forth the principal actions to be taken in connection with the spin-off and define our ongoing relationship with synnex after the spin-off . the combined financial statements , which are discussed below , reflect the results of operations , financial position , and cash flows of our business and are derived from the historical results of operations and the historical basis of the assets and liabilities of the cx business of synnex from its consolidated financial statements as if we 29 had been operating on a stand-alone basis prior to the spin-off and related transactions . we believe that the assumptions made in preparing our combined financial statements are reasonable . however , our historical results may not be indicative of our future performance and do not necessarily reflect what our financial condition and results of operations would have been had we operated as an independent , stand-alone entity during the periods presented , particularly because changes will occur in our operations and capitalization as a result of the spin-off and related transactions . in december 2019 , there was an outbreak of a new strain of coronavirus ( “ covid-19 ” ) . in march 2020 , the world health organization declared the covid-19 outbreak a pandemic . the covid-19 pandemic has negatively impacted the global economy , disrupted global supply chains and labor force participation , and created significant volatility and disruption of financial markets . “ shelter-in-place ” restrictions by various governments around the world negatively impacted our results of operations for the year ended november 30 , 2020 , and was most acute during the second quarter of fiscal year 2020 , as many of our employees were unable to work productively during the period despite client demand . during the year ended november 30 , 2020 , we incurred incremental costs of approximately $ 86 million associated with non-productive workforce and other costs . we successfully transitioned a significant portion of our workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in our sites to protect the health and safety of employees . as of the end of the third quarter of fiscal year 2020 and through the remainder of the year , almost all of our workforce was productive . the extent of the continued impact of the covid-19 pandemic on our operational and financial performance , including our ability to execute our business strategies and initiatives in the expected time frame , will depend on future developments , including the duration , spread and severity of the pandemic , country and state restrictions regarding virus containment , the availability and effectiveness of vaccines and treatment options , accessibility to the company 's delivery and operations locations , our continued utilization of remote work environments in response to future health and safety restrictions , and the impact to the company 's clients ' businesses and the demand for their products and services , all of which are uncertain and can not be predicted . we are unable to predict how long the pandemic conditions will persist , what additional measures may be introduced by governments or our clients and the effect of any such additional measures on our business . as a result , many of the estimates and assumptions involved in preparation of the combined financial statements included required increased judgment and carry a higher degree of variability and volatility . as events continue to evolve with respect to the pandemic , our estimates may materially change in future periods . accordingly , current results and financial condition discussed herein may not be indicative of future operating results and trends . revenue and cost of revenue we generate revenue through the provision of customer experience solutions to our clients pursuant to client contracts . our client contracts typically consist of a master services agreement , supported in most cases by multiple statements of work , which contains the terms and conditions of each contracted solution . our agreements can range from less than one year to over five years in term and are subject to early termination by our clients for any reason , typically with 30 to 90 days ' notice . our technology-infused customer experience solutions are generally characterized by flat unit prices . approximately 96 % of our revenue is recognized as services are performed , based on staffing hours or the number of client customer interactions handled using contractual rates . remaining revenues from the sale of these solutions are typically recognized as the services are provided over the duration of the contract using contractual rates . our cost of revenue consists primarily of personnel costs related to the delivery of our solutions . the costs of our revenue can be impacted by the mix of client contracts , where we deliver the customer experience solution , additional lead time for programs to be fully scalable and transition and initial set-up costs . our cost of revenue as a percentage of revenue has also fluctuated in the past , based primarily on our ability to achieve economies of scale , the management of our operating expenses , and the timing and costs incurred related to our acquisitions and investments . 30 in fiscal years 2020 and 2019 , approximately 78 % and 76 % , respectively , of our combined revenue was generated from our non-u.s. operations , and approximately 63 % and 66 % , respectively , of our combined revenue was priced in u.s. dollars and we expect this to continue . as a result , we have certain client contracts that are priced in non-u.s. dollar currencies for which a substantial portion of the costs to deliver the services are in other currencies . accordingly , our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses . story_separator_special_tag interest expense and finance charges , net replace_table_token_9_th amounts recorded in interest expense and finance charges , net , consist primarily of interest on borrowings from synnex . net interest expense on borrowings from and to synnex was $ 48.6 million in fiscal year 2020 compared to $ 93.3 million in fiscal year 2019 . 36 the decrease in our interest expense and finance charges , net in fiscal year 2020 compared to fiscal year 2019 , reflects the decrease in interest expense on borrowings from and to synnex due to the reduction in outstanding borrowings and a reduction in libor-based interest rates . interest expense associated with our new third-party borrowings was not material during fiscal year 2020 due to the funding occurring on november 30 , 2020. other income , net replace_table_token_10_th amounts recorded as other income , net include foreign currency transaction gains and losses , other than cash flow hedges , investment gains and losses , non-service component of pension costs , and other non-operating gains and losses . other income , net in fiscal year 2020 was $ 7.4 million compared to $ 2.3 million in fiscal year 2019. the increase in other income , net was due to the favorable resolution of a previously recognized tax indemnity obligation in 2020 and an increase in net foreign currency gains . provision for income taxes replace_table_token_11_th income taxes consist of our current and deferred tax expense resulting from our income earned in domestic and international jurisdictions . although we have been included in the consolidated tax returns of synnex in certain jurisdictions , our tax provisions included herein has been recorded as if we had filed our taxes on a stand-alone basis . income taxes were negatively impacted due to limits to deductions which we do not expect post-separation . our provision for income taxes increased for the fiscal year ended november 30 , 2020 compared to november 30 , 2019 due to the increase in our income before taxes . provision for income taxes for the fiscal years 2020 and 2019 was increased by an adjustment of $ 26.8 million and $ 23.8 million , respectively , to reflect the hypothetical tax impact if concentrix was not part of synnex ' u.s. consolidated group and thereby suffered a much higher u.s. foreign tax credit limitation . the effective tax rate for fiscal year ended november 30 , 2020 decreased compared to the effective tax rate for the fiscal year ended november 30 , 2019 due to increased tax expense recorded in the fiscal year ended november 30 , 2019 resulting from an increase in reserves for uncertain tax positions and an increased provision for the transition tax related to mandatory repatriation under the tax cuts and jobs act ( the “ tcja ” ) . see note 14—inco me taxes to the combined financial statements included elsewhere in this annual report on form 10-k for further details . 37 certain non-gaap financial information in addition to disclosing financial results that are determined in accordance with gaap , we also disclose certain non-gaap financial information , including : revenue in constant currency , which is revenue 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 . revenue in constant currency is calculated by translating the revenue of each fiscal year in the billing currency using their comparable prior year 's currency conversion rate . generally , when the dollar either strengthens or weakens against other currencies , the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates . non-gaap operating income , which is operating income , adjusted to exclude acquisition-related and integration expenses , including related restructuring costs , spin-off related expenses , 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 , spin-off related expenses , 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 . 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 . our acquisition activities have resulted in the recognition of intangible assets , which consist primarily of client relationships , technology and trade names . finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable . the amortization of intangible assets is reflected in our statements of operations . although intangible assets contribute to our revenue generation , the

debt arrangements in connection with the spin-off , we entered into two third-party debt arrangements . on october 16 , 2020 , we entered into a new senior secured credit facility , which provides for the extension of revolving loans of up to $ 600 million ( the “ revolver ” ) and term loan borrowings of up to $ 900 million ( the “ term loan ” and , together with the revolver , the “ credit facility ” ) . on october 30 , 2020 , we entered into a new $ 350 million accounts receivable securitization facility ( the “ securitization facility ” ) pursuant to certain agreements , including a receivables financing agreement and a receivables purchase agreement . on november 30 , 2020 , in connection with the spin-off , we incurred $ 900 million of initial term loan borrowings under the credit facility and $ 250 million of borrowings under the securitization facility . substantially all of the proceeds from such indebtedness , net of debt issuance costs , were transferred to synnex on november 30 , 2020 to eliminate debt owed by the company to synnex and in exchange for the contribution of certain company trademarks from synnex to the company . we had no outstanding borrowings on the revolver as of november 30 , 2020. the credit facility matures on november 30 , 2025. the outstanding principal amount of the term loan is payable in quarterly installments of $ 11.25 million commencing on may 31 , 2021 , with the unpaid balance due in full on the maturity date . we may prepay the loans under the credit facility at any time without penalty , other than 40 breakage fees . we may request , subject to obtaining commitments from any participating lenders and certain other conditions , incremental commitments to increase the amount of the revolver or term loan available under the credit facility in an aggregate principal amount equal to $ 450.0 million , plus an additional amount , so long as after giving effect to the incurrence of such additional amount , our pro forma first lien leverage ratio ( as defined in the credit facility ) would not exceed 3.00


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt arrangements in connection with the spin-off , we entered into two third-party debt arrangements . on october 16 , 2020 , we entered into a new senior secured credit facility , which provides for the extension of revolving loans of up to $ 600 million ( the “ revolver ” ) and term loan borrowings of up to $ 900 million ( the “ term loan ” and , together with the revolver , the “ credit facility ” ) . on october 30 , 2020 , we entered into a new $ 350 million accounts receivable securitization facility ( the “ securitization facility ” ) pursuant to certain agreements , including a receivables financing agreement and a receivables purchase agreement . on november 30 , 2020 , in connection with the spin-off , we incurred $ 900 million of initial term loan borrowings under the credit facility and $ 250 million of borrowings under the securitization facility . substantially all of the proceeds from such indebtedness , net of debt issuance costs , were transferred to synnex on november 30 , 2020 to eliminate debt owed by the company to synnex and in exchange for the contribution of certain company trademarks from synnex to the company . we had no outstanding borrowings on the revolver as of november 30 , 2020. the credit facility matures on november 30 , 2025. the outstanding principal amount of the term loan is payable in quarterly installments of $ 11.25 million commencing on may 31 , 2021 , with the unpaid balance due in full on the maturity date . we may prepay the loans under the credit facility at any time without penalty , other than 40 breakage fees . we may request , subject to obtaining commitments from any participating lenders and certain other conditions , incremental commitments to increase the amount of the revolver or term loan available under the credit facility in an aggregate principal amount equal to $ 450.0 million , plus an additional amount , so long as after giving effect to the incurrence of such additional amount , our pro forma first lien leverage ratio ( as defined in the credit facility ) would not exceed 3.00
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 Suspicious Activity Report : forth the principal actions to be taken in connection with the spin-off and define our ongoing relationship with synnex after the spin-off . the combined financial statements , which are discussed below , reflect the results of operations , financial position , and cash flows of our business and are derived from the historical results of operations and the historical basis of the assets and liabilities of the cx business of synnex from its consolidated financial statements as if we 29 had been operating on a stand-alone basis prior to the spin-off and related transactions . we believe that the assumptions made in preparing our combined financial statements are reasonable . however , our historical results may not be indicative of our future performance and do not necessarily reflect what our financial condition and results of operations would have been had we operated as an independent , stand-alone entity during the periods presented , particularly because changes will occur in our operations and capitalization as a result of the spin-off and related transactions . in december 2019 , there was an outbreak of a new strain of coronavirus ( “ covid-19 ” ) . in march 2020 , the world health organization declared the covid-19 outbreak a pandemic . the covid-19 pandemic has negatively impacted the global economy , disrupted global supply chains and labor force participation , and created significant volatility and disruption of financial markets . “ shelter-in-place ” restrictions by various governments around the world negatively impacted our results of operations for the year ended november 30 , 2020 , and was most acute during the second quarter of fiscal year 2020 , as many of our employees were unable to work productively during the period despite client demand . during the year ended november 30 , 2020 , we incurred incremental costs of approximately $ 86 million associated with non-productive workforce and other costs . we successfully transitioned a significant portion of our workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in our sites to protect the health and safety of employees . as of the end of the third quarter of fiscal year 2020 and through the remainder of the year , almost all of our workforce was productive . the extent of the continued impact of the covid-19 pandemic on our operational and financial performance , including our ability to execute our business strategies and initiatives in the expected time frame , will depend on future developments , including the duration , spread and severity of the pandemic , country and state restrictions regarding virus containment , the availability and effectiveness of vaccines and treatment options , accessibility to the company 's delivery and operations locations , our continued utilization of remote work environments in response to future health and safety restrictions , and the impact to the company 's clients ' businesses and the demand for their products and services , all of which are uncertain and can not be predicted . we are unable to predict how long the pandemic conditions will persist , what additional measures may be introduced by governments or our clients and the effect of any such additional measures on our business . as a result , many of the estimates and assumptions involved in preparation of the combined financial statements included required increased judgment and carry a higher degree of variability and volatility . as events continue to evolve with respect to the pandemic , our estimates may materially change in future periods . accordingly , current results and financial condition discussed herein may not be indicative of future operating results and trends . revenue and cost of revenue we generate revenue through the provision of customer experience solutions to our clients pursuant to client contracts . our client contracts typically consist of a master services agreement , supported in most cases by multiple statements of work , which contains the terms and conditions of each contracted solution . our agreements can range from less than one year to over five years in term and are subject to early termination by our clients for any reason , typically with 30 to 90 days ' notice . our technology-infused customer experience solutions are generally characterized by flat unit prices . approximately 96 % of our revenue is recognized as services are performed , based on staffing hours or the number of client customer interactions handled using contractual rates . remaining revenues from the sale of these solutions are typically recognized as the services are provided over the duration of the contract using contractual rates . our cost of revenue consists primarily of personnel costs related to the delivery of our solutions . the costs of our revenue can be impacted by the mix of client contracts , where we deliver the customer experience solution , additional lead time for programs to be fully scalable and transition and initial set-up costs . our cost of revenue as a percentage of revenue has also fluctuated in the past , based primarily on our ability to achieve economies of scale , the management of our operating expenses , and the timing and costs incurred related to our acquisitions and investments . 30 in fiscal years 2020 and 2019 , approximately 78 % and 76 % , respectively , of our combined revenue was generated from our non-u.s. operations , and approximately 63 % and 66 % , respectively , of our combined revenue was priced in u.s. dollars and we expect this to continue . as a result , we have certain client contracts that are priced in non-u.s. dollar currencies for which a substantial portion of the costs to deliver the services are in other currencies . accordingly , our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses . story_separator_special_tag interest expense and finance charges , net replace_table_token_9_th amounts recorded in interest expense and finance charges , net , consist primarily of interest on borrowings from synnex . net interest expense on borrowings from and to synnex was $ 48.6 million in fiscal year 2020 compared to $ 93.3 million in fiscal year 2019 . 36 the decrease in our interest expense and finance charges , net in fiscal year 2020 compared to fiscal year 2019 , reflects the decrease in interest expense on borrowings from and to synnex due to the reduction in outstanding borrowings and a reduction in libor-based interest rates . interest expense associated with our new third-party borrowings was not material during fiscal year 2020 due to the funding occurring on november 30 , 2020. other income , net replace_table_token_10_th amounts recorded as other income , net include foreign currency transaction gains and losses , other than cash flow hedges , investment gains and losses , non-service component of pension costs , and other non-operating gains and losses . other income , net in fiscal year 2020 was $ 7.4 million compared to $ 2.3 million in fiscal year 2019. the increase in other income , net was due to the favorable resolution of a previously recognized tax indemnity obligation in 2020 and an increase in net foreign currency gains . provision for income taxes replace_table_token_11_th income taxes consist of our current and deferred tax expense resulting from our income earned in domestic and international jurisdictions . although we have been included in the consolidated tax returns of synnex in certain jurisdictions , our tax provisions included herein has been recorded as if we had filed our taxes on a stand-alone basis . income taxes were negatively impacted due to limits to deductions which we do not expect post-separation . our provision for income taxes increased for the fiscal year ended november 30 , 2020 compared to november 30 , 2019 due to the increase in our income before taxes . provision for income taxes for the fiscal years 2020 and 2019 was increased by an adjustment of $ 26.8 million and $ 23.8 million , respectively , to reflect the hypothetical tax impact if concentrix was not part of synnex ' u.s. consolidated group and thereby suffered a much higher u.s. foreign tax credit limitation . the effective tax rate for fiscal year ended november 30 , 2020 decreased compared to the effective tax rate for the fiscal year ended november 30 , 2019 due to increased tax expense recorded in the fiscal year ended november 30 , 2019 resulting from an increase in reserves for uncertain tax positions and an increased provision for the transition tax related to mandatory repatriation under the tax cuts and jobs act ( the “ tcja ” ) . see note 14—inco me taxes to the combined financial statements included elsewhere in this annual report on form 10-k for further details . 37 certain non-gaap financial information in addition to disclosing financial results that are determined in accordance with gaap , we also disclose certain non-gaap financial information , including : revenue in constant currency , which is revenue 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 . revenue in constant currency is calculated by translating the revenue of each fiscal year in the billing currency using their comparable prior year 's currency conversion rate . generally , when the dollar either strengthens or weakens against other currencies , the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates . non-gaap operating income , which is operating income , adjusted to exclude acquisition-related and integration expenses , including related restructuring costs , spin-off related expenses , 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 , spin-off related expenses , 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 . 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 . our acquisition activities have resulted in the recognition of intangible assets , which consist primarily of client relationships , technology and trade names . finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable . the amortization of intangible assets is reflected in our statements of operations . although intangible assets contribute to our revenue generation , the

