Business
Concentrix Reports First Quarter 2023 Results
NEWARK, Calif., March 29, 2023 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and
About this update from Concentrix Corporation
[{"type":"text","content":"NEWARK, Calif., March 29, 2023 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and technology, today announced financial results for the fiscal first quarter ended February 28, 2023. Three Months Ended February 28, 2023 February 28, 2022 ChangeRevenue ($M)$1,636.4 $1,536.1 6.5%Operating income ($M)$156.0 $147.7 5.6%Non-GAAP operating income ($M) (1)$217.6 $201.9 7.8%Operating margin 9.5% 9.6% -10 bpsNon-GAAP operating margin (1) 13.3% 13.1% 20 bpsNet income ($M)$87.9 $110.3 (20.3)%Non-GAAP net income ($M) (1)$134.0 $150.7 (11.1)%Adjusted EBITDA ($M) (1)$255.8 $237.9 7.5%Adjusted EBITDA margin (1) 15.6% 15.5% 10 bpsDiluted earnings per common share$1.68 $2.09 (19.6)%Non-GAAP diluted earnings per common share (1)$2.56 $2.85 (10.2)% (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 2023 Highlights: Revenue was $1,636.4 million, up 6.5% from the prior year first quarter, including a 2.6-point negative impact of foreign exchange rates compared with the prior year period, compared with $1,536.1 million in the prior year first quarter, and up 3.8% on an adjusted constant currency basis.Operating income was $156.0 million, or 9.5% of revenue, compared with $147.7 million, or 9.6% of revenue, in the prior year first quarter.Non-GAAP operating income was $217.6 million, or 13.3% of revenue, compared with $201.9 million, or 13.1% of revenue, in the prior year first quarter.Adjusted EBITDA was $255.8 million, or 15.6% of revenue, compared with $237.9 million, or 15.5% of revenue, in the prior year first quarter.Cash flow from operations was $103.9 million in the quarter. Free cash flow for the quarter was $64.3 million.Diluted earnings per common share (“EPS”) was $1.68 compared to $2.09 in the prior year first quarter.Non-GAAP diluted EPS was $2.56 compared to $2.85 in the prior year first quarter. \"We performed well in the first quarter of 2023, achieving the top end of our expectations with solid increases in revenue, profit, and cash flow,\" said Chris Caldwell, Concentrix President, and CEO. \"Our leading market position and distinctive strategy of designing, building, and running end-to-end customer engagement solution...