Concentrix Corp
For the period ended Nov 30, 2025. Filed Jan 28, 2026.
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FY2025 · Filed Jan 28, 2026
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Reports of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Concentrix Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Concentrix Corporation’s internal control over financial reporting as of November 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Concentrix Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of November 30, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of November 30, 2025, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the year ended November 30, 2025, and the related notes and our report dated January 28, 2026, expressed an unqualified opinion thereon.
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/Ernst & Young LLP
January 28, 2026
To the Stockholders and the Board of Directors of Concentrix Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Concentrix Corporation (the Company) as of November 30, 2025, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the year ended November 30, 2025, and the related notes and financial statement Schedule II - Valuation and Qualifying Accounts (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at November 30, 2025, and the results of its operations and its cash flows for the year ended November 30, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of November 30, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated January 28, 2026 expressed an unqualified opinion thereon.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.
| Evaluation of goodwill for impairment | |
| Description of the Matter | At November 30, 2025, the Company’s goodwill was $3.7 billion for its single reporting unit. As discussed in Note 2 to the consolidated financial statements, goodwill is tested annually for impairment at the reporting unit level on the first day of the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. The goodwill impairment test involves estimating the fair value of the reporting unit using a discounted cash flow model and the guideline public company approach. As discussed in Note 5 to the consolidated financial statements, subsequent to the annual goodwill impairment assessment, the Company experienced a sustained decrease in the market price of its common stock which necessitated an interim goodwill impairment test as of November 1, 2025. As a result of the interim quantitative goodwill impairment assessment, the fair value of the Company’s reporting unit was less than its carrying value and the Company recorded a goodwill impairment charge of $1.5 billion. Auditing the Company’s interim goodwill impairment charge was complex and required significant auditor judgment due to the high degree of estimation uncertainty involved in forecasting future revenue growth rates, adjusted earnings before income taxes, depreciation and amortization (EBITDA) margin projections, and calculating the weighted average cost of capital. These significant assumptions are forward looking and could be affected by future economic and market conditions and the performance of the Company’s reporting unit. |
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| How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s interim goodwill impairment charge. Our procedures included, among others, testing controls over management’s review of the valuation models and significant assumptions described above.To test the estimated fair value of the Company’s reporting unit used in the interim goodwill impairment charge, we performed audit procedures that included, among others, assessing the methodologies used to determine the fair value of the Company’s reporting unit, testing the significant assumptions discussed above and testing the underlying data used by the Company in its analysis. We evaluated the Company’s assumptions around future revenue growth rates and adjusted EBITDA margin projections by comparing those assumptions to recent historical performance, financial forecasts, and current and forecasted economic and industry trends. We evaluated management’s historical accuracy of forecasting revenue and adjusted EBITDA margins by comparing past forecasts to subsequent actual activity. We also performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the Company’s reporting unit that would result from changes in the assumptions. In addition, we involved our valuation specialists to assist in our evaluation of the methodologies and certain significant assumptions used by the Company, specifically the weighted average cost of capital. |
/s/Ernst & Young LLP
We have served as the Company’s auditor since 2025.
January 28, 2026
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.