Here are 1-2 brief analogies to describe Concentrix (CNXC):

• ADP for customer service.
• Infosys or Wipro, but purely focused on customer experience.

• CX Operations: Provides comprehensive customer support, technical assistance, sales, and back-office services across multiple channels for client businesses.
• Digital Experience Transformation: Helps clients design and implement innovative digital strategies to enhance customer journeys and engagement across all touchpoints.
• CX Technology & Automation: Delivers advanced technology solutions, including AI, intelligent automation, and cloud platforms, to optimize customer experience and operational efficiency.
• Strategic Consulting & Design: Offers expert advisory and design services to help companies develop and refine their overall customer experience strategies and service delivery models.

Concentrix (CNXC) primarily sells its customer experience (CX) solutions and technology services to other businesses (B2B), rather than directly to individuals.

Due to the confidential nature of their client relationships and the diversified structure of their customer base (no single customer accounts for 10% or more of their revenue, as stated in their public filings), Concentrix does not publicly disclose the specific names of its individual major customer companies.

However, Concentrix serves a broad range of large and mid-sized companies across various industries globally. Their major customers are typically prominent organizations operating in the following sectors:

• Technology and Consumer Electronics: Companies that require extensive customer support for their hardware, software, and digital services.
• Retail, Travel, and E-commerce: Businesses focused on managing high volumes of customer interactions related to sales, bookings, inquiries, and post-purchase support across online and offline channels.
• Banking, Financial Services, and Insurance (BFSI): Organizations needing assistance with customer service, claims processing, fraud detection, and other financial transaction-related support.
• Communications and Media: Providers of telecommunications, internet, cable, and digital media services managing subscriber inquiries, technical support, and retention.
• Automotive: Car manufacturers and related service providers requiring customer support for sales, vehicle services, and connected car technologies.
• Healthcare: Companies in the healthcare ecosystem needing support for patient services, claims, administrative tasks, and member experience management.

Chris Caldwell, President and Chief Executive Officer

Chris Caldwell joined Concentrix in 2004 and has served as President and Chief Executive Officer since December 2020. He led the acquisition of Concentrix for SYNNEX in 2006 and subsequently grew the company from approximately 25 staff to over 225,000 team members globally, with annual revenues nearing $4.7 billion by 2019. Prior to Concentrix, he was an Executive Vice President at EMJ Data Systems, which was acquired by SYNNEX, and held various executive roles at SYNNEX, including Vice President of Corporate Development, where he was responsible for global M&A activity. He has also served on the boards of several global business service organizations.

Andre Valentine, Chief Financial Officer

Andre Valentine has been Executive Vice President and Chief Financial Officer of Concentrix since October 2018. He is responsible for overseeing all financial activities, including M&A transactions, treasury, capital markets, spin-offs, investor relations, initial public offerings, tax strategy, and SEC reporting. With over two decades of global financial leadership experience, Mr. Valentine previously served as Chief Financial Officer of Convergys Corporation from August 2012 to October 2018. His roles at Convergys also included Senior Vice President of Finance, Customer Management, and Vice President and Senior Vice President Controller from 1998 to 2012.

Cormac Twomey, Executive Vice President, Global Operations and Delivery

Cormac Twomey is an Executive Vice President, Global Operations and Delivery (also referred to as Customer Success). He is recognized as an immensely talented and capable leader with a proven track record of success running global organizations.

Rick Rosso, Executive Vice President, Global Sales and Account Management

Rick Rosso holds the position of Executive Vice President, Global Sales and Account Management. He is a global leader in sales and account management, known for his customer-focused approach to expanding business.

Guy Brosseau, Executive Vice President, Information Systems & Global Security

Guy Brosseau serves as the Executive Vice President, Information Systems & Global Security. His expertise lies in utilizing emerging technology and developing innovative strategies to enhance businesses' information security.

The key risks to Concentrix (CNXC) business include:

1. Financial Health and Operational Execution Challenges: Concentrix faces significant financial and operational hurdles, including margin pressure due to excess capacity and client transformation costs, which have led to operating income falling below guidance. The company's Altman Z-Score, a measure of bankruptcy probability, is a concerning 1.45. Furthermore, significant debt levels, particularly following the Webhelp acquisition, could limit financial flexibility and heighten vulnerability to economic downturns. These factors have also contributed to a downward revision of full-year Adjusted Free Cash Flow targets and a declining operating margin over the past five years.
2. Technology Disruption and Intense Competition in AI/GenAI: The rapid advancement and adoption of Generative AI (Gen-AI) demand continuous and substantial investment for Concentrix to maintain its competitive edge in a highly fragmented and evolving industry. The company is actively investing in the commercialization of its GenAI iX product suite, which temporarily impacts operating margins as it prioritizes future growth and innovation. Failure to keep pace with technological changes and competitive pressures in the customer experience solutions industry could significantly impact its market share and profitability.
3. Foreign Exchange Rate Fluctuations: With approximately 78% of its revenue generated from non-U.S. operations, Concentrix is highly exposed to the impact of changes in foreign currency values relative to the U.S. Dollar. This currency exchange rate volatility can adversely affect reported revenues and costs, posing a consistent risk to its financial results.

The rapid advancement and adoption of Artificial Intelligence (AI) and automation technologies poses a clear emerging threat. These technologies can automate a significant portion of the customer support, back-office, and technical assistance tasks that Concentrix currently provides using human agents. This could lead to a reduction in demand for traditional human-centric BPO services as clients opt for in-house AI solutions or demand AI-driven efficiencies that reduce the need for large human workforces, thereby challenging Concentrix's core labor arbitrage model and potentially impacting its revenue and profitability.

Concentrix (CNXC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of AI and Technology Solutions: Concentrix is making significant investments in artificial intelligence (AI) and technology solutions, particularly with its iX GenAI suite of productivity applications. The company anticipates these investments will be a primary driver for returning to mid-single-digit growth in the coming years and serve as a key differentiator. New products like iX Hello, aimed at leveraging generative AI, have garnered substantial interest and are expected to be accretive as the company exits 2025.
2. Growth in Strategic Client Relationships and New Program Wins: The company has demonstrated solid performance driven by its top 25 clients and the successful ramp-up of new programs secured in 2024. Concentrix is focused on winning "the right kind of revenue" that reflects the value of its differentiated offerings, including large transformational programs with significant revenue potential.
3. Demand for Integrated AI+CX+IT Solutions and Market Consolidation: Management views the ongoing consolidation in the market and the increasing demand for integrated AI, customer experience (CX), and IT solutions as durable tailwinds. Concentrix aims to expand its market share by offering a broad portfolio of services that address client needs for intelligent business transformation.
4. Vertical-Specific Growth: Concentrix has observed broad-based growth across several key verticals. Strong performance has been noted in banking, financial services, and insurance (BFSI), media & communications, and retail, travel, and e-commerce sectors, with recent wins indicating further growth potential. The company's strategic presence across various global industries allows it to cater to multinational corporations with a localized understanding of their markets.
5. Strategic Shift from Commodity Business: Concentrix is actively moving away from transactional, price-led commodity business to focus on long-term value creation. This proactive disruption of its own business is aimed at enhancing its technology leadership, driving automation, and improving overall performance through higher-value engagements.

Share Repurchases

• Concentrix increased its share repurchase authorization to $600 million in January 2025. This followed a previous authorization of up to $500 million announced in September 2021.
• In fiscal year 2024, Concentrix returned approximately $220 million to shareholders through dividends and share repurchases, with over $130 million specifically allocated to share repurchases.
• The company repurchased approximately $34.0 million in Q4 Fiscal 2024, $26.2 million in Q1 Fiscal 2025, $45.0 million in Q2 Fiscal 2025, and $42.2 million in Q3 Fiscal 2025. Concentrix expects to return over $150 million through share repurchases in fiscal 2025.

Outbound Investments

• In December 2021, Concentrix completed the acquisition of PK, a global CX design engineering firm, for approximately $1.6 billion. This acquisition was intended to enhance Concentrix's digital transformation capabilities.
• Concentrix acquired ServiceSource International, Inc. in July 2022 to strengthen its B2B digital sales capabilities globally.
• The company made three acquisitions in 2025: SAI Digital (September 2025), Voice Worx (February 2025), and Blink Digital (January 2025).

Capital Expenditures

• Concentrix reported capital expenditures of $180.5 million in fiscal 2023 and $238.8 million in fiscal 2024.
• Expected capital expenditures are approximately $236.9 million for fiscal 2025, $257 million for fiscal 2026, and $264.7 million for fiscal 2027.
• The primary focus of capital expenditures includes investing in digital transformation, scaling digital capabilities in areas like CX Design & Development, AI, Intelligent Automation, and Customer Loyalty, and advancing technology adoption and AI integration.