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CNXC — Concentrix Corporation

Customer Experience (CX) & BPO • Spun off Dec 2020 • Webhelp Merger Sep 2023 • FY ends Nov 30

Guidance Data Points
12
Hit Rate
—
Tracking
FY2024–FY2026
AI Revenue Run Rate
$60M+
$9.83B FY2025 Rev
Revenue guidance exceeded (+2.2% YoY) but Adj. Operating Income missed 2 straight years. Margin compression from Webhelp integration & AI transition costs.
~80% Stock Decline
From $170+ (2023) to ~$33 (2026). Market prices in AI cannibalization of BPO/CX call center volumes. $1.5B goodwill impairment in Q4 FY2025.

📊 Overall Verdict Distribution

📊 Verdicts by Fiscal Year

🎯 Annual Guidance vs. Actuals (Initial Guidance)

Fiscal YearMetricGuide LowGuide HighActualVerdictNote

📈 Annual Revenue: Guidance vs. Actual ($M)

🔄 Guidance Revision Timeline

📅 Quarterly Actuals (Post-Webhelp Merger)

QuarterRevenue ($M)Adj. OI ($M)OI MarginAdj. EPSNote

💰 Quarterly Revenue ($M)

📉 Adj. Operating Margin Trend

💵 Adjusted EPS Trend

🤖 AI Disruption & Management Response

"We see a vast opportunity in front of us today to redefine our industry and add incremental value to clients... 40% of our new wins this year include our AI technology platforms."
— Chris Caldwell, CEO, Q3 FY2025 & Q4 FY2025 Earnings Calls
"Adjacent services including data annotation, analytics, implementations, consulting, managed services, and B2B business selling AI solutions on behalf of software vendors were approaching a billion dollars and growing much faster than the core business."
— Chris Caldwell, CEO, Q2 FY2025 Earnings Call (June 2025)

🟢 The Bull Case (AI as Opportunity)

Management argues AI is additive, not destructive to their business:

• Only 5-7% of current revenue at direct AI cannibalization risk (low-complexity, scripted interactions)

• iX Suite (Hello + Hero) reached $60M annualized revenue and breakeven profitability

• 61% YoY increase in technology solution wins in Q1 FY2026

• Adjacent AI services approaching $1B revenue, growing faster than core

• Shifting to outcome-based pricing (results vs. per-hour labor)

• Strong FCF generation ($626M FY2025) at ~3× current market cap valuation

🔴 The Bear Case (AI as Existential Risk)

Bears argue AI will structurally shrink the BPO/CX market:

• Adj. Operating Income guidance missed 3 of last 3 years — margin compression is real

• $1.5B goodwill impairment (Q4 FY2025) — management itself wrote down Webhelp value

• Stock down ~80% from 2023 highs — market sees structural decline

• Revenue growth only 1.5-3% CC — barely above inflation in a supposed "growth" company

• Agentic AI (2025-2026) could handle complex CX tasks that were previously "safe"

• Clients may build in-house AI CX solutions rather than outsource