What Is Driving Concentrix Corp (NASDAQ: CNXC)?

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Concentrix Corp (NASDAQ: CNXC) stock rose over 4.7% on 12th Jan, 2021 (as of  10:58 am GMT-5; Source: Google finance) after the company  in the fourth quarter of FY 20 has reported the 7.3% rise in the Revenue to $1,300.9 million from the prior fiscal year fourth quarter and is up 6.3% on a constant currency basis, compared to $1,212.8 million in the prior fiscal year fourth quarter. Operating income was $120.2 million, or 9.2% of revenue, compared with $101.5 million, or 8.4% of revenue in the prior fiscal year fourth quarter. The company delivered the Non-GAAP operating income was $175.4 million, or 13.5% of revenue, compared with $165.0 million, or 13.6% of revenue, in the prior fiscal year fourth quarter. The company posted adjusted EBITDA of $211.2 million, or 16.2% of revenue, compared with $197.7 million, or 16.3% of revenue, in the prior fiscal year fourth quarter.

Moreover, for fiscal 2020, the company has reported the revenue of $4,719.5 million, which represents an increase of 0.2% from the prior fiscal year and 0.7% on a constant currency basis, compared to $4,707.9 million in the prior fiscal year. Non-GAAP operating income for FY 2020 was $509.4 million, or 10.8% of revenue, compared with $542.0 million, or 11.5% of revenue, in the prior fiscal year. 2020 Adjusted EBITDA was $638.5 million, or 13.5% of revenue, compared with $676.8 million, or 14.4% of revenue, in the prior fiscal year. On a net basis, the company incurred the COVID expenses of approximately $86.0 million for fiscal year 2020.

Meanwhile, on December 1, 2020, the company had completed its separation from SYNNEX Corporation (NYSE: SNX) and is now an independent, publicly traded company listed on the NASDAQ stock market under the ticker symbol “CNXC”. With about $4.7 billion in annual revenue and a differentiated portfolio of solutions, CNXC underpins over 95 Global Fortune 500 clients and over 90 disruptive, high-growth clients across 275+ global locations, delivering a consistent brand experience across all channels.

For the first quarter of fiscal 2021, the company expects revenue to be in the range of $1.260 billion to $1.310 billion as reported. Q1 2021 Operating income is projected to be in the range of $107 million to $121 million and non-GAAP operating income is expected to be in the range of $148 million to $162 million.

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