PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarter ended February 28, 2021, detailing financial position and performance [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of February 28, 2021, total assets slightly decreased to **$5.12 billion**, while liabilities decreased, increasing stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | Feb 28, 2021 (unaudited) | Nov 30, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$5,120,849** | **$5,177,556** | | Total current assets | $1,407,304 | $1,423,376 | | Goodwill | $1,837,921 | $1,836,050 | | **Total Liabilities** | **$2,731,571** | **$2,875,471** | | Total current liabilities | $877,576 | $1,008,662 | | Long-term debt, net | $1,113,218 | $1,111,362 | | **Total Stockholders' Equity** | **$2,389,278** | **$2,302,085** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended February 28, 2021, revenue grew **13.9%** to **$1.35 billion**, with net income significantly increasing to **$88.8 million** Statement of Operations Summary (in thousands, except per share amounts) | Metric | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | **Revenue** | **$1,353,278** | **$1,188,619** | | Gross Profit | $486,050 | $445,190 | | Operating Income | $134,889 | $88,211 | | **Net Income** | **$88,811** | **$52,317** | | Diluted EPS | $1.69 | $1.01 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2021, net cash from operating activities was **$35.9 million**, leading to a net cash decrease of **$37.2 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $35,884 | $54,886 | | Net cash used in investing activities | ($41,950) | ($34,669) | | Net cash used in financing activities | ($30,618) | ($17,238) | | **Net (decrease) increase in cash** | **($37,155)** | **$3,325** | [Notes to the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details accounting policies and financial statement components, including the SYNNEX spin-off, revenue disaggregation, and COVID-19 related costs - The spin-off from SYNNEX Corporation was completed on December 1, 2020, making Concentrix an independent public company trading under the symbol "CNXC"[26](index=26&type=chunk) - The company incurred incremental costs of approximately **$10 million** associated with the COVID-19 pandemic during the first quarter of 2021[36](index=36&type=chunk) - For the three months ended February 28, 2021, one client accounted for **11.9%** of consolidated revenue and **13.9%** of total accounts receivable[40](index=40&type=chunk) Revenue by Industry Vertical (in thousands) | Industry Vertical | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | Technology and consumer electronics | $412,818 | $323,913 | | Communications and media | $248,790 | $263,564 | | Retail, travel and ecommerce | $239,001 | $198,914 | | Banking, financial services and insurance | $209,084 | $192,703 | | Healthcare | $125,224 | $97,325 | | Other | $118,361 | $112,201 | | **Total** | **$1,353,278** | **$1,188,619** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial results, highlighting **13.9%** revenue growth to **$1.35 billion**, improved operating income, and liquidity [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Revenue for Q1 2021 increased **13.9%** YoY to **$1.35 billion**, with operating margin improving to **10.0%** despite a gross margin decrease Revenue Growth by Industry Vertical (YoY % Change) | Industry Vertical | % Change 2021 to 2020 | | :--- | :--- | | Technology and consumer electronics | 27.4% | | Communications and media | (5.6)% | | Retail, travel and ecommerce | 20.2% | | Banking, financial services and insurance | 8.5% | | Healthcare | 28.7% | | Other | 5.5% | | **Total** | **13.9%** | - The **13.9%** total revenue increase included a favorable foreign currency translation effect of **$25.7 million**, or **2.2%**[150](index=150&type=chunk) - Gross margin decreased to **35.9%** from **37.5%** in the prior year, attributed to COVID-19 related impacts and changes in service delivery geographies[154](index=154&type=chunk) - Operating income increased **52.9%** YoY, with operating margin expanding to **10.0%** from **7.4%**, driven by higher gross profit and lower SG&A as a percentage of revenue[157](index=157&type=chunk)[159](index=159&type=chunk) GAAP to Non-GAAP Reconciliation Highlights (in thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Operating Income (GAAP)** | **$134,889** | **$88,211** | | Non-GAAP Operating Income | $176,608 | $144,803 | | **Net Income (GAAP)** | **$88,811** | **$52,317** | | Non-GAAP Net Income | $119,963 | $95,440 | | **Diluted EPS (GAAP)** | **$1.69** | **$1.01** | | Non-GAAP Diluted EPS | $2.29 | $1.85 | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity of approximately **$800 million** as of February 28, 2021, making early debt repayments despite negative free cash flow - As of February 28, 2021, total liquidity was approximately **$800 million**, including **$600 million** undrawn on the Credit Facility and **$82.5 million** on the Securitization Facility[200](index=200&type=chunk) - The company made **$50 million** of early principal payments on its Term Loan during the three months ended February 28, 2021[180](index=180&type=chunk) Free Cash Flow (Non-GAAP, in thousands) | Component | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $35,884 | $54,886 | | Purchases of property and equipment | ($41,950) | ($43,888) | | **Free cash flow** | **($6,066)** | **$10,998** | - As of February 28, 2021, **98%** of the company's **$117.6 million** in cash and cash equivalents was held by non-U.S. legal entities[201](index=201&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, with a **1%** rate increase potentially raising annual interest expense by **$11.2 million** - A hypothetical **10%** adverse change in foreign currency exchange rates would result in a potential fair value loss of approximately **$79.1 million** on hedging contracts, substantially mitigated by corresponding gains on underlying exposures[207](index=207&type=chunk) - A one hundred basis point (**1%**) increase in interest rates on the company's variable-rate debt would cause an estimated increase in annual interest expense of approximately **$11.2 million**[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) As of February 28, 2021, disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of the period, the company's disclosure controls and procedures were effective at a reasonable assurance level[211](index=211&type=chunk) - There were no changes in internal control over financial reporting during the first fiscal quarter of 2021 that have materially affected, or are reasonably likely to materially affect, internal controls[212](index=212&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with no new material developments during the quarter - During the three months ended February 28, 2021, there were no new material legal proceedings and no material developments in any previously reported legal proceedings[216](index=216&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the company's 2020 Annual Report on Form 10-K[217](index=217&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including CEO and CFO certifications and XBRL data files - The exhibits filed with this report include CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1) and Inline XBRL documents (Exhibits 101 and 104)[218](index=218&type=chunk)[220](index=220&type=chunk) Signatures - The report was signed on April 9, 2021, by Christopher Caldwell, President and Chief Executive Officer, and Andre Valentine, Chief Financial Officer[224](index=224&type=chunk)

ServiceSource International, Inc. (SREV) Q4 2020 Earnings Conference Call February 25, 2021 9:30 AM ET Company Participants Elise Brassell - Head of Corporate Communications Gary Moore - Chairman & Chief Executive Officer Chad Lyne - Chief Financial Officer Conference Call Participants Josh Vogel - Sidoti Operator Ladies and gentlemen, thank you for standing by, and welcome to the ServiceSource Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mo ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission File Number: 001-39494 CONCENTRIX CORPORATION (Exact name of Registrant as specified in its charter) Delaware 27-1605762 (Sta ...

Financial Data and Key Metrics Changes - In Q3 2020, the company generated revenue of $45.8 million, a decrease of $7.6 million or 14.2% year-over-year, primarily due to churn and proactively rationalized accounts [27][28] - Non-GAAP gross profit margins were 30.8% of revenue, down approximately 50 basis points year-over-year but up approximately 60 basis points sequentially from Q2 [31] - Adjusted EBITDA was negative $200,000, down approximately $1.3 million year-over-year but slightly improved sequentially from Q2 [32] - Cash flow from operations was positive at $5.9 million, significantly up from $500,000 in the same period last year, leading to positive free cash flow of $3.4 million in Q3 compared to negative free cash flow of $2.6 million a year ago [34] Business Line Data and Key Metrics Changes - The company secured its fourth new client logo win of the year in the health and fitness software sector, indicating successful expansion into new markets [13][14] - The company extended and expanded its partnership with Qlik, enhancing customer growth and retention initiatives [15][16] - The company managed approximately $1.5 billion of annual revenue for a client through a global renewals management program, demonstrating its ability to grow with existing clients [17][19] Market Data and Key Metrics Changes - The company reported that more than 70% of the year-over-year revenue contraction was tied to churn or proactively rationalized accounts, indicating challenges in client retention [27] - Despite challenges, the company experienced trailing 12-month revenue growth of nearly 5% across its other nine largest clients, excluding the impact of a large client facing market challenges [28] Company Strategy and Development Direction - The company is focused on a virtual-first operating model, which has allowed it to adapt quickly to market changes and maintain operational efficiency [8][10] - The management emphasized the importance of customer-centric initiatives and go-to-market transformation as key priorities for the industry [9][10] - The company is committed to investing in areas that align with its strategic priorities and long-term growth objectives, including enhancing its marketing initiatives and client partnerships [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's alignment with long-term market opportunities and the potential for growth despite the ongoing challenges posed by COVID-19 [8][20] - The management acknowledged that while the pandemic has caused delays and challenges, they are optimistic about the company's ability to drive growth and deliver value to clients [38][80] - The management highlighted the importance of maintaining a strong focus on cash flow and operational efficiency to navigate the current economic environment [52][70] Other Important Information - The company announced a leadership transition, with Chad Lyne taking over as CFO from Rich Walker, who will remain involved as a Board member [21][24] - The company reported a record low Days Sales Outstanding (DSOs) of 66 days, down from 76 days in Q2, indicating improved cash collection processes [33] Q&A Session Summary Question: What drove the impressive renewal rate of 87%? - Management noted that the churn has improved significantly year-over-year, with most churn tied to one large client adapting to market challenges [42][43] Question: Where have cuts been made in G&A expenses? - Management clarified that cuts were made to reallocate spend to higher return areas, particularly in the virtual-first operating model [46][48] Question: Was there any government stimulus that contributed to cash flow? - Management confirmed that they did not participate in significant government stimulus programs, but did receive a small grant in Singapore to maintain employment [53] Question: What is the current state of the pipeline going into 2021? - Management indicated that the pipeline is healthier than in previous years, with a focus on closing larger opportunities despite COVID-related delays [72][80] Question: What is the status of the Salesforce Org Health initiative? - Management reported that they are in the early stages of building alliances and partnerships, with hopes for significant revenue contributions in the future [81][82]

Financial Data and Key Metrics Changes - Revenue decreased by 9% year-over-year to $47.6 million, primarily due to churned logos and proactive exits from non-core engagements [20][38] - Non-GAAP gross profit margin expanded by 130 basis points year-over-year to 30.2% of revenue, driven by portfolio optimization and productivity improvements [40] - Adjusted EBITDA was negative $400,000, roughly in line with last year's Q2 results [41] - Free cash flow returned to positive territory at $1.6 million, up from $1.4 million in Q2 of 2019 [43] Business Line Data and Key Metrics Changes - The company successfully renewed or extended more than 90% of the contract value that came up for renewal year-to-date through Q2 [29] - New logo wins included two new clients in Q2, with three expansions worth over $1 million each from existing clients [31][55] Market Data and Key Metrics Changes - Global IT spending is expected to decline by 5% to 10% this year, impacting expense and investment priorities for many tech companies [12] - The company noted that mid-market and SMB customer tiers are experiencing higher customer churn and lower product usage [15] Company Strategy and Development Direction - The company is focusing on four strategic pillars: inspire success, impact scale, ignite sales, and innovate solutions [23] - The shift to as-a-service offerings and subscription pricing plans is prompting companies to rethink customer acquisition and retention strategies [14] - The company aims to enhance its digital sales solutions and customer success offerings to address pipeline challenges and improve customer onboarding [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about navigating the current recessionary environment while focusing on controllable factors [19][69] - The company is committed to maintaining a strong balance sheet and liquidity position to weather economic turbulence [45] - Management refrained from providing specific financial outlooks due to the uncertainty surrounding the economic environment [37][66] Other Important Information - The company has made organizational changes, including the departure of the COO, to strengthen its leadership team [7][8] - Employee retention rates have improved, indicating a focus on developing and retaining talent [26] Q&A Session Summary Question: Can you talk about retention and expectations for improvement? - Management expressed confidence in retention rates, which were at 90%, and highlighted efforts to provide value and ROI to clients [50][54] Question: What progress has been made with new logo wins? - All new logos signed in Q2 are now live, and the company has seen improvements in sales bookings performance [55][56] Question: Where is the company in the portfolio rationalization process? - Management indicated that the majority of the rationalization process is behind them, with a focus on rebuilding the client base [58][60] Question: What areas of strength and weakness are being observed in the business? - Growth is noted in sectors such as cloud services and security, while challenges persist in other areas due to the economic environment [62][68]

The Digital Customer Journey Experience Company July 30, 2020 FY20Q2 Earnings Results Supplement Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements, including statements regarding our financial management and our expectation to continue to invest in our strategic priorities and digital transformation initiatives. These forward-looking statements are based on our current assumptions and beliefs and involve risks and uncertainties that could cause ...

ServiceSource International, Inc. (SREV) Q1 2020 Earnings Conference Call May 8, 2020 10:30 AM ET Company Participants Chad Lyne - Executive Vice President of Strategy, Corporate Development and IRO Gary Moore - Chairman and CEO Rich Walker - CFO Conference Call Participants Zach Cummins - B. Riley FBR Operator Ladies and gentlemen, thank you for standing by. And welcome to the ServiceSource First Quarter 2020 Earnings Call [Operator Instructions]. Please be advised that todayÂ's conference is being recorde ...

ServiceSource International, Inc. (SREV) Q4 2019 Earnings Conference Call February 20, 2020 9:30 AM ET Company Participants Chad Lyne - Head, Investor Relations Gary Moore - Chairman & CEO Rich Walker - EVP & CFO Conference Call Participants Zach Cummins - B. Riley FBR Operator Ladies and gentlemen, thank you for standing by, and welcome to the ServiceSource Fourth Quarter and Full Year 2019 Earnings Conference Call. [Operator Instructions] Please be advised that todayÂ's conference is being recorded. [Oper ...

ServiceSource International, Inc. (SREV) Q3 2019 Earnings Conference Call October 30, 2019 9:30 AM ET Company Participants Chad Lyne – Head-Investor Relations Gary Moore – Chairman and Chief Executive Officer Rich Walker – Executive Vice President and Chief Financial Officer Conference Call Participants Zach Cummins – B. Riley FBR Operator Ladies and gentlemen, thank you for standing by, and welcome to the ServiceSource Third Quarter 2019 Earnings Conference Call. [Operator Instructions] Please be advised t ...