CNXC - Concentrix Non-GAAP EPS of $3.01 misses by $0.32 revenue of $1.64B misses by $40M

• Concentrix press release ( NASDAQ: CNXC ): Q4 Non-GAAP EPS of $3.01 misses by $0.32 .
• Revenue of $1.64B (+11.6% Y/Y) misses by $40M .
• Non-GAAP operating income was $248.0 million, or 15.1% of revenue, compared with $203.4 million, or 13.9% of revenue, in the prior year fourth quarter.
• Adjusted EBITDA was $284.8 million, or 17.4% of revenue, compared with $238.2 million, or 16.2% of revenue, in the prior year fourth quarter.
• Q1 2023 Outlook: Adjusted constant currency revenue growth is expected to be in the range of 2% to 4%. Based on current exchange rates, our expectations assume a 2.4-point negative impact of foreign exchange rates compared with the prior year. Additionally, our expectations exclude an expected revenue contribution of approximately $80 million in the first quarter from acquired operations not included in the full prior year results. Based on the above assumptions, we expect first quarter reported revenue in the range of $1.610 billion to $1.640 billion.
• Operating income is expected to be in the range of $146 million to $156 million and non-GAAP operating income is expected to be in the range of $210 million to $220 million.
• The effective tax rate is expected to approximate 26%.
• 2023 Outlook: Adjusted constant currency revenue growth is expected to be in the range of 4% to 6%. Based on current exchange rates, our expectations assume a de minimis impact of foreign exchange rates compared with the prior year. Additionally, our expectations exclude an expected revenue contribution of approximately $160 million for the full year from acquired operations not included in the full prior year results. Based on the above assumptions, we expect full year reported revenue in the range of $6.715 billion to $6.865 billion.
• Operating income is expected to be in the range of $713 million to $753 million and non-GAAP operating income is expected to be in the range of $950 million to $990 million.
• The effective tax rate is expected to approximate 26%.

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