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Concentrix(CNXC) - 2024 Q1 - Quarterly Results
CNXCConcentrix(CNXC)2024-03-26 20:08

Revenue and Growth - Revenue for the three months ending May 31, 2024 is forecasted to be between 2,325,000and2,325,000 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 2,402.7million,up46.82,402.7 million, up 46.8% YoY from 1,636.4 million in Q1 2023[16] - Q2 2024 revenue is expected to be between 2.325billionand2.325 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 9.510billionto9.510 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,representinga472,402,748, 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 217,604forthesameperiodin2023[11]−AdjustedEBITDAforthethreemonthsendedFebruary29,2024was217,604 for the same period in 2023[11] - Adjusted EBITDA for the three months ended February 29, 2024 was 384,318, compared to 255,779forthesameperiodin2023[11]−Non−GAAPnetincomeattributabletocommonstockholdersforthethreemonthsendedFebruary29,2024was255,779 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 133,522forthesameperiodin2023[9]−Non−GAAPdilutedEPSforthethreemonthsendedFebruary29,2024was133,522 for the same period in 2023[9] - Non-GAAP diluted EPS for the three months ended February 29, 2024 was 2.57, compared to 2.59forthesameperiodin2023[10]−Non−GAAPoperatingincomeforQ12024was2.59 for the same period in 2023[10] - Non-GAAP operating income for Q1 2024 was 319.1 million, a 46.6% increase YoY from 217.6million[16]−AdjustedEBITDAforQ12024was217.6 million[16] - Adjusted EBITDA for Q1 2024 was 384.3 million, up 50.2% YoY from 255.8million[16]−Non−GAAPdilutedEPSforQ12024was255.8 million[16] - Non-GAAP diluted EPS for Q1 2024 was 2.57, slightly down by 0.8% YoY from 2.59[16]−Non−GAAPoperatingmarginforthethreemonthsendedFebruary29,2024,remainedstableat13.32.59[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 64,296forthesameperiodin2023[10]−Cashandcashequivalentsdecreasedto64,296 for the same period in 2023[10] - Cash and cash equivalents decreased to 234,794 as of February 29, 2024, from 295,336asofNovember30,2023[33]−Accountsreceivableincreasedto295,336 as of November 30, 2023[33] - Accounts receivable increased to 1,927,644 as of February 29, 2024, from 1,888,890asofNovember30,2023[33]−Long−termdebtincreasedto1,888,890 as of November 30, 2023[33] - Long-term debt increased to 5,034,109 as of February 29, 2024, from 4,939,712asofNovember30,2023[33]ExpensesandCompensation−AmortizationofintangiblesforthethreemonthsendedFebruary29,2024was4,939,712 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 39,260forthesameperiodin2023[11]−Share−basedcompensationforthethreemonthsendedFebruary29,2024was39,260 for the same period in 2023[11] - Share-based compensation for the three months ended February 29, 2024 was 21,646, compared to 16,754forthesameperiodin2023[11]−Acquisition−relatedandintegrationexpensesforthethreemonthsendedFebruary29,2024were16,754 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 5,543forthesameperiodin2023[11]NetIncomeandEPS−NetincomeforthethreemonthsendedFebruary29,2024,was5,543 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,a54.80.76, a 54.8% decrease YoY from 1.68[16] Share Repurchase - The company plans to repurchase 100millionofitssharesoverthefinalthreequartersof2024[17]GrossProfit−GrossprofitforthethreemonthsendedFebruary29,2024,was100 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]