EX-99.1 4 ny20009688x1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1
Adjusted EBITDA reconciliation

   
For the fiscal year ended December 31, 2022
 
Webhelp Parent Historical Consolidated Income Statement Line Items
Concentrix Historical Consolidated Income Statement Line Items
Webhelp Parent Historical in IFRS (€)
 
Reclassification Adjustments and IFRS to U.S. GAAP Adjustments
  Notes
 
Webhelp Parent Reclassified and in U.S. GAAP (€)
 
Webhelp Parent Reclassified and in U.S. GAAP ($), (d)
Net profit attributable to owners
Net income
          39,354
         
          39,354
 
$          41,465
Net profit attributable to non-controlling interest
Net income attributable to non-controlling interest
(190)
         
(190)
 
(200)
Financing costs
Interest expense and finance charges, net
101,745
 
(18,463)
   (a)  
83,282
 
87,750
Income tax
Provision for income taxes
18,382
         
18,382
 
19,368
 
Other expense (income), net
   
56,347
   (b)  
56,347
 
59,370
Loss on net monetary position
 
6,386
 
(6,386)
   (b)        
Other financial income
 
(62,034)
 
62,034
   (b)    

Other financial expense
 
111,393
 
(111,393)
   (b)    

Acquisition/integration costs
Acquisition-related and integration costs
8,700
       
8,700
 
9,167
Amortization of customer relationships and technologies
Amortization of intangibles
56,679
       
56,679
 
59,720
Share-based compensation expenses
Share-based compensation
7,100
       
7,100
 
7,481
 
Transformation project and other costs
   
17,800
   (c)  
17,800
 
18,755
Transformation project costs
 
10,800
 
(10,800)
   (c)    
Restructuring costs
 
1,700
 
(1,700)
   (c)    
Other
 
5,400
 
(5,400)
   (c)    
Depreciation
Depreciation
88,807
         
88,807
 
93,572
Adjusted EBITDA
 
          394,222
         
€376,261
 
$ 396,448

(a) -
Represents an IFRS to U.S. GAAP adjustment to reclassify Webhelp Parent's historical  interest expense related to lease liabilities included in interest expense to selling, general and administrative expenses to conform to U.S. GAAP and Concentrix' presentation.
(b) -
Represents a reclassification of Webhelp Parent's historical expense to conform to Concentrix' presentation. The majority of the reclassification relates to foreign exchange gains/losses that Concentrix classifies as other expense (income), net.
(c) -
Reclassifications of income statement line items to condense the presentation of certain Webhelp Parent's historical financial statements line items to conform to Concentrix' presentation.
(d) -
The Webhelp Parent’s reclassified income statement was translated to U.S. dollars using the average foreign exchange rate of 1.0537 USD/euro for the year ended December 31, 2022.


   
For the twelve months ended March 31, 2023
 
Webhelp Parent Historical Consolidated Income Statement Line Items
Concentrix Historical Consolidated Income Statement Line Items
Webhelp Parent Historical in IFRS (€)
 
Reclassification Adjustments and IFRS to U.S. GAAP Adjustments
   Notes  
Webhelp Parent Reclassified and in U.S. GAAP (€)
 
Webhelp Parent Reclassified and in U.S.
GAAP ($), (d)
Net profit attributable to owners
Net income
          33,458
       
          33,458
 
$          34,855
Net profit attributable to non-controlling interest
Net income attributable to non-controlling interest
74
 
     
74
 
77
Financing costs
Interest expense and finance charges, net
115,259
 
(20,699)
  (a)
 
94,560
 
98,508
Income tax
Provision for income taxes
19,160
       
19,160
 
19,960
 
Other expense (income), net
   
55,633
  (b)
 
55,633
 
57,956
Loss on net monetary position
 
7,640
 
(7,640)
  (b)
       
Other financial income
 
(67,092)
 
67,092
  (b)
   
Other financial expense
 
114,482
 
(114,482)
  (b)
   
                     
Acquisition/integration costs
Acquisition-related and integration costs
8,200
       
8,200
 
8,542
Amortization of customer relationships and technologies
Amortization of intangibles
58,157
       
58,157
 
60,585
Share-based compensation expenses
Share-based compensation
6,671
       
6,671
 
6,950
 
Transformation project and other costs
   
20,347
  (c)
 
20,347
 
21,197
Transformation project costs
 
13,261
 
(13,261)
  (c)
   
Restructuring costs
 
1,700
 
(1,700)
  (c)
   
Other
 
5,486
 
(5,486)
  (c)
 
 
Depreciation
Depreciation
91,676
         
91,676
 
95,504
Adjusted EBITDA
 
          408,132
         
€ 387,936
 
$ 404,134

(a) -
Represents an IFRS to U.S. GAAP adjustment to reclassify Webhelp Parent's historical  interest expense related to lease liabilities included in interest expense to selling, general and administrative expenses to conform to U.S. GAAP and Concentrix' presentation.
(b) -
Represents a reclassification of Webhelp Parent's historical expense to conform to Concentrix' presentation. The majority of the reclassification relates to foreign exchange gains/losses that Concentrix classifies as other expense (income), net.
(c) -
Reclassifications of income statement line items to condense the presentation of certain Webhelp Parent's historical financial statements line items to conform to Concentrix' presentation.
(d) -
The Webhelp Parent's reclassified income statement was translated to U.S. dollars using the average foreign exchange rate 1.0418 USD/euro for the twelve months ended March 31, 2023.