>
-Acciones del banco Santander ¿Buena o mala inversión en dividendos?-Flow Imaging Microscopy Market Size 2022, Industry Saturation, Share, Trends, Market Modification, and Expansion & Revolution Forecast till 2022 to 2032 : Quince Market Insights-Clear Sky Preliminary Data Review Completed by Processing Partner MDS-Report on Financial Results for the Three and Nine Months Ended September 30, 2022-Three Valley Copper Reports 2022 Third Quarter Results-Morgan Stanley Schedules Quarterly Investor Conference Call-Natuzzi S.p.A.: Third Quarter 2022 Financial Results and Shareholder Letter-Avante Logixx Inc. Announces Financial Results For The Second Fiscal Quarter Ended September 30, 2022-Pershing Square Holdings, Ltd. Announces Transactions in Own Shares – 25 November 2022-FEELM construye una fábrica ecológica con un sistema de gestión de la energía que reduce las emisiones de carbono en 500 toneladas-beaconsmind AG Announces the Postponement of the Publication of Its Annual Financial Report to December 16, 2022-Teleperformance SE: Statement on Transactions on Own Shares Carried out from November 18 to November 24, 2022 (inclusive)-The Korea Fund, Inc. Announces Invitation to Join a Webinar-Global Meat Substitutes Market Revenue is Predicted to Reach US$4.0 billion by 2027 – says MarketsandMarkets™-ZoomerMedia Limited Announces Declaration of Annual Dividend-Captor Therapeutics Reports Q3 2022 Results and Provides Business Update-Mednow to Host Quarterly Conference Call on Tuesday November 29, 2022, at 8:30am EST on its Fourth-Quarter 2022 Financial Results-Can-Fite Reports Third Quarter 2022 Financial Results & Provides Clinical Update-FEELM Adopts Energy Management System to Build a Green Factory, Decreasing Carbon Emissions by 500 Tons-Communiqué de mise à disposition du rapport financier semestriel au 30 juin 2022

Concentrix Reports Third Quarter 2022 Results

NEWARK, Calif., Sept. 28, 2022 (GLOBE NEWSWIRE) — Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and technology, today announced financial results for the fiscal third quarter ended August 31, 2022. The Company also announced that the Board of Directors has declared a 10 percent increase in its regular quarterly dividend to $0.275 per share.

  Three Months Ended    
  August 31, 2022   August 31, 2021   Change
Revenue($M) $ 1,579.6     $ 1,397.3     13.1%
Operating income($M) $ 157.5     $ 151.4     4.0%
Non-GAAP operating income($M)(1) $ 221.5     $ 181.6     22.0%
Operating margin   10.0 %     10.8 %   -80 bps
Non-GAAP operating margin(1)   14.0 %     13.0 %   100 bps
Net income($M) $ 106.7     $ 109.8     (2.8)%
Non-GAAP net income($M)(1) $ 154.4     $ 131.7     17.2%
Adjusted EBITDA($M)(1) $ 258.4     $ 214.8     20.3%
Adjusted EBITDA margin(1)   16.4 %     15.4 %   100 bps
Diluted earnings per common share $ 2.04     $ 2.08     (1.9)%
Non-GAAP diluted earnings per common share(1) $ 2.95     $ 2.49     18.5%

(1) See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.

Third Quarter Fiscal 2022 Highlights:

  • Revenue was $1,579.6 million, up 13.1% from the prior year third quarter, including a 4.2-point negative impact of foreign exchange rates compared with the prior year period, compared with $1,397.3 million in the prior year third quarter, and up 7.5% on an adjusted constant currency basis.
  • Operating income was $157.5 million, or 10.0% of revenue, compared with $151.4 million, or 10.8% of revenue, in the prior year third quarter.
  • Non-GAAP operating income was $221.5 million, or 14.0% of revenue, compared with $181.6 million, or 13.0% of revenue, in the prior year third quarter.
  • Adjusted EBITDA was $258.4 million, or 16.4% of revenue, compared with $214.8 million, or 15.4% of revenue, in the prior year third quarter.
  • Cash flow from operations was $152.6 million in the quarter. Free cash flow for the quarter was $126.4 million.
  • Diluted earnings per common share (“EPS”) was $2.04 compared to $2.08 in the prior year third quarter.
  • Non-GAAP diluted EPS was $2.95 compared to $2.49 in the prior year third quarter.

“We executed well in the third quarter, delivering solid revenue growth and profit improvements even in the uncertain macro environment,” said Chris Caldwell, Concentrix President and CEO. “In addition to strong new business signings in the quarter, we recently closed two very large deals taking advantage of our CX operations and Catalyst capabilities and see opportunities for growth across our entire business portfolio over the medium- and long-term. During the quarter, we welcomed ServiceSource’s world-class B2B sales team that hit the ground running and are integrating quickly. This acquisition continues to build out our differentiated offerings making us a go-to partner for Designing, Building and Running the Future of CX. We continue to see opportunities in the marketplace that we believe will allow us to achieve our long-term financial objectives.”

Quarterly Dividend and Share Repurchase Program:

  • Concentrix paid a $0.25 per share quarterly dividend on August 9, 2022. The Company’s Board of Directors has declared a quarterly dividend of $0.275 per share payable on November 8, 2022, to shareholders of record at the close of business on October 28, 2022.
  • Concentrix repurchased 0.4 million shares in the third quarter at a cost of $50.3 million under its previously announced share repurchase program at an average cost of $136.07 per share. At August 31, 2022, the Company’s remaining share repurchase authorization was $366.8 million.

Fourth Quarter and Full Year Fiscal 2022 Outlook

The following statements are based on Concentrix’ current expectations for the fourth quarter and full year fiscal 2022. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, amortization of intangible assets, depreciation, share-based compensation and the related tax effects thereon. These statements are forward-looking and actual results may differ materially.

Fourth Quarter Fiscal 2022 Expectations:

  • Fourth quarter adjusted constant currency revenue growth is expected to approximate 7%. Based on current exchange rates, we expect an approximate 5-point negative impact of foreign exchange rates compared with the prior year. Additionally, we expect the contribution of approximately $175 million in fourth quarter revenue from businesses acquired since the beginning of the prior year fourth quarter.
  • Operating income is expected to exceed $180 million and non-GAAP operating income is expected to exceed $254 million.
  • The effective tax rate is expected to approximate 24% to 25%.

Full Year 2022 Expectations:

Based on our expectations for the fourth quarter, we expect the following full year fiscal 2022 results:

  • Full year adjusted constant currency revenue growth is expected to approximate 9%. Based on current exchange rates, we expect an approximate 4-point negative impact of foreign exchange rates compared with the prior year. Additionally, we expect full year revenue to include a net contribution of approximately $486 million from businesses acquired and divested since the beginning of fiscal year 2021.
  • Operating income is expected to exceed $642 million and non-GAAP operating income is expected to exceed $890 million.
  • The effective tax rate is expected to approximate 25%.

Conference Call and Webcast

Concentrix will host a conference call for investors to review its third quarter fiscal 2022 results tomorrow morning, Thursday, September 29, 2022 at 9:00 a.m. (ET)/6:00 a.m. (PT).

The live conference call will be webcast in listen-only mode in the Investor Relations section of the Concentrix website under “Events and Presentations” at https://ir.concentrix.com/events-and-presentations. A replay will also be available on the website following the conference call.

About Concentrix

Concentrix Corporation (Nasdaq: CNXC) is a leading global provider of customer experience (CX) solutions and technology, improving business performance for some of the world’s best brands including over 100 Fortune Global 500 clients and more than 125 new economy clients. Every day, from more than 40 countries and across 6 continents, our staff delivers next generation customer experience and helps companies better connect with their customers. We create better business outcomes and help differentiate our clients by reimagining everything CX through Strategy + Talent + Technology. Concentrix provides services to clients in our key industry verticals: technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector. Visit www.concentrix.com to learn more.

Use of Non-GAAP Information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

  • Constant currency revenue growth, which is revenue growth adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Constant currency revenue growth is calculated by translating the revenue of each fiscal year in the billing currency to U.S. dollars using the comparable prior year’s currency conversion rate in comparison to prior year’s revenue. Generally, when the U.S. dollar either strengthens or weakens against other currencies, revenue growth at constant currency rates or adjusting for currency will be higher or lower than revenue growth reported at actual exchange rates.
  • Adjusted constant currency revenue growth, which is constant currency revenue growth excluding revenue for businesses acquired or divested since the beginning of the prior year period so that revenue growth can be viewed without the impact of acquisitions or divestitures, thereby facilitating period-to-period comparisons of our business performance.
  • Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.
  • Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.
  • Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation.
  • Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue.
  • Non-GAAP net income, which is net income excluding the tax effected impact of acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.
  • Free cash flow, which is cash flows from operating activities less capital expenditures. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. However, free cash flow has limitations because it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions.
  • Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. These non-GAAP financial measures exclude amortization of intangible assets. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors’ ability to compare our past financial performance with its current performance and to analyze underlying business performance and trends. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

Safe Harbor Statement

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, statements regarding the Company’s expected future financial condition and growth, results of operations, including revenue and operating income, effective tax rate, margin expansion, capital allocation, business strategy, foreign currency exchange rate fluctuations, achievement of the Company’s long-term financial objectives and statements that include words such as believe, expect, may, will, provide, could and should and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to general economic conditions, including uncertainty related to the COVID-19 pandemic, the conflict in Ukraine and their effects on the global economy, supply chains, inflation, the Company’s business and the business of the Company’s clients; other communicable diseases, natural disasters, adverse weather conditions or public health crises; cyberattacks on the Company’s or its clients’ networks and information technology systems; the inability to protect personal and proprietary information; the failure of the Company’s staff and contractors to adhere to the Company’s and its clients’ controls and processes; the inability to execute on the Company’s digital CX strategy; the inability to successfully identify, complete and integrate strategic acquisitions or investments, including the integration of ServiceSource International, Inc.; competitive conditions in the Company’s industry and consolidation of its competitors; geopolitical, economic and climate or weather related risks in regions with a significant concentration of the Company’s operations; higher than expected tax liabilities; the loss of key personnel; the demand for CX solutions and technology; variability in demand by clients or the early termination of the Company’s client contracts; the level of business activity of the Company’s clients and the market acceptance and performance of their products and services; the operability of communication services and information technology systems and networks; changes in law, regulations or regulatory guidance; currency exchange rate fluctuations; damage to the Company’s reputation through the actions or inactions of third parties; increases in the cost of labor; investigative or legal actions; and other factors contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021 filed with the Securities and Exchange Commission and subsequent SEC filings. The Company does not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made.

Copyright 2022 Concentrix Corporation. All rights reserved. Concentrix, the Concentrix logo, and all other Concentrix company, product and services names and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Concentrix and the Concentrix logo Reg. U.S. Pat. & Tm. Off. and applicable non-U.S. jurisdictions. Other names and marks are the property of their respective owners.

CONCENTRIX CORPORATION

CONSOLIDATED BALANCE SHEETS

(currency and share amounts in thousands, except par value)

  August 31, 2022   November 30, 2021
  (unaudited)    
ASSETS      
Current assets:      
Cash and cash equivalents $ 176,082     $ 182,038  
Accounts receivable, net   1,355,065       1,207,953  
Other current assets   186,256       153,074  
Total current assets   1,717,403       1,543,065  
Property and equipment, net   390,343       407,144  
Goodwill   2,971,820       1,813,502  
Intangible assets, net   1,025,776       655,528  
Deferred tax assets   59,685       48,413  
Other assets   584,847       578,715  
Total assets $ 6,749,874     $ 5,046,367  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 114,128     $ 129,359  
Current portion of long-term debt   6,250        
Accrued compensation and benefits   465,137       453,434  
Other accrued liabilities   397,226       351,642  
Income taxes payable   45,472       33,779  
Total current liabilities   1,028,213       968,214  
Long-term debt, net   2,401,099       802,017  
Other long-term liabilities   515,237       546,410  
Deferred tax liabilities   158,698       109,471  
Total liabilities   4,103,247       2,426,112  
Stockholders’ equity:      
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of August 31, 2022 and November 30, 2021, respectively          
Common stock, $0.0001 par value, 250,000 shares authorized; 52,093 and 51,927 shares issued as of August 31, 2022 and November 30, 2021, respectively, and 51,016 and 51,594 shares outstanding as of August 31, 2022 and November 30, 2021, respectively   5       5  
Additional paid-in capital   2,415,868       2,355,767  
Treasury stock, 1,077 and 333 shares as of August 31, 2022 and November 30, 2021, respectively   (167,420 )     (57,486 )
Retained earnings   683,466       392,495  
Accumulated other comprehensive loss   (285,292 )     (70,526 )
Total stockholders’ equity   2,646,627       2,620,255  
Total liabilities and stockholders’ equity $ 6,749,874     $ 5,046,367  
               

CONCENTRIX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(currency and share amounts in thousands, except per share amounts)

(unaudited)

  Three Months Ended       Nine Months Ended    
  August 31,

2022
  August 31,

2021
  %

Change
  August 31,

2022
  August 31,

2021
  %

Change
Revenue                      
Technology and consumer electronics $ 500,595     $ 448,104     12 %   $ 1,437,548     $ 1,278,199     12 %
Retail, travel and ecommerce   299,595       241,662     24 %     879,537       712,629     23 %
Communications and media   274,424       256,461     7 %     808,884       760,111     6 %
Banking, financial services and insurance   234,844       210,730     11 %     733,673       648,630     13 %
Healthcare   143,085       113,749     26 %     441,473       354,391     25 %
Other   127,059       126,545     %     382,640       366,447     4 %
Total revenue   1,579,602       1,397,251     13 %     4,683,755       4,120,407     14 %
Cost of revenue   1,012,754       915,910     11 %     3,019,857       2,670,287     13 %
Gross profit   566,848       481,341     18 %     1,663,898       1,450,120     15 %
Selling, general and administrative expenses   409,303       329,962     24 %     1,201,696       1,035,628     16 %
Operating income   157,545       151,379     4 %     462,202       414,492     12 %
Interest expense and finance charges, net   20,272       4,868     316 %     42,015       19,316     118 %
Other expense (income), net   (12,086 )     (5,858 )   106 %     (22,247 )     (5,601 )   297 %
Income before income taxes   149,359       152,369     (2)%     442,434       400,777     10 %
Provision for income taxes   42,235       42,615     (1)%     111,738       119,308     (6)%
Net income before non-controlling interest   107,124       109,754     (2)%     330,696       281,469     17 %
Less: Net income attributable to non-controlling interest   434           100 %     591           100 %
Net income attributable to Concentrix Corporation $ 106,690     $ 109,754     (3)%   $ 330,105     $ 281,469     17 %
                       
Earnings per common share:                      
Basic $ 2.05     $ 2.10         $ 6.32     $ 5.41      
Diluted $ 2.04     $ 2.08         $ 6.28     $ 5.35      
Weighted-average common shares outstanding                      
Basic   51,193       51,432           51,461       51,288      
Diluted   51,549       52,061           51,834       51,914      
                                       

CONCENTRIX CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(currency and share amounts in thousands, except per share amounts)

(unaudited)

  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Revenue $ 1,579,602     $ 1,397,251     $ 4,683,755     $ 4,120,407  
Revenue growth, as reported under U.S. GAAP   13.1 %     20.1 %     13.7 %     20.5 %
Foreign exchange impact   4.2 %   (2.0)%     2.9 %   (2.7)%
Constant currency revenue growth   17.3 %     18.1 %     16.6 %     17.8 %
Effect of excluding revenue of acquired and divested businesses (9.8)%     1.1 %   (7.5)%     0.7 %
Adjusted constant currency revenue growth   7.5 %     19.2 %     9.1 %     18.5 %
                               
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Operating income $ 157,545   $ 151,379     $ 462,202   $ 414,492  
Acquisition-related and integration expenses   12,565           15,213      
Amortization of intangibles   41,500     33,997       121,025     103,195  
Share-based compensation   9,862     9,457       37,678     25,858  
Gain on divestitures and related transaction costs       (13,197 )         (13,197 )
Non-GAAP operating income $ 221,472   $ 181,636     $ 636,118   $ 530,348  
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Net income $ 106,690     $ 109,754     $ 330,105     $ 281,469  
Net income attributable to non-controlling interest   434             591        
Interest expense and finance charges, net   20,272       4,868       42,015       19,316  
Provision for income taxes   42,235       42,615       111,738       119,308  
Other expense (income), net   (12,086 )     (5,858 )     (22,247 )     (5,601 )
Acquisition-related and integration expenses   12,565             15,213        
Gain on divestitures and related transaction costs         (13,197 )           (13,197 )
Amortization of intangibles   41,500       33,997       121,025       103,195  
Share-based compensation   9,862       9,457       37,678       25,858  
Depreciation   36,933       33,146       110,107       105,371  
Adjusted EBITDA $ 258,405     $ 214,782     $ 746,225     $ 635,719  
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Operating margin 10.0 %   10.8 %   9.9 %   10.1 %
Non-GAAP operating margin 14.0 %   13.0 %   13.6 %   12.9 %
Adjusted EBITDA margin 16.4 %   15.4 %   15.9 %   15.4 %
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Net income $ 106,690     $ 109,754     $ 330,105     $ 281,469  
Acquisition-related and integration expenses   12,565             15,213        
Amortization of intangibles   41,500       33,997       121,025       103,195  
Share-based compensation   9,862       9,457       37,678       25,858  
Gain on divestitures and related transaction costs         (13,197 )           (13,197 )
Income taxes related to the above(1)   (16,237 )     (8,315 )     (44,170 )     (20,742 )
Non-GAAP net income $ 154,380     $ 131,696     $ 459,851     $ 376,583  
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Net income $ 106,690     $ 109,754     $ 330,105     $ 281,469  
Less: net income allocated to participating securities   (1,571 )     (1,649 )     (4,816 )     (3,945 )
Net income attributable to common stockholders   105,119       108,105       325,289       277,524  
Acquisition-related and integration expenses allocated to common stockholders   12,380             14,991        
Amortization of intangibles allocated to common stockholders   40,889       33,486       119,259       101,749  
Share-based compensation allocated to common stockholders   9,717       9,315       37,128       25,496  
Gain on divestitures and related transaction costs allocated to common stockholders         (12,999 )           (13,012 )
Income taxes related to the above allocated to common stockholders(1)   (15,998 )     (8,190 )     (43,526 )     (20,450 )
Non-GAAP net income attributable to common stockholders $ 152,107     $ 129,717     $ 453,141     $ 371,307  
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Diluted earnings per common share (“EPS”)(2) $ 2.04     $ 2.08     $ 6.28     $ 5.35  
Acquisition-related and integration expenses   0.24             0.29        
Amortization of intangibles   0.79       0.64       2.30       1.96  
Share-based compensation   0.19       0.18       0.72       0.49  
Gain on divestitures and related transaction costs         (0.25 )           (0.25 )
Income taxes related to the above(1)   (0.31 )     (0.16 )     (0.85 )     (0.40 )
Non-GAAP diluted EPS $ 2.95     $ 2.49     $ 8.74     $ 7.15  
               
Weighted-average number of common shares – diluted   51,549       52,061       51,834       51,914  
  Three Months Ended   Nine Months Ended
  August 31, 2022   August 31, 2021   August 31, 2022   August 31, 2021
Net cash provided by operating activities $ 152,557     $ 93,010     $ 365,041     $ 332,125  
Purchases of property and equipment   (26,110 )     (42,111 )     (97,276 )     (112,869 )
Free cash flow $ 126,447     $ 50,899     $ 267,765     $ 219,256  
  Forecast
  Three Months

Ending November

30, 2022
  (To exceed)
Operating income $ 180,000
Acquisition-related and integration expenses   15,000
Amortization of intangibles   42,400
Share-based compensation   16,600
Non-GAAP operating income $ 254,000
  Forecast
  Fiscal Year

Ending November

30, 2022
  (To exceed)
Operating income $ 642,087
Acquisition-related and integration expenses   30,213
Amortization of intangibles   163,400
Share-based compensation   54,300
Non-GAAP operating income $ 890,000

(1) The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity-specific, statutory tax rates applicable to each item during the respective periods presented.

(2) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For the purposes of calculating diluted EPS, net income attributable to participating securities was approximately 1.5% of net income for both the three months ended August 31, 2022 and 2021 and 1.5% and 1.4% of net income, respectively, for the nine months ended August 31, 2022 and 2021, and was excluded from total net income to calculate net income attributable to common stockholders. In addition, the non-GAAP adjustments allocated to common stockholders were calculated based on the percentage of net income attributable to common stockholders.


Leave a Comment