BALANCE SHEET COMPONENTS

9 Months Ended

Aug. 31, 2026

Balance Sheet Related Disclosures [Abstract]

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
	August 31, 2026		August 31, 2025
Cash and cash equivalents	$	244,692	$	350,259
Cash held for sale	11,133		—
Restricted cash included in other current assets	33,474		188,227
Restricted cash held for sale	165,480		—
Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale	$	454,779	$	538,486

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 $190,722 and $187,139 related to funds held for clients as of August 31, 2026 and November 30, 2025, respectively. As of August 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 August 31, 2026 and November 30, 2025:


	As of
	August 31, 2026		November 30, 2025
Billed accounts receivable	$	1,085,321	$	1,102,601
Unbilled accounts receivable	908,356		913,863
Less: Allowance for credit losses	(23,829)		(17,443)
Accounts receivable, net	$	1,969,848	$	1,999,021

Allowance for credit losses:

Presented below is a progression of the allowance for credit losses:


	Three Months Ended				Nine Months Ended
	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025
Balance at beginning of period	$	22,640	$	19,561	$	17,443	$	14,307
Net additions	1,278		549		7,384		5,467
Write-offs and reclassifications	(89)		(724)		(998)		(388)
Balance at end of period	$	23,829	$	19,386	$	23,829	$	19,386

Property and equipment, net:

The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of August 31, 2026 and November 30, 2025:


	As of
	August 31, 2026		November 30, 2025
Land	$	19,388	$	28,391
Equipment, computers, and software	1,008,043		969,841
Furniture and fixtures	176,843		172,154
Buildings, building improvements, and leasehold improvements	749,492		704,074
Construction-in-progress	30,263		39,098
Total property and equipment, gross	$	1,984,029	$	1,913,558
Less: Accumulated depreciation	(1,285,913)		(1,178,008)
Property and equipment, net	$	698,116	$	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 August 31, 2026 and November 30, 2025:


	As of
	August 31, 2026		November 30, 2025
Property and equipment, net:
Philippines	$	95,533	$	105,475
United States	77,518		93,773
India	68,214		57,585
France	46,928		56,386
Others	409,923		422,331
Total	$	698,116	$	735,550

Goodwill:

The Company tests goodwill for impairment annually on the first day of its fourth fiscal quarter and at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Goodwill is tested for impairment at the reporting unit level. The Company has one reporting unit, which is the consolidated company.

During the third quarter of fiscal 2026, the Company experienced a sustained decrease in the market price of its common stock resulting in the market capitalization being significantly less than the carrying value of the reporting unit. This led the Company to determine that triggering events occurred, and a quantitative goodwill impairment assessment was performed during the three months ended August 31, 2026.

The quantitative impairment assessment consisted of estimating the fair value of the Company’s reporting unit using an equal weighting of the income and market valuation approaches. The resulting fair value estimate was evaluated for reasonableness through a reconciliation to the Company's market capitalization. The income approach applied a fair value methodology to our reporting unit based on discounted cash flows. This analysis requires significant judgments and assumptions, including estimation of our future cash flows, which is dependent on internally developed forecasts, including future levels of revenue growth, and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin, and determination of a weighted average cost of capital. We also applied a market approach. Under the market approach, we utilized a guideline public company method, which involves calculating valuation multiples based on financial data from comparable publicly traded companies and considerations of recent transactions in the technology industry. Multiples derived from these companies and transactions provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples are then applied to the financial data for our reporting unit to arrive at an indication of fair value. The market multiple was applied to adjusted EBITDA. Determining the fair value of the Company’s reporting unit required significant judgments, estimates and assumptions. The Company believes these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions, and estimates that are used in the impairment testing for goodwill, including discount and tax rates or future cash flow projections, could result in significantly different estimates of fair value. As a result of these factors, and the impact of macroeconomic conditions, goodwill for our single reporting unit may be more susceptible to impairment risk.

As a result of the quantitative analysis performed, the carrying value of the Company’s reporting unit was determined to exceed its fair value, resulting in a non-cash goodwill impairment charge of $1,050,000. This charge was recorded within the impairment charge caption of the consolidated statement of operations for the three and nine months ended August 31, 2026. No subsequent impairment indicators were identified. No goodwill impairment charges were recognized during the three and nine months ended August 31, 2025.

The balance of goodwill immediately preceding the impairment charge was $3,686,667. The goodwill impairment charge is nondeductible for tax purposes.

The Company is required to provide additional disclosures about fair value measurements as part of the consolidated financial statements for each major category of assets and liabilities measured at fair value on a non-recurring basis (including impairment assessments). The goodwill impairment was valued using Level 3 fair value inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly higher (lower) fair value measurement.

The following table summarizes the changes in the Company’s goodwill for the nine months ended August 31, 2026 and August 31, 2025:


	Nine Months Ended
	August 31, 2026		August 31, 2025
Balance at beginning of period	$	3,671,746	$	4,986,967
Acquisition and acquisition-related adjustments	(154)		2,353
Assets held for sale	(9,621)		—
Impairment charge	(1,050,000)		—
Foreign exchange translation	24,696		202,245
Balance at end of period	$	2,636,667	$	5,191,565

Intangible assets, net:

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of August 31, 2026 and November 30, 2025:


	As of August 31, 2026						As of November 30, 2025
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	3,736,378	$	(2,092,597)	$	1,643,781	$	3,736,591	$	(1,822,119)	$	1,914,472
Technology	79,741		(74,640)		5,101		79,603		(64,089)		15,514
Trade names	123,738		(121,220)		2,518		123,484		(93,132)		30,352
Non-compete agreements	2,200		(2,200)		—		2,200		(2,200)		—
Total	$	3,942,057	$	(2,290,657)	$	1,651,400	$	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 three months)	$	85,616
2027	296,964
2028	251,717
2029	209,526
2030	177,582
Thereafter	629,995
Total	$	1,651,400

Accumulated other comprehensive loss:

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


	Three Months Ended August 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 May 31, 2025	$	(4,166)	$	5,740	$	(224,606)	$	(223,032)
Other comprehensive income (loss) before reclassification	(14)		(13,074)		27,548		14,460
Reclassification of gains from other comprehensive income (loss)	—		(545)		—		(545)
Balances at August 31, 2025	$	(4,180)	$	(7,879)	$	(197,058)	$	(209,117)

Balances at May 31, 2026	$	(20,401)	$	(40,133)	$	(272,411)	$	(332,945)
Other comprehensive income (loss) before reclassification	1,409		6,281		39,254		46,944
Reclassification of losses from other comprehensive income (loss)	476		9,621		—		10,097
Balances at August 31, 2026	$	(18,516)	$	(24,231)	$	(233,157)	$	(275,904)


	Nine Months Ended August 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	1,103		14,375		186,091		201,569
Reclassification of losses from other comprehensive income (loss)	—		3,627		—		3,627
Balances at August 31, 2025	$	(4,180)	$	(7,879)	$	(197,058)	$	(209,117)

Balances at November 30, 2025	$	(1,581)	$	(22,641)	$	(228,240)	$	(252,462)
Other comprehensive income (loss) before reclassification	(20,272)		(23,825)		(4,917)		(49,014)
Reclassification of losses from other comprehensive income (loss)	3,337		22,235		—		25,572
Balances at August 31, 2026	$	(18,516)	$	(24,231)	$	(233,157)	$	(275,904)

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