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	$	1,437,548
Retail, travel and ecommerce			239,001		231,966		241,662		272,921		985,550			284,917		295,025		299,595		879,537
Communications and media			248,790		254,860		256,461		245,172	1,005,283			260,643		273,817		274,424		808,884
Banking, financial services and insurance			209,084		228,816		210,730		213,403		862,033			243,246		255,583		234,844		733,673
Healthcare			125,224		115,418		113,749		135,464		489,855			150,136		148,252		143,085		441,473
Other			118,361		121,541		126,545		118,644		485,091			126,911		128,670		127,059		382,640
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	$	4,683,755
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	4,683,755
Cost of revenue			867,228		887,149		915,910		947,240	3,617,527			997,918	1,009,185	1,012,754	3,019,857
Gross profit			486,050		482,729		481,341		519,368	1,969,488			538,134		558,916		566,848	1,663,898
Selling, general and administrative expenses			351,161		354,505		329,962		361,463	1,397,091			390,389		402,004		409,303	1,201,696
Operating income			134,889		128,224		151,379		157,905		572,397			147,745		156,912		157,545		462,202
Interest expense and finance charges, net			7,703		6,745		4,868		3,730		23,046			8,770		12,973		20,272		42,015
Other (income) expense, net			3,803		(3,546)		(5,858)		(744)		(6,345)			(7,616)		(2,545)		(12,086)		(22,247)
Income before income taxes			123,383		125,025		152,369		154,919		555,696			146,591		146,484		149,359		442,434
Provision for income taxes			34,572		42,121		42,615		30,811		150,119			36,052		33,451		42,235		111,738
Net income before non-controlling interest		$	88,811	$	82,904	$	109,754		124,108	$	405,577		$	110,539		113,033		107,124		330,696
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	$	330,105
Basic earnings per common share	$	1.72	$	1.59	$	2.10	$	2.37	$	7.78	$	2.11	$	2.16	$	2.05	$	6.32
Diluted earnings per common share		$	1.69	$	1.57	$	2.08	$	2.35	$	7.70		$	2.09	$	2.14	$	2.04	$	6.28

							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	$	4,683,755
Foreign currency translation (a)		(25,714)		(44,766)		(22,530)		(270)		(93,280)			25,610		36,670		58,630		120,910
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	$	4,804,665
Effect of excluding revenue of acquired and divested		(15,947)		(16,629)		(5,335)		-		(37,911)			(83,196)		(123,963)		(142,525)		(349,684)
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	$	4,454,981
(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	$	462,202
Acquisition-related and integration expenses			-		-		-		825		825			922		1,726		12,565		15,213
Amortization of intangibles		34,601		34,597		33,997		33,744		136,939			38,056		41,469		41,500		121,025
Share-based compensation			7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		37,678
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	$	636,118
Net income		$	88,811	$	82,904	$	109,754	$	124,108	$	405,577		$	110,273	$	113,142	$	106,690		330,105
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		42,015
Provision for income taxes		34,572		42,121		42,615		30,811		150,119			36,052		33,451		42,235		111,738
Other (income) expense, net			3,803		(3,546)		(5,858)		(744)		(6,345)			(7,616)		(2,545)		(12,086)		(22,247)
Acquisition-related and integration expenses		-		-		-		825		825			922		1,726		12,565		15,213
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		121,025
Share-based compensation			7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		37,678
Depreciation		35,999		36,226		33,146		34,865		140,236			36,037		37,137		36,933		110,107
Adjusted EBITDA		$	212,607	$	208,330	$	214,782	$	238,243	$	873,962		$	237,929	$	249,891	$	258,405	$	746,225
Operating margin			10.0 %		9.4 %		10.8 %		10.8 %		10.2 %			9.6 %		10.0 %		10.0 %		9.9 %
Non-GAAP operating margin		13.1 %		12.6 %		13.0 %		13.9 %		13.1 %			13.1 %		13.6 %		14.0 %		13.6 %
Adjusted EBITDA margin			15.7 %		15.2 %		15.4 %		16.2 %		15.6 %			15.5 %		15.9 %		16.4 %		15.9 %

							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		330,105
Acquisition-related and integration expenses		-		-		-		825		825			922		1,726		12,565		15,213
Amortization of intangibles			34,601		34,597		33,997		33,744		136,939			38,056		41,469		41,500		121,025
Share-based compensation		7,118		9,283		9,457		10,904		36,762			15,169		12,647		9,862		37,678
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)		(44,170)
Non-GAAP net income		$	119,963	$	124,924	$	131,696	$	158,032	$	534,615		$	150,667	$	154,804	$	154,380	$	459,851
Net income	$	88,811	$	82,904		109,754		124,108	$	405,577		$	110,273		113,142		106,690	$	330,105
Less: net income allocated to participating securities		(1,047)		(1,254)		(1,649)		(1,790)		(5,724)			(1,542)		(1,700)		(1,571)		(4,816)
Net income attributable to common stockholders		87,764		81,650		108,105		122,318		399,853			108,731		111,442		105,119		325,289
Acquisition-related and integration expenses allocated to		-		-		-		813		813			909		1,700		12,380		14,991
common stockholders
Amortization of intangibles allocated to common		34,193		34,074		33,486		33,257		135,006			37,524		40,846		40,889		119,259
stockholders
Share-based compensation allocated to common		7,034		9,143		9,315		10,747		36,243			14,957		12,457		9,717		37,128
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)		(43,526)
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	$	453,141
Non-GAAP diluted earnings per common share	$	2.29	$	2.37	$	2.49	$	2.99	$	10.15		$	2.85	$	2.93	$	2.95	$	8.74
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	$	365,041
Purchases of property and equipment		(41,950)		(28,808)		(42,111)		(36,210)		(149,079)			(45,393)		(25,773)		(26,110)		(97,276)
Free cash flow (a non-GAAP measure)		$	(6,066)	$	174,423	$	50,899	$	145,843	$	365,099		$	(378)	$	141,696	$	126,447	$	267,765

					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
Working capital			529,728		587,259		572,034		574,851			594,564		605,961		689,190
Total assets		5,120,849	5,102,240	5,009,440	5,046,367		6,716,788	6,612,652	6,749,874
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
									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
Accounts receivable, net	1,129,008	1,089,387	1,131,416	1,207,953		1,324,738	1,311,715	1,355,065
Assets held for sale			-		83,010		-		-			-		-		-
Other current assets			160,720		173,226		175,217		153,074			163,945		153,904		186,256
Total current assets		1,407,304	1,476,872	1,460,826	1,543,065		1,630,840	1,628,983	1,717,403
Property and equipment, net			445,286		399,422		397,841		407,144			416,874		401,716		390,343
Goodwill		1,837,921	1,837,900	1,822,642	1,813,502		2,942,439	2,925,679	2,971,820
Intangible assets, net			769,149		736,877		695,285		655,528		1,085,942	1,037,987	1,025,776
Deferred tax assets			49,480		41,582		43,007		48,413			53,474		53,104		59,685
Other assets			611,709		609,587		589,839		578,715			587,219		565,183		584,847
Total assets		$	5,120,849	$	5,102,240	$	5,009,440	$	5,046,367		$	6,716,788	$	6,612,652	$	6,749,874
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
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
Other accrued liabilities			373,180		356,665		342,908		351,642			376,877		346,204		397,226
Income taxes payable			37,909		29,141		48,937		33,779			46,704		23,371		45,472
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

			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
Other long-term liabilities	598,314	595,619	579,746	546,410	519,490	501,579	515,237
Deferred tax liabilities		142,463	128,082	109,310	109,471		160,111	164,073	158,698
Total liabilities	2,731,571	2,572,472	2,443,685	2,426,112	3,982,523	3,886,550	4,103,247
Redeemable non-controlling interest	-	-	-	-	2,266	2,157	-
Stockholders' equity:
Preferred stock		-	-	-	-		-	-	-
Common stock	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
Treasury stock	(409)	(527)	(13,964)	(57,486)	(60,040)	(118,248)	(167,420)
Retained earnings		88,811	171,715	281,469	392,495		489,656	589,740	683,466
Accumulated other comprehensive loss	(14,125)	31,550	(39,863)	(70,526)	(87,025)	(151,833)	(285,292)
Total stockholders' equity		2,389,278	2,529,768	2,565,755	2,620,255		2,731,999	2,723,945	2,646,627
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
stockholders' equity