Concentrix Corporation

What drives the forecast

• June 29 management guidance is $2,465m–$2,490m revenue, $295m–$305m adjusted operating income and $2.65–$2.77 adjusted EPS; our $2,472m / $295.5m implies $2.70 EPS, below CapIQ's $2.81.
• CapIQ's four-analyst normalized EPS mean is $2.81 as captured September 24 (date-only); September 22 TradingView estimates $2.71 and a September 24 preview cites an 8.2% 90-day downward EPS revision and two consecutive estimate misses.
• June 29 company call identifies accelerated offshoring, client budget rationalization and about $45m of expected third-quarter restructuring; weak August TTEC results temper optimism, while TaskUs reported stronger AI-service demand.
• Operating bridge assumes $65m interest, 25% adjusted and GAAP tax, 60.9m diluted shares, 4.8% participating-securities allocation; GAAP EPS of about $0.68 includes $45m restructuring and excluded amortization and stock-based compensation.
• The September 8 CastleHill acquisition postdates the August 31 quarter end; no unsupported retroactive acquisition revenue is included. FX/contingent-consideration GAAP gains or losses cannot be predicted and are assumed zero.