Concentrix Reports Second Quarter 2022 Results

Rhea-AI Summary

Concentrix Corporation (NASDAQ: CNXC) reported strong financial results for the fiscal second quarter ended May 31, 2022, with revenue of $1,568.1 million, a 14.5% increase year-over-year. Operating income rose 22.4% to $156.9 million, while diluted earnings per share increased 36.3% to $2.14. Non-GAAP measures revealed even higher growth, with non-GAAP operating income at $212.8 million. Despite currency headwinds and potential shifts in client operations, the company maintains an optimistic outlook supported by robust client wins and a strong pipeline. A quarterly dividend of $0.25 per share was declared.

Positive

• Revenue increased by 14.5% year-over-year to $1,568.1 million.
• Operating income rose 22.4% to $156.9 million, improving operating margin to 10.0%.
• Non-GAAP net income increased by 23.9% to $154.8 million.
• Diluted EPS grew by 36.3% to $2.14, with non-GAAP diluted EPS at $2.93.

Negative

• Foreign exchange rates negatively impacted revenue by 2.7 percentage points.
• Potential changes in client base operations may shift work offshore.

NEWARK, Calif., June 27, 2022 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and technology, today announced financial results for the fiscal second quarter ended May 31, 2022.

	Three Months Ended
	May 31, 2022				May 31, 2021				Change
Revenue ($M)	$	1,568.1			$	1,369.9			14.5	%
Operating income ($M)	$	156.9			$	128.2			22.4	%
Non-GAAP operating income ($M) (1)	$	212.8			$	172.1			23.6	%
Operating margin		10.0	%			9.4	%		60 bps
Non-GAAP operating margin (1)		13.6	%			12.6	%		100 bps
Net income ($M)	$	113.1			$	82.9			36.4	%
Non-GAAP net income ($M) (1)	$	154.8			$	124.9			23.9	%
Adjusted EBITDA ($M) (1)	$	249.9			$	208.3			20.0	%
Adjusted EBITDA margin (1)		15.9	%			15.2	%		70 bps
Diluted earnings per common share	$	2.14			$	1.57			36.3	%
Non-GAAP diluted earnings per common share (1)	$	2.93			$	2.37			23.6	%

⁽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.

Second Quarter Fiscal 2022 Highlights:

• Revenue was $1,568.1 million, up 14.5% from the prior year second quarter, including a 2.7-point negative impact of foreign exchange rates compared with the prior year period, compared with $1,369.9 million in the prior year second quarter, and up 9.4% on an adjusted constant currency basis.
• Operating income was $156.9 million, or 10.0% of revenue, compared with $128.2 million, or 9.4% of revenue, in the prior year second quarter.
• Non-GAAP operating income was $212.8 million, or 13.6% of revenue, compared with $172.1 million, or 12.6% of revenue, in the prior year second quarter.
• Adjusted EBITDA was $249.9 million, or 15.9% of revenue, compared with $208.3 million, or 15.2% of revenue, in the prior year second quarter.
• Cash flow from operations was $167.5 million in the quarter. Free cash flow for the quarter was $141.7 million.
• Diluted earnings per common share (“EPS”) was $2.14 compared to $1.57 in the prior year second quarter.
• Non-GAAP diluted EPS was $2.93 compared to $2.37 in the prior year second quarter.
  

"We are focused on driving returns for our shareholders by investing to expand the business while executing a balanced approach to capital deployment,” said Chris Caldwell, Concentrix President and CEO. “Our outlook for the balance of the year includes increased foreign currency headwinds with changes in a small portion of our client base looking to move more work offshore. Broad-based strength across the business, strong wins with enterprise and new-economy clients, and a robust pipeline across our strategic verticals keep us confident that we will continue to grow faster than the market while expanding our margins."

Quarterly Dividend and Share Repurchase Program:

• Concentrix paid a $0.25 per share quarterly dividend on May 10, 2022. The Company’s Board of Directors has declared a quarterly dividend of $0.25 per share payable on August 9, 2022, to shareholders of record at the close of business on July 29, 2022.
• Concentrix repurchased 0.4 million shares in the second quarter at a cost of $57.8 million under its previously announced share repurchase program. At May 31, 2022, the Company’s remaining share repurchase authorization was $417.1 million.

Third Quarter and Full Year Fiscal 2022 Outlook
The following statements are based on Concentrix’ current expectations for the third quarter and full year fiscal 2022. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, amortization of intangible assets, depreciation, share-based compensation and the related tax effects thereon. These statements are forward-looking and actual results may differ materially.

Third Quarter Fiscal 2022 Expectations:

• Third quarter revenue is expected to be in the range of $1.575 billion to $1.605 billion, up approximately 13% to 15% as reported, including a 3-point negative impact of foreign exchange rates compared with the prior year period. This equates to 7% to 9% growth on an adjusted constant currency basis, which excludes a 9-point positive impact of businesses acquired and divested since the start of the prior year third quarter and the negative impact of foreign exchange rates.
• Third quarter operating income is expected to be in the range of $161 million to $176 million and non-GAAP operating income is expected to be in the range of $220 million to $235 million.
• The effective tax rate is expected to approximate 24% to 25%.
  

Full Year 2022 Expectations:

• Revenue is expected to be in the range of $6.365 billion to $6.415 billion, up approximately 14% to 15% as reported, including a 3-point negative impact of foreign exchange rates compared with the prior year. This equates to 9% to 10% growth on an adjusted constant currency basis, which excludes an 8-point positive impact of businesses acquired and divested since the start of fiscal year 2021 and the negative impact of foreign exchange rates.
• Operating income is expected to be in the range of $663 million to $688 million and non-GAAP operating income is expected to be in the range of $890 million to $915 million.
• The effective tax rate is expected to approximate 24% to 25%.
  

Conference Call and Webcast
Concentrix will host a conference call for investors to review its second quarter fiscal 2022 results tomorrow morning, Tuesday, June 28, 2022 at 9:00 a.m. (ET)/6:00 a.m. (PT).

The live conference call will be webcast in listen-only mode in the Investor Relations section of the Concentrix website under “Events and Presentations” at https://ir.concentrix.com/events-and-presentations. A replay will also be available on the website following the conference call.

About Concentrix
Concentrix Corporation (Nasdaq: CNXC) is a leading global provider of customer experience (CX) solutions and technology, improving business performance for some of the world’s best brands including over 100 Fortune Global 500 clients and more than 125 new economy clients. Every day, from more than 40 countries and across 6 continents, our staff delivers next generation customer experience and helps companies better connect with their customers. We create better business outcomes and help differentiate our clients by reimagining everything CX through Strategy + Talent + Technology. Concentrix provides services to clients in our key industry verticals: technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector. Visit www.concentrix.com to learn more.

Use of Non-GAAP Information
In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

• Constant currency revenue growth, which is revenue growth adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Constant currency revenue growth is calculated by translating the revenue of each fiscal year in the billing currency to U.S. dollars using the comparable prior year’s currency conversion rate in comparison to prior year’s revenue. Generally, when the U.S. dollar either strengthens or weakens against other currencies, revenue growth at constant currency rates or adjusting for currency will be higher or lower than revenue growth reported at actual exchange rates.
• Adjusted constant currency revenue growth, which is constant currency revenue growth excluding revenue for businesses acquired or divested since the beginning of the prior year period so that revenue growth can be viewed without the impact of acquisitions or divestitures, thereby facilitating period-to-period comparisons of our business performance.
• Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.
• Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.
• Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation.
• Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue.
• Non-GAAP net income, which is net income excluding the tax effected impact of acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.
• Free cash flow, which is cash flows from operating activities less capital expenditures. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. However, free cash flow has limitations because it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions.
• Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of acquisition-related and integration expenses, including related restructuring costs, amortization of intangible assets, and share-based compensation.
  

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. These non-GAAP financial measures exclude amortization of intangible assets. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors’ ability to compare our past financial performance with its current performance and to analyze underlying business performance and trends. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

Safe Harbor Statement
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, statements regarding the Company’s expected future financial condition and growth, results of operations, including revenue and operating income, effective tax rate, margin expansion, capital allocation, business strategy, foreign currency exchange rate fluctuations, the shore preference of our clients and statements that include words such as believe, expect, may, will, provide, could and should and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to general economic conditions, including uncertainty related to the COVID-19 pandemic, the conflict in Ukraine and their effects on the global economy, supply chains, inflation, the Company’s business and the business of the Company’s clients; risks related to the Company’s acquisition of ServiceSource International, Inc. (“ServiceSource”), including that the transaction will not be consummated; other communicable diseases, natural disasters, adverse weather conditions or public health crises; cyberattacks on the Company’s or its clients’ networks and information technology systems; the inability to protect personal and proprietary information; the failure of the Company’s staff and contractors to adhere to the Company’s and its clients’ controls and processes; the inability to execute on the Company’s digital CX strategy; the inability to successfully identify, complete and integrate strategic acquisitions or investments, including the acquisition and integration of ServiceSource; competitive conditions in the Company’s industry and consolidation of its competitors; geopolitical, economic and climate or weather related risks in regions with a significant concentration of the Company’s operations; higher than expected tax liabilities; the loss of key personnel; the demand for CX solutions and technology; variability in demand by clients or the early termination of the Company’s client contracts; the level of business activity of the Company’s clients and the market acceptance and performance of their products and services; the operability of communication services and information technology systems and networks; changes in law, regulations or regulatory guidance; currency exchange rate fluctuations; damage to the Company’s reputation through the actions or inactions of third parties; increases in the cost of labor; investigative or legal actions; and other factors contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021 filed with the Securities and Exchange Commission and subsequent SEC filings. The Company does not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made.

Copyright 2022 Concentrix Corporation. All rights reserved. Concentrix, the Concentrix logo, and all other Concentrix company, product and services names and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Concentrix and the Concentrix logo Reg. U.S. Pat. & Tm. Off. and applicable non-U.S. jurisdictions. Other names and marks are the property of their respective owners.

CONCENTRIX CORPORATION
CONSOLIDATED BALANCE SHEETS
(currency and share amounts in thousands, except par value)

	May 31, 2022				November 30, 2021
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	163,364			$	182,038
Accounts receivable, net		1,311,715				1,207,953
Other current assets		153,904				153,074
Total current assets		1,628,983				1,543,065
Property and equipment, net		401,716				407,144
Goodwill		2,925,679				1,813,502
Intangible assets, net		1,037,987				655,528
Deferred tax assets		53,104				48,413
Other assets		565,183				578,715
Total assets	$	6,612,652			$	5,046,367
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	110,931			$	129,359
Current portion of long-term debt		105,000				—
Accrued compensation and benefits		437,516				453,434
Other accrued liabilities		346,204				351,642
Income taxes payable		23,371				33,779
Total current liabilities		1,023,022				968,214
Long-term debt, net		2,197,876				802,017
Other long-term liabilities		501,579				546,410
Deferred tax liabilities		164,073				109,471
Total liabilities		3,886,550				2,426,112
Redeemable non-controlling interest		2,157				—
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2022 and November 30, 2021, respectively		—				—
Common stock, $0.0001 par value, 250,000 shares authorized; 52,058 and 51,927 shares issued as of May 31, 2022 and November 30, 2021, respectively, and 51,342 and 51,594 shares outstanding as of May 31, 2022 and November 30, 2021, respectively		5				5
Additional paid-in capital		2,404,281				2,355,767
Treasury stock, 716 and 333 shares as of May 31, 2022 and November 30, 2021, respectively		(118,248	)			(57,486	)
Retained earnings		589,740				392,495
Accumulated other comprehensive loss		(151,833	)			(70,526	)
Total stockholders’ equity		2,723,945				2,620,255
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$	6,612,652			$	5,046,367

CONCENTRIX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(currency and share amounts in thousands, except per share amounts)
(unaudited)

	Three Months Ended											Six Months Ended
	May 31, 2022				May 31, 2021				% Change			May 31, 2022				May 31, 2021			% Change
Revenue
Technology and consumer electronics	$	466,754			$	417,277			12	%		$	936,953			$	830,095		13	%
Retail, travel and ecommerce		295,025				231,966			27	%			579,942				470,967		23	%
Communications and media		273,817				254,860			7	%			534,460				503,650		6	%
Banking, financial services and insurance		255,583				228,816			12	%			498,829				437,900		14	%
Healthcare		148,252				115,418			28	%			298,388				240,642		24	%
Other		128,670				121,541			6	%			255,581				239,902		7	%
Total revenue		1,568,101				1,369,878			14	%			3,104,153				2,723,156		14	%
Cost of revenue		1,009,185				887,149			14	%			2,007,103				1,754,377		14	%
Gross profit		558,916				482,729			16	%			1,097,050				968,779		13	%
Selling, general and administrative expenses		402,004				354,505			13	%			792,393				705,666		12	%
Operating income		156,912				128,224			22	%			304,657				263,113		16	%
Interest expense and finance charges, net		12,973				6,745			92	%			21,743				14,448		50	%
Other expense (income), net		(2,545	)			(3,546	)		(28	)%			(10,161	)			257		(4,054	)%
Income before income taxes		146,484				125,025			17	%			293,075				248,408		18	%
Provision for income taxes		33,451				42,121			(21	)%			69,503				76,693		(9	)%
Net income before non-controlling interest		113,033				82,904			36	%			223,572				171,715		30	%
Less: Net income (loss) attributable to non-controlling interest		(109	)			—			100	%			157				—		100	%
Net income attributable to Concentrix Corporation	$	113,142			$	82,904			36	%		$	223,415			$	171,715		30	%
Earnings per common share:
Basic	$	2.16			$	1.59						$	4.27			$	3.31
Diluted	$	2.14			$	1.57						$	4.23			$	3.26
Weighted-average common shares outstanding
Basic		51,564				51,275							51,596				51,215
Diluted		51,990				52,005							51,995				51,928

CONCENTRIX CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(currency and share amounts in thousands, except per share amounts)
(unaudited)

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Revenue	$	1,568,101			$	1,369,878			$	3,104,153			$	2,723,156
Revenue growth, as reported under U.S. GAAP		14.5	%			28.5	%			14.0	%			20.8	%
Foreign exchange impact		2.7	%			(4.2	)%			2.3	%			(3.1	)%
Constant currency revenue growth		17.2	%			24.3	%			16.3	%			17.7	%
Effect of excluding revenue of acquired and divested businesses		(7.8	)%			—	%			(6.3	)%			—	%
Adjusted constant currency revenue growth		9.4	%			24.3	%			10.0	%			17.7	%

	Three Months Ended						Six Months Ended
	May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
Operating income	$	156,912		$	128,224		$	304,657		$	263,113
Acquisition-related and integration expenses		1,726			—			2,648			—
Amortization of intangibles		41,469			34,597			79,525			69,198
Share-based compensation		12,647			9,283			27,816			16,401
Non-GAAP operating income	$	212,754		$	172,104		$	414,646		$	348,712

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Net income	$	113,142			$	82,904			$	223,415			$	171,715
Net income (loss) attributable to non-controlling interest		(109	)			—				157				—
Interest expense and finance charges, net		12,973				6,745				21,743				14,448
Provision for income taxes		33,451				42,121				69,503				76,693
Other expense (income), net		(2,545	)			(3,546	)			(10,161	)			257
Acquisition-related and integration expenses		1,726				—				2,648				—
Amortization of intangibles		41,469				34,597				79,525				69,198
Share-based compensation		12,647				9,283				27,816				16,401
Depreciation		37,137				36,226				73,174				72,225
Adjusted EBITDA	$	249,891			$	208,330			$	487,820			$	420,937

	Three Months Ended						Six Months Ended
	May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
Operating margin	10.0	%		9.4	%		9.8	%		9.7	%
Non-GAAP operating margin	13.6	%		12.6	%		13.4	%		12.8	%
Adjusted EBITDA margin	15.9	%		15.2	%		15.7	%		15.5	%

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Net income	$	113,142			$	82,904			$	223,415			$	171,715
Acquisition-related and integration expenses		1,726				—				2,648				—
Amortization of intangibles		41,469				34,597				79,525				69,198
Share-based compensation		12,647				9,283				27,816				16,401
Income taxes related to the above (1)		(14,180	)			(11,107	)			(27,933	)			(21,674	)
Income tax effect of assets held for sale (2)		—				9,247				—				9,247
Non-GAAP net income	$	154,804			$	124,924			$	305,471			$	244,887

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Net income	$	113,142			$	82,904			$	223,415			$	171,715
Less: net income allocated to participating securities		(1,700	)			(1,254	)			(3,243	)			(2,314	)
Net income attributable to common stockholders		111,442				81,650				220,172				169,401
Acquisition-related and integration expenses allocated to common stockholders		1,700				—				2,610				—
Amortization of intangibles allocated to common stockholders		40,846				34,074				78,371				68,266
Share-based compensation allocated to common stockholders		12,457				9,143				27,412				16,180
Income taxes related to the above allocated to common stockholders (1)		(13,967	)			(10,939	)			(27,528	)			(21,382	)
Income tax effect of assets held for sale allocated to common stockholders (2)		—				9,107				—				9,122
Non-GAAP net income attributable to common stockholders	$	152,478			$	123,035			$	301,037			$	241,587

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Diluted earnings per common share (“EPS”) (3)	$	2.14			$	1.57			$	4.23			$	3.26
Acquisition-related and integration expenses		0.03				—				0.05				—
Amortization of intangibles		0.79				0.66				1.51				1.31
Share-based compensation		0.24				0.18				0.53				0.31
Income taxes related to the above (1)		(0.27	)			(0.22	)			(0.53	)			(0.41	)
Income tax effect of assets held for sale (2)		—				0.18				—				0.18
Non-GAAP diluted EPS	$	2.93			$	2.37			$	5.79			$	4.65
Weighted-average number of common shares - diluted		51,990				52,005				51,995				51,928

	Three Months Ended								Six Months Ended
	May 31, 2022				May 31, 2021				May 31, 2022				May 31, 2021
Net cash provided by operating activities	$	167,469			$	203,231			$	212,484			$	239,115
Purchases of property and equipment		(25,773	)			(28,808	)			(71,166	)			(70,758	)
Free cash flow	$	141,696			$	174,423			$	141,318			$	168,357

	Forecast
	Three Months Ending August 31, 2022
	Low			High
Operating income	$	161,200		$	176,200
Amortization of intangibles		41,300			41,300
Share-based compensation		17,500			17,500
Non-GAAP operating income	$	220,000		$	235,000

	Forecast
	Fiscal Year Ending November 30, 2022
	Low			High
Operating income	$	663,352		$	688,352
Acquisition-related and integration expenses		2,648			2,648
Amortization of intangibles		162,000			162,000
Share-based compensation		62,000			62,000
Non-GAAP operating income	$	890,000		$	915,000

⁽¹⁾ The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity-specific, statutory tax rates applicable to each item during the respective periods presented.

⁽²⁾ In the second quarter of fiscal year 2021, we reached an agreement to sell our Concentrix Insurance Solutions (“CIS”) business and, therefore, we were no longer indefinitely reinvested with respect to our investment in this subsidiary. This amount represents the income tax impact of the change in this reinvestment assertion.

⁽³⁾ Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For the purposes of calculating diluted EPS, net income attributable to participating securities was approximately 1.5% of net income for both the three months ended May 31, 2022 and 2021 and 1.5% and 1.3% of net income, respectively, for the six months ended May 31, 2022 and 2021, and was excluded from total net income to calculate net income attributable to common stockholders. In addition, the non-GAAP adjustments allocated to common stockholders were calculated based on the percentage of net income attributable to common stockholders.

FAQ

What were Concentrix's financial results for the second quarter of 2022?

Concentrix reported revenue of $1,568.1 million, a 14.5% increase from the previous year, with diluted EPS of $2.14.

How did Concentrix's operating income change in Q2 2022?

Operating income rose 22.4% to $156.9 million, improving the operating margin to 10.0%.

What is the outlook for Concentrix after Q2 2022 results?

The company forecasts increased foreign currency headwinds but remains confident in growth driven by strong client wins and a robust pipeline.

When will Concentrix's next dividend be paid?

Concentrix declared a quarterly dividend of $0.25 per share payable on August 9, 2022.

What impact did foreign exchange rates have on Concentrix's revenue?

Foreign exchange rates negatively impacted revenue by 2.7 percentage points compared to the previous year.