Concentrix Non-GAAP EPS of $2.57 is $0.01 Lower, Revenues of $2.4 Billion Higher by $20 Million (NASDAQ:CNXC)

Expectations for the second quarter of fiscal 2024:

• Reported revenues for the second quarter are expected to be between $2.325 billion and $2.372 billion. Based on current exchange rates, our expectations assume a negative exchange rate impact of approximately 160 basis points compared to the same period last year. Our guidance implies pro forma constant currency revenue growth for the second quarter of 1% to 3%.
• Operating income is expected to be between $161 million and $163 million, and non-GAAP operating income is expected to be between $320 million and $330 million.
• Non-GAAP EPS is expected to be between $2.55 and $2.70, assuming approximately 65.5 million diluted common shares outstanding and approximately 4% of net income attributable to equity securities.
• The effective tax rate is expected to be between 26% and 27%.

Expectations for the full fiscal year 2024:

• Full-year reported revenues are expected to be between $9.510 billion and $9.700 billion. Based on current exchange rates, our expectations assume a negative exchange rate impact of approximately 70 basis points compared to the prior year. Our guidance implies pro forma full-year constant currency revenue growth of 1% to 3%.
• Operating income is expected to be between $770 million and $800 million, while non-GAAP operating income is expected to be between $1,390 million and $1,450 million.
• Non-GAAP EPS is expected to be in the range of $11.69 to $12.50, assuming approximately 65.3 million diluted common shares outstanding and approximately 4% of net income attributable to equity securities.
• The effective tax rate is expected to be between 26% and 27%.
• We expect to repurchase $100 million of our common stock in the final three quarters of fiscal 2024.