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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Concentrix Corporation | NASDAQ:CNXC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.05 | -1.67% | 61.77 | 61.34 | 62.22 | 63.52 | 61.465 | 63.24 | 388,434 | 01:00:00 |
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||
November 30, 2023 | November 30, 2022 | Change | November 30, 2023 | November 30, 2022 | Change | ||||||||||||||||
Revenue ($M) | $ | 2,230.8 | $ | 1,640.7 | 36.0 | % | $ | 7,114.7 | $ | 6,324.5 | 12.5 | % | |||||||||
Operating income ($M) | $ | 180.4 | $ | 178.0 | 1.3 | % | $ | 661.3 | $ | 640.2 | 3.3 | % | |||||||||
Non-GAAP operating income ($M) (1) | $ | 340.8 | $ | 248.0 | 37.4 | % | $ | 1,010.0 | $ | 884.1 | 14.2 | % | |||||||||
Operating margin | 8.1 | % | 10.8 | % | -270 bps | 9.3 | % | 10.1 | % | -80 bps | |||||||||||
Non-GAAP operating margin (1) | 15.3 | % | 15.1 | % | 20 bps | 14.2 | % | 14.0 | % | 20 bps | |||||||||||
Net income ($M) | $ | 69.5 | $ | 104.9 | (33.7)% | $ | 313.8 | $ | 435.0 | (27.9)% | |||||||||||
Non-GAAP net income ($M) (1), (2) | $ | 213.5 | $ | 146.3 | 45.9 | % | $ | 630.7 | $ | 588.0 | 7.3 | % | |||||||||
Adjusted EBITDA ($M) (1) | $ | 397.9 | $ | 284.8 | 39.7 | % | $ | 1,181.8 | $ | 1,031.0 | 14.6 | % | |||||||||
Adjusted EBITDA margin (1) | 17.8 | % | 17.4 | % | 40 bps | 16.6 | % | 16.3 | % | 30 bps | |||||||||||
Diluted earnings per common share | $ | 1.09 | $ | 2.01 | (45.8)% | $ | 5.70 | $ | 8.28 | (31.2)% | |||||||||||
Non-GAAP diluted earnings per common share (1), (2) | $ | 3.36 | $ | 2.80 | 20.0 | % | $ | 11.45 | $ | 11.19 | 2.3 | % |
(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.(2) As described in the non-GAAP reconciliations included in the accompanying financial tables, the reported amounts for non-GAAP net income and non-GAAP EPS for all periods include adjustments to exclude foreign currency losses (gains), net, which were not adjusted in similar non-GAAP measures previously reported.Fourth Quarter Fiscal 2023 Highlights:
“We achieved strong results across key metrics including revenue, operating income, EPS, and cash flow, surpassing our expectations for the quarter,” said Chris Caldwell, Concentrix President and CEO. “Our strategic combination with Webhelp marks the beginning of a new chapter, creating a global market leader with a world-class platform for growth and value creation. The integration process is progressing smoothly, contributing as anticipated to both revenue and profit. Entering 2024, we believe that Concentrix is poised for success with a strengthened foundation, sustained growth, and a commitment to delivering value to shareholders.”
Fiscal Year 2023 Highlights:
Quarterly Dividend and Share Repurchase Program:
First Quarter and Full Year Fiscal 2024 Outlook:
The following statements are based on Concentrix’ current expectations for the first quarter and full year fiscal 2024. 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.
First Quarter Fiscal 2024 Expectations:
Full Year 2024 Expectations:
The 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 the fair value of 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.
Conference Call and WebcastConcentrix will host a conference call for investors to review its fourth quarter and full year fiscal 2023 financial 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 Concentrix website under “Events and Presentations” at https://ir.concentrix.com/events-and-presentations. A replay will also be available on the website following the conference call.
About Concentrix + WebhelpHi, we’re a leading global provider of customer experience (CX) solutions and technology. We create game-changing customer journeys for some of the world’s best brands, and the ones that are changing the world as we know it. Every day, we Design, Build and Run CX that helps brands grow across the world and into the future. Whether it’s a specific solution or the whole end-to-end journey — we’ve got it covered. We’re the strategic thinkers who design brand-defining experiences. The tech geeks who build smarter solutions. And the operational experts who run it all and make it work seamlessly. Across 70+ countries and six continents, we provide services across key industry verticals including technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector. Concentrix Corporation (NASDAQ: CNXC) operating under the trade name Concentrix + Webhelp. Location: virtually everywhere. Visit concentrix.com 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:
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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, statements regarding the Company’s expected future financial condition and growth, results of operations, including revenue and operating income, cash flows, and effective tax rate, future growth and success, investments, capital allocation, business strategy, foreign currency exchange rate fluctuations, statements regarding the expected benefits of the combination with Webhelp, including the Company’s value proposition to clients, and statements that include words such as believe, expect, may, will, provide, could and should 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 the combination with Webhelp, including the ability to retain key employees and successfully integrate the Webhelp business; the Company’s ability to realize estimated cost savings, synergies or other anticipated benefits of the combination, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the transaction on relationships with clients and other third parties; risks related to general economic conditions, including consumer demand, interest rates, inflation, 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 inability to execute on the Company’s digital CX strategy; 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 CX solutions and technology; damage to the Company’s reputation through the actions or inactions of third parties; changes in law, regulations or regulatory guidance; 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 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; 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, 2022 filed with the Securities and Exchange Commission and subsequent SEC filings. 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 2024 Concentrix Corporation. All rights reserved. Concentrix, Webhelp, Concentrix + Webhelp, the Concentrix logo, the Webhelp logo and all other Concentrix company, product and services names and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Concentrix, Webhelp, the Concentrix logo and the Webhelp logo Reg. U.S. Pat. & Tm. Off. and applicable non-U.S. jurisdictions. Other names and marks are the property of their respective owners.
CONCENTRIX CORPORATIONCONSOLIDATED BALANCE SHEETS(currency and share amounts in thousands, except par value)
November 30, 2023 | November 30, 2022 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 295,336 | $ | 145,382 | |||
Accounts receivable, net | 1,888,890 | 1,390,474 | |||||
Other current assets | 674,423 | 218,476 | |||||
Total current assets | 2,858,649 | 1,754,332 | |||||
Property and equipment, net | 748,691 | 403,829 | |||||
Goodwill | 5,078,668 | 2,904,402 | |||||
Intangible assets, net | 2,804,965 | 985,572 | |||||
Deferred tax assets | 72,333 | 48,541 | |||||
Other assets | 928,521 | 573,092 | |||||
Total assets | $ | 12,491,827 | $ | 6,669,768 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 243,565 | $ | 161,190 | |||
Current portion of long-term debt | 2,313 | — | |||||
Accrued compensation and benefits | 731,172 | 506,966 | |||||
Other accrued liabilities | 1,016,406 | 395,304 | |||||
Income taxes payable | 80,583 | 68,663 | |||||
Total current liabilities | 2,074,039 | 1,132,123 | |||||
Long-term debt, net | 4,939,712 | 2,224,288 | |||||
Other long-term liabilities | 920,536 | 511,995 | |||||
Deferred tax liabilities | 414,246 | 105,458 | |||||
Total liabilities | 8,348,533 | 3,973,864 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of November 30, 2023 and 2022, respectively | — | — | |||||
Common stock, $0.0001 par value, 250,000 shares authorized; 67,883 and 52,367 shares issued as of November 30, 2023 and 2022, respectively, and 65,734 and 51,096 shares outstanding as of November 30, 2023 and 2022, respectively | 7 | 5 | |||||
Additional paid-in capital | 3,582,521 | 2,428,313 | |||||
Treasury stock, 2,149 and 1,271 shares as of November 30, 2023 and 2022, respectively | (271,968 | ) | (190,779 | ) | |||
Retained earnings | 1,024,461 | 774,114 | |||||
Accumulated other comprehensive loss | (191,727 | ) | (315,749 | ) | |||
Total stockholders’ equity | 4,143,294 | 2,695,904 | |||||
Total liabilities and stockholders’ equity | $ | 12,491,827 | $ | 6,669,768 | |||
CONCENTRIX CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(currency and share amounts in thousands, except per share amounts)(unaudited)
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||
November 30, 2023 | November 30, 2022 | % Change | November 30, 2023 | November 30, 2022 | % Change | ||||||||||||||
Revenue | |||||||||||||||||||
Technology and consumer electronics | $ | 656,741 | $ | 543,118 | 21 | % | $ | 2,205,834 | $ | 1,980,666 | 11 | % | |||||||
Retail, travel and ecommerce | 512,816 | 304,549 | 68 | % | 1,448,666 | 1,184,086 | 22 | % | |||||||||||
Communications and media | 350,416 | 267,405 | 31 | % | 1,117,694 | 1,076,289 | 4 | % | |||||||||||
Banking, financial services and insurance | 323,465 | 234,137 | 38 | % | 1,091,853 | 967,810 | 13 | % | |||||||||||
Healthcare | 186,306 | 166,696 | 12 | % | 696,266 | 608,169 | 14 | % | |||||||||||
Other | 201,018 | 124,813 | 61 | % | 554,393 | 507,453 | 9 | % | |||||||||||
Total revenue | 2,230,762 | 1,640,718 | 36 | % | 7,114,706 | 6,324,473 | 12 | % | |||||||||||
Cost of revenue | 1,407,905 | 1,047,353 | 34 | % | 4,536,771 | 4,067,210 | 12 | % | |||||||||||
Gross profit | 822,857 | 593,365 | 39 | % | 2,577,935 | 2,257,263 | 14 | % | |||||||||||
Selling, general and administrative expenses | 642,410 | 415,375 | 55 | % | 1,916,608 | 1,617,071 | 19 | % | |||||||||||
Operating income | 180,447 | 177,990 | 1 | % | 661,327 | 640,192 | 3 | % | |||||||||||
Interest expense and finance charges, net | 70,508 | 28,061 | 151 | % | 201,004 | 70,076 | 187 | % | |||||||||||
Other expense (income), net | 32,829 | (12,640 | ) | (360)% | 52,095 | (34,887 | ) | (249)% | |||||||||||
Income before income taxes | 77,110 | 162,569 | (53)% | 408,228 | 605,003 | (33)% | |||||||||||||
Provision for income taxes | 7,623 | 57,625 | (87)% | 94,386 | 169,363 | (44)% | |||||||||||||
Net income before non-controlling interest | 69,487 | 104,944 | (34)% | 313,842 | 435,640 | (28)% | |||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | % | — | 591 | (100)% | ||||||||||||
Net income attributable to Concentrix Corporation | $ | 69,487 | $ | 104,944 | (34)% | $ | 313,842 | $ | 435,049 | (28)% | |||||||||
Earnings per common share: | |||||||||||||||||||
Basic | $ | 1.10 | $ | 2.02 | $ | 5.72 | $ | 8.34 | |||||||||||
Diluted | $ | 1.09 | $ | 2.01 | $ | 5.70 | $ | 8.28 | |||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||
Basic | 61,845 | 51,029 | 53,801 | 51,353 | |||||||||||||||
Diluted | 61,957 | 51,392 | 54,010 | 51,740 | |||||||||||||||
CONCENTRIX CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP MEASURES(currency and share amounts in thousands, except per share amounts)(unaudited)
Three Months Ended | Fiscal Year Ended | ||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||
Operating income | $ | 180,447 | $ | 177,990 | $ | 661,327 | $ | 640,192 | |||
Acquisition-related and integration expenses | 39,866 | 18,550 | 71,336 | 33,763 | |||||||
Amortization of intangibles | 96,636 | 41,648 | 214,832 | 162,673 | |||||||
Share-based compensation | 23,810 | 9,838 | 62,493 | 47,516 | |||||||
Non-GAAP operating income | $ | 340,759 | $ | 248,026 | $ | 1,009,988 | $ | 884,144 | |||
Three Months Ended | Fiscal Year Ended | ||||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||||
Net income | $ | 69,487 | $ | 104,944 | $ | 313,842 | $ | 435,049 | |||||
Net income attributable to non-controlling interest | — | — | — | 591 | |||||||||
Interest expense and finance charges, net | 70,508 | 28,061 | 201,004 | 70,076 | |||||||||
Provision for income taxes | 7,623 | 57,625 | 94,386 | 169,363 | |||||||||
Other expense (income), net | 32,829 | (12,640 | ) | 52,095 | (34,887 | ) | |||||||
Acquisition-related and integration expenses | 39,866 | 18,550 | 71,336 | 33,763 | |||||||||
Amortization of intangibles | 96,636 | 41,648 | 214,832 | 162,673 | |||||||||
Share-based compensation | 23,810 | 9,838 | 62,493 | 47,516 | |||||||||
Depreciation | 57,169 | 36,757 | 171,801 | 146,864 | |||||||||
Adjusted EBITDA | $ | 397,928 | $ | 284,783 | $ | 1,181,789 | $ | 1,031,008 | |||||
Three Months Ended | Fiscal Year Ended | ||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||
Operating margin | 8.1 | % | 10.8 | % | 9.3 | % | 10.1 | % | |||
Non-GAAP operating margin | 15.3 | % | 15.1 | % | 14.2 | % | 14.0 | % | |||
Adjusted EBITDA margin | 17.8 | % | 17.4 | % | 16.6 | % | 16.3 | % | |||
Three Months Ended | Fiscal Year Ended | ||||||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||||||
Net income | $ | 69,487 | $ | 104,944 | $ | 313,842 | $ | 435,049 | |||||||
Acquisition-related and integration expenses | 39,866 | 18,550 | 71,336 | 33,763 | |||||||||||
Acquisition-related expenses included in interest expense and finance charges, net (1) | — | — | 25,556 | — | |||||||||||
Acquisition-related expenses included in other expense (income), net (1) | 136 | — | 14,629 | — | |||||||||||
Imputed interest related to sellers' note included in interest expense and finance charges, net | 2,998 | — | 2,998 | — | |||||||||||
Change in acquisition contingent consideration included in other expense (income), net | 15,681 | — | 15,681 | — | |||||||||||
Foreign currency losses (gains), net (4) | 12,833 | (14,585 | ) | 14,938 | (38,871 | ) | |||||||||
Amortization of intangibles | 96,636 | 41,648 | 214,832 | 162,673 | |||||||||||
Share-based compensation | 23,810 | 9,838 | 62,493 | 47,516 | |||||||||||
Income taxes related to the above (2) | (47,990 | ) | (14,085 | ) | (105,616 | ) | (52,091 | ) | |||||||
Non-GAAP net income | $ | 213,457 | $ | 146,310 | $ | 630,689 | $ | 588,039 | |||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||||||
Net income | $ | 69,487 | $ | 104,944 | $ | 313,842 | $ | 435,049 | |||||||
Less: net income allocated to participating securities | (1,659 | ) | (1,762 | ) | (5,978 | ) | (6,583 | ) | |||||||
Net income attributable to common stockholders | 67,828 | 103,182 | 307,864 | 428,466 | |||||||||||
Acquisition-related and integration expenses allocated to common stockholders | 38,914 | 18,239 | 69,977 | 33,252 | |||||||||||
Acquisition-related expenses included in interest expense and finance charges, net allocated to common stockholders (1) | — | — | 25,069 | — | |||||||||||
Acquisition-related expenses included in other expense (income), net allocated to common stockholders (1) | 133 | — | 14,350 | — | |||||||||||
Imputed interest related to sellers' note included in interest expense and finance charges, net allocated to common stockholders | 2,926 | — | 2,941 | — | |||||||||||
Change in acquisition contingent consideration included in other expense (income), net allocated to common stockholders | 15,307 | — | 15,382 | — | |||||||||||
Foreign currency losses (gains), net allocated to common stockholders (4) | 12,527 | (14,340 | ) | 14,653 | (38,283 | ) | |||||||||
Amortization of intangibles allocated to common stockholders | 94,329 | 40,949 | 210,740 | 160,211 | |||||||||||
Share-based compensation allocated to common stockholders | 23,242 | 9,673 | 61,303 | 46,797 | |||||||||||
Income taxes related to the above allocated to common stockholders (2) | (46,844 | ) | (13,849 | ) | (103,604 | ) | (51,303 | ) | |||||||
Non-GAAP net income attributable to common stockholders | $ | 208,362 | $ | 143,854 | $ | 618,675 | $ | 579,140 | |||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||||||
Diluted earnings per common share (“EPS”)(3), (4) | $ | 1.09 | $ | 2.01 | $ | 5.70 | $ | 8.28 | |||||||
Acquisition-related and integration expenses | 0.63 | 0.35 | 1.30 | 0.64 | |||||||||||
Acquisition-related expenses included in interest expense and finance charges, net(1) | — | — | 0.46 | — | |||||||||||
Acquisition-related expenses included in other expense (income), net(1) | — | — | 0.27 | — | |||||||||||
Imputed interest related to sellers' note included in interest expense and finance charges, net | 0.05 | — | 0.05 | — | |||||||||||
Change in acquisition contingent consideration included in other expense (income), net | 0.25 | — | 0.28 | — | |||||||||||
Foreign currency losses (gains), net(4) | 0.20 | (0.28 | ) | 0.27 | (0.74 | ) | |||||||||
Amortization of intangibles | 1.52 | 0.80 | 3.90 | 3.10 | |||||||||||
Share-based compensation | 0.38 | 0.19 | 1.14 | 0.90 | |||||||||||
Income taxes related to the above(2) | (0.76 | ) | (0.27 | ) | (1.92 | ) | (0.99 | ) | |||||||
Non-GAAP diluted EPS | $ | 3.36 | $ | 2.80 | $ | 11.45 | $ | 11.19 | |||||||
Weighted-average number of common shares - diluted | 61,957 | 51,392 | 54,010 | 51,740 | |||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||
November 30, 2023 | November 30, 2022 | November 30, 2023 | November 30, 2022 | ||||||||||||
Net cash provided by operating activities | $ | 229,264 | $ | 235,679 | $ | 678,008 | $ | 600,720 | |||||||
Purchases of property and equipment | (64,815 | ) | (42,742 | ) | (180,532 | ) | (140,018 | ) | |||||||
Free cash flow | $ | 164,449 | $ | 192,937 | $ | 497,476 | $ | 460,702 | |||||||
Forecast | |||||||||||||||
Three Months Ending February 29, 2024 | Fiscal Year Ending November 30, 2024 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Revenue | $ | 2,360,000 | $ | 2,406,000 | $ | 9,510,000 | $ | 9,700,000 | |||||||
Proforma revenue growth(5) | (0.1)% | 1.9 | % | 0.3 | % | 2.3 | % | ||||||||
Foreign exchange impact | 1.1 | % | 1.1 | % | 0.7 | % | 0.7 | % | |||||||
Proforma constant currency revenue growth | 1.0 | % | 3.0 | % | 1.0 | % | 3.0 | % | |||||||
Forecast | |||||||||||
Three Months Ending February 29, 2024 | Fiscal Year Ending November 30, 2024 | ||||||||||
Low | High | Low | High | ||||||||
Operating income | $ | 158,000 | $ | 161,000 | $ | 770,000 | $ | 800,000 | |||
Amortization of intangibles | 114,000 | 116,000 | 450,000 | 460,000 | |||||||
Share-based compensation | 21,000 | 23,000 | 95,000 | 105,000 | |||||||
Acquisition-related and integration expenses | 22,000 | 25,000 | 75,000 | 85,000 | |||||||
Non-GAAP operating income | $ | 315,000 | $ | 325,000 | $ | 1,390,000 | $ | 1,450,000 |
(1) Included in these amounts are a) expensed Bridge Facility financing fees and interest expense associated with our senior notes, net of interest earned on the invested senior notes proceeds incurred in advance of the combination with Webhelp and b) expenses associated with non-designated call option contracts put in place to hedge foreign exchange movements in connection with the combination with Webhelp that are included within interest expense and finance charges, net and other expense (income), net, respectively, in the consolidated statement of operations.
(2) 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.
(3) 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. For the purposes of calculating diluted EPS, net income attributable to participating securities was approximately 2.4% and 1.7% of net income, respectively, for the three months ended November 30, 2023 and 2022 and 1.9% and 1.5% of net income, respectively, for the fiscal years ended November 30, 2023 and 2022, 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 stockholders.
(4) 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. The reported amounts for non-GAAP net income and non-GAAP EPS for the three months and fiscal year ended November 30, 2023 include adjustments to exclude these foreign currency losses (gains), net, which were not adjusted in similar non-GAAP measures previously reported for the corresponding periods in fiscal year 2022. In order to enhance comparability, similar adjustments were made for non-GAAP net income and non-GAAP EPS for the three months and fiscal year ended November 30, 2022.
(5) The supplemental pro forma revenue presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the combination with Webhelp had been completed on December 1, 2022, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.
The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the combination with Webhelp had occurred on December 1, 2022. The supplemental pro forma financial information for the quarter ended February 28, 2023 and the fiscal year ended November 30, 2023 is as follows:
Three Months Ended | Fiscal Year Ended | ||||
February 28, 2023 | November 30, 2023 | ||||
Revenue | $ | 2,362,015 | $ | 9,485,600 |
Investor Contact: David Stein Investor Relations Concentrix Corporation david.stein@concentrix.com (513) 703-9306
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