Chris Caldwell, President and CEO of Concentrix, to discuss AI's transformative impact on the customer experienceCompany to showcase leading-edge technologies at Stand 0404-16, FIL1 Pavilion 1 NEWARK, Calif., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, announced today that it will offer new insights into how AI and intelligent experiences are reshaping industries at Web Summit 2024, the world’s premier tech conference in Lisbon, Portugal ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-39494 Concentrix Logo.jpg CONCENTRIX CORPORATION (Exact name of Registrant as specified in its cha ...

U.S. stock futures were higher this morning, with the Dow futures gaining around 200 points on Thursday. Shares of Concentrix Corporation CNXC fell sharply in today's pre-market trading following mixed thirdquarter financial results. Concentrix reported quarterly earnings of $2.87 per share, which missed the analyst consensus estimate of $2.93 per share. Quarterly revenue came in at $2.387 billion, which beat the analyst consensus estimate of $2.382 billion. Concentrix shares dipped 13.8% to $54.79 in pre-m ...

Financial Data and Key Metrics - Q3 2024 revenue was $2.4 billion, reflecting 2.6% pro forma constant currency growth [19] - Non-GAAP operating income was $331 million, up $100 million YoY, with a margin of 13.9%, down 20 bps YoY [21] - Adjusted EBITDA was $388 million, up $119 million YoY, with a margin of 16.3%, down 20 bps YoY [21] - Non-GAAP net income was $192 million, up $49 million YoY, and non-GAAP EPS was $2.87, up $0.11 YoY [22] - Adjusted free cash flow was $135 million, below expectations due to client collection delays and accelerated integration costs [23] - Net debt was $4.67 billion, with a net leverage ratio of 2.95x pro forma adjusted EBITDA [24] Business Line Data and Key Metrics - Retail, travel, and e-commerce revenue grew 8% YoY on a pro forma constant currency basis [19] - Banking, financial services, and insurance revenue grew 5% YoY [19] - Technology and consumer electronics revenue grew 1%, while communications and media revenue declined 3% [20] - Healthcare revenue decreased 4% due to offshore delivery shifts [20] Market Data and Key Metrics - The company won 80% of 22 client consolidation opportunities in Q3 [11] - The airline win in Q3 leverages Generative AI solutions across 15 lines of business and 10 languages [8] - A large infrastructure company saw 40% of transactions handled autonomously by an AI bot, resulting in a 12% near-term revenue reduction [9] - A $150 million five-year contract was secured with a large financial organization for a transformational program [10] Company Strategy and Industry Competition - The company is focusing on winning higher complexity deals and walking away from commoditized business, with less than 7% of revenue now from transactional price-led business [7] - Investments in Generative AI tools have increased to a $100 million annual run rate [14] - The launch of iX Hello, a Generative AI productivity tool, aims to automate internal tasks and boost productivity [15] - The company is reallocating capital towards technology and transformation work to secure long-term business [17] Management Commentary on Operating Environment and Future Outlook - Clients are accelerating technology adoption and pushing for faster transformations, leading to shorter transition timelines [5] - The company expects Q4 revenue of $2.42 billion to $2.47 billion, with pro forma constant currency growth ranging from -0.5% to 1.5% [30] - Full-year 2024 revenue is expected to be $9.591 billion to $9.641 billion, with pro forma constant currency growth of 2.2% to 2.7% [32] - The company aims to reduce net leverage to 2.8x adjusted EBITDA by year-end 2024 [34] Other Important Information - The company repurchased 600,000 shares for $39 million in Q3 and expects full-year repurchases to exceed $130 million [25] - A 10% increase in the quarterly dividend was announced [25] - Integration synergies are expected to reach $120 million by 2025, a year ahead of schedule [28] Q&A Session Summary Question: Revenue impact from walking away from commoditized business vs. new business wins [37] - The company expects a 1% headwind from client volume declines, a 0.5% headwind from offshoring, and a <0.5% headwind from lost consolidation opportunities [38] Question: Ramp timelines for new business wins [39] - The airline win will start generating revenue in late Q4/early Q1, with full ramp by Q2/Q3 2025 [40] - The large transformational project will see revenue by end of Q2 2025, with full ramp by end of Q4 2025 [40] Question: Accelerated merger-related costs in 2025 [41] - The company is accelerating integration spending to achieve $120 million in synergies by 2025, reinvesting savings into transformation activities [42] Question: Other expenses increase in Q3 [43] - The increase was due to $33 million in foreign currency losses and changes in contingent consideration [44] Question: Catalyst business trends [45] - The Catalyst business is performing well, enabling technology deployments and consulting on transformational deals [46] Question: Offshoring impact on revenue and margins [47] - Offshoring is causing dual costs and margin compression in the short term, but longer-term contracts will lead to margin expansion [49] Question: TCE segment performance [52] - The TCE segment saw muted volumes, particularly in consumer electronics, despite share gains [53] Question: Client consolidation opportunities [54] - The company is seeing faster-than-expected consolidation, driven by clients managing costs and seeking full solutions [55] Question: Automation targets [57] - Automation timelines are accelerating as clients seek in-year savings, but the scope of automation remains consistent [58] Question: iX Hello pricing and cannibalization [64] - iX Hello is priced per seat with volume discounts, and the company is comfortable with cannibalizing low-margin business [65] Question: Gen AI investment ROI [67] - The company expects ROI on its $100 million annual Gen AI investment by end of 2025, with accretive margins and growth rates [68] Question: Impact of new technology products on margins [71] - The company is managing investments within its $100 million run rate and expects to see margin improvements as transformational programs ramp [72] Question: Offshore program margin benefits and pricing environment [73] - Offshore programs typically take 2-3 quarters to show margin benefits, and the pricing environment remains competitive, with clients shifting upfront costs to providers [74] Question: Gen AI adoption and future disruption [75] - Close to 1,000 clients are using Gen AI at scale, with some proof-of-concepts converting to production, but clients remain cautious about customer-facing AI [76][77] - The company expects continued adoption of multiple Gen AI solutions tailored to specific client needs [80]

Concentrix Corporation (CNXC) came out with quarterly earnings of $2.87 per share, missing the Zacks Consensus Estimate of $2.92 per share. This compares to earnings of $2.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.71%. A quarter ago, it was expected that this company would post earnings of $2.62 per share when it actually produced earnings of $2.69, delivering a surprise of 2.67%. Over the last four quarters, the ...

Exhibit 99.1 (1) concentrix Concentrix Reports Third Quarter 2024 Results – Delivers revenue above the midpoint of guidance and profit within guidance range – Returns $60 million to shareholders in the quarter through share repurchases and dividends and raises quarterly dividend by 10% – Introduces iX Hello™, the Company's first commercial product launch, reflecting the Company's accelerated AI investments Newark, Calif., September 25, 2024 – Concentrix Corporation (NASDAQ: CNXC), a global technology and se ...

NEWARK, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced the release of iX Hello, a GenAI-powered self-service application designed to supercharge productivity and engagement quality, with high security. A Media Snippet accompanying this announcement is available by clicking on this link. iX Hello offers an out-of-the box solution for businesses to create virtual assistants for countless use cases — from data analysis ...

Delivers revenue above the midpoint of guidance and profit within guidance range Returns $60 million to shareholders in the quarter through share repurchases and dividends and raises quarterly dividend by 10% Introduces iX Hello™, the Company's first commercial product launch, reflecting the Company's accelerated AI investments NEWARK, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced financial results for the fiscal th ...

Company Overview - Concentrix (NASDAQ: CNXC) is set to report its Q3 financial results on September 25th [1] - The company has been under review since the author's initial article, with a focus on long-term performance [1] Investment Strategy - The author prefers a long-term investment horizon, typically 5-10 years [1] - The investment portfolio is diversified, including growth, value, and dividend-paying stocks, with a particular emphasis on value stocks [1] - The author occasionally engages in selling options as part of the investment strategy [1]