| BALANCE SHEET COMPONENTS |
BALANCE SHEET COMPONENTS: Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale:
The following table provides a reconciliation of cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale reported within the consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows: | | | | | | | | | | | | | As of | | February 28, 2026 | | February 28, 2025 | Cash and cash equivalents | $ | 222,699 | | | $ | 308,000 | | Cash held for sale | 11,304 | | | — | | Restricted cash included in other current assets | 22,140 | | | 167,449 | | Restricted cash held for sale | 159,369 | | | — | | Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale | $ | 415,512 | | | $ | 475,449 | |
Restricted cash and restricted cash held for sale balances relate primarily to funds held for clients, restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant, and letters of credit for leases. Of the restricted cash balance and restricted cash held for sale balance, $174,314 and $187,139 related to funds held for clients as of February 28, 2026 and November 30, 2025, respectively. As of February 28, 2026 and November 30, 2025, the Company has a corresponding current liability recorded in current liabilities held for sale and other accrued liabilities on the consolidated balance sheet related to these funds. Accounts receivable, net: Accounts receivable, net is comprised of the following as of February 28, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | February 28, 2026 | | November 30, 2025 | Billed accounts receivable | $ | 1,118,407 | | | $ | 1,102,601 | | Unbilled accounts receivable | 939,413 | | | 913,863 | | Less: Allowance for credit losses | (19,524) | | | (17,443) | | Accounts receivable, net | $ | 2,038,296 | | | $ | 1,999,021 | |
Allowance for credit losses: Presented below is a progression of the allowance for credit losses: | | | | | | | | | | | | | Three Months Ended | | February 28, 2026 | | February 28, 2025 | Balance at beginning of period | $ | 17,443 | | | $ | 14,307 | | Net additions | 2,081 | | | 3,313 | | Write-offs | — | | | (204) | | Balance at end of period | $ | 19,524 | | | $ | 17,416 | |
Property and equipment, net: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of February 28, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | February 28, 2026 | | November 30, 2025 | Land | $ | 28,462 | | | $ | 28,391 | | Equipment, computers, and software | 996,990 | | | 969,841 | | Furniture and fixtures | 176,034 | | | 172,154 | | Buildings, building improvements, and leasehold improvements | 733,010 | | | 704,074 | | Construction-in-progress | 34,968 | | | 39,098 | | Total property and equipment, gross | $ | 1,969,464 | | | $ | 1,913,558 | | Less: Accumulated depreciation | (1,243,401) | | | (1,178,008) | | Property and equipment, net | $ | 726,063 | | | $ | 735,550 | |
Shown below are the countries where 10% or more and other significant concentrations of the Company’s property and equipment, net are located as of February 28, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | February 28, 2026 | | November 30, 2025 | Property and equipment, net: | | | | Philippines | $ | 106,020 | | | $ | 105,475 | | United States | 91,413 | | | 93,773 | | India | 63,221 | | | 57,585 | | France | 55,029 | | | 56,386 | | Others | 410,380 | | | 422,331 | | Total | $ | 726,063 | | | $ | 735,550 | |
Goodwill: The following table summarizes the changes in the Company’s goodwill for the three months ended February 28, 2026 and February 28, 2025: | | | | | | | | | | | | | Three Months Ended | | February 28, 2026 | | February 28, 2025 | Balance at beginning of period | $ | 3,671,746 | | | $ | 4,986,967 | | Acquisition | — | | | 2,353 | | Assets held for sale | (8,883) | | | — | | Foreign exchange translation | 33,189 | | | (53,562) | | Balance at end of period | $ | 3,696,052 | | | $ | 4,935,758 | |
Intangible assets, net: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 28, 2026 and November 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2026 | | As of November 30, 2025 | | Gross amounts | | Accumulated amortization | | Net amounts | | Gross amounts | | Accumulated amortization | | Net amounts | Customer relationships | $ | 3,757,690 | | | $ | (1,924,094) | | | $ | 1,833,596 | | | $ | 3,736,591 | | | $ | (1,822,119) | | | $ | 1,914,472 | | Technology | 79,718 | | | (67,704) | | | 12,014 | | | 79,603 | | | (64,089) | | | 15,514 | | Trade names | 125,742 | | | (104,314) | | | 21,428 | | | 123,484 | | | (93,132) | | | 30,352 | | Non-compete agreements | 2,200 | | | (2,200) | | | — | | | 2,200 | | | (2,200) | | | — | | | $ | 3,965,350 | | | $ | (2,098,312) | | | $ | 1,867,038 | | | $ | 3,941,878 | | | $ | (1,981,540) | | | $ | 1,960,338 | |
Estimated future amortization expense of the Company’s intangible assets is as follows: | | | | | | Fiscal years ending November 30, | | 2026 (remaining nine months) | $ | 278,839 | | 2027 | 301,143 | | 2028 | 255,252 | | 2029 | 212,422 | | 2030 | 180,027 | | Thereafter | 639,355 | | Total | $ | 1,867,038 | |
Accumulated other comprehensive loss: The components of accumulated other comprehensive loss (“AOCL”), net of taxes, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended February 28, 2026 and 2025 | | Unrecognized gains (losses) on defined benefit plan, net of taxes | | Unrealized gains (losses) on hedges, net of taxes | | Foreign currency translation adjustments and other, net of taxes | | Total | Balances at November 30, 2024 | $ | (5,283) | | | $ | (25,881) | | | $ | (383,149) | | | $ | (414,313) | | Other comprehensive income (loss) before reclassification | 1,152 | | | 1,287 | | | (60,914) | | | (58,475) | | Reclassification of gains from other comprehensive income (loss) | — | | | 4,586 | | | — | | | 4,586 | | Balances at February 28, 2025 | $ | (4,131) | | | $ | (20,008) | | | $ | (444,063) | | | $ | (468,202) | | | | | | | | | | Balances at November 30, 2025 | $ | (1,581) | | | $ | (22,641) | | | $ | (228,240) | | | $ | (252,462) | | Other comprehensive income (loss) before reclassification | (14) | | | 3,471 | | | 53,692 | | | 57,149 | | Reclassification of losses from other comprehensive income (loss) | — | | | 4,334 | | — | | | 4,334 | | Balances at February 28, 2026 | $ | (1,595) | | | $ | (14,836) | | | $ | (174,548) | | | $ | (190,979) | |
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