Concentrix CorpCNXC

Concentrix Corp Leases Disclosure

10-KFiled Jan 28, 20262 min read
NOTE 11—LEASES:
The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2036. The Company’s finance leases are not material.
The following table presents the various components of operating lease costs:
Fiscal Years Ended November 30,
202520242023
Operating lease cost$323,427 $295,111 $216,774 
Short-term lease cost69,823 89,001 21,802 
Variable lease cost53,709 44,237 58,283 
Sublease income(2,959)(4,492)(5,394)
Total operating lease cost$444,000 $423,857 $291,465 
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 November 30, 2025:
Fiscal Years Ending November 30,
2026$312,965 
2027251,660 
2028192,770 
2029129,777 
203071,067 
Thereafter86,524 
Total payments1,044,763 
Less: imputed interest*146,580 
Total present value of lease payments$898,183 

*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 November 30,
Description
Balance Sheet location
20252024
Operating lease ROU assets
Other assets
$857,025 $816,550 
Current operating lease liabilitiesOther accrued liabilities256,739 235,912 
Non-current operating lease liabilitiesOther long-term liabilities641,444 625,888 
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:
Fiscal Years Ended November 30,
202520242023
Cash paid for amounts included in the measurement of lease liabilities$345,027 $310,859 $225,142 
Non-cash ROU assets obtained in exchange for lease liabilities264,095 295,894 152,071 
The weighted-average remaining lease term and discount rate as of November 30, 2025 and 2024 were as follows:
As of November 30,
20252024
Weighted-average remaining lease term (years)4.204.50
Weighted-average discount rate6.85 %6.91 %
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Historical Timeline

Fiscal YearFiled
2025Jan 28, 2026Showing above
2024Jan 28, 2025
2023Jan 29, 2024
2022Jan 27, 2023
2021Jan 28, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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