What Concentrix Corporation told the SEC could break it.

About 54% of revenue is priced in U.S. dollars but a substantial amount is denominated in euros, British pounds, Japanese yen and Brazilian real, while costs are heavily in PHP/INR; a stronger U.S. dollar could materially reduce translated revenue.

“While approximately 54% of our revenue is priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, and Brazilian real, among other currencies. A significant increase in the value of the U.S. dollar relative to these currencies may have a material adverse effect on the value of those services when translated into U.S.”

Concentrix runs a global delivery model from 74 countries with a significant workforce concentration in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco and the U.K.; ~89% of revenue was generated by non-U.S. operations in fiscal 2025, so geopolitical events in these countries could disrupt operations.

“Our operations are based on a global delivery model with client services provided from delivery centers in 74 countries, with a significant concentration of our workforce located in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco, and the United Kingdom.”

Concentrix depends on a limited number of clients; its five largest collectively represented ~19% of revenue in fiscal 2025, with no individual client over 10%.

“Our five largest clients collectively represented approximately 19% of our revenue in fiscal year 2025.”