SYNNEX Corporation Reports Fiscal 2017 Second Quarter Results
FREMONT, Calif., June 22, 2017 /PRNewswire/ -- SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal second quarter ended May 31, 2017.
Q2 FY17 Q2 FY16 Net change
------- ------- ----------
Revenue ($M) $3,936 $3,379 16.5%
Operating income
($M) $125.1 $75.3 66.2%
Non-GAAP
operating
income ($M)(1) $141.2 $91.7 54.0%
Operating margin 3.18% 2.23% 95 bps
Non-GAAP
operating
margin(1) 3.59% 2.71% 88 bps
Net income
attributable to
SYNNEX
Corporation
($M) $73.1 $44.4 64.9%
Non-GAAP net
income
attributable to
SYNNEX
Corporation
($M)(1) $83.2 $54.8 51.9%
Diluted EPS $1.83 $1.11 64.9%
Non-GAAP
Diluted EPS(1) $2.08 $1.37 51.8%
(1) Non-GAAP financial measures exclude the impact of acquisition-related and
integration expenses, restructuring costs, the amortization of intangible assets and
the related tax effects thereon. A reconciliation of GAAP to Non-GAAP financial
information is presented in the supplementary information section at the end of this
press release.
"Our record Q2 results reflect solid execution by the SYNNEX team," said Kevin Murai, President and Chief Executive Officer, SYNNEX Corporation. "Both our Technology Solutions and Concentrix business segments exceeded our expectations in revenue and margin."
Fiscal 2017 Second Quarter Highlights:
-- Technology Solutions: Revenue was $3.5 billion, up 13.5% from the prior
fiscal year quarter. Adjusting for the translation effect of foreign
currencies, the Technology Solutions business increased by 14.0%
compared with last year. Technology Solutions generated operating income
of $101.7 million, or 2.94% of segment revenue, compared with $75.8
million, or 2.49% of segment revenue, in the fiscal second quarter of
2016.
-- Concentrix: Revenue was $481.7 million, an increase of 43.4% from the
$335.9 million in revenue generated during the second quarter of last
year. Adjusting for the translation effect of currencies, Concentrix
revenue increased 44.6% compared with last year. Operating income was
$23.4 million, or 4.86% of Concentrix revenue, compared with an
operating loss of $0.6 million in the prior fiscal year quarter.
Non-GAAP operating income was $38.8 million, or 8.06% of segment
revenue, for fiscal second quarter of 2017, compared with $15.1 million,
or 4.50% of segment revenue, in the fiscal second quarter of 2016.
-- The trailing fiscal four quarters Return on Invested Capital ("ROIC")
was 11.0% compared with 9.4% in the prior year fiscal second quarter.
The adjusted trailing fiscal four quarters ROIC was 12.0%.
-- The debt to capitalization ratio was 33.9%, up from 27.3% in the prior
fiscal year second quarter.
-- Depreciation and amortization were $19.4 million and $16.1 million,
respectively.
-- Cash generated from operations was approximately $40 million for the
quarter.
Fiscal 2017 Third Quarter Outlook:
The following statements are based on SYNNEX's current expectations for the fiscal 2017 third quarter. Non-GAAP financial measures exclude the impact of the amortization of intangibles and the related tax effect thereon. These statements are forward-looking and actual results may differ materially.
-- Revenue is expected to be in the range of $3.90 billion to $4.10
billion.
-- Net income is expected to be in the range of $67.7 million to $70.7
million and on a Non-GAAP basis net income is expected to be in the
range of $78.1 million to $81.1 million.
-- Diluted earnings per share is expected to be in the range of $1.68 to
$1.76 and on a Non-GAAP basis diluted earnings per share is expected to
be in the range of $1.94 to $2.02.
-- After-tax amortization of intangibles is expected to be $10.4 million,
or $0.26 per share.
Share Repurchase Announcement
SYNNEX announced today that its Board of Directors has approved an anti-dilution repurchase program of up to $300 million of its Common Stock over a period of up to three years effective July 1, 2107. Any stock repurchases may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
Dividend Announcement
SYNNEX announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend will be payable on July 28, 2017 to stockholders of record as of the close of business on July 14, 2017.
Conference Call and Webcast
SYNNEX will be discussing its financial results and outlook on a conference call today at 2:00 p.m. (PT). A webcast of the call will be available at http://ir.synnex.com. The conference call will also be available via telephone by dialing (800) 369-1162 in North America or (415) 228-5007 outside North America. The passcode for the call is "SNX." A replay of the webcast will be available at http://ir.synnex.com approximately two hours after the conference call has concluded where it will be archived for one year.
About SYNNEX Corporation
SYNNEX Corporation (NYSE:SNX) is a Fortune 500 corporation and a leading business process services company, providing a comprehensive range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy to a broad range of enterprises. SYNNEX distributes a broad range of information technology systems and products, and also provides systems design and integration solutions. Concentrix, a wholly-owned subsidiary of SYNNEX Corporation, offers a portfolio of strategic solutions and end-to-end business services around customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation to clients in ten identified industry verticals. Founded in 1980, SYNNEX Corporation operates in numerous countries throughout North and South America, Asia-Pacific and Europe. Additional information about SYNNEX may be found online at www.synnex.com.
Use of Non-GAAP Financial Information
SYNNEX refers to growth rates at constant currency or adjusting for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of the Company's business performance. Financial results adjusted for currency are calculated by translating current period activity in local currency using the comparable prior year periods' currency conversion rate. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates.
To supplement the financial results presented in accordance with GAAP, SYNNEX uses adjusted selling, general and administrative expenses, non-GAAP operating income, non-GAAP operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), non-GAAP net income attributable to SYNNEX Corporation, non-GAAP diluted earnings per share and adjusted ROIC, which are non-GAAP financial measures that exclude acquisition-related and integration expenses, restructuring costs, the amortization of intangible assets and the related tax effects thereon.
These non-GAAP financial measures provide investors with an additional tool to evaluate operating results. Because these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business to establish operational goals, and in some cases for measuring performance for compensation purposes. SYNNEX management believes it is useful for the Company and investors to review, as applicable, both GAAP information and non-GAAP financial measures in order to assess the performance of SYNNEX' continuing businesses and for planning and forecasting in future periods. These non-GAAP measures are intended to provide investors with an understanding of SYNNEX' operational results and trends that more readily enable investors to analyze SYNNEX' base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends. The management of SYNNEX believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A reconciliation of SYNNEX' non-GAAP financial information to GAAP is set forth in the supplemental information table at the end of this press release.
Safe Harbor Statement
Statements in this news release regarding SYNNEX Corporation, which are not historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These statements, including statements regarding SYNNEX' expectations and outlook for the fiscal 2017 third quarter as to revenue, net income, non-GAAP net income, diluted earnings per share, non-GAAP diluted earnings per share, after-tax amortization of intangibles, currency impact, the anticipated amount, duration, method timing and other aspects of our stock repurchase program, the frequency and occurrence of dividend declarations, and the anticipated benefits of the non-GAAP financial measures, are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but are not limited to: general economic conditions and any weakness in information technology and consumer electronics spending; the timing of the close and estimated financial impact of the Westcon-Comstor transaction; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; changes in foreign currency exchange rates; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our floor plan financing arrangements; credit exposure to our reseller customers and negative trends in their businesses; any future incidents of theft; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2016 and subsequent SEC filings. Statements included in this press release are based upon information known to SYNNEX Corporation as of the date of this release, and SYNNEX Corporation assumes no obligation to update information contained in this press release.
Copyright 2017 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo, and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
SNX-F
SYNNEX Corporation
Consolidated Balance Sheets
(currency in thousands)
(unaudited)
May 31, November 30,
2017 2016
---- ----
ASSETS
Current assets:
Cash and cash equivalents $305,566 $380,717
Restricted cash 4,127 6,265
Short-term investments 5,287 5,109
Accounts receivable, net 1,787,381 1,756,494
Receivable from related parties 56 102
Inventories 2,112,590 1,741,734
Other current assets 110,502 104,609
------- -------
Total current assets 4,325,509 3,995,030
Property and equipment, net 320,950 312,716
Goodwill 485,627 486,239
Intangible assets, net 266,532 298,550
Deferred tax assets 60,394 58,564
Other assets 69,910 64,182
------ ------
Total assets $5,528,922 $5,215,281
========== ==========
LIABILITIES AND EQUITY
Current liabilities:
Borrowings, current $510,717 $362,889
Accounts payable 1,686,977 1,683,155
Payable to related parties 19,431 30,679
Accrued compensation and benefits 152,486 165,585
Other accrued liabilities 278,836 217,127
Income taxes payable 16,796 17,097
Total current liabilities 2,665,243 2,476,532
Long-term borrowings 579,032 601,095
Other long-term liabilities 109,321 103,217
Deferred tax liabilities 59,116 58,639
------ ------
Total liabilities 3,412,712 3,239,483
--------- ---------
SYNNEX Corporation stockholders' equity:
Preferred stock - -
Common stock 41 41
Additional paid-in capital 452,812 440,713
Treasury stock (70,873) (67,262)
Accumulated other comprehensive income (loss) (76,210) (93,116)
Retained earnings 1,810,440 1,695,400
--------- ---------
Total SYNNEX Corporation stockholders' equity 2,116,210 1,975,776
Noncontrolling interest - 22
--- ---
Total equity 2,116,210 1,975,798
--------- ---------
Total liabilities and equity $5,528,922 $5,215,281
========== ==========
SYNNEX Corporation
Consolidated Statements of Operations
(currency and share amounts in thousands, except for per share amounts)
(unaudited)
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Revenue:
Products $3,458,243 $3,047,638 $6,504,864 $5,832,475
Services 478,025 331,861 952,273 672,646
------- ------- ------- -------
Total revenue 3,936,268 3,379,499 7,457,137 6,505,121
Cost of revenue:
Products (3,265,630) (2,880,859) (6,146,183) (5,511,989)
Services (298,393) (204,610) (596,926) (414,910)
-------- -------- --------
Gross profit 372,245 294,030 714,028 578,222
Selling, general
and administrative
expenses (247,115) (218,724) (487,139) (427,290)
-------- -------- -------- --------
Operating income 125,130 75,306 226,889 150,932
Interest expense
and finance
charges, net (8,962) (6,512) (17,144) (12,728)
Other income
(expense), net (206) 949 (529) 4,983
---- --- ---- -----
Income before
income taxes 115,962 69,743 209,216 143,187
Provision for
income taxes (42,814) (25,386) (74,279) (52,193)
------- ------- ------- -------
Net income 73,148 44,357 134,937 90,994
Net (income) loss
attributable to
noncontrolling
interest - 5 - (70)
--- --- --- ---
Net income
attributable to
SYNNEX Corporation $73,148 $44,362 $134,937 $90,924
======= ======= ======== =======
Earnings per share attributable to
SYNNEX Corporation:
Basic $1.83 $1.12 $3.38 $2.29
===== ===== ===== =====
Diluted $1.83 $1.11 $3.37 $2.28
===== ===== ===== =====
Weighted-average common shares
outstanding:
Basic 39,533 39,283 39,513 39,254
====== ====== ====== ======
Diluted 39,711 39,477 39,708 39,470
====== ====== ====== ======
Cash dividends
declared per share $0.25 $0.20 $0.50 $0.40
SYNNEX Corporation
Segment Information
(currency in thousands)
(unaudited)
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Revenue:
Technology
Solutions $3,458,320 $3,047,708 $6,505,016 $5,832,615
Concentrix 481,679 335,925 959,843 680,617
Inter-segment
elimination (3,731) (4,134) (7,722) (8,111)
Consolidated $3,936,268 $3,379,499 $7,457,137 $6,505,121
========== ========== ========== ==========
Operating income (loss):
Technology
Solutions $101,705 $75,815 $182,126 $143,486
Concentrix 23,425 (570) 44,741 7,291
Inter-segment
elimination - 61 22 155
Consolidated $125,130 $75,306 $226,889 $150,932
======== ======= ======== ========
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency in thousands)
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Revenue in Constant Currency
Consolidated
Revenue $3,936,268 $3,379,499 $7,457,137 $6,505,121
Foreign currency
translation 19,169 166
------ ---
Revenue in constant
currency $3,955,437 $3,379,499 $7,457,303 $6,505,121
Technology Solutions
Revenue $3,458,320 $3,047,708 $6,505,016 $5,832,615
Foreign currency
translation 15,054 (6,522)
------ ------
Revenue in constant
currency $3,473,374 $3,047,708 $6,498,494 $5,832,615
Concentrix
Revenue $481,679 $335,925 $959,843 $680,617
Foreign currency
translation 4,115 6,688
----- -----
Revenue in constant
currency $485,794 $335,925 $966,531 $680,617
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Selling, general and administrative
expenses
Consolidated
GAAP selling, general
and administrative
expenses $247,115 $218,724 $487,139 $427,290
Acquisition-related and
integration expenses - 568 611 1,570
Restructuring costs - 3,997 - 3,997
Amortization of
intangibles 15,649 11,362 31,716 22,750
------ ------ ------ ------
Adjusted selling,
general and
administrative expenses $231,466 $202,797 $454,812 $398,973
Technology Solutions
GAAP selling, general
and administrative
expenses $90,983 $91,034 $176,705 $177,140
Amortization of
intangibles 651 662 1,305 1,313
--- --- ----- -----
Adjusted selling,
general and
administrative expenses $90,332 $90,372 $175,400 $175,827
Concentrix
GAAP selling, general
and administrative
expenses $158,034 $129,637 $314,404 $253,959
Acquisition-related and
integration expenses - 568 611 1,570
Restructuring costs - 3,997 - 3,997
Amortization of
intangibles 14,998 10,700 30,411 21,437
------ ------ ------ ------
Adjusted selling,
general and
administrative expenses $143,036 $114,372 $283,382 $226,955
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
(continued)
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Operating income and Operating margin
Consolidated
Revenue $3,936,268 $3,379,499 $7,457,137 $6,505,121
GAAP operating income $125,130 $75,306 $226,889 $150,932
Acquisition-related
and integration
expenses - 568 611 1,570
Restructuring costs - 3,997 - 3,997
Amortization of
intangibles 16,069 11,794 32,556 23,498
------ ------ ------ ------
Non-GAAP operating
income $141,199 $91,665 $260,056 $179,997
Depreciation 19,413 16,700 38,873 31,174
------ ------ ------ ------
Adjusted EBITDA $160,612 $108,365 $298,929 $211,171
GAAP operating margin 3.18% 2.23% 3.04% 2.32%
Non-GAAP operating
margin 3.59% 2.71% 3.49% 2.77%
Technology Solutions
Revenue $3,458,320 $3,047,708 $6,505,016 $5,832,615
GAAP operating income $101,705 $75,815 $182,126 $143,486
Amortization of
intangibles 651 662 1,305 1,313
--- --- ----- -----
Non-GAAP operating
income $102,356 $76,477 $183,431 $144,799
Depreciation 3,402 3,575 6,878 6,888
----- ----- ----- -----
Adjusted EBITDA $105,758 $80,052 $190,309 $151,687
GAAP operating margin 2.94% 2.49% 2.80% 2.46%
Non-GAAP operating
margin 2.96% 2.51% 2.82% 2.48%
Concentrix
Revenue $481,679 $335,925 $959,843 $680,617
GAAP operating income
(loss) $23,425 $(570) $44,741 $7,291
Acquisition-related
and integration
expenses - 568 611 1,570
Restructuring costs - 3,997 - 3,997
Amortization of
intangibles 15,418 11,132 31,251 22,185
------ ------ ------ ------
Non-GAAP operating
income $38,843 $15,127 $76,603 $35,043
Depreciation 16,011 13,185 32,018 24,440
------ ------ ------ ------
Adjusted EBITDA $54,854 $28,312 $108,621 $59,483
GAAP operating margin 4.86% (0.17)% 4.66% 1.07%
Non-GAAP operating
margin 8.06% 4.50% 7.98% 5.15%
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
(continued)
Three Months Ended Six Months Ended
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Net income
Net income attributable to SYNNEX
Corporation $73,148 $44,362 $134,937 $90,924
Acquisition-related and integration
expenses - 568 611 1,570
Restructuring costs - 3,997 - 3,997
Amortization of intangibles 16,069 11,794 32,556 23,498
Income taxes related to the above(1) (6,006) (5,956) (11,775) (10,594)
------ ------ ------- -------
Non-GAAP net income attributable to
SYNNEX Corporation $83,211 $54,765 $156,329 $109,395
Diluted earnings per common share ("EPS")(2)
Net income attributable to SYNNEX
Corporation $73,148 $44,362 $134,937 $90,924
Less: net income allocated to
participating securities (672) (466) (1,250) (965)
---- ---- ------ ----
Net income attributable to SYNNEX
Corporation common stockholders 72,476 43,896 133,687 89,959
Acquisition-related and integration
expenses attributable to SYNNEX
Corporation common stockholders - 564 605 1,557
Restructuring costs attributable to
SYNNEX Corporation common stockholders - 3,957 - 3,959
Amortization of intangibles attributable
to SYNNEX Corporation common
stockholders 15,921 11,665 32,254 23,236
Income taxes related to the above
attributable to SYNNEX Corporation
common stockholders(1) (5,949) (5,892) (11,664) (10,477)
------ ------ ------- -------
Non-GAAP net income attributable to
SYNNEX Corporation common stockholders $82,448 $54,190 $154,882 $108,234
Weighted-average number of common
shares - diluted: 39,711 39,477 39,708 39,470
Diluted EPS(2) $1.83 $1.11 $3.37 $2.28
Acquisition-related and integration
expenses - 0.01 0.02 0.04
Restructuring costs - 0.10 - 0.10
Amortization of intangibles 0.40 0.30 0.81 0.59
Income taxes related to the above(1) (0.15) (0.15) (0.29) (0.27)
----- ----- ----- -----
Non-GAAP Diluted EPS(3) $2.08 $1.37 $3.90 $2.74
===== ===== ===== =====
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(amounts in millions, except for per share amounts)
(continued)
Forecast
Three Months Ending August 31,
2017
Low High
Net income
Net income
attributable to
SYNNEX
Corporation $67.7 $70.7
Amortization of
intangibles 16.1 16.1
Income taxes
related to the
above(1) (5.7) (5.7)
---- ----
Non-GAAP net
income
attributable to
SYNNEX
Corporation $78.1 $81.1
Diluted EPS(2) $1.68 $1.76
Amortization of
intangibles 0.40 0.40
Income taxes
related to the
above(1) (0.14) (0.14)
----- -----
Non-GAAP Diluted
EPS(3) $1.94 $2.02
===== =====
(1) The tax effect of
the non-GAAP
adjustments was
calculated using
the effective
year-to-date
tax rate during
the respective
periods.
(2) Diluted EPS for
all periods
presented is
calculated using
the two-class
method. Unvested
restricted stock
awards granted
to employees and
non-employee
directors are
considered
participating
securities. For
purposes of
calculating
Diluted EPS, Net
income allocated
to participating
securities was
approximately
0.9% of the Net
income
attributable to
SYNNEX
Corporation for
both the three
and six months
ended May 31,
2017, and 1.0%
and 1.1% for the
three and six
months ended May
31, 2016,
respectively.
Net income
allocated to
participating
securities is
approximately
0.9% of the Net
income
attributable to
SYNNEX
Corporation for
the three months
ending August
31, 2017.
(3) The sum of the
components of
Non-GAAP
Diluted EPS may
not agree to
totals, as
presented, due
to rounding.
SYNNEX Corporation
Calculation of Financial Metrics
(currency in thousands)
Return on Invested Capital ("ROIC")
May 31, 2017 May 31, 2016
------------ ------------
ROIC
Operating income
(Trailing
fiscal four
quarters) $455,553 $337,176
Income taxes on
operating
income(1) (154,573) (122,175)
-------- --------
Operating income
after taxes $300,980 $215,001
Total
borrowings,
excluding book
overdraft (last
five quarters
average) $913,007 $722,294
Total equity
(last five
quarters
average) 1,986,402 1,794,895
Less: U.S. cash
and cash
equivalents
(last five
quarters
average) (161,559) (224,869)
-------- --------
Total invested
capital $2,737,850 $2,292,320
ROIC 11.0% 9.4%
Adjusted ROIC
Non-GAAP
operating
income
(Trailing
fiscal four
quarters) $529,790 $397,019
Income taxes on
Non-GAAP
operating
income(1) (179,555) (143,856)
-------- --------
Non-GAAP
operating
income after
taxes $350,235 $253,163
Total invested
capital $2,737,850 $2,292,320
Tax effected
impact of
cumulative non-
GAAP
adjustments
(last five
quarters
average) 182,015 137,720
------- -------
Total Non-GAAP
invested
capital $2,919,865 $2,430,040
Adjusted ROIC 12.0% 10.4%
(1) Income taxes on operating income was calculated using the effective year-to-date tax rates during the respective
periods.
Debt to Capitalization
May 31, 2017 May 31, 2016
------------ ------------
Total borrowings,
excluding book
overdraft (a) $1,087,703 $704,219
Total equity (b) 2,116,210 1,875,001
---------
Debt to capitalization (a)/((a)+(b)) 33.9% 27.3%
==== ====
SYNNEX Corporation
Calculation of Financial Metrics
(currency in thousands)
(continued)
Cash Conversion Cycle
Three Months Ended
May 31, 2017 May 31, 2016
Days sales outstanding
Revenue (products
and services) (a) $3,936,268 $3,379,499
Accounts
receivable,
including
receivable from
related parties (b) 1,787,437 1,512,760
---
Days sales (b)/((a)/the number
outstanding of days during the
period) 42 41
Days inventory outstanding
Cost of revenue
(products and
services) (c) $3,564,023 $3,085,469
Inventories (d) 2,112,590 1,378,055
---
Days inventory (d)/((c)/the number
outstanding of days during the
period) 55 41
Days payable outstanding
Cost of revenue
(products and
services) (c) $3,564,023 $3,085,469
Accounts payable,
including payable
to related parties (e) 1,706,408 1,389,600
---
Days payable (e)/((c)/the number
outstanding of days during the
period) 44 41
Cash conversion cycle 53 41
=== ===
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SOURCE SYNNEX Corporation
