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ACQUISITION (Tables) | 3 Months Ended
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Feb. 29, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The preliminary purchase price consideration to acquire Webhelp consisted of the following:
Cash consideration for Shares (1) | $ | 529,160 |
Cash consideration for repayment of Webhelp debt and shareholder loan (2) | 1,915,197 |
Total cash consideration | 2,444,357 |
Equity consideration (3) | 1,084,894 |
Earnout shares contingent consideration (4) | 32,919 |
Sellers’ note consideration (5) | 711,830 |
Total consideration transferred | 4,274,000 |
Less: Cash and restricted cash acquired (6) | 499,211 |
Total purchase price consideration | $ | 3,774,789 |
(1) Represents the cash consideration paid, and to be paid, in the aggregate amount of €500,000, as adjusted in accordance with the SPA. (2) Represents the cash consideration paid to repay Webhelp’s outstanding senior loan debt and shareholder loan. (3) Represents the issuance of 14,862 shares of common stock, par value $0.0001 per share, of Concentrix Corporation (the “Concentrix common stock”). (4) Represents the contingent right for the Sellers to earn an additional 750 shares of Concentrix common stock (the “Earnout Shares”). The estimated fair value of this contingent consideration was determined using a Monte-Carlo simulation model. The inputs include the closing price of Concentrix common stock as of the Closing Date, Concentrix-specific historical equity volatility, and the risk-free rate. See further details below. (5) Represents a promissory note issued by Concentrix Corporation in the aggregate principal amount of €700,000 to certain Sellers. See Note 8—Borrowings for a further discussion of this promissory note. (6) Represents the Webhelp cash and restricted cash balance acquired at the Closing Date.
Schedule of Business Acquisitions | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date:
| As of
| September 25, 2023
Assets acquired: |
Cash and cash equivalents | $ | 310,313 |
Accounts receivable | 455,218 |
Other current assets (1) | 454,465 |
Property and equipment | 323,606 |
Identifiable intangible assets | 1,984,000 |
Goodwill | 2,098,531 |
Deferred tax assets | 22,541 |
Other assets | 410,085 |
| 6,058,759 |
Liabilities assumed: |
Accounts payable | 67,558 |
Accrued compensation and benefits | 246,450 |
Other accrued liabilities | 576,549 |
Income taxes payable | 72,227 |
Debt (current portion and long-term) | 8,589 |
Deferred tax liabilities | 411,788 |
Other long-term liabilities | 401,598 |
Total liabilities assumed | 1,784,759 |
Total consideration transferred | $ | 4,274,000 |
(1) Includes restricted cash acquired of $188,899.
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The preliminary amounts allocated to intangible assets are as follows:
| Gross Carrying Amount |  | Weighted-Average Useful Life |  | Amortization Method
Customer relationships | $ | 1,882,000 |  |  | 15 years |  | Accelerated
Trade name | 102,000 |  |  | 3 years |  | Straight-line
Total | $ | 1,984,000 |  |  |  |  |
Business Acquisition, Pro Forma Information | The supplemental pro forma financial information for the prior period first fiscal quarter ended February 28, 2023 is as follows:
| Three Months Ended
| February 28, 2023
Revenue | $ | 2,362,015 |
Net income | 17,482 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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