| 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 | | May 31, 2026 | | May 31, 2025 | Cash and cash equivalents | $ | 255,566 | | | $ | 342,759 | | Cash held for sale | 11,533 | | | — | | Restricted cash included in other current assets | 18,820 | | | 192,373 | | Restricted cash held for sale | 155,566 | | | — | | Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale | $ | 441,485 | | | $ | 535,132 | |
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 the restricted cash held for sale balance, an aggregate of $166,579 and $187,139 related to funds held for clients as of May 31, 2026 and November 30, 2025, respectively. As of May 31, 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 May 31, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | May 31, 2026 | | November 30, 2025 | Billed accounts receivable | $ | 1,106,384 | | | $ | 1,102,601 | | Unbilled accounts receivable | 904,234 | | | 913,863 | | Less: Allowance for credit losses | (22,640) | | | (17,443) | | Accounts receivable, net | $ | 1,987,978 | | | $ | 1,999,021 | |
Allowance for credit losses: Presented below is a progression of the allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | May 31, 2026 | | May 31, 2025 | | May 31, 2026 | | May 31, 2025 | Balance at beginning of period | $ | 19,524 | | | $ | 17,416 | | | $ | 17,443 | | | $ | 14,307 | | Net additions | 4,025 | | | 1,605 | | | 6,106 | | | 4,918 | | Write-offs and reclassifications | (909) | | | 540 | | | (909) | | | 336 | | Balance at end of period | $ | 22,640 | | | $ | 19,561 | | | $ | 22,640 | | | $ | 19,561 | |
Property and equipment, net: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | May 31, 2026 | | November 30, 2025 | Land | $ | 19,391 | | | $ | 28,391 | | Equipment, computers, and software | 994,118 | | | 969,841 | | Furniture and fixtures | 173,340 | | | 172,154 | | Buildings, building improvements, and leasehold improvements | 732,637 | | | 704,074 | | Construction-in-progress | 35,084 | | | 39,098 | | Total property and equipment, gross | $ | 1,954,570 | | | $ | 1,913,558 | | Less: Accumulated depreciation | (1,244,741) | | | (1,178,008) | | Property and equipment, net | $ | 709,829 | | | $ | 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 May 31, 2026 and November 30, 2025: | | | | | | | | | | | | | As of | | May 31, 2026 | | November 30, 2025 | Property and equipment, net: | | | | Philippines | $ | 101,345 | | | $ | 105,475 | | United States | 79,937 | | | 93,773 | | India | 65,406 | | | 57,585 | | France | 51,101 | | | 56,386 | | Others | 412,040 | | | 422,331 | | Total | $ | 709,829 | | | $ | 735,550 | |
Goodwill: The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2026 and May 31, 2025: | | | | | | | | | | | | | Six Months Ended | | May 31, 2026 | | May 31, 2025 | Balance at beginning of period | $ | 3,671,746 | | | $ | 4,986,967 | | Acquisition | — | | | 2,353 | | Assets held for sale | (8,805) | | | — | | Foreign exchange translation | (9,451) | | | 142,580 | | Balance at end of period | $ | 3,653,490 | | | $ | 5,131,900 | |
Intangible assets, net: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2026 and November 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of May 31, 2026 | | As of November 30, 2025 | | Gross amounts | | Accumulated amortization | | Net amounts | | Gross amounts | | Accumulated amortization | | Net amounts | Customer relationships | $ | 3,730,276 | | | $ | (2,000,761) | | | $ | 1,729,515 | | | $ | 3,736,591 | | | $ | (1,822,119) | | | $ | 1,914,472 | | Technology | 79,664 | | | (71,106) | | | 8,558 | | | 79,603 | | | (64,089) | | | 15,514 | | Trade names | 124,184 | | | (112,348) | | | 11,836 | | | 123,484 | | | (93,132) | | | 30,352 | | Non-compete agreements | 2,200 | | | (2,200) | | | — | | | 2,200 | | | (2,200) | | | — | | Total | $ | 3,936,324 | | | $ | (2,186,415) | | | $ | 1,749,909 | | | $ | 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 six months) | $ | 186,893 | | 2027 | 296,455 | | 2028 | 251,288 | | 2029 | 209,176 | | 2030 | 177,288 | | Thereafter | 628,809 | | Total | $ | 1,749,909 | |
Accumulated other comprehensive loss: The components of accumulated other comprehensive loss (“AOCL”), net of taxes, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 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 February 28, 2025 | $ | (4,131) | | | $ | (20,008) | | | $ | (444,063) | | | $ | (468,202) | | Other comprehensive income (loss) before reclassification | (35) | | | 26,162 | | | 219,457 | | | 245,584 | | Reclassification of (gains) losses from other comprehensive income (loss) | — | | | (414) | | — | | | (414) | | Balances at May 31, 2025 | $ | (4,166) | | | $ | 5,740 | | | $ | (224,606) | | | $ | (223,032) | | | | | | | | | | Balances at February 28, 2026 | $ | (1,595) | | | $ | (14,836) | | | $ | (174,548) | | | $ | (190,979) | | Other comprehensive income (loss) before reclassification | (21,667) | | | (33,577) | | (97,863) | | | (153,107) | | Reclassification of (gains) losses from other comprehensive income (loss) | 2,861 | | | 8,280 | | — | | | 11,141 | | Balances at May 31, 2026 | $ | (20,401) | | | $ | (40,133) | | | $ | (272,411) | | | $ | (332,945) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 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, net of taxes | | Total | Balances at November 30, 2024 | $ | (5,283) | | | $ | (25,881) | | | $ | (383,149) | | | $ | (414,313) | | Other comprehensive income (loss) before reclassification | 1,117 | | | 27,449 | | | 158,543 | | | 187,109 | | Reclassification of (gains) losses from other comprehensive income (loss) | — | | | 4,172 | | — | | | 4,172 | | Balances at May 31, 2025 | $ | (4,166) | | | $ | 5,740 | | | $ | (224,606) | | | $ | (223,032) | | | | | | | | | | Balances at November 30, 2025 | $ | (1,581) | | | $ | (22,641) | | | $ | (228,240) | | | $ | (252,462) | | Other comprehensive income (loss) before reclassification | (21,681) | | | (30,106) | | (44,171) | | | (95,958) | | Reclassification of (gains) losses from other comprehensive income (loss) | 2,861 | | | 12,614 | | — | | | 15,475 | | Balances at May 31, 2026 | $ | (20,401) | | | $ | (40,133) | | | $ | (272,411) | | | $ | (332,945) | |
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