Concentrix(CNXC)2024-03-26 20:08Revenue and Growth - Revenue for the three months ending May 31, 2024 is forecasted to be between $2,325,000 and $2,372,000, with proforma revenue growth ranging from -0.6% to 1.4%[13] - Proforma constant currency revenue growth for the three months ending May 31, 2024 is expected to be between 1.0% and 3.0%[13] - Revenue for Q1 2024 was $2,402.7 million, up 46.8% YoY from $1,636.4 million in Q1 2023[16] - Q2 2024 revenue is expected to be between $2.325 billion and $2.372 billion, with a 1% to 3% pro forma constant currency growth[19] - Full-year 2024 revenue is expected to range from $9.510 billion to $9.700 billion, with a 1% to 3% pro forma constant currency growth[20] - Total revenue for the three months ended February 29, 2024, was $2,402,748, representing a 47% increase compared to the same period in 2023[35] - Proforma constant currency revenue growth for the three months ended February 29, 2024, was 2.8%[38] Non-GAAP Financial Metrics - Non-GAAP operating income for the three months ended February 29, 2024 was $319,061, compared to $217,604 for the same period in 2023[11] - Adjusted EBITDA for the three months ended February 29, 2024 was $384,318, compared to $255,779 for the same period in 2023[11] - Non-GAAP net income attributable to common stockholders for the three months ended February 29, 2024 was $168,919, compared to $133,522 for the same period in 2023[9] - Non-GAAP diluted EPS for the three months ended February 29, 2024 was $2.57, compared to $2.59 for the same period in 2023[10] - Non-GAAP operating income for Q1 2024 was $319.1 million, a 46.6% increase YoY from $217.6 million[16] - Adjusted EBITDA for Q1 2024 was $384.3 million, up 50.2% YoY from $255.8 million[16] - Non-GAAP diluted EPS for Q1 2024 was $2.57, slightly down by 0.8% YoY from $2.59[16] - Non-GAAP operating margin for the three months ended February 29, 2024, remained stable at 13.3% compared to the same period in 2023[37] Profitability and Margins - Operating margin for Q1 2024 was 6.2%, down 330 bps YoY from 9.5%[16] - Adjusted EBITDA margin for Q1 2024 was 16.0%, up 40 bps YoY from 15.6%[16] - Operating margin for the three months ended February 29, 2024, was 6.2%, compared to 9.5% in the same period in 2023[37] - Adjusted EBITDA margin for the three months ended February 29, 2024, was 16.0%, up from 15.6% in the same period in 2023[37] Cash Flow and Financial Position - Free cash flow for the three months ended February 29, 2024 was -$102,929, compared to $64,296 for the same period in 2023[10] - Cash and cash equivalents decreased to $234,794 as of February 29, 2024, from $295,336 as of November 30, 2023[33] - Accounts receivable increased to $1,927,644 as of February 29, 2024, from $1,888,890 as of November 30, 2023[33] - Long-term debt increased to $5,034,109 as of February 29, 2024, from $4,939,712 as of November 30, 2023[33] Expenses and Compensation - Amortization of intangibles for the three months ended February 29, 2024 was $116,302, compared to $39,260 for the same period in 2023[11] - Share-based compensation for the three months ended February 29, 2024 was $21,646, compared to $16,754 for the same period in 2023[11] - Acquisition-related and integration expenses for the three months ended February 29, 2024 were $30,173, compared to $5,543 for the same period in 2023[11] Net Income and EPS - Net income for the three months ended February 29, 2024, was $52,102, a 41% decrease compared to the same period in 2023[35] - Q1 2024 diluted EPS was $0.76, a 54.8% decrease YoY from $1.68[16] Share Repurchase - The company plans to repurchase $100 million of its shares over the final three quarters of 2024[17] Gross Profit - Gross profit for the three months ended February 29, 2024, was $856,529, a 47% increase year-over-year[35]