Concentrix reports fourth quarter and fiscal Year 2024 results

• 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, margin and free cash flow expansion
• Increases share repurchase authorization to $600 million

Following the release, Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2024.

Fourth Quarter Fiscal 2024 Highlights:

• Revenue of $2,448.0 million, an increase of 9.7% year-on-year compared to revenue of $2,230.8 million in the prior year fourth quarter. The Company grew revenue by 1.5% year-on-year on a pro forma constant currency basis, at the top end of its guidance range previously provided.
• Operating income of $144.5 million, or 5.9% of revenue, compared with $180.4 million, or 8.1% of revenue in the prior year fourth quarter.
• Non-GAAP operating income of $346.7 million, or 14.2% of revenue, compared with $340.8 million, or 15.3% of revenue, in the prior year fourth quarter. The change in non-GAAP operating margin was primarily due to spending related to the productization and commercialization of the Company’s new GenAI iX product suite.
• Adjusted EBITDA of $402.9 million, or 16.5% of revenue, compared with $397.9 million, or 17.8% of revenue, in the prior year fourth quarter.
• Cash flow from operations was $284.4 million in the quarter. Adjusted free cash flow for the quarter was $218.7 million.
• Diluted earnings per common share (“EPS”) was $1.72 compared to $1.09 in the prior year fourth quarter.
• Non-GAAP diluted EPS was $3.26 compared to $3.36 in the prior year fourth quarter.
   Fourth Quarter Fiscal 2024 Highlights:

• Revenue of $2,448.0 million, an increase of 9.7% year-on-year compared to revenue of $2,230.8 million in the prior year fourth quarter. The Company grew revenue by 1.5% year-on-year on a pro forma constant currency basis, at the top end of its guidance range previously provided.
• Operating income of $144.5 million, or 5.9% of revenue, compared with $180.4 million, or 8.1% of revenue in the prior year fourth quarter.
• Non-GAAP operating income of $346.7 million, or 14.2% of revenue, compared with $340.8 million, or 15.3% of revenue, in the prior year fourth quarter. The change in non-GAAP operating margin was primarily due to spending related to the productization and commercialization of the Company’s new GenAI iX product suite.
• Adjusted EBITDA of $402.9 million, or 16.5% of revenue, compared with $397.9 million, or 17.8% of revenue, in the prior year fourth quarter.
• Cash flow from operations was $284.4 million in the quarter. Adjusted free cash flow for the quarter was $218.7 million.
• Diluted earnings per common share (“EPS”) was $1.72 compared to $1.09 in the prior year fourth quarter.
• Non-GAAP diluted EPS was $3.26 compared to $3.36 in the prior year fourth quarter.
   photo credits: Concentrix Reports Fourth Quarter and Fiscal Year 2024 Results | Concentrix Corporation