Concentrix Corporation (NASDAQ: CNXC), based in Newark, California, is a global technology and services leader that provides integrated solutions to clients across various sectors. In its fiscal fourth quarter and full year 2024 results, Concentrix demonstrated significant revenue growth, while operating income and profit metrics showed declines compared to the previous year.

For the fourth quarter ended November 30, 2024, Concentrix reported revenue of $2,448.0 million, an increase of 9.7% from $2,230.8 million in the same quarter of the previous year. For the fiscal year, revenue reached $9,618.9 million, marking a 35.2% rise from $7,114.7 million year-over-year. On a pro forma constant currency basis, revenue growth was 1.5% for the fourth quarter and 2.7% for the full year, aligning with the company’s guidance.

Operating income in the fourth quarter was $144.5 million, or 5.9% of revenue, down from $180.4 million, or 8.1% of revenue in the prior year quarter. For the full fiscal year, operating income totaled $596.4 million, representing 6.2% of revenue, compared to $661.3 million, or 9.3% of revenue in fiscal 2023.

Non-GAAP operating income for the fourth quarter was $346.7 million, or 14.2% of revenue, slightly up from $340.8 million, or 15.3% of revenue a year earlier. Non-GAAP operating income for the fiscal year was $1,317.9 million, or 13.7% of revenue, also lower than the previous year’s $1,010.0 million, which was 14.2% of revenue.

Net income for the fourth quarter increased to $115.7 million from $69.5 million year-over-year, a gain of 66.5%. However, net income for the full year decreased to $251.2 million from $313.8 million, reflecting a decline of 19.9%. Non-GAAP net income rose to $219.3 million from $213.5 million in the fourth quarter, but decreased to $772.3 million from $630.7 million for the fiscal year.

Adjusted EBITDA for the fourth quarter reached $402.9 million, or 16.5% of revenue, compared to $397.9 million, or 17.8% of revenue a year ago. Full-year adjusted EBITDA was $1,554.9 million, or 16.2% of revenue, down from $1,181.8 million, which was 16.6% of revenue for the prior year.

Diluted earnings per share (EPS) for the fourth quarter was $1.72, compared to $1.09 in the prior year, while full-year diluted EPS fell to $3.71 from $5.70. Non-GAAP diluted EPS for the fourth quarter was $3.26, down from $3.36 a year earlier, and for the full year, it was $11.42 compared to $11.45 in the previous fiscal year.

In fiscal 2024, Concentrix returned approximately $220 million to shareholders through share repurchases and dividends, and reduced debt by $209 million. The company’s share repurchase authorization was increased to $600 million. The company has introduced guidance for fiscal year 2025, with expected revenue ranging from $9.470 billion to $9.610 billion, suggesting constant currency revenue growth of 0% to 1.5%.