ServiceSource International, Inc. (SREV) Q3 2021 Earnings Conference Call November 2, 2021 4:30 PM ET Company Participants Elise Brassell - Head of Corporate Communications Gary Moore - Chairman & Chief Executive Officer Chad Lyne - Chief Financial Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the ServiceSource International's Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presenta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Se ...

Q2 2021 Performance - Revenue was $46.3 million, a decrease of $1.3 million or 2.8% year-over-year, but a 2.9% sequential increase from Q1 2021[12] - Non-GAAP Cost of Revenue was $33.2 million, favorably down $0.1 million, or 0.2%, year-over-year[14] - Non-GAAP Gross Profit decreased by 180 bps year-over-year[11, 14] - Adjusted EBITDA was $(0.2) million, an increase of $0.3 million year-over-year[11, 17] Business Highlights - The company successfully renewed or extended approximately 97% of the contract value that was up for renewal during the first six months of the year[9, 11] - New bookings increased by approximately 7% year-over-year on a trailing twelve-month basis[9] - The company signed expansions with three of its top ten clients, each exceeding $1 million of expected contract value[10] Financial Position - Cash balance was $34.8 million, a decrease of $1.7 million compared to the previous quarter[18] - Debt remained unchanged at $15.0 million compared to the previous quarter[18] - Free Cash Flow decreased by $3.1 million year-over-year to $(1.5) million[18] Future Outlook - The company expects to report year-over-year revenue growth in the third or fourth quarter[20]

Financial Data and Key Metrics Changes - Revenue for Q2 2021 was $46.3 million, down $1.3 million or 2.8% year-over-year, a significant improvement from the 10.2% contraction reported in the previous quarter [23] - The company reported a sequential revenue increase of 2.9% from Q1 to Q2, marking the first time since 2018 that top-line growth was reported from Q1 to Q2 [23] - Non-GAAP gross profit was $13.1 million, representing a margin of 28.4%, down approximately 180 basis points year-over-year due to higher recruiting and personnel-related expenses [24] Business Line Data and Key Metrics Changes - The sales engine is becoming more consistent and predictable, with bookings up approximately 7% on a trailing 12-month basis compared to the prior period [19] - The company successfully renewed or extended approximately 97% of the $70 million contract value up for renewal in the first half of the year, resulting in a net retention rate exceeding 100% [20] Market Data and Key Metrics Changes - The company is seeing a shift in client sentiment towards a more positive outlook, particularly in the small-to-midsize segment, which is showing signs of stronger footing compared to the start of the year [7] - There is an increasing trend of larger enterprises turning to outsourcing for various services, which presents new opportunities for the company [32] Company Strategy and Development Direction - The company has enhanced its solution suite and go-to-market strategy to be more focused and effective, transforming its delivery model to be virtual-first and digitally enabled [8] - The focus is on building long-term relationships with clients, positioning the company as a strategic partner rather than just a service provider [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pipeline, indicating that the company is well-positioned to capitalize on a large and growing opportunity for its solutions [22] - The company aims to return to growth in the second half of the year, with expectations of year-over-year revenue growth in Q3 or Q4 [29] Other Important Information - The company ended Q2 with $34.8 million in cash and cash equivalents, having paid off a $15 million revolving credit facility and entered into a new $35 million facility with Bank of America [28] Q&A Session Summary Question: Are you seeing larger enterprises turning to outsourcing? - Management acknowledged the opportunity and noted that they are already working with some of the largest enterprise tech companies [33][34] Question: What is the current sentiment among clients regarding urgency and demand? - Management reported a strong pipeline and high net promoter scores, indicating increased confidence and demand from clients [36] Question: Can you provide guidance on expected growth for the second half of the year? - Management refrained from providing specific numbers but reiterated the expectation of returning to growth in the second half of the year [39] Question: What is the outlook for gross margins moving forward? - Management indicated that while there are pressures on gross margins due to higher recruiting costs, they remain confident in achieving long-term targets of 38% gross margins [40][42]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ | --- | --- | --- | |-------------------------------------------------------------------------|---------------------------------- ...

ServiceSource International, Inc. (SREV) Q1 2021 Results Conference Call April 29, 2021 9:30 AM ET Company Participants Elise Brassell - Head, Corporate Communications Gary Moore - Chairman and CEO Chad Lyne - CFO Conference Call Participants Josh Vogel - Sidoti & Company Jim Kennedy - Marathon Capital Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to the ServiceSource First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is ...

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 ...