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 ...

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