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Concentrix Reports Fiscal 2023 Fourth Quarter and Full Year Results
NEWARK, Calif., Jan. 24, 2024 (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., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and technology, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2023. Three Months Ended Fiscal Year Ended November 30, 2023 November 30, 2022 Change November 30, 2023 November 30, 2022 ChangeRevenue ($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 $884.1 14.2%Operating margin 8.1% 10.8% -270 bps 9.3% 10.1% -80 bpsNon-GAAP operating margin (1) 15.3% 15.1% 20 bps 14.2% 14.0% 20 bpsNet income ($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 bpsDiluted 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: Revenue was $2,230.8 million, up 36.0% from $1,640.7 million in the prior year fourth quarter, including a 0.5-point positive impact of foreign exchange rates compared with the prior year period.Operating income was $180.4 million, or 8.1% of revenue, compared with $178.0 million, or 10.8% of revenue in the prior year fourth quarter.Non-GAAP operating income was $340.8 million, or 15.3% of revenue, compared with $248.0 million, or 15.1% of revenue, in the prior year fourth quarter.Adjusted EBITDA was $397.9 million, or 17.8% of revenue, compared with $284.8 million, or 17.4% of revenue, in the prior year fourth quarter.Cash flow from operations was $229.3 million in the quarter. Free cash flow for the q...