Balance Sheet Components

3 Months Ended

Feb. 28, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

NOTE 5—BALANCE SHEET COMPONENTS:

Cash, cash equivalents and restricted cash:

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:

	As of
	February 28, 2021		November 30, 2020
Cash and cash equivalents	$	1,443,748	$	1,412,016
Restricted cash included in other current assets		477		504
Cash, cash equivalents and restricted cash	$	1,444,225	$	1,412,520

Accounts receivable, net:

	As of
	February 28, 2021			November 30, 2020
Accounts receivable	$	2,445,732		$	2,859,064
Less: Allowance for doubtful accounts		(64,668	)		(67,361	)
Accounts receivable, net	$	2,381,064		$	2,791,703

Receivables from vendors, net:

	As of
	February 28, 2021			November 30, 2020
Receivables from vendors	$	267,690		$	291,453
Less: Allowance for doubtful accounts		(5,708	)		(5,125	)
Receivables from vendors, net	$	261,982		$	286,327

Property and equipment, net:

	As of
	February 28, 2021			November 30, 2020
Land	$	18,498		$	18,400
Equipment, computers and software		146,530			143,791
Furniture and fixtures		30,356			30,355
Buildings, building improvements and leasehold improvements		148,509			147,830
Construction-in-progress		2,132			1,732
Total property and equipment, gross	$	346,025		$	342,108
Less: Accumulated depreciation		(190,156	)		(184,464	)
Property and equipment, net	$	155,869		$	157,645

Depreciation expense was $6,246 and $5,876 for the three months ended February 28, 2021 and February 29, 2020, respectively.

Goodwill:

	Amount
Balance as of November 30, 2020	$	423,885
Foreign exchange translation		104
Balance as of February 28, 2021	$	423,989

Intangible assets, net:

	As of February 28, 2021							As of November 30, 2020
	Gross Amounts		Accumulated Amortization			Net Amounts		Gross Amounts		Accumulated Amortization			Net Amounts
Customer relationships and lists	$	175,368	$	(105,165	)	$	70,203	$	175,812	$	(101,095	)	$	74,717
Vendor lists		177,486		(86,313	)		91,173		177,555		(82,187	)		95,368
Trade name and others		28,312		(13,134	)		15,178		28,349		(12,387	)		15,962
Total	$	381,166	$	(204,612	)	$	176,554	$	381,716	$	(195,669	)	$	186,047

Amortization expense was $9,369 and $10,188, for the three months ended February 28, 2021 and February 29, 2020, respectively.

Estimated future amortization expense of the Company’s intangible assets is as follows:

Fiscal years ending November 30,
2021 (remaining nine months)	$	27,887
2022		34,323
2023		30,524
2024		25,613
2025		22,168
Thereafter		36,039
Total	$	176,554

Accumulated other comprehensive income (loss):

The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:

	Unrecognized gains (losses) on defined benefit plans, net of taxes			Unrealized gains (losses) on cash flow hedges, net of taxes			Foreign currency translation adjustment and other, net of taxes			Total
Balance as of November 30, 2020	$	(37,584	)	$	(60,147	)	$	(96,840	)	$	(194,571	)
Transferred to Concentrix		38,655			(29,240	)		(5,602	)		3,813
Other comprehensive income (loss) before reclassification		—			3,017			(20	)		2,997
Reclassification of (gains) losses from Other comprehensive income (loss)		—			7,788			—			7,788
Balance as of February 28, 2021	$	1,071		$	(78,582	)	$	(102,462	)	$	(179,973	)

Refer to Note 6 - Derivative Instruments for the location of gains and losses reclassified from other comprehensive income to the Consolidated Statements of Operations. Reclassifications of amortization of actuarial (gains) losses of defined benefits plans is recorded in "Other income, net" in the combined statement of operations.

Foreign currency translation adjustment and other, net of taxes, is comprised of foreign currency translation adjustments and unrealized gains and losses on Concentrix’ available-for-sale debt securities prior to the Separation.