	$ (87,025)	$ (14,125)	$ (70,526)	$ (3,814)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 825
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

BALANCE SHEET COMPONENTS - Restructuring Costs (Details) - Facility Closing [Member] - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021	Nov. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring Reserve	$ 11,451	$ 15,806	$ 12,406	$ 17,810
Restructuring Reserve, Accrual Adjustment	47
-2004000	$ (1,002)	$ (2,004)

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instruments in Balance Sheets (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Not Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	$ 1,456,904	$ 1,415,447
Derivative instruments designated as cash flow hedges:
Notional value	1,456,904	1,415,447
Not Designated as Hedging Instrument \| Other current assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	9,745	10,058
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	9,745	10,058
Not Designated as Hedging Instrument \| Other accrued liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	6,300	12,542
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	6,300	12,542
Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	921,264	918,097
Derivative instruments designated as cash flow hedges:
Notional value	921,264	918,097
Designated as Hedging Instrument \| Other current assets and other assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	5,228	7,851
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	5,228	7,851
Designated as Hedging Instrument \| Other accrued liabilities and other long-term liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	11,723	9,736
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	$ 11,723	$ 9,736

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on AOCI and Statements of Operations (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Designated as Hedging Instrument
Derivative [Line Items]
Gain reclassified from AOCI into income	$ 905	$ 12,193
(Losses) gains recognized in OCI	(3,707)	(9,325)
Other expense (income), net \| Not Designated as Hedging Instrument
Derivative [Line Items]
(Loss) gain recognized from foreign exchange forward contracts, net	(1,012)	(2,767)
Selling, general and administrative expenses \| Designated as Hedging Instrument
Derivative [Line Items]
Gain reclassified from AOCI into income	490	3,358
Cost of revenue for services \| Designated as Hedging Instrument
Derivative [Line Items]
Gain reclassified from AOCI into income	$ 415	$ 8,835

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	3 Months Ended
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	Feb. 28, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Existing gains expected to be reclassified	$ 6,376

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Assets:
Cash equivalents	$ 80,885	$ 77,332
Foreign government bond	1,704	1,446
Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	14,973	17,909
Liabilities:
Forward foreign currency exchange contracts	18,023	22,278
Level 1
Assets:
Cash equivalents	80,885	77,332
Foreign government bond	1,704	1,446
Level 1 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	0	0
Liabilities:
Forward foreign currency exchange contracts	0	0
Level 2
Assets:
Cash equivalents	0	0
Foreign government bond	0	0
Level 2 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	14,973	17,909
Liabilities:
Forward foreign currency exchange contracts	18,023	22,278
Level 3
Assets:
Cash equivalents	0	0
Foreign government bond	0	0
Level 3 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	0	0
Liabilities:
Forward foreign currency exchange contracts	$ 0	$ 0

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Credit Facility - current portion of Term Loan component	$ 78,750	$ 0
Long-term debt, before unamortized debt discount and issuance costs	2,275,250	805,000
Less: unamortized debt discount and issuance costs	(8,604)	(2,983)
Long-term debt, net	2,266,646	802,017
Securitization Facility
Debt Instrument [Line Items]
Credit Facility - Term Loan component	254,000	105,000
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit Facility - current portion of Term Loan component	78,750	0
Credit Facility - Term Loan component	$ 2,021,250	$ 700,000

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

BORROWINGS - Narrative (Details)				3 Months Ended		6 Months Ended	12 Months Ended	52 Months Ended
BORROWINGS - Narrative (Details)	Dec. 27, 2021 USD ($)	Oct. 30, 2020 USD ($)	Oct. 16, 2020 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2021 USD ($)	Dec. 27, 2026 USD ($)	Nov. 30, 2020 USD ($)
Debt Instrument [Line Items]
Principal payments				$ 700,000,000	$ 50,000,000
Securitization Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 350,000,000
Amount outstanding						$ 250,000,000	$ 250,000,000
Securitization Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.30%
Securitization Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.375%
Securitization Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.15%
Securitization Facility \| Commercial Paper Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Increase in credit facility	$ 450,000,000
Pro forma first lien leverage ratio	3.00
Consolidated leverage ratio	3.75
Consolidated interest coverage ratio	3.00
Senior Secured Credit Facility \| Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 1,000,000,000		$ 600,000,000
Amount outstanding				$ 0		0	0
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 900,000,000
Amount outstanding									$ 900,000,000
Quarterly installment amounts						$ 11,250,000
Principal payments							200,000,000
Debt Instrument, Periodic Prepayment							$ 166,250,000
Senior Secured Credit Facility \| New Term Loan
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 2,100,000,000
Senior Secured Credit Facility \| New Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly installment amounts								$ 26,250,000
Senior Secured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion	0.225%
Senior Secured Credit Facility \| Minimum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Secured Credit Facility \| Minimum \| Not SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Senior Secured Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percent of unused portion	0.30%
Senior Secured Credit Facility \| Maximum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Senior Secured Credit Facility \| Maximum \| Not SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Senior Secured Credit Facility \| Federal Funds Rate \| Not LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| SOFR Rate Loans
Debt Instrument [Line Items]
Interest rate floor	0.00%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Not SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%

EARNINGS PER SHARE - Narrative (Details) - shares	Feb. 28, 2022	Nov. 30, 2021
Earnings Per Share [Abstract]
Common stock, shares issued (in shares)	52,011,000	51,927,000

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Basic earnings per common share:
Net income attributable to Concentrix Corporation	$ 110,273	$ 88,811
Less: net income allocated to participating securities	(1,554)	(1,060)
Net income attributable to common stockholders	$ 108,719	$ 87,751
Weighted-average number of common shares - basic (in shares)	51,629	51,155
Basic earnings per common share (in dollars per share)	$ 2.11	$ 1.72
Diluted earnings per common share:
Net income attributable to Concentrix Corporation	$ 110,273	$ 88,811
Less: net income allocated to participating securities	(1,542)	(1,047)
Net income attributable to common stockholders	$ 108,731	$ 87,764
Weighted-average number of common shares - basic (in shares)	51,629	51,155
Effect of dilutive securities:
Stock options and restricted stock units	417	650
Weighted-average number of common shares - diluted (in shares)	52,046	51,805
Diluted earnings per common share (in dollars per share)	$ 2.09	$ 1.69

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,536,052	$ 1,353,278
Technology and consumer electronics
Disaggregation of Revenue [Line Items]
Revenue	470,199	412,818
Communications and media
Disaggregation of Revenue [Line Items]
Revenue	260,643	248,790
Retail, travel and ecommerce
Disaggregation of Revenue [Line Items]
Revenue	284,917	239,001
Banking, financial services and insurance
Disaggregation of Revenue [Line Items]
Revenue	243,246	209,084
Healthcare
Disaggregation of Revenue [Line Items]
Revenue	150,136	125,224
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 126,911	$ 118,361

- Definition

+ References

+ Details

PENSION AND EMPLOYEE BENEFITS PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Retirement Benefits [Abstract]
Contributed amount	$ 21,812	$ 20,174
Net benefit costs	5,722	$ 3,311
Plan underfunded amount	$ 102,276		$ 104,689

INCOME TAXES (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 56,046	$ 56,308
Unrecognized tax benefits that would affect income tax expense if recognized	48,241	48,438
Interest and penalties accrued on unrecognized tax benefits	8,884	8,861
Unrecognized tax benefits decrease amount	$ 6,484	$ 12,693

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Leases [Abstract]
Operating lease cost	$ 50,802	$ 51,441
Short-term lease cost	4,337	3,708
Variable lease cost	11,984	10,120
Sublease income	(735)	(472)
Total operating lease cost	$ 66,388	$ 64,797

LEASES - Operating Lease Liability Maturity (Details) $ in Thousands	Feb. 28, 2022 USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 145,077
2023	160,906
2024	121,676
2025	76,990
2026	32,099
Thereafter	21,730
Total payments	558,478
Less: imputed interest	55,638
Total present value of lease payments	$ 502,840

LEASES - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Leases [Abstract]
Operating lease ROU assets	$ 483,083	$ 489,171
Current operating lease liabilities	158,865	153,329
Non-current operating lease liabilities	$ 343,975	$ 354,471
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Other accrued liabilities	Other accrued liabilities
Operating Lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities

LEASES - Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 50,044	$ 54,004
Non-cash ROU assets obtained in exchange for lease liabilities	$ 37,492	$ 14,873

LEASES - Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)	Feb. 28, 2022	Nov. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	3 years 8 months 4 days	3 years 9 months 21 days
Weighted-average discount rate	5.50%	5.82%

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2022	Jan. 18, 2022	Sep. 27, 2021	Feb. 28, 2022	Sep. 30, 2021
Equity [Abstract]
Stock Repurchase Program, Authorized Amount					$ 500,000
Common Stock, Dividends, Per Share, Cash Paid		$ 0.25	$ 0.25
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 474,900
Subsequent Event
Subsequent Event [Line Items]
Common stock quarterly dividend declared (in dollars per share)	$ 0.25