Latest news with #ChrisCaldwell
Yahoo
02-06-2025
- Business
- Yahoo
Concentrix Rises to #426 on the 2025 Fortune 500® List
NEWARK, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced its placement on the prestigious Fortune 500® list for the second year in a row. Ranking #426 based on 2024 revenue, the company advanced from #499 last year, marking its sustained growth as the go-to intelligent transformation partner for the world's leading brands. 'Being named to the Fortune 500® is a proud moment for our entire organization, reflecting the trust our clients place in us and the dedication of our incredible game-changers,' said Chris Caldwell, President and CEO at Concentrix. 'Our ability to deliver leading technology, deep expertise and end-to-end capabilities has advanced us in our ranking and helps position our clients as leaders in their markets today and well into the future.' This ranking follows a year of remarkable recognition for Concentrix. The company earned multiple awards for its technology innovation and AI-powered solutions from Brandon Hall, Globee®, and Golden Bridge, and also received recognition for its outstanding company culture, as the #1 company on the Inspiring Workplaces Global Top 100 list. The company's 2025 position on the Fortune 500® aligns with its robust financial performance and strategic leadership as a global integrated business solutions partner for more than 2,000 clients in over 70 countries. For more information on Concentrix, please visit About us: Powering a World That Works Concentrix Corporation (NASDAQ: CNXC), a Fortune 500® company, is the global technology and services leader that powers the world's best brands, today and into the future. We're solution-focused, tech-powered, intelligence-fueled. Every day, we design, build, and run fully integrated, end-to-end solutions at speed and scale across the entire enterprise, helping over 2,000 clients solve their toughest business challenges. With unique data and insights, deep industry expertise, and advanced technology solutions, we're the intelligent transformation partner that powers a world that works, helping companies become refreshingly simple to work, interact, and transact with. Delivering outcomes unimagined across every major vertical in 70+ markets. Virtually everywhere. Visit to learn more. Media Contact:Marketing & CommunicationsConcentrix Corporationmedia@ Fortune. ©2025 Fortune Media (USA) Corporation. All rights reserved. Used under license. Fortune and Fortune 500 are registered trademarks of Fortune Media (USA) Corporation and are used under license. Fortune and Fortune Media (USA) Corporation are not affiliated with, and do not endorse products or services of, Concentrix. Copyright © 2025 Concentrix Corporation and its subsidiaries. All rights reserved. Concentrix, the Concentrix logo, and all other Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners. All rights reserved.
Yahoo
19-05-2025
- Business
- Yahoo
Embattled Knox County Trustee Justin Biggs will have to take questions from other officials
It seems like everyone in Knox County government is talking about the state watchdog's investigation into Knox County Trustee Justin Biggs. Except Justin Biggs. The county's banker has been quiet since Knox News asked him in mid-April about the investigation and he fired staffer Jason Dobbins. It's not surprising someone in Biggs' position might be hesitant to talk to reporters. But Biggs, along with county finance director Chris Caldwell and Knox County Schools finance director Ron McPherson, are required to present a financial report every quarter at Knox County Finance Committee meetings. The committee will meet May 12, and Biggs is likely to be questioned by commissioners about more than just his report as the county's banker. It's the first time he'll be in front of other elected officials since Knox News broke the story April 14. Ethics are top of mind: The county officials who have the opportunity to question Biggs May 12 are the same ones who, two weeks ago, lamented about the delicate situation the county is in as state investigators make their way through government offices. "We're going to have to look at our policies and procedures with more scrutiny, and I'm starting that work," rules committee chair Kim Frazier said. "Our ethics policy needs a lot of work and we owe it to our constituents." People are staying away from Biggs: Though they aren't speaking out, local Republican heavyweights were absent from Biggs' reelection campaign kickoff April 23. Campaign kickoff events are a chance for candidates to show off their roster of supporters. Current and former elected officials and big campaign donors make it a point to be seen supporting their party's candidates, especially incumbents. Want to study up? You can find all of our reporting about Biggs and the investigation on our website. Use as a jumping off point. How to attend: The finance committee will meet at 1 p.m. May 12 in the main assembly room of the City-County Building, 400 Main St. Knoxville cut ties with Turn Up Knox, the nonprofit it recruited in 2022 to connect those at-risk for gun violence with the resources they need to break the cycle, in February after a dispute between executive director Denzel Grant and city officials. The sudden disruption left the future of violence intervention in Knoxville in flux. On April 29, Mayor Indya Kincannon's administration proposed a solution: pay the National Institute of Criminal Justice Reform to create a team of local leaders who are already doing violence intervention to replace Turn Up Knox. National Institute of Criminal Justice Reform used to work with Turn Up Knox, but in an advisory role rather than a management role. What city officials said: Knoxville's office of community safety and empowerment doesn't have the capacity to support Turn up Knox and its work. The $826,800 contract would take the pressure off that office and allow experts from National Institute of Criminal Justice Reform, based in California, to come in and fill the gap. The group will recruit community experts and will only be here for up to a year. What community advocates said: On the other hand, council members Gwen McKenzie, Amelia Parker, Charles Thomas and Seema Singh (Singh's partner is on the board of Turn Up Knox) sided with local violence interruption groups that are already doing the work NICJR is being brought in to do. Turn Up Knox, Renounce Denounce and Safe Haven argue the city's move to bring in an outside group "reinvents the wheel" and will alienate those whose buy-in is needed for the effort to work. What happened April 29: In a rare twist, city council members went against the mayor's proposal - kind of. They postponed their vote on the NICJR contract until May 13, after a meeting with stakeholders and community members takes place. That meeting was announced May 8 and will take place May 12. Want to study up? You can find the contract at Click the "agenda" option and find May 13. It's item 11.k. How to attend: The community meeting is 6-7 p.m. May 12 at Logan Temple AME Zion Church, 2744 Selma Ave. The city council will vote on the contract during its 6 p.m. May 13 meeting in the main assembly room at the City-County Building, 400 Main St. Both Knoxville and Knox County are moving through their budget approval processes for fiscal year 2026. Taxes will stay the same in the city and county based on the plans. City budget brief: Knoxville Mayor Indya Kincannon's proposed budget includes higher pay for firefighters and breaking ground on long-awaited projects including cosmetic upgrades to the Burlington neighborhood. The proposed budget totals $477.3 million, an increase over last year's $461.6 million budget. County budget brief: Knox County Mayor Glenn Jacobs' proposed budget includes plans for extra pay and equipment upgrades for the sheriff's office and fully funds Knox County Schools' asks. The proposed county budget is around $1.1 billion, roughly 3% higher than this year's budget, according to a press release from the county. Nearly two thirds of the spending is for KCS. Looking forward: The city council and county commission must approve their respective executives' budgets by June 30. You can weigh in: Both bodies will have public hearings, where you can sign up to speak about the budget: Knoxville budget public hearing: 4 p.m. May 13 in the main assembly room of the City-County Building, 400 Main St. Knox County budget public hearings: 3 p.m. May 12 and May 19 in the main assembly room of the City-County Building, 400 Main St. Want to study up? Knoxville's budget is at Click the government tab and then the budget option. Knox County's budget is at Click the finance option under the government tab. The proposed budget is at the top of the page. Here are some local news highlights from last week: Joanna Hayes answers your Old City questions Keenan Thomas breaks down UT System's $37 million loss Tyler Whetstone breaks the news a prosecutor was fired over posts praising Nazis, advocating killing migrants I broke the news that Gay Street Bridge repairs are under way I broke the news that Knoxville's planned pedestrian bridge is at risk as Trump targets word choices in applications Allie Feinberg reports on politics for Knox News. Email her: and follow her on X, formerly known as Twitter, @alliefeinberg. This article originally appeared on Knoxville News Sentinel: Knox County Trustee Justin Biggs to appear before county commissioners
Yahoo
12-05-2025
- Business
- Yahoo
Knox County Trustee Justin Biggs will have to take questions from other elected officials
It seems like everyone in Knox County government is talking about the state watchdog's investigation into Knox County Trustee Justin Biggs. Except Justin Biggs. The county's banker has been quiet since Knox News asked him in mid-April about the investigation and he fired staffer Jason Dobbins. It's not surprising someone in Biggs' position might be hesitant to talk to reporters. But Biggs, along with county finance director Chris Caldwell and Knox County Schools finance director Ron McPherson, are required to present a financial report every quarter at Knox County Finance Committee meetings. The committee will meet May 12, and Biggs is likely to be questioned by commissioners about more than just his report as the county's banker. It's the first time he'll be in front of other elected officials since Knox News broke the story April 14. Ethics are top of mind: The county officials who have the opportunity to question Biggs May 12 are the same ones who, two weeks ago, lamented about the delicate situation the county is in as state investigators make their way through government offices. "We're going to have to look at our policies and procedures with more scrutiny, and I'm starting that work," rules committee chair Kim Frazier said. "Our ethics policy needs a lot of work and we owe it to our constituents." People are staying away from Biggs: Though they aren't speaking out, local Republican heavyweights were absent from Biggs' reelection campaign kickoff April 23. Campaign kickoff events are a chance for candidates to show off their roster of supporters. Current and former elected officials and big campaign donors make it a point to be seen supporting their party's candidates, especially incumbents. Want to study up? You can find all of our reporting about Biggs and the investigation on our website. Use as a jumping off point. How to attend: The finance committee will meet at 1 p.m. May 12 in the main assembly room of the City-County Building, 400 Main St. Knoxville cut ties with Turn Up Knox, the nonprofit it recruited in 2022 to connect those at-risk for gun violence with the resources they need to break the cycle, in February after a dispute between executive director Denzel Grant and city officials. The sudden disruption left the future of violence intervention in Knoxville in flux. On April 29, Mayor Indya Kincannon's administration proposed a solution: pay the National Institute of Criminal Justice Reform to create a team of local leaders who are already doing violence intervention to replace Turn Up Knox. National Institute of Criminal Justice Reform used to work with Turn Up Knox, but in an advisory role rather than a management role. What city officials said: Knoxville's office of community safety and empowerment doesn't have the capacity to support Turn up Knox and its work. The $826,800 contract would take the pressure off that office and allow experts from National Institute of Criminal Justice Reform, based in California, to come in and fill the gap. The group will recruit community experts and will only be here for up to a year. What community advocates said: On the other hand, council members Gwen McKenzie, Amelia Parker, Charles Thomas and Seema Singh (Singh's partner is on the board of Turn Up Knox) sided with local violence interruption groups that are already doing the work NICJR is being brought in to do. Turn Up Knox, Renounce Denounce and Safe Haven argue the city's move to bring in an outside group "reinvents the wheel" and will alienate those whose buy-in is needed for the effort to work. What happened April 29: In a rare twist, city council members went against the mayor's proposal - kind of. They postponed their vote on the NICJR contract until May 13, after a meeting with stakeholders and community members takes place. That meeting was announced May 8 and will take place May 12. Want to study up? You can find the contract at Click the "agenda" option and find May 13. It's item 11.k. How to attend: The community meeting is 6-7 p.m. May 12 at Logan Temple AME Zion Church, 2744 Selma Ave. The city council will vote on the contract during its 6 p.m. May 13 meeting in the main assembly room at the City-County Building, 400 Main St. Both Knoxville and Knox County are moving through their budget approval processes for fiscal year 2026. Taxes will stay the same in the city and county based on the plans. City budget brief: Knoxville Mayor Indya Kincannon's proposed budget includes higher pay for firefighters and breaking ground on long-awaited projects including cosmetic upgrades to the Burlington neighborhood. The proposed budget totals $477.3 million, an increase over last year's $461.6 million budget. County budget brief: Knox County Mayor Glenn Jacobs' proposed budget includes plans for extra pay and equipment upgrades for the sheriff's office and fully funds Knox County Schools' asks. The proposed county budget is around $1.1 billion, roughly 3% higher than this year's budget, according to a press release from the county. Nearly two thirds of the spending is for KCS. Looking forward: The city council and county commission must approve their respective executives' budgets by June 30. You can weigh in: Both bodies will have public hearings, where you can sign up to speak about the budget: Knoxville budget public hearing: 4 p.m. May 13 in the main assembly room of the City-County Building, 400 Main St. Knox County budget public hearings: 3 p.m. May 12 and May 19 in the main assembly room of the City-County Building, 400 Main St. Want to study up? Knoxville's budget is at Click the government tab and then the budget option. Knox County's budget is at Click the finance option under the government tab. The proposed budget is at the top of the page. Here are some local news highlights from last week: Joanna Hayes answers your Old City questions Keenan Thomas breaks down UT System's $37 million loss Tyler Whetstone breaks the news a prosecutor was fired over posts praising Nazis, advocating killing migrants I broke the news that Gay Street Bridge repairs are under way I broke the news that Knoxville's planned pedestrian bridge is at risk as Trump targets word choices in applications Allie Feinberg reports on politics for Knox News. Email her: and follow her on X, formerly known as Twitter, @alliefeinberg. This article originally appeared on Knoxville News Sentinel: Knox County Trustee Justin Biggs to appear before county commissioner
Yahoo
31-03-2025
- Business
- Yahoo
Concentrix Reports First Quarter 2025 Results
Exceeds first quarter revenue and profit guidance Reiterates full year guidance and remains on track to generate approximately $625 million to $650 million of adjusted free cash flow for the year Expects to return more than $240 million to shareholders in fiscal 2025 through share repurchases and dividends Ongoing momentum and demand for iX Hello™ AI products NEWARK, Calif., March 26, 2025 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced financial results for the fiscal first quarter ended February 28, 2025. Three Months Ended February 28, 2025 February 29, 2024 Change Revenue ($M) $ 2,372.2 $ 2,402.7 (1.3)% Operating income ($M) $ 168.9 $ 148.4 13.8 % Non-GAAP operating income ($M) (1) $ 321.5 $ 319.1 0.8 % Operating margin 7.1 % 6.2 % 90 bps Non-GAAP operating margin (1) 13.6 % 13.3 % 30 bps Net income ($M) $ 70.3 $ 52.1 34.9 % Non-GAAP net income ($M) (1) $ 188.1 $ 175.7 7.1 % Adjusted EBITDA ($M) (1) $ 374.2 $ 384.3 (2.6)% Adjusted EBITDA margin (1) 15.8 % 16.0 % -20 bps Diluted earnings per common share $ 1.04 $ 0.76 36.8 % Non-GAAP diluted earnings per common share (1) $ 2.79 $ 2.57 8.6 % (1) 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. First Quarter Fiscal 2025 Highlights: Revenue of $2,372.2 million, a decrease of 1.3% year-on-year as reported compared to revenue of $2,402.7 million in the prior year first quarter. The Company grew revenue 1.3% year-on-year on a constant currency basis. Operating income of $168.9 million, or 7.1% of revenue, compared to $148.4 million, or 6.2% of revenue, in the prior year first quarter. Non-GAAP operating income of $321.5 million, or 13.6% of revenue, compared to $319.1 million, or 13.3% of revenue in the prior year first quarter. Adjusted EBITDA of $374.2 million, or 15.8% of revenue, compared with $384.3 million, or 16.0% of revenue in the prior year first quarter. Cash flow provided by operations was $1.4 million in the quarter. Adjusted free cash flow(1) was a use of $39.8 million in the quarter. Diluted earnings per common share ('EPS') was $1.04 compared to $0.76 in the prior year first quarter. Non-GAAP diluted EPS was $2.79 compared to $2.57 in the prior year first quarter. 'Our first quarter results demonstrate our progress as we win quality business and take advantage of GenAI opportunities, leveraging our unique technology and service capabilities to drive our clients' success,' said Chris Caldwell, President and CEO of Concentrix. 'With a solid start to the year, we remain on track to deliver ongoing constant currency revenue growth, while expanding margins and growing free cash flow in 2025 and beyond.' Quarterly Dividend and Share Repurchase Program: The Company paid a $0.33275 per share quarterly dividend on February 11, 2025. The Company's Board of Directors has declared a quarterly dividend of $0.33275 per share payable on May 6, 2025, to shareholders of record at the close of business on April 25, 2025. The Company repurchased approximately 550,000 common shares in the first quarter at a cost of $26.2 million under its previously announced share repurchase program at an average cost of $47.84 per share. At February 28, 2025, the Company's remaining share repurchase authorization was $582.3 million. Business Outlook The following statements are based on the Company's current expectations for the second quarter of fiscal 2025 and the full year fiscal 2025. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, amortization of intangible assets, depreciation, share-based compensation, and the related tax effects thereon. The non-GAAP EPS guidance assumes no impact from changes in acquisition contingent consideration and foreign currency losses (gains), net included in other expense (income), net. These statements are forward-looking and actual results may differ materially. Second Quarter Fiscal 2025 Expectations: Second quarter reported revenue of $2.370 billion to $2.390 billion. Based on current exchange rates, these expectations assume an approximate 90-basis point negative impact of foreign exchange rates compared with the prior year period. The guidance implies constant currency revenue growth for the quarter ranging from 0.50% to 1.25%. Operating income of $155 million to $165 million and non-GAAP operating income of $315 million to $325 million. Non-GAAP EPS of $2.69 to $2.80, assuming approximately 63.5 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities. The effective tax rate is expected to be approximately 26%. Full Year Fiscal 2025 Expectations: Full year reported revenue of $9.490 billion to $9.635 billion. Based on current exchange rates, the expectations assume an approximate 135-basis point negative impact of foreign exchange rates compared with the prior year. The guidance implies constant currency revenue growth for the full year of 0% to 1.5%. Operating income of $669 million to $709 million and non-GAAP operating income of $1,300 million to $1,340 million. Non-GAAP EPS of $11.18 to $11.77, assuming approximately 63.6 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities. The effective tax rate is expected to be approximately 25.5% to 26.5%. In addition, the Company expects to generate approximately $625 million to $650 million of adjusted free cash flow in fiscal year Company believes that a quantitative reconciliation of the non-GAAP EPS outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to (a) the inability to forecast future changes in acquisition contingent consideration, which is based, in part, on the future trading price of the Company's common stock, and (b) the inability to forecast future foreign currency losses (gains), net included in other expense (income), net. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company's GAAP results. The Company believes that a quantitative reconciliation of the adjusted free cash flow outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to uncertainty related to the future changes in the Company's factoring program and related timing of those changes. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company's GAAP results. Conference Call and WebcastThe Company will host a conference call for investors to review its first quarter fiscal 2025 results today at 5:00 p.m. (ET)/2:00 p.m. (PT). The live conference call webcast will be available in listen-only mode in the Investor Relations section of the Company's website under 'Events and Presentations' at A replay will also be available on the website following the conference call. About us: Experience the power of ConcentrixConcentrix Corporation (NASDAQ: CNXC), a Fortune 500® company, is the global technology and services leader that powers the world's best brands, today and into the future. We're human-centered, tech-powered, intelligence-fueled. Every day, we design, build, and run fully integrated, end-to-end solutions at speed and scale across the entire enterprise, helping over 2,000 clients solve their toughest business challenges. Whether it's designing game-changing brand experiences, building and scaling secure AI technologies, or running digital operations that deliver global consistency with a local touch, we have it covered. At the heart of everything we do lies a commitment to transforming the way companies connect, interact, and grow. We're here to redefine what success means, delivering outcomes unimagined across every major vertical in 70+ markets. Virtually everywhere. Visit to learn more. Use of Non-GAAP InformationIn addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including: Constant currency revenue growth, which is revenue growth 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. Constant currency revenue growth is calculated by translating the revenue of each fiscal year in the billing currency to U.S. dollars using the comparable prior year's currency conversion rate in comparison to prior year's revenue. Generally, when the U.S. dollar either strengthens or weakens against other currencies, revenue growth at constant currency rates or adjusting for currency will be higher or lower than revenue 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, step-up depreciation, 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 (exclusive of step-up 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, step-up depreciation, amortization of intangible assets, share-based compensation, imputed interest related to the sellers' note issued in connection with the combination with Webhelp (the 'sellers' note'), change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP net income also excludes the income tax effect of certain tax law changes. Free cash flow, which is cash flows from operating activities less capital expenditures, and adjusted free cash flow, which is free cash flow excluding the effect of changes in the outstanding factoring balance. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. We believe that adjusted free cash flow is a meaningful measure of cash flows because it removes the effect of factoring which changes the timing of the receipt of cash for certain receivables. However, free cash flow and adjusted free cash flow have limitations because they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions. Non-GAAP diluted EPS, which is diluted EPS excluding the per share, tax-effected impact of acquisition-related and integration expenses, including related restructuring costs, step-up depreciation, amortization of intangible assets, share-based compensation, imputed interest related to the sellers' note, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP EPS also excludes the per share income tax effect of certain tax law changes. Non-GAAP EPS excludes net income attributable to participating securities and the related per share, tax-effected impact of adjustments to net income described above reflect only those amounts that are attributable to common shareholders. 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. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors' ability to compare our past financial performance with its current performance and to analyze underlying business performance and trends. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP. Safe Harbor StatementThis news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company's expected future financial condition, growth and profitability, results of operations, including revenue and operating income, cash flows, and effective tax rate, the Company's market valuation, the future growth and success of the Company's capabilities and products portfolio, the potential benefits associated with use of the Company's generative artificial intelligence and other products, including productivity and engagement gains, investments, share repurchase and dividend activity, capital allocation, debt repayment and obligations, business strategy, product launches, foreign currency exchange rate fluctuations, and statements that include words such as believe, expect, intend, plan, may, will, anticipate, provide, could, should, target, estimate, outlook, and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to general economic conditions and their effects on our clients' businesses, including consumer demand, interest rates, inflation, international tariffs, supply chains, and the effects of the conflicts in Ukraine and Gaza; cyberattacks on the Company's or its clients' networks and information technology systems; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of generative artificial intelligence; the failure of the Company's staff and contractors to adhere to the Company's and its clients' controls and processes; the inability to protect personal and proprietary information; the effects of communicable diseases or other public health crises, natural disasters and adverse weather conditions; geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of the Company's operations; the ability to successfully execute on the Company's strategy; the timing and success of product launches; competitive conditions in the Company's industry and consolidation of its competitors; variability in demand by the Company's clients or the early termination of the Company's client contracts; the level of business activity of the Company's clients and the market acceptance and performance of their products and services; the demand for end-to-end solutions and technology; damage to the Company's reputation through the actions or inactions of third parties; changes in law, regulations, or regulatory guidance, or changes in their interpretation or enforcement; the operability of the Company's communication services and information technology systems and networks; the loss of key personnel or the inability to attract and retain staff across all geographies with the skills and expertise needed for the Company's business; increases in the cost of labor; the inability to successfully identify, complete, and integrate strategic acquisitions or investments or realize anticipated benefits within the expected timeframe, including with respect to the Company's combination with Webhelp; higher than expected tax liabilities; currency exchange rate fluctuations; investigative or legal actions; and other factors contained in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2024 filed with the Securities and Exchange Commission ('SEC') and subsequent documents filed with or furnished to the SEC. The Company does not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made. Copyright 2025 Concentrix Corporation. All rights reserved. Concentrix, Webhelp, the Concentrix logo, and all other Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners. From Fortune ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 500 are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Concentrix. Investor Contact:Sara BudaInvestor RelationsConcentrix (617) 331-0955 CONCENTRIX CORPORATIONCONSOLIDATED BALANCE SHEETS(currency and share amounts in thousands, except par value) February 28, 2025 November 30, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 308,000 $ 240,571 Accounts receivable, net 2,014,821 1,926,737 Other current assets 637,777 675,116 Total current assets 2,960,598 2,842,424 Property and equipment, net 677,636 714,517 Goodwill 4,935,758 4,986,967 Intangible assets, net 2,161,072 2,286,940 Deferred tax assets 235,970 218,396 Other assets 924,085 942,194 Total assets $ 11,895,119 $ 11,991,438 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 158,038 $ 209,812 Current portion of long-term debt 460 2,522 Accrued compensation and benefits 585,341 706,619 Other accrued liabilities 920,143 977,314 Income taxes payable 128,202 99,546 Total current liabilities 1,792,184 1,995,813 Long-term debt, net 4,901,432 4,733,056 Other long-term liabilities 873,639 910,271 Deferred tax liabilities 294,094 312,574 Total liabilities 7,861,349 7,951,714 Stockholders' equity: Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of February 28, 2025 and November 30, 2024, respectively — — Common stock, $0.0001 par value, 250,000 shares authorized; 69,007 and 68,849 shares issued as of February 28, 2025 and November 30, 2024, respectively, and 63,814 and 64,238 shares outstanding as of February 28, 2025 and November 30, 2024, respectively 7 7 Additional paid-in capital 3,711,701 3,683,608 Treasury stock, 5,193 and 4,611 shares as of February 28, 2025 and November 30, 2024, respectively (449,374 ) (421,449 ) Retained earnings 1,239,638 1,191,871 Accumulated other comprehensive loss (468,202 ) (414,313 ) Total stockholders' equity 4,033,770 4,039,724 Total liabilities and stockholders' equity $ 11,895,119 $ 11,991,438 CONCENTRIX CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(currency and share amounts in thousands, except per share amounts)(unaudited) Three Months Ended February 28, 2025 February 29, 2024 % Change Revenue Technology and consumer electronics $ 657,692 $ 665,102 (1)% Retail, travel and e-commerce 583,898 583,712 — % Communications and media 371,000 380,165 (2)% Banking, financial services and insurance 365,193 365,422 — % Healthcare 189,805 191,089 (1)% Other 204,634 217,258 (6)% Total revenue $ 2,372,222 $ 2,402,748 (1)% Cost of revenue 1,516,323 1,546,219 (2)% Gross profit 855,899 856,529 — % Selling, general and administrative expenses 687,032 708,090 (3)% Operating income 168,867 148,439 14 % Interest expense and finance charges, net 72,994 82,439 (11)% Other expense (income), net (4,919 ) (6,824 ) (28)% Income before income taxes 100,792 72,824 38 % Provision for income taxes 30,535 20,722 47 % Net income $ 70,257 $ 52,102 35 % Earnings per common share: Basic $ 1.04 $ 0.76 Diluted $ 1.04 $ 0.76 Weighted-average common shares outstanding: Basic 64,037 65,664 Diluted 64,065 65,790 CONCENTRIX CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP MEASURES(currency and share amounts in thousands, except per share amounts)(unaudited) Three Months Ended February 28, 2025 Revenue $ 2,372,222 Revenue growth, as reported under U.S. GAAP (1.3)% Foreign exchange impact 2.6 % Constant currency revenue growth 1.3 % Three Months Ended February 28, 2025 February 29, 2024 Operating income $ 168,867 $ 148,439 Acquisition-related and integration expenses (1) 18,024 30,173 Step-up depreciation 2,376 2,501 Amortization of intangibles 105,619 116,302 Share-based compensation 26,600 21,646 Non-GAAP operating income $ 321,486 $ 319,061 Three Months Ended February 28, 2025 February 29, 2024 Net income $ 70,257 $ 52,102 Interest expense and finance charges, net 72,994 82,439 Provision for income taxes 30,535 20,722 Other expense (income), net (4,919 ) (6,824 ) Acquisition-related and integration expenses (1) 18,024 30,173 Step-up depreciation 2,376 2,501 Amortization of intangibles 105,619 116,302 Share-based compensation 26,600 21,646 Depreciation (exclusive of step-up depreciation) 52,721 65,257 Adjusted EBITDA $ 374,207 $ 384,318 Three Months Ended February 28, 2025 February 29, 2024 Operating margin 7.1 % 6.2 % Non-GAAP operating margin 13.6 % 13.3 % Adjusted EBITDA margin 15.8 % 16.0 % Three Months Ended February 28, 2025 February 29, 2024 Net income $ 70,257 $ 52,102 Acquisition-related and integration expenses (1) 18,024 30,173 Step-up depreciation 2,376 2,501 Imputed interest related to sellers' note included in interest expense and finance charges, net 4,186 4,178 Change in acquisition contingent consideration included in other expense (income), net (2,024 ) (14,897 ) Foreign currency losses (gains), net (2) (4,179 ) 6,610 Amortization of intangibles 105,619 116,302 Share-based compensation 26,600 21,646 Income taxes related to the above (3) (36,992 ) (42,960 ) Income tax effect of change in tax law 4,269 — Non-GAAP net income $ 188,136 $ 175,655 Three Months Ended February 28, 2025 February 29, 2024 Net income $ 70,257 $ 52,102 Less: net income allocated to participating securities (3,416 ) (1,998 ) Net income attributable to common stockholders 66,841 50,104 Acquisition-related and integration expenses allocated to common stockholders (1) 17,148 29,016 Step-up depreciation allocated to common stockholders 2,260 2,405 Imputed interest related to sellers' note included in interest expense and finance charges, net allocated to common stockholders 3,982 4,018 Change in acquisition contingent consideration included in other expense (income), net allocated to common stockholders (1,926 ) (14,326 ) Foreign currency losses (gains), net allocated to common stockholders (2) (3,976 ) 6,357 Amortization of intangibles allocated to common stockholders 100,484 111,842 Share-based compensation allocated to common stockholders 25,307 20,816 Income taxes related to the above allocated to common stockholders (3) (35,193 ) (41,313 ) Income tax effect of change in tax law allocated to common stockholders 4,061 — Non-GAAP net income attributable to common stockholders $ 178,988 $ 168,919 Three Months Ended February 28, 2025 February 29, 2024 Diluted earnings per common share ('EPS')(4) $ 1.04 $ 0.76 Acquisition-related and integration expenses(1) 0.27 0.44 Step-up depreciation 0.04 0.04 Imputed interest related to sellers' note included in interest expense and finance charges, net 0.06 0.06 Change in acquisition contingent consideration included in other expense (income), net (0.03 ) (0.22 ) Foreign currency losses (gains), net(2) (0.06 ) 0.10 Amortization of intangibles 1.57 1.70 Share-based compensation 0.40 0.32 Income taxes related to the above(3) (0.56 ) (0.63 ) Income tax effect of change in tax law 0.06 — Non-GAAP diluted EPS $ 2.79 $ 2.57 Weighted-average number of common shares - diluted 64,065 65,790 Three Months Ended February 28, 2025 February 29, 2024 Net cash provided by operating activities $ 1,408 $ (46,870 ) Purchases of property and equipment (50,618 ) (56,059 ) Free cash flow (49,210 ) (102,929 ) Change in outstanding factoring balances 9,394 21,624 Adjusted free cash flow $ (39,816 ) $ (81,305 ) Forecast Three Months Ending May 31, 2025 Fiscal Year Ending November 30, 2025 Low High Low High Revenue $ 2,370,000 $ 2,390,000 $ 9,490,000 $ 9,635,000 Revenue growth, as reported under U.S. GAAP (0.40)% 0.35 % (1.35)% 0.15 % Foreign exchange impact 0.90 % 0.90 % 1.35 % 1.35 % Constant currency revenue growth 0.50 % 1.25 % 0.00 % 1.50 % Forecast Three Months Ending May 31, 2025 Fiscal Year Ending November 30, 2025 Low High Low High Operating income $ 155,000 $ 165,000 $ 669,000 $ 709,000 Amortization of intangibles 109,000 109,000 432,000 432,000 Share-based compensation 29,000 29,000 123,000 123,000 Acquisition-related and integration expenses 19,500 19,500 66,000 66,000 Step-up depreciation 2,500 2,500 10,000 10,000 Non-GAAP operating income $ 315,000 $ 325,000 $ 1,300,000 $ 1,340,000 (1) For the three months ended February 28, 2025 and February 29, 2024, acquisition-related and integration expenses, including restructuring costs, primarily included integration costs associated with the Company's combination with Webhelp. These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs. (2) Foreign currency losses (gains), net are included in other expense (income), net and primarily consist of gains and losses recognized on the revaluation and settlement of foreign currency transactions and realized and unrealized gains and losses on derivative contracts that do not qualify for hedge accounting. (3) The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity-specific, statutory tax rates applicable to each item during the respective periods presented. (4) Diluted EPS is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Restricted stock awards and certain restricted stock units granted to employees are considered participating securities. For the purposes of calculating diluted EPS, net income attributable to participating securities was approximately 4.9% and 3.8% of net income, respectively, for the three months ended February 28, 2025 and February 29, 2024, and was excluded from total net income to calculate net income attributable to common stockholders. In addition, the non-GAAP adjustments allocated to common stockholders were calculated based on the percentage of net income attributable to common in to access your portfolio
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31-03-2025
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Concentrix's (NASDAQ:CNXC) Q1 Earnings Results: Revenue In Line With Expectations, Stock Soars
Customer experience solutions provider Concentrix (NASDAQ:CNXC) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 1.3% year on year to $2.37 billion. The company expects next quarter's revenue to be around $2.38 billion, coming in 0.6% above analysts' estimates. Its non-GAAP profit of $2.79 per share was 7.8% above analysts' consensus estimates. Is now the time to buy Concentrix? Find out in our full research report. Revenue: $2.37 billion vs analyst estimates of $2.36 billion (1.3% year-on-year decline, in line) Adjusted EPS: $2.79 vs analyst estimates of $2.59 (7.8% beat) Adjusted EBITDA: $374.2 million vs analyst estimates of $372.3 million (15.8% margin, 0.5% beat) The company slightly lifted its revenue guidance for the full year to $9.56 billion at the midpoint from $9.54 billion Management reiterated its full-year Adjusted EPS guidance of $11.48 at the midpoint Operating Margin: 7.1%, in line with the same quarter last year Free Cash Flow was -$49.21 million compared to -$102.9 million in the same quarter last year Market Capitalization: $2.91 billion 'Our first quarter results demonstrate our progress as we win quality business and take advantage of GenAI opportunities, leveraging our unique technology and service capabilities to drive our clients' success,' said Chris Caldwell, President and CEO of Concentrix. With a team of approximately 450,000 employees across 75 countries, Concentrix (NASDAQ:CNXC) designs and delivers customer experience solutions that help global brands manage their customer interactions across digital channels and contact centers. The sector stands to benefit from ongoing digital transformation, increasing corporate demand for cost efficiencies, and the growing complexity of regulatory and cybersecurity landscapes. For those that invest wisely, AI and automation capabilities could emerge as competitive advantages, enhancing process efficiencies for the companies themselves as well as their clients. On the flip side, AI could be a headwind as well as the technology could lower the barrier to entry in the space and give rise to more self-service solutions. Additional challenges in the years ahead could include wage inflation for highly skilled consultants and potential regulatory scrutiny on outsourcing practices—especially in industries like finance and healthcare where who has access to certain data matters greatly. Examining a company's long-term performance can provide clues about its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. With $9.59 billion in revenue over the past 12 months, Concentrix is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions. As you can see below, Concentrix's sales grew at an incredible 15.2% compounded annual growth rate over the last five years. This shows it had high demand, a useful starting point for our analysis. We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. Concentrix's annualized revenue growth of 22.2% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. This quarter, Concentrix reported a rather uninspiring 1.3% year-on-year revenue decline to $2.37 billion of revenue, in line with Wall Street's estimates. Company management is currently guiding for flat sales next quarter. Looking further ahead, sell-side analysts expect revenue to remain flat over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and indicates its products and services will see some demand headwinds. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It's also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes. Concentrix was profitable over the last five years but held back by its large cost base. Its average operating margin of 8.3% was weak for a business services business. Looking at the trend in its profitability, Concentrix's operating margin might fluctuated slightly but has generally stayed the same over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q1, Concentrix generated an operating profit margin of 7.1%, in line with the same quarter last year. This indicates the company's overall cost structure has been relatively stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Concentrix's EPS grew at a spectacular 13.8% compounded annual growth rate over the last five years. However, this performance was lower than its 15.2% annualized revenue growth, telling us the company became less profitable on a per-share basis as it expanded. Diving into Concentrix's quality of earnings can give us a better understanding of its performance. Concentrix recently raised equity capital, and in the process, grew its share count by 24.2% over the last five years. This has resulted in muted earnings per share growth but doesn't tell us as much about its future. We prefer to look at operating and free cash flow margins in these situations. In Q1, Concentrix reported EPS at $2.79, up from $2.57 in the same quarter last year. This print beat analysts' estimates by 7.8%. Over the next 12 months, Wall Street expects Concentrix's full-year EPS of $11.61 to grow 2.2%. We enjoyed seeing Concentrix beat analysts' EPS and EBITDA expectations this quarter. We were also glad it slightly lifted its revenue guidance for next quarter. Overall, this quarter had some key positives. The stock traded up 8.2% to $49.45 immediately following the results. Indeed, Concentrix had a rock-solid quarterly earnings result, but is this stock a good investment here? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
