Concentrix : Historical Metrics

Concentrix Historical Financial Results				Unaudited				Audited							Unaudited
(in thousands)						2021											2022
GAAP Consolidated Income Statement		Q1		Q2		Q3		Q4		YTD 2021			Q1		Q2		Q3		Q4		YTD 2022
Revenue
Industry vertical:
Technology and consumer electronics	$	412,818	$	417,277	$	448,104	$	481,004	$	1,759,203	$	470,199	$	466,754	$	500,595	$	543,118	$	1,980,666
Retail, travel and ecommerce		239,001		231,966		241,662		272,921		985,550			284,917		295,025		299,595		304,549	1,184,086
Communications and media		248,790		254,860		256,461		245,172	1,005,283			260,643		273,817		274,424		267,405	1,076,289
Banking, financial services and insurance		209,084		228,816		210,730		213,403		862,033			243,246		255,583		234,844		234,137		967,810
Healthcare		125,224		115,418		113,749		135,464		489,855			150,136		148,252		143,085		166,696		608,169
Other		118,361		121,541		126,545		118,644		485,091			126,911		128,670		127,059		124,813		507,453
Total revenue	$	1,353,278	$	1,369,878	$	1,397,251	$	1,466,608	$	5,587,015	$	1,536,052	$	1,568,101	$	1,579,602	$	1,640,718	$	6,324,473
Revenue	$	1,353,278	$	1,369,878	$	1,397,251	$	1,466,608	$	5,587,015	$	1,536,052	$	1,568,101	$	1,579,602	$	1,640,718	$	6,324,473
Cost of revenue		867,228		887,149		915,910		947,240	3,617,527			997,918	1,009,185	1,012,754	1,047,353	4,067,210
Gross profit		486,050		482,729		481,341		519,368	1,969,488			538,134		558,916		566,848		593,365	2,257,263
Selling, general and administrative expenses		351,161		354,505		329,962		361,463	1,397,091			390,389		402,004		409,303		415,375	1,617,071
Operating income		134,889		128,224		151,379		157,905		572,397			147,745		156,912		157,545		177,990		640,192
Interest expense and finance charges, net		7,703		6,745		4,868		3,730		23,046			8,770		12,973		20,272		28,061		70,076
Other (income) expense, net		3,803		(3,546)		(5,858)		(744)		(6,345)			(7,616)		(2,545)		(12,086)		(12,640)		(34,887)
Income before income taxes		123,383		125,025		152,369		154,919		555,696			146,591		146,484		149,359		162,569		605,003
Provision for income taxes		34,572		42,121		42,615		30,811		150,119			36,052		33,451		42,235		57,625		169,363
Net income before non-controlling interest	$	88,811	$	82,904	$	109,754		124,108	$	405,577	$	110,539		113,033		107,124		104,944		435,640
Less: Net income (loss) attributable to non-controlling interest		-		-		-		-		-			266		(109)		434		-		591
Net income attributable to Concentrix Corporation	$	88,811	$	82,904	$	109,754	$	124,108	$	405,577		$	110,273	$	113,142	$	106,690	$	104,944	$	435,049
Basic earnings per common share	$	1.72	$	1.59	$	2.10	$	2.37	$	7.78	$	2.11	$	2.16	$	2.05	$	2.02	$	8.34
Diluted earnings per common share	$	1.69	$	1.57	$	2.08	$	2.35	$	7.70	$	2.09	$	2.14	$	2.04	$	2.01	$	8.28

						Unaudited											Unaudited
						2021											2022
Non-GAAP Financial information *		Q1		Q2		Q3		Q4		YTD 2021			Q1		Q2		Q3		Q4		YTD 2022
Revenue	$	1,353,278	$	1,369,878	$	1,397,251	$	1,466,608	5,587,015	$	1,536,052	$	1,568,101	$	1,579,602	$	1,640,718	$	6,324,473
Foreign currency translation (a)		(25,714)		(44,766)		(22,530)		(270)		(93,280)			25,610		36,670		58,630		74,290		195,200
Revenue in constant currency	$	1,327,564	$	1,325,112	$	1,374,721	$	1,466,338	$	5,493,735	$	1,561,662	$	1,604,771	$	1,638,232	$	1,715,008	$	6,519,673
Effect of excluding revenue of acquired and divested		(15,947)		(16,629)		(5,335)		-		(37,911)			(83,196)		(123,963)		(142,525)		(163,258)		(512,942)
businesses
Revenue in adjusted constancy currency	$	1,311,617	$	1,308,483	$	1,369,386	$	1,466,338	$	5,455,824	$	1,478,466	$	1,480,808	$	1,495,707	$	1,551,750	$	6,006,731
(a) Represents foreign currency translation impact in comparison to
applicable prior year period
Operating income	$	134,889	$	128,224	$	151,379	$	157,905	$	572,397	$	147,745	$	156,912	$	157,545	$	177,990	$	640,192
Acquisition-related and integration expenses		-		-		-		825		825			922		1,726		12,565		18,550		33,763
Amortization of intangibles		34,601		34,597		33,997		33,744		136,939			38,056		41,469		41,500		41,648		162,673
Share-based compensation		7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		9,838		47,516
Gain on divestitures and related transaction costs		-		-		(13,197)		-		(13,197)			-		-		-		-		-
Non-GAAP operating income	$	176,608	$	172,104	$	181,636	$	203,378	$	733,726	$	201,892	$	212,754	$	221,472	$	248,026	$	884,144
Net income	$	88,811	$	82,904	$	109,754	$	124,108	$	405,577	$	110,273	$	113,142	$	106,690	$	104,944	$	435,049
Net income attributable to non-controlling interest		-		-		-		-		-			266		(109)		434		-		591
Interest expense and finance charges, net		7,703		6,745		4,868		3,730		23,046			8,770		12,973		20,272		28,061		70,076
Provision for income taxes		34,572		42,121		42,615		30,811		150,119			36,052		33,451		42,235		57,625		169,363
Other (income) expense, net		3,803		(3,546)		(5,858)		(744)		(6,345)			(7,616)		(2,545)		(12,086)		(12,640)		(34,887)
Acquisition-related and integration expenses		-		-		-		825		825			922		1,726		12,565		18,550		33,763
Gain on divestitures and related transaction costs		-		-		(13,197)		-		(13,197)			-		-		-		-		-
Amortization of intangibles		34,601		34,597		33,997		33,744		136,939			38,056		41,469		41,500		41,648		162,673
Share-based compensation		7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		9,838		47,516
Depreciation		35,999		36,226		33,146		34,865		140,236			36,037		37,137		36,933		36,757		146,864
Adjusted EBITDA	$	212,607	$	208,330	$	214,782	$	238,243	$	873,962	$	237,929	$	249,891	$	258,405	$	284,783	$	1,031,008
Operating margin		10.0 %		9.4 %		10.8 %		10.8 %		10.2 %			9.6 %		10.0 %		10.0 %		10.8 %		10.1 %
Non-GAAP operating margin		13.1 %		12.6 %		13.0 %		13.9 %		13.1 %			13.1 %		13.6 %		14.0 %		15.1 %		14.0 %
Adjusted EBITDA margin		15.7 %		15.2 %		15.4 %		16.2 %		15.6 %			15.5 %		15.9 %		16.4 %		17.4 %		16.3 %

						Unaudited											Unaudited
						2021											2022
Non-GAAP Financial information *		Q1		Q2		Q3		Q4		YTD 2021			Q1		Q2		Q3		Q4		YTD 2022
Net income	$	88,811	$	82,904	$	109,754	$	124,108	$	405,577	$	110,273	$	113,142	$	106,690	$	104,944	$	435,049
Acquisition-related and integration expenses		-		-		-		825		825			922		1,726		12,565		18,550		33,763
Amortization of intangibles		34,601		34,597		33,997		33,744		136,939			38,056		41,469		41,500		41,648		162,673
Share-based compensation		7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		9,838		47,516
Gain on divestitures and related transaction costs		-		-		(13,197)		-		(13,197)			-		-		-		-		-
Income taxes related to the above**		(10,567)		(1,860)		(8,315)		(11,549)		(32,291)			(13,753)		(14,180)		(16,237)		(17,789)		(61,959)
Non-GAAP net income	$	119,963	$	124,924	$	131,696	$	158,032	$	534,615	$	150,667	$	154,804	$	154,380	$	157,191	$	617,042
Net income	$	88,811	$	82,904		109,754		124,108	$	405,577	$	110,273		113,142		106,690		104,944	$	435,049
Less: net income allocated to participating securities		(1,047)		(1,254)		(1,649)		(1,790)		(5,724)			(1,542)		(1,700)		(1,571)		(1,762)		(6,583)
Net income attributable to common stockholders		87,764		81,650		108,105		122,318		399,853			108,731		111,442		105,119		103,182		428,466
Acquisition-related and integration expenses allocated to		-		-		-		813		813			909		1,700		12,380		18,239		33,252
common stockholders
Amortization of intangibles allocated to common		34,193		34,074		33,486		33,257		135,006			37,524		40,846		40,889		40,949		160,211
stockholders
Share-based compensation allocated to common		7,034		9,143		9,315		10,747		36,243			14,957		12,457		9,717		9,673		46,797
stockholders
Gain on divestitures and related transaction costs allocated		-		-		(12,999)		-		(13,011)			-		-		-		-		-
to common stockholders
Income taxes related to the above allocated to common		(10,442)		(1,832)		(8,190)		(11,382)		(31,835)			(13,561)		(13,967)		(15,998)		(17,490)		(61,021)
stockholders**
Non-GAAP net income attributable to common stockholders	$	118,549	$	123,035	$	129,717	$	155,753	$	527,069	$	148,560	$	152,478	$	152,107	$	154,553	$	607,705
Non-GAAP diluted earnings per common share	$	2.29	$	2.37	$	2.49	$	2.99	$	10.15	$	2.85	$	2.93	$	2.95	$	3.01	$	11.75
Cash Flow Data		Q1		Q2		Q3		Q4		YTD 2021			Q1		Q2		Q3		Q4		YTD 2022
Net cash provided by operating activities	$	35,884	$	203,231	$	93,010	$	182,053	$	514,178	$	45,015	$	167,469	$	152,557	$	235,679	$	600,720
Purchases of property and equipment		(41,950)		(28,808)		(42,111)		(36,210)		(149,079)			(45,393)		(25,773)		(26,110)		(42,742)		(140,018)
Free cash flow (a non-GAAP measure)	$	(6,066)	$	174,423	$	50,899	$	145,843	$	365,099	$	(378)	$	141,696	$	126,447	$	192,937	$	460,702

				Unaudited							Unaudited
					2021								2022
Balance sheet data		Q1		Q2		Q3		Q4			Q1		Q2		Q3		Q4
SELECTED CONSOLIDATED BALANCE SHEET DATA
Cash and cash equivalents	$	117,576	$	131,249	$	154,193	$	182,038	$	142,157	$	163,364	$	176,082	$	145,382
Working capital		529,728		587,259		572,034		574,851			594,564		605,961		689,190		622,209
Total assets	5,120,849	5,102,240	5,009,440	5,046,367	6,716,788	6,612,652	6,749,874	6,669,768
Borrowings, current		-		-		-		-			78,750		105,000		6,250		-
Total equity	$	2,389,278	$	2,529,768	$	2,565,755	$	2,620,255	$	2,731,999	$	2,723,945	$	2,646,627	$	2,695,904
								Audited
CONSOLIDATED BALANCE SHEET
ASSETS
Current assets:
Cash and cash equivalents	$	117,576	$	131,249	$	154,193	$	182,038	$	142,157	$	163,364	$	176,082	$	145,382
Accounts receivable, net	1,129,008	1,089,387	1,131,416	1,207,953	1,324,738	1,311,715	1,355,065	1,390,474
Assets held for sale		-		83,010		-		-			-		-		-		-
Other current assets		160,720		173,226		175,217		153,074			163,945		153,904		186,256		218,476
Total current assets	1,407,304	1,476,872	1,460,826	1,543,065	1,630,840	1,628,983	1,717,403	1,754,332
Property and equipment, net		445,286		399,422		397,841		407,144			416,874		401,716		390,343		403,829
Goodwill	1,837,921	1,837,900	1,822,642	1,813,502	2,942,439	2,925,679	2,971,820	2,904,402
Intangible assets, net		769,149		736,877		695,285		655,528	1,085,942	1,037,987	1,025,776		985,572
Deferred tax assets		49,480		41,582		43,007		48,413			53,474		53,104		59,685		48,541
Other assets		611,709		609,587		589,839		578,715			587,219		565,183		584,847		573,092
Total assets	$	5,120,849	$	5,102,240	$	5,009,440	$	5,046,367	$	6,716,788	$	6,612,652	$	6,749,874	$	6,669,768
LIABILITIES, REDEEMABLE NON-CONTROLLING
INTEREST AND EQUITY
Current liabilities:
Accounts payable	$	101,215	$	109,506		78,618	$	129,359	$	118,974	$	110,931	$	114,128	$	161,190
Current portion of long-term debt		-		-		-		-			78,750		105,000		6,250		-
Accrued compensation and benefits		365,272		363,948		418,329		453,434			414,971		437,516		465,137		506,966
Other accrued liabilities		373,180		356,665		342,908		351,642			376,877		346,204		397,226		395,304
Income taxes payable		37,909		29,141		48,937		33,779			46,704		23,371		45,472		68,663
Liabilities held for sale		-		30,353		-		-			-		-		-		-
Total current liabilities		877,576		889,613		888,792		968,214	1,036,276	1,023,022	1,028,213	1,132,123

		Unaudited		Audited			Unaudited
		2021				2022
	Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4
Long-term debt, net	1,113,218	959,158	865,837	802,017	2,266,646	2,197,876	2,401,099	2,224,288
Other long-term liabilities	598,314	595,619	579,746	546,410	519,490	501,579	515,237	511,995
Deferred tax liabilities	142,463	128,082	109,310	109,471		160,111	164,073	158,698	105,458
Total liabilities	2,731,571	2,572,472	2,443,685	2,426,112		3,982,523	3,886,550	4,103,247	3,973,864
Redeemable non-controlling interest	-	-	-	-	2,266	2,157	-	-
Stockholders' equity:
Preferred stock	-	-	-	-		-	-	-	-
Common stock	5	5	5	5	5	5	5	5
Additional paid-in capital	2,314,996	2,327,025	2,338,108	2,355,767	2,389,403	2,404,281	2,415,868	2,428,313
Treasury stock	(409)	(527)	(13,964)	(57,486)	(60,040)	(118,248)	(167,420)	(190,779)
Retained earnings	88,811	171,715	281,469	392,495	489,656	589,740	683,466	774,114
Accumulated other comprehensive loss	(14,125)	31,550	(39,863)	(70,526)		(87,025)	(151,833)	(285,292)	(315,749)
Total stockholders' equity	2,389,278	2,529,768	2,565,755	2,620,255		2,731,999	2,723,945	2,646,627	2,695,904
Total liabilities, redeemable non-controlling interest, and	$5,120,849	$5,102,240	$5,009,440	$5,046,367	$6,716,788	$6,612,652	$6,749,874	$6,669,768
stockholders' equity