Concentrix (CNXC) 2026财年第三季度业绩电话会议：AI收入占比突破50%lg...

Concentrix（纳斯达克代码：CNXC）公布2026财年第三季度营收约为24.5亿美元，按固定汇率计算同比下降0.5%。尽管人工智能自动化部署加速、客户支持有所减少，且将工作转移至低成本地区带来了约3%的营收逆风，但公司盈利能力有所改善。

核心要点

• 第三财季营收约为24.5亿美元，按固定汇率计算同比下降0.5%，略低于公司6月给出的业绩指引下限。
• Non-GAAP营业利润达到3.09亿美元，而Non-GAAP营业利润率同比上升30个基点至12.6%。调整后EBITDA利润率也上升30个基点至14.8%。
• 管理层表示，目前超过50%的营收来自过去三年创造的业务，包括受人工智能影响的转型业务、基于iX Suite的服务以及较新的高价值业务。
• 调整后自由现金流为2.18亿美元，创下Concentrix自2020年拆分上市以来的第三财季最高水平。公司在本季度将总债务减少了2.11亿美元。
• 针对第四财季，管理层预计营收在24.1亿至24.6亿美元之间，按固定汇率计算意味着下降3%至5%。该展望反映了自动化的加速以及对两家超大规模客户的部分用户群体减少支持活动的影响。
• Concentrix预计2026财年调整后自由现金流为6.3亿至6.5亿美元，年末净杠杆率约为调整后EBITDA的2.6倍。

核心财务业绩

GAAP业绩包含因本季度公司股票交易区间触发的10.5亿美元非现金商誉减值准备。

业务与经营业绩

管理层表示，Concentrix已实现超过50%的营收来自于过去三年创造的业务。公司将这些较新的营收来源归类为：与转型或受人工智能影响的客户工作相关的30亿美元、与通过iX Suite人工智能平台压降的传统服务相关的13亿美元净营收，以及来自风险与合规等较新高价值服务的7亿美元。

据管理层透露，这些营收来源预计将在2026财年实现约30%的同比增长。同时，它们还拥有更高的盈利能力，且保留率是传统业务的四倍。Concentrix预计，2027财年新业务营收将突破60亿美元。

涉及人工智能的净增新客户销售额环比增长63%。在iX Suite最大的四个新签约项目中，有三个来自老客户扩大应用场景。在第三财季，Concentrix推动了61个商机以及超过3万名顾问在该平台上上线运行。

公司仍有望在2026财年结束时，实现来自iX Suite的软件许可年度经常性收入达到约1.2亿美元。管理层表示，目前约有13亿美元的营收通过该平台运行，其增速更快且利润率高于传统营收。

整体客户保留率保持在98%。自2023财年初以来，前五大客户全部拓展了新服务，前100大客户中也有超过90%拓展了新服务。

管理层业绩指引

第四财季盈利指引的中点意味着Non-GAAP营业利润率约为12.9%，同比上升20个基点。

Concentrix预计将在2026财年偿还超过5.5亿美元的总债务，并将净债务降至约38亿美元。该展望包含了对CastleHill收购案的资金支持，旨在强化公司的风险与合规业务。管理层还将季度股息提高至每股0.37美元，将于11月发放。

管理层未发布正式的2027财年业绩指引。目前预计新业务的增长将抵消自动化对营收造成的绝大部分（甚至全部）影响，利润率将保持稳定至有所提升，且下半年将具备更强劲的增长势头。预计调整后自由现金流将超过2026财年水平，从而支持在2027财年结束前将总债务再减少5.5亿美元以上，并将净债务降至33亿美元以下（约相当于调整后EBITDA的2.2倍）。

风险与值得关注的领域

两家超大规模客户终止对某些客户群体提供支持的时间早于此前预估。管理层目前预计该过程将在第四财季末基本完成，从而对第四财季营收造成更大的影响，并将压力延续至2027财年的前两个季度。这两家客户同时也在其他服务项目上扩大与Concentrix的合作。

交付地点的转移在第三财季带来了约3%的营收逆风。管理层表示，2027财年的影响可能仍维持在类似区间，尽管可能会略低一些。到2026财年末，预计仅有约10%至11%的营收仍属于可能转移至离岸地区的工作范畴，这意味着该压力随时间推移将有所缓和。

加速的人工智能部署也在压缩部分传统营收。管理层认为这是一个暂时的逆风，从长远看，这有助于建立粘性更强、增长更快且利润率更高的客户关系。

分析师问答环节要点

管理层将2027财年增长预计集中在下半年的原因归结为三个因素：完成两家超大规模客户的过渡、消化人工智能自动化加速部署的影响，以及今年晚些时候潜在的行业整合机会。

在智能体AI（Agentic AI）方面，管理层表示，如Meta的Muse和OpenAI的Dots等产品代表了该行业演进的另一个阶段。Concentrix正协助客户理解如何使用和支持这些渠道，并看到了围绕智能体商业基础设施的机遇。

管理层表示，实现中单数字的持续增长更有可能是2028财年要考量的目标，而非2027财年的近期结果。然而，向较新营收来源的转型进度比公司早前预期快了大约一到两个季度。

关于利润率，管理层表示，由于具备差异化产品，较新营收来源表现稳定且拥有更高的盈利能力。Concentrix不打算在价格底线之下追求同质化的传统业务，并预计新营收和自动化的贡献提升将在2027财年对利润率的稳定提供支撑。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Concentrix Third Quarter 2026 Financial Results Conference Call. [Operator Instructions]

I will now hand the conference over to Elise Brassell, Corporate Communications and Investor Relations. Elise, please go ahead.

Elise Brassell

Thank you, operator, and welcome, everyone, to Concentrix' Third Quarter 2026 Earnings Call. This call is the property of Concentrix and may not be recorded or rebroadcast without the written permission of Concentrix.

This call contains forward-looking statements that address our expected future performance and that, by their nature, address matters that are uncertain. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements as a result of new information or future expectations, events or developments. Please refer to today's earnings release and our most recent filings with the SEC for additional information regarding uncertainties that could affect our future financial results. This includes the risk factors provided in our annual report on our Form 10-K and in our other public filings with the SEC.

Also, during the call, we will discuss non-GAAP financial measures, including adjusted free cash flow, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP EPS and constant currency revenue growth. A reconciliation of these non-GAAP measures is available in the news release and on the company Investor Relations website under Financials.

With me on the call today are Chris Caldwell, our President and Chief Executive Officer; and Andre Valentine, our Chief Financial Officer. Chris will provide a summary of our operating performance and growth strategy, and Andre will cover our financial results and business outlook. Then we'll open the call for your questions.

Now I'll turn the call over to Chris.

Christopher Caldwell

Thank you, Elise. Hello, everyone, and thank you for joining us for our third quarter 2026 earnings call. I'm proud to start this call by recognizing a milestone that speaks to how far Concentrix has come over the last few years since generative AI was released and concerns for the viability of the services industry started. Over the last 3 years, we've steadily expanded the services we offer and invested in deployments of AI technology to evolve our business.

This quarter, we crossed the mark that 50% of our revenue now comes from businesses that we generated in the last 3 years that is very different than our traditional business. These new revenue sources are comprised of: $3 billion of revenue that is coming from new and existing clients that have either gone through heavy transformation or has AI influencing the revenue; $1.3 billion of net revenue resulting from the compression of our traditional services using our iX Suite AI platform; and finally, $700 million of revenue from new high-value services we brought to the market across growing segments like risk and compliance.

Compared to our traditional business, this revenue is growing faster at an expected 30% year-over-year growth rate in fiscal 2026, is more profitable and is stickier with a revenue retention rate 4x higher. We laid this out in more detail in the Q3 investor summary presentation you can find on our website under Investor Relations Events and Presentations.

We're planning more investor outreach in the early part of 2027 to break down how we are looking at our business in more detail. But as an introduction, let me share a few other stats that make me confident and excited about the future. We expect our new business revenues to exceed $6 billion in 2027. As we have talked about, we are seeing the margin progression we've expected in our overall business with a 30 basis point improvement year-on-year in Q3.

We are winning new clients and also evolving our existing clients to new services. As an example, all of our top 5 clients and more than 90% of our top 100 clients have expanded into new services and offerings with us since the start of fiscal 2023. Our average tenure with our clients remains strong at more than 16 years with our top 25 clients and 15 years for our top 50 clients, with a 98% retention rate across our entire client base. Together, these stats show we are building on a solid foundation, and we are pushing the evolution of our business as quickly as possible.

Turning to our third quarter, we can see these same themes reflected. We're continuing to prove that as clients scale AI, we create more opportunities to grow our business, expand profitably and deepen client relationships. We are actively focused on disrupting our own traditional business to take advantage of our momentum.

Our sales pipeline continues to be stable, with net new logo sales involving AI growing 63% quarter-over-quarter. Three of our four largest iX Suite wins this quarter came from clients who are already using the product and are now expanding their use cases because of the results we've helped them achieve. We also brought 61 opportunities, including more than 30,000 advisers live on our iX Suite this quarter, contributing to our margin expansion we delivered in Q3 and the impact to our revenue growth in our traditional business.

Our strategy, vision and execution is getting recognized by the market. We're building an identity for Concentrix as a partner that bridges the gap between AI ambition and operational reality through our New Realities marketing campaign that is resonating with clients, partners and the industry. We were recognized by research firms as a leading partner with multi disciplines and in strategy and vision.

As an example, this month, Everest Group recognized us as a leader in customer experience management with growth in vision and capability across every geography. We earned Best of Category honors from Globee for human-AI teaming and conversational AI. And together with our strategic partner, NiCE, we received an International CX Excellence Award for our work with U.K. technology retailer, Currys.

Our technology-powered consumer experience solution delivered double-digit improvements in customer satisfaction. And just as importantly, we exceeded our profitability guidance for the quarter and expect that momentum to continue into Q4. As a reminder, this marks our second consecutive quarter of record adjusted free cash flow while continuing to reduce leverage.

While AI is expanding our growth opportunities, we're also navigating industry shifts like hyperscaler spend priorities, which will have a larger impact than previously expected on our revenue in the fourth quarter. In addition, shore mix created about a 3% headwind this quarter, as we talked about in our second quarter earnings call.

As clients shift budgets and shores, we continue to use a combination of technology, rightshoring and services to create a balance for growth and long-term profitability in our traditional business. It's important to note that while the business is evolving, we are doing what we can to accelerate our rollout of AI. This causes temporary headwinds that result in [ growing ], stickier and higher-margin revenue and relationships.

While this evolution progresses, we're staying disciplined in how we allocate capital. This quarter, we strengthened our balance sheet by reducing net debt by approximately $211 million. And by the end of our fiscal 2026 year, we expect to have completed $900 million of debt paydown in the last 3 years. This puts us on track to reduce our net leverage to approximately 2.6x at year-end, with further significant debt and leverage reduction planned in 2027 to approximately 2.2x. At the same time, we're continuing to invest in our future by upskilling our people and expanding specialized AI talent to grow new capabilities.

Looking ahead to Q4, we are pushing accelerated deployments of AI, but we remain confident in the growth opportunity of our new business revenues and the overall market opportunities. We are focused on being the partner of choice to help transform operating models with the right mix of automation, technology, global talent and deep domain expertise. We're seeing a healthy, stable pipeline of complex, high-value opportunities where clients are looking for practical solutions that deliver measurable business outcomes.

While not providing guidance for 2027, we currently expect the growth of our new business revenue to offset much, if not all of our automation efforts in 2027 while driving stable to improved margins across our entire business. We expect the overall business to benefit from consolidation in the industry, with growth momentum to be more in the back half of the year. We expect our free cash generation to be above our 2026 levels.

Before I hand it over to Andre, I want to thank our Gamechangers around the world for their commitment to our clients and to each other. Their expertise and innovation make our success possible. And I'd also like to thank our clients for their trust they place in us as they navigate an increasingly complex business environment.

With that, Andre will take you through more details on our quarterly performance and outlook for the rest of the year. Andre?

Andre Valentine

Well, thank you, Chris, and hello, everyone. I'll begin with a review of our financial results for the third quarter and then discuss our outlook for the fourth quarter and full year 2026. In the third quarter, we delivered revenue of approximately $2.45 billion. On a constant currency basis, this represented a decrease of 0.5%, which is slightly below the lower end of the guidance we provided in June. Our revenue for the quarter reflects an acceleration of our deployment of AI for clients, as well as client decisions to reduce support for certain customer sets that we have supported.

Turning to profitability. Our non-GAAP operating income was $309 million, above the high end of the guidance range we provided in June. Adjusted EBITDA in the quarter was $363 million. Our non-GAAP operating income margin was 12.6%, and our adjusted EBITDA margin was 14.8%, with both measures up 30 basis points from the third quarter last year. This increase in margins demonstrates our focus on winning the right business, as well as our discipline and execution in aligning our business investments to areas that we have identified for profit-enhancing growth while reducing costs in other areas. This is consistent with our commentary throughout 2026 that we would see year-over-year margin expansion in the second half of the year.

Non-GAAP diluted EPS was $2.92 per share, above the guidance range we provided in March and June and up $0.14 from the third quarter of 2025. Our GAAP results for the third quarter reflect a $1.05 billion noncash goodwill impairment charge triggered by the trading range of our stock during the quarter. Complete reconciliations of non-GAAP measures to comparable GAAP measures are provided in today's earnings release.

Adjusted free cash flow was $218 million in the third quarter, the highest level we've achieved in the third quarter of any year since our spin-off in 2020. We returned approximately $23 million to shareholders in the quarter through our quarterly dividend. Consistent with our commitment to reducing net leverage at the end of the year, we did not repurchase any shares in the quarter.

In the quarter, we reduced total debt by $211 million. Our debt reduction in the quarter included the repayment of $200 million in senior notes that matured in August. At the end of the third quarter, cash and cash equivalents were approximately $256 million. Total debt was approximately $4.375 billion, and net debt was approximately $4.119 billion.

At the end of the quarter, our liquidity was nearly $1.5 billion, including our $1.1 billion undrawn revolving credit facility. Included in our outstanding debt at the end of the quarter is $375 million in term loan borrowings that mature in December 2026. We expect to repay these borrowings using free cash flow generated over the balance of the year and existing sources of liquidity. In total, we expect to repay over $550 million in gross debt this year and reduce net debt to approximately $3.8 billion by the end of the year.

Now I'll turn to our outlook. For the fourth quarter and full year 2026, we expect the following: fourth quarter revenue of $2.41 billion to $2.46 billion. Based on current exchange rates, these expectations assume an approximate 65 basis point negative impact of foreign exchange rates in Q4 compared with the prior year period. The guidance implies a constant currency revenue decrease in the fourth quarter ranging from 3% to 5%. This leads to fiscal year 2026 revenue of $9.827 billion to $9.877 billion based on based on current exchange rates, which we assume an approximate 80 basis point positive impact of foreign exchange rates compared with the prior year. As such, we expect revenue for the full year to decrease by 0.8% to 0.3% on a constant currency basis.

For the fourth quarter, we expect non-GAAP operating income of $310 million to $320 million. This drives full year non-GAAP operating income of $1,206 million to $1,216 million. The midpoint of our profitability expectations for the fourth quarter implies a non-GAAP operating income margin of approximately 12.9%, up 20 basis points from the fourth quarter last year. This is consistent with our expectation all year that we would generate year-over-year margin expansion in the second half of the fiscal year.

This guidance translates into an expected non-GAAP earnings per share of $2.86 to $2.98 for Q4, assuming approximately $63.5 million in interest expense, 61.2 million diluted common shares outstanding and approximately 4.9% of net income attributable to participating securities. For fiscal year 2026, we expect non-GAAP EPS of $10.97 to $11.09, assuming non-GAAP interest expense for the year of $265 million, approximately 61.1 million diluted common shares outstanding and approximately 4.9% of net income attributable to participating securities. The non-GAAP effective tax rate is expected to be approximately 24% for both Q4 and for the full year.

We continue to expect to generate between $630 million and $650 million in adjusted free cash flow this year. With this cash generation, we expect to reduce our outstanding debt balance by over $550 million in the year. This expectation includes the funding of our acquisition of CastleHill to further strengthen our risk and compliance offering in the fourth quarter. We are committed to reducing our net leverage to approximately 2.6x adjusted EBITDA by the end of fiscal 2026.

Looking at cash flow beyond 2026, we expect adjusted free cash flow in fiscal 2027 to exceed the amount we generate in 2026. Our confidence in our cash generation in 2027 reflects an expectation of reduced restructuring costs, lower cash interest expense and that our newer growing sources of revenue require less capital expenditures than our traditional business. Our 2027 cash flow expectation would allow us to reduce our gross outstanding debt by over $550 million once again in fiscal 2027 and bring our net debt to below $3.3 billion, or roughly 2.2x adjusted EBITDA, by the end of fiscal 2027. Our confidence in the continued strong cash flow generation of the business is reflected in our increased dividend to $0.37 per share, payable in November.

In summary, our overall demand environment remains stable. We're confident in our ability to drive margin expansion in the business. We're confident in the continued strong free cash flow generation of the business and our plan to pay down debt and reduce net leverage in 2026 and beyond. And we're in a strong competitive position to drive long-term outperformance.

Now operator, please open the line for questions.

Operator

[Operator Instructions] Your first question comes from the line of Ruplu Bhattacharya with Bank of America.

分析师问答

Ruplu Bhattacharya

Christopher, on your comment that growth in 2027 is going to be more back half-weighted, what is driving that? What specifically are you seeing in the sales cycle? You had talked about some hyperscale customers who might be reducing some support to their end customers, and you've also talked about offshore moves that could be impacting revenues. So help us kind of understand what is driving that back-end loaded nature of revenues in the next year? And I have a follow-up.

Christopher Caldwell

No problem. Ruplu, it's Chris. So thank you for the question. So two things. Just in terms of what we're seeing right now, just to put some perspective and size what we're looking at, the hyperscale customers we're talking about are 2 specific clients who, as we talked about in our Q2 call, are looking at stopping support for certain client sets. Originally, that was going to impact us in Q3 and flow through until sort of Q2 of next year.

Right now, the decision is really to have that completely finished by the end of Q4. And so you're seeing an oversized impact in Q4 and then clearly some impact in Q1 and Q2 from that. That, again, is only 2 clients. It's very defined. And those clients are actually growing with us in other areas of the business and other services. And so it's, again, a very, very confined part.

The second thing that we've talked about is our increase in AI automation sales that we've been doing. Not only did we have a very strong AI pipeline -- sales pipeline in Q2 which we called out, we also had another one in Q3. And what we talked about in Q2 was the ability to deliver on these AI automations at pace. We've been really happy with how the team has reacted in Q3. And we've been able to deploy those automations much faster than what we originally expected, which I think is a really good thing. And so we're seeing that impact in kind of Q4 and which will also impact into Q1.

And so really, when we talk about back-end growth opportunity in 2027, we're getting through these 2 clients who are looking at removing support for their base. We're catching up on the automation deployments that we're doing, and we're also looking at what we're going to be consolidating within the marketplace as we look at sort of Q3 and Q4, really, Q2, Q3, Q4 in 2027. So that just gives you some of the color around what we're seeing from a growth profile perspective.

Ruplu Bhattacharya

Okay. As a follow-up, can I ask you for your thoughts on Meta's new Muse offering, as well as agentic AI in general? And how are you thinking about your own spend on the iX Suite? And what revenue and margin targets do you have for that?

Christopher Caldwell

For sure. So clearly, Meta announced a Muse product. OpenAI announced a product they call Dots. We're seeing more and more companies looking at this type of technology. And in fact, we built our own technology internally just for ourselves that's very, very similar to this that we're finding productivity gains.

We're helping clients right now understand how to engage with it. We're helping clients understand how to support these channels. And we do see agentic shopping becoming more and more prevalent in the marketplace and see opportunities for us to grow with that, supporting our clients, supporting this infrastructure. And so we just see it as part of the evolution of the business.

In terms of how we're thinking about spending money on our iX Suite, as we've talked about, we are benefiting from some of the ability to lower our cost base with AI internally on our development. And so we brought down our expenditures on our iX Suite. We're seeing the growth that we've talked about. We've talked about exiting 2026 with an ARR of just kind of software licensing around $120 million. We're on pace to do that.

And then what we've also talked about is how it influences revenue that runs through this platform. And that was the number that I called out of the $1.3 billion that's running through our platform, which, as we've talked about before, is growing faster than our traditional revenue because we're getting optimized work out of it, and it's at a higher profit margin out of it. And so we expect that margin profile to continue to build up. And at some point, at critical mass, we expect iX Hero to have effectively SaaS-type margins, but that's a fair bit away.

Operator

Your next question comes from the line of Vincent Colicchio with Barrington Research.

Vincent Colicchio

Yes, Chris, congrats on the milestone that you reached. Is there a way to think about what level you need to reach before you can consistently achieve solid growth, say, in the mid-single digits?

Christopher Caldwell

Yes, that's a great question. So Vince, we expected to reach this 50% milestone really at the end of Q4, maybe middle of Q1. And so we've moved it forward 1.5 quarters, which is fantastic from a momentum perspective.

Our belief is that we need a couple more quarters to continue to kind of drive automation in our traditional business. We believe that there's some consolidation that happens. But if you -- and again, not guiding for 2027. If you kind of read between the lines on 2027, we expect that, that momentum is not really going to happen until the back half of the year. So that's probably more a 2028 comment. But again, we're moving a couple of quarters faster than we expected right now. So hopefully, we can maintain that momentum.

Vincent Colicchio

And as a follow-up, are you able to articulate how large a headwind you'll see from offshoring in fiscal '27?

Andre Valentine

Yes. We're not really guiding yet to fiscal '27, Vince, but we'll provide some color on it. So we have talked about this year, seeing that accelerate to being about a 3-point headwind on growth for us. We see it in that same sort of range. We don't see it being higher, but possibly a touch lower. But so included in what we're seeing right now is our revenue expectations for next year, I probably think it's right in that same range.

Operator

Your next question comes from the line of Jacob Haggarty with Robert W. Baird & Co Inc.

Jacob Haggarty

So just thinking about the revenue headwind from offshoring, does that start to abate as you get more and more AI revenues? Do people bring some of that work back onshore because it's AI-assisted and they're getting cost benefits there? Or how do you kind of see that evolving over time?

Andre Valentine

Jacob, I'm really glad you asked that question because it was actually kind of the second part of the answer to Vince's question that I didn't give. We do see it abating over time, but maybe not for the reason that you indicated so much as -- we're really getting to the point where we only, as we exit this year, have 10%, 11% of revenue that we see is as kind of in the pool of stuff that is likely over time to be movable offshore. So we do see it abating over time more because there's just not that much of it left to move as opposed to anything else. Chris, any impact from the AI playing any role there or not?

Christopher Caldwell

Yes, Jacob, we're not really seeing that. We're seeing clients who are moving the work. And the belief is that as we put an AI to it, they'll continue to leave it where it resides versus pulling it back into a higher-cost region.

Jacob Haggarty

No, that totally makes sense. And then can you just talk maybe about your confidence in margin stability, especially as we go into F 2027 and maybe even beyond?

Christopher Caldwell

So on the newer revenue that we talked about that we're just kind of crossing the 50% mark on, the margins are actually very stable. And it's competitive, but because we're bringing unique offerings to it, it's at an elevated level. Where we kind of look at margin pressure, for lack of a better term, is more of the traditional business that might be commoditized.

And we will only go to a certain price point. We're not going to chase price in that type of the business. And so our belief is that as we continue to add more and more of the new revenues, as we continue to automate more and more of our traditional revenues that we've got that margin stability, as we talked about in the prepared remarks, certainly in 2027.

Operator

[Operator Instructions] There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

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