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Concentrix Corporation (CNXC+1.87%) has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing a decrease in revenue to $2,372,222,000 from $2,402,748,000 in the same quarter the previous year. The decrease is attributed to the negative effect of changes in foreign currency exchange rates.
Cost of revenue for the quarter was $1,516,323,000, representing 64% of revenue, compared to 64% in the same quarter of the previous year. This consistency in cost ratio is due to stable production costs.
The company reported a gross profit of $855,899,000 for the quarter, compared to $856,529,000 in the previous year, with a slight decline attributed to decreased revenue.
Selling, general, and administrative expenses decreased to $687,032,000 from $708,090,000, primarily due to a reduction in foreign currency exchange rates.
Operating income for the quarter was $168,867,000, up from $148,439,000 in the previous year. The increase is attributed to reduced selling, general, and administrative expenses.
Net income for the quarter was $70,257,000, up from $52,102,000 in the previous year. The increase is attributed to improved operating income.
Cash provided by operating activities was $1,408,000, while cash used in investing and financing activities was $51,281,000 and $102,300,000, respectively.
Concentrix had a working capital of $1,498,500,000 as of February 28, 2025. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a restated credit facility and a securitization facility.
Concentrix does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Concentrix continues to focus on expanding its market share and enhancing its technology solutions, with significant operations in 75 countries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Concentrix Corporation quarterly 10-Q report dated April 4, 2025. To report an error, please email earnings@qz.com.