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Concentrix reports record second quarter 2021 results with strong new business signings

By Reshma on Jun 24, 2021 | 03:34 AM IST

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  • Concentrix Corporation [CNXC], a leading global provider of customer experience (CX) solutions and technology, today announced financial results for the fiscal second quarter ended May 31, 2021.

  • Second Quarter Fiscal 2021 Highlights:

  • Revenue was $1,369.9 million, up 28.5% from the prior year second quarter and 24.3% on a constant currency basis, compared with $1,066.4 million in the prior year second quarter

  • •Operating income was $128.2 million, or 9.4% of revenue, compared with $23.6 million, or 2.2% of revenue, in the prior year second quarter.

  • •Non-GAAP operating income was $172.1 million, or 12.6% of revenue, compared with $67.5 million, or 6.3% of revenue, in the prior year second quarter.

  • •Adjsted EBITDA was $208.3 million, or 15.2% of revenue, compared with $97.7 million, or 9.2% of revenue, in the prior year second quarter.

  • •Cash flow from operations of $203.2 million in the quarter. Free cash flow for the quarter was $174.4 million and outstanding indebtedness was paid down to $959.2 million.

  • "We continue to see our value proposition resonating with the market driving our performance to exceed pre-COVID levels," said Chris Caldwell, Concentrix President and CEO. "Reopening economies accelerated demand for our CX transformation services across existing and new clients. We are very pleased with significant new business wins with iconic and disruptive clients across the globe. Based upon our strong results year-to-date, we are confident in exceeding our stated goals of constant currency revenue growth above 10 percent for fiscal 2021 and margins above pre-COVID levels.”

  • Business Outlook

  • The following statements are based on Concentrix’ current expectations for the third quarter of fiscal 2021. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, divestitures, spin-off related expenses, the amortization of intangibles, depreciation, share-based compensation and the related tax effects thereon. These statements are forward-looking and actual results may differ materially.

  • Third Quarter Fiscal 2021 Expectations:

  • •Third-quarter revenue is expected to be in the range of $1.35 billion to $1.40 billion as reported.

  • •Third-quarter operating income is expected to be in the range of $116.3 million to $130.3 million and non-GAAP operating income is expected to be in the range of $160.0 million to $174.0 million.

  • •The effective tax rate is expected to approximate 27% to 28%.


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