Forward-Looking Statements and Non-GAAP Measures - The company does not undertake to update forward-looking statements due to new information or future expectations, events, or developments [1] - The call contains forward-looking statements addressing expected future performance, which may be materially different due to uncertainties [4] - Non-GAAP financial measures discussed include adjusted free cash flow, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP EPS, and constant currency metrics [3] Conference Call Details - The call is for Concentrix Corporation's Q4 2024 earnings, held on January 15, 2025, with participants including Sara Buda (VP of IR), Chris Caldwell (President and CEO), and Andre Valentine (CFO) [2] - The call is the property of Concentrix and cannot be recorded or rebroadcast without written permission [4]

See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. (1) Fourth Quarter Fiscal 2024 Highlights: • Delivers revenue growth at the high end of previous guidance range for the quarter • Returns $220 million to shareholders in fiscal 2024 through share repurchases and dividends • Gains market traction with new iX GenAI productivity applications • Introduces 2025 guidance indicating revenue growth, ...

Delivers revenue growth at the high end of previous guidance range for the quarterReturns $220 million to shareholders in fiscal 2024 through share repurchases and dividendsGains market traction with new iX GenAI productivity applicationsIntroduces 2025 guidance indicating revenue growth, margin and free cash flow expansionIncreases share repurchase authorization to $600 million NEWARK, Calif., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, ...

Concentrix Corporation (CNXC) is scheduled to release fourth-quarter fiscal 2024 results on Jan. 15, after market close.See Zacks Earnings Calendar to stay ahead of market-making news.CNXC surpassed the Zacks Consensus Estimate in two of the past four quarters and missed twice, the earnings surprise being 2.3%, on average.Concentrix’s Q4 ExpectationsThe Zacks Consensus Estimate for revenues is pegged at $9.6 billion, suggesting a 35.2% increase from the year-ago quarter’s actual. The top line is estimated t ...

Concentrix Corporation CNXC will release its fourth-quarter financial results after the closing bell on Wednesday, Jan. 15.Analysts expect the Newark, California-based company to report quarterly earnings at $3.01 per share, down from $3.36 per share in the year-ago period. Concentrix projects quarterly revenue of $2.44 billion, compared to $2.23 billion a year earlier, according to data from Benzinga Pro.On Sept. 25, Concentrix reported quarterly earnings of $2.87 per share, which missed the analyst consen ...

NEWARK, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, plans to announce its fourth quarter and full year fiscal 2024 financial results after market close on Wednesday, January 15, 2025. The Company also plans to host a conference call and webcast with the investment community to discuss the financial results on Wednesday, January 15, 2025, at 5:00 pm, Eastern Time. The live conference call webcast will be available in listen-only mo ...

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 ...

Editor's note: Seeking Alpha is proud to welcome Kingfisher Research as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access.Like the common kingfisher or Alcedo Atthis searches for small fish, I research small, and medium cap companies in Europe, the United States, and South America. You can find a common kingfisher in my profile.With close to 14 years in th ...

[PART I—FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for the three and nine months ended August 31, 2024 and 2023, along with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased from **$12.49 billion** to **$12.21 billion** as of August 31, 2024, driven by lower cash and intangibles, with total liabilities also decreasing Consolidated Balance Sheet Highlights (in millions/billions) | Account | August 31, 2024 (unaudited, $B) | November 30, 2023 ($B) | | :--- | :--- | :--- | | **Total Assets** | **$12.21** | **$12.49** | | Cash and cash equivalents ($M) | $246.2 | $295.3 | | Goodwill ($B) | $5.08 | $5.08 | | Intangible assets, net ($B) | $2.48 | $2.80 | | **Total Liabilities** ($B) | **$8.04** | **$8.35** | | Long-term debt, net ($B) | $4.91 | $4.94 | | **Total Stockholders' Equity** ($B) | **$4.17** | **$4.14** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2024 revenue increased to **$2.39 billion** from **$1.63 billion** YoY due to the Webhelp acquisition, but net income declined to **$16.6 million** from **$77.6 million** Statement of Operations Summary (in millions, except per share amounts) | Metric (in millions) | Three Months Ended Aug 31, 2024 | Three Months Ended Aug 31, 2023 | Nine Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$2,387.4** | **$1,632.8** | **$7,170.9** | **$4,883.9** | | Gross Profit | $864.2 | $593.7 | $2,578.3 | $1,755.1 | | Operating Income | $153.2 | $162.3 | $451.9 | $480.9 | | **Net Income** | **$16.6** | **$77.6** | **$135.6** | **$244.4** | | **Diluted EPS** | **$0.25** | **$1.49** | **$2.00** | **$4.67** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$383.1 million** for the nine months ended August 31, 2024, with financing activities shifting from a **$1.64 billion** inflow to a **$268.1 million** outflow Cash Flow Summary (Nine Months Ended Aug 31, in millions/billions) | Cash Flow Activity (in millions/billions) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities ($M) | $383.1 | $448.7 | | Net cash used in investing activities ($M) | ($183.4) | ($115.7) | | Net cash provided by (used in) financing activities ($M/$B) | ($268.1) | $1.64B | | **Net (decrease) increase in cash ($M/$B)** | **($74.7)** | **$1.97B** | [Notes to the Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial statement line items, covering the Webhelp Combination, revenue, debt, and equity - The company completed its acquisition of Webhelp on September 25, 2023, for a total purchase price consideration of approximately **$3.77 billion**, net of cash acquired[18](index=18&type=chunk)[19](index=19&type=chunk) - For the nine months ended August 31, 2024, revenue from the Retail, travel and ecommerce vertical grew **86.5%** YoY, and Communications and media grew **48.8%** YoY, primarily driven by the Webhelp Combination[92](index=92&type=chunk) - During the nine months ended August 31, 2024, the company repurchased **1.5 million shares** for **$101.6 million** and paid dividends totaling **$61.2 million**[8](index=8&type=chunk)[104](index=104&type=chunk) - As of August 31, 2024, the company was in compliance with all debt covenants related to its Senior Notes, Restated Credit Facility, and other borrowing arrangements[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes financial results, highlighting the Webhelp Combination's impact on revenue, margins, and expenses, and discusses liquidity, capital resources, debt, and non-GAAP measures [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q3 2024 revenue increased **46.2%** to **$2.39 billion** due to the Webhelp Combination, but operating income fell **5.6%** to **$153.2 million** due to higher SG&A expenses and amortization - Q3 2024 revenue increased by **46.2%** YoY, primarily due to the Webhelp Combination[128](index=128&type=chunk) - Q3 2024 SG&A expenses increased by **64.8%** YoY, mainly due to incremental costs from the Webhelp Combination, a **$77.0 million** increase in amortization, and a **$17.6 million** increase in acquisition-related and integration expenses[137](index=137&type=chunk)[138](index=138&type=chunk) - Interest expense for Q3 2024 increased by **63.9%** YoY to **$80.8 million**, driven by interest on senior notes and the Sellers' Note issued for the Webhelp acquisition[142](index=142&type=chunk)[143](index=143&type=chunk) - The effective tax rate for Q3 2024 was **37.0%**, up from **27.3%** in Q3 2023, primarily due to a change in the geographic mix of income[148](index=148&type=chunk)[149](index=149&type=chunk) [Certain Non-GAAP Financial Information](index=45&type=section&id=Certain%20Non-GAAP%20Financial%20Information) The company provides non-GAAP metrics to assess base operating performance, with Q3 2024 Non-GAAP operating income at **$331.0 million** and Non-GAAP diluted EPS at **$2.87** GAAP to Non-GAAP Reconciliation Highlights (Q3 Ended Aug 31, in millions, except per share) | Metric (in millions, except per share) | 2024 | 2023 | | :--- | :--- | :--- | | **GAAP Operating Income** | **$153.2** | **$162.3** | | Non-GAAP Operating Income | $331.0 | $231.0 | | **GAAP Net Income** | **$16.6** | **$77.6** | | Non-GAAP Net Income | $192.2 | $143.7 | | **GAAP Diluted EPS** | **$0.25** | **$1.49** | | Non-GAAP Diluted EPS | $2.87 | $2.76 | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) As of August 31, 2024, total liquidity was **$1.47 billion**, with cash used for debt repayment, **$101.6 million** in stock repurchases, and **$61.2 million** in dividends, while remaining debt compliant - Total liquidity as of August 31, 2024, was **$1.47 billion**, comprising undrawn credit facilities and cash and cash equivalents[188](index=188&type=chunk) - During the nine months ended August 31, 2024, the company voluntarily prepaid **$350 million** of the principal balance on its Term Loan[172](index=172&type=chunk) - The company repurchased **$101.6 million** of its common stock and paid **$61.2 million** in dividends during the first nine months of fiscal 2024[163](index=163&type=chunk)[164](index=164&type=chunk) - On September 25, 2024, the company announced a quarterly cash dividend of **$0.33275 per share**, an increase from the previous rate[107](index=107&type=chunk)[164](index=164&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks, primarily from foreign currency exchange rates and interest rates, and its use of derivative instruments for hedging - The company has significant foreign currency risk as approximately **50%** of revenue is priced in U.S. dollars, while a substantial portion of costs are in local currencies like the Philippine peso and Indian rupee[193](index=193&type=chunk)[194](index=194&type=chunk) - A hypothetical **10%** adverse change in foreign currency exchange rates would result in a potential loss in fair value of approximately **$103.8 million** on hedging contracts, substantially mitigated by corresponding gains on underlying exposures[194](index=194&type=chunk) - The company is exposed to interest rate risk on its variable-rate debt, where a **100 basis point** increase in interest rates would cause an estimated increase in annual interest expense of approximately **$20.2 million**[196](index=196&type=chunk) [Controls and Procedures](index=53&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of August 31, 2024, with ongoing integration of Webhelp's internal controls - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the reporting period[197](index=197&type=chunk) - The company is in the process of evaluating and integrating the operations, processes, and internal controls of the acquired Webhelp business[199](index=199&type=chunk) [PART II—OTHER INFORMATION](index=55&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course legal proceedings not expected to materially affect its financial position, with no material developments this quarter - During the three months ended August 31, 2024, there were no new material legal proceedings or material developments in previously reported proceedings[201](index=201&type=chunk) [Risk Factors](index=55&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for fiscal year ended November 30, 2023 - There have been no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2023[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details Q3 2024 common stock repurchases, totaling **607,298 shares** for approximately **$39.3 million**, with **$188.5 million** remaining under authorization Share Repurchases (Quarter Ended August 31, 2024) | Period | Total Shares Purchased (Program) | Average Price Paid per Share ($) | | :--- | :--- | :--- | | June 2024 | 215,452 | $60.42 | | July 2024 | 199,861 | $66.93 | | August 2024 | 191,985 | $67.23 | | **Total** | **607,298** | **$64.72 (approx.)** | - As of August 31, 2024, approximately **$188.5 million** remained available for share repurchases under the existing program[203](index=203&type=chunk) [Other Information](index=55&type=section&id=ITEM%205.%20OTHER%20INFORMATION) The company reports no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2024 - During the third quarter of 2024, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement[204](index=204&type=chunk) [Exhibits](index=56&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including Webhelp acquisition agreements, corporate governance documents, and officer certifications - The report includes certifications from the CEO and CFO pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act of 2002[206](index=206&type=chunk)

Group 1 - U.S. stock futures are higher, with Dow futures gaining around 200 points [1] - Concentrix Corporation reported quarterly earnings of $2.87 per share, missing the analyst consensus estimate of $2.93 per share [1] - Concentrix's quarterly revenue was $2.387 billion, beating the analyst consensus estimate of $2.382 billion [1] Group 2 - Concentrix shares fell 13.8% to $54.79 in pre-market trading [2] - One Liberty Properties, Inc. shares dipped 26.3% to $20.02 in pre-market trading [3] - Pagaya Technologies Ltd. shares fell 15% to $10.59 after announcing a $125 million exchangeable senior notes offering [3] - Critical Metals Corp shares declined 8.3% to $6.00 in pre-market trading [3] - CarMax, Inc. shares declined 7.3% to $69.02 following downbeat quarterly earnings [3] - Armada Hoffler Properties, Inc. shares declined 7.3% to $11.00 after announcing upsizing and pricing of a public offering [3] - Sonos, Inc. shares fell 6% to $11.86 in pre-market trading [3]