SYNNEX Corporation Reports Fiscal 2017 Third Quarter Results
FREMONT, Calif., Sept. 25, 2017 /PRNewswire/ -- SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal third quarter ended August 31, 2017.
Q3 FY17 Q3 FY16 Net change ------- ------- ---------- Revenue ($M) $4,277 $3,670 16.5% Operating income ($M) $122.2 $98.0 24.7% Non-GAAP operating income ($M)(1) $139.9 $113.6 23.1% Operating margin 2.86% 2.67% 19 bps Non-GAAP operating margin(1) 3.27% 3.10% 17 bps Net income attributable to SYNNEX Corporation ($M) $75.2 $58.7 28.0% Non-GAAP net income attributable to SYNNEX Corporation ($M)(1) $86.8 $68.9 26.0% Diluted EPS $1.87 $1.47 27.2% Non-GAAP Diluted EPS(1) $2.16 $1.73 24.9%
(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.
"We maintained our positive momentum, delivering record revenue and profit in the third quarter," said Kevin Murai, President and Chief Executive Officer, SYNNEX Corporation, "and I am confident that our recent acquisitions of Westcon-Comstor Americas and Tigerspike will continue to fuel our future success."
Fiscal 2017 Third Quarter Highlights:
-- Technology Solutions: Revenue was $3.8 billion, up 15.8% from the prior fiscal year quarter. Adjusting for the translation effect of foreign currencies, the Technology Solutions business increased by 16.1% compared with last year. Technology Solutions generated operating income of $100.0 million, or 2.64% of segment revenue, compared with $79.4 million, or 2.43% of segment revenue, in the fiscal third quarter of 2016. Non-GAAP operating income was $101.3 million, or 2.68% of segment revenue, for the fiscal third quarter of 2017, compared with $80.1 million, or 2.45% of segment revenue, in the fiscal third quarter of 2016. -- Concentrix: Revenue was $496.0 million, an increase of 21.9% over the third quarter of last year. Adjusting for the translation effect of foreign currencies, Concentrix revenue increased 22.0% compared with last year. Operating income was $22.2 million, or 4.49% of segment revenue, compared with $18.6 million, or 4.56% of segment revenue in the prior fiscal year quarter. Non-GAAP operating income was $38.6 million, or 7.78% of segment revenue, for the fiscal third quarter of 2017, compared with $33.5 million, or 8.24% of segment revenue, in the fiscal third quarter of 2016. -- The trailing fiscal four quarters Return on Invested Capital ("ROIC") was 10.8% compared with 9.6% in the prior year fiscal third quarter. The adjusted trailing fiscal four quarters ROIC was 11.7%. -- The debt to capitalization ratio was 32.1%, up from 29.5% in the prior fiscal year third quarter. -- Depreciation and amortization were $20.2 million and $16.7 million, respectively. -- Cash generated from operations was approximately $65 million for the quarter.
Fiscal 2017 Fourth Quarter Outlook:
The following statements are based on SYNNEX's current expectations for the fiscal 2017 fourth quarter. Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, the amortization of intangibles and the related tax effects thereon. These statements are forward-looking and actual results may differ materially.
-- Revenue is expected to be in the range of $4.75 billion to $4.95 billion. -- Net income is expected to be in the range of $85.2 million to $89.1 million and on a Non-GAAP basis, net income is expected to be in the range of $106.1 million to $110.0 million. -- Diluted earnings per share is expected to be in the range of $2.11 to $2.21 and on a Non-GAAP basis diluted earnings per share is expected to be in the range of $2.63 to $2.73. -- After-tax amortization of intangibles is expected to be $20.5 million, or $0.51 per share. After tax acquisition-related and integration expenses are expected to be $0.4 million, or $0.01 per share.
Dividend Announcement
SYNNEX announced today that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend will be payable on October 27, 2017 to stockholders of record as of the close of business on October 13, 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
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.
Additionally, 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 the 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.
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 fourth 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 and acquisition-related and integration expenses, currency impact, the frequency and occurrence of dividend declarations, the anticipated benefits of recent acquisitions, 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; 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.
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SYNNEX Corporation Consolidated Balance Sheets (currency in thousands) (unaudited) August 31, November 30, 2017 2016 ---- ---- ASSETS Current assets: Cash and cash equivalents $243,265 $380,717 Restricted cash 3,677 6,265 Short-term investments 5,487 5,109 Accounts receivable, net 1,861,409 1,756,494 Receivable from related parties 72 102 Inventories 2,242,083 1,741,734 Other current assets 97,940 104,609 ------ ------- Total current assets 4,453,933 3,995,030 Property and equipment, net 329,885 312,716 Goodwill 536,306 486,239 Intangible assets, net 279,818 298,550 Deferred tax assets 66,215 58,564 Other assets 73,203 64,182 ------ ------ Total assets $5,739,360 $5,215,281 ========== ========== LIABILITIES AND EQUITY Current liabilities: Borrowings, current $489,904 $362,889 Accounts payable 1,770,435 1,683,155 Payable to related parties 33,675 30,679 Accrued compensation and benefits 173,146 165,585 Other accrued liabilities 291,599 217,127 Income taxes payable 14,603 17,097 Total current liabilities 2,773,362 2,476,532 Long-term borrowings 564,085 601,095 Other long-term liabilities 114,151 103,217 Deferred tax liabilities 70,891 58,639 ------ ------ Total liabilities 3,522,489 3,239,483 --------- --------- SYNNEX Corporation stockholders' equity: Preferred stock - - Common stock 41 41 Additional paid-in capital 458,916 440,713 Treasury stock (71,184) (67,262) Accumulated other comprehensive income (loss) (46,550) (93,116) Retained earnings 1,875,648 1,695,400 --------- --------- Total SYNNEX Corporation stockholders' equity 2,216,871 1,975,776 Noncontrolling interest - 22 --- --- Total equity 2,216,871 1,975,798 --------- --------- Total liabilities and equity $5,739,360 $5,215,281 ========== ==========
SYNNEX Corporation Consolidated Statements of Operations (currency and share amounts in thousands, except for per share amounts) (unaudited) Three Months Ended Nine Months Ended August 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016 --------------- --------------- --------------- --------------- Revenue: Products $3,784,599 $3,267,287 $10,289,463 $9,099,762 Services 492,087 402,527 1,444,360 1,075,173 ------- ------- --------- --------- Total revenue 4,276,686 3,669,814 11,733,823 10,174,935 Cost of revenue: Products (3,590,007) (3,096,529) (9,736,190) (8,608,518) Services (311,735) (247,328) (908,661) (662,238) -------- -------- -------- Gross profit 374,944 325,957 1,088,972 904,179 Selling, general and administrative expenses (252,728) (227,935) (739,867) (655,225) -------- -------- -------- -------- Operating income 122,216 98,022 349,105 248,954 Interest expense and finance charges, net (9,754) (7,517) (26,898) (20,245) Other income (expense), net 1,854 (378) 1,325 4,605 ----- ---- ----- ----- Income before income taxes 114,316 90,127 323,532 233,314 Provision for income taxes (39,153) (31,426) (113,432) (83,619) ------- ------- -------- ------- Net income 75,163 58,701 210,100 149,695 Net (income) loss attributable to noncontrolling interest - 3 - (67) --- --- --- --- Net attributable to SYNNEX Corporation per common share $75,163 $58,704 $210,100 $149,628 ======= ======= ======== ======== Earnings per share attributable to SYNNEX Corporation: Basic $1.88 $1.48 $5.27 $3.77 ===== ===== ===== ===== Diluted $1.87 $1.47 $5.24 $3.75 ===== ===== ===== ===== Weighted-average common shares outstanding: Basic 39,563 39,346 39,530 39,285 ====== ====== ====== ====== Diluted 39,748 39,534 39,722 39,492 ====== ====== ====== ====== Cash dividends declared per share $0.25 $0.20 $0.75 $0.60
SYNNEX Corporation Segment Information (currency in thousands) (unaudited) Three Months Ended Nine Months Ended August 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016 --------------- --------------- --------------- --------------- Revenue: Technology Solutions $3,784,678 $3,267,354 $10,289,694 $9,099,969 Concentrix 495,974 406,715 1,455,817 1,087,332 Inter-segment elimination (3,966) (4,255) (11,688) (12,366) Consolidated $4,276,686 $3,669,814 $11,733,823 $10,174,935 ========== ========== =========== =========== Operating income: Technology Solutions $99,968 $79,410 $282,094 $222,896 Concentrix 22,248 18,564 66,989 25,855 Inter-segment elimination - 48 22 203 Consolidated $122,216 $98,022 $349,105 $248,954 ======== ======= ======== ========
SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (currency in thousands) Three Months Ended Nine Months Ended August 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016 --------------- --------------- --------------- --------------- Revenue in Constant Currency Consolidated Revenue $4,276,686 $3,669,814 $11,733,823 $10,174,935 Foreign currency translation 9,131 9,297 ----- ----- Revenue in constant currency $4,285,817 $3,669,814 $11,743,120 $10,174,935 Technology Solutions Revenue $3,784,678 $3,267,354 $10,289,694 $9,099,969 Foreign currency translation 8,827 2,305 ----- ----- Revenue in constant currency $3,793,505 $3,267,354 $10,291,999 $9,099,969 Concentrix Revenue $495,974 $406,715 $1,455,817 $1,087,332 Foreign currency translation 304 6,992 --- ----- Revenue in constant currency $496,278 $406,715 $1,462,809 $1,087,332
Three Months Ended Nine Months Ended August 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016 --------------- --------------- --------------- --------------- Selling, general and administrative expenses Consolidated GAAP selling, general and administrative expenses $252,728 $227,935 $739,867 $655,225 Acquisition-related and integration expenses 1,026 2,358 1,637 3,928 Restructuring costs - 258 - 4,255 Amortization of intangibles 16,268 12,996 47,984 35,746 ------ ------ ------ ------ Adjusted selling, general and administrative expenses $235,434 $212,323 $690,246 $611,296 Technology Solutions GAAP selling, general and administrative expenses $94,702 $91,415 $271,407 $268,555 Acquisition-related and integration expenses 705 - 705 - Amortization of intangibles 656 674 1,961 1,987 --- --- ----- ----- Adjusted selling, general and administrative expenses $93,341 $90,741 $268,741 $266,568 Concentrix GAAP selling, general and administrative expenses $159,728 $138,604 $474,132 $392,563 Acquisition-related and integration expenses 321 2,358 932 3,928 Restructuring costs - 258 - 4,255 Amortization of intangibles 15,612 12,322 46,023 33,759 ------ ------ ------ ------ Adjusted selling, general and administrative expenses $143,795 $123,666 $427,177 $350,621
SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (currency in thousands) (continued) Three Months Ended Nine Months Ended August 31, 2017 August 31, 2016 August 31, 2017 August 31, 2016 --------------- --------------- --------------- --------------- Operating income and Operating margin Consolidated Revenue $4,276,686 $3,669,814 $11,733,823 $10,174,935 GAAP operating income $122,216 $98,022 $349,105 $248,954 Acquisition-related and integration expenses 1,026 2,358 1,637 3,928 Restructuring costs - 258 - 4,255 Amortization of intangibles 16,688 13,011 49,244 36,509 ------ ------ ------ ------ Non-GAAP operating income $139,930 $113,649 $399,986 $293,646 Depreciation 20,185 15,375 59,058 46,549 ------ ------ ------ ------ Adjusted EBITDA $160,115 $129,024 $459,044 $340,195 GAAP operating margin 2.86% 2.67% 2.98% 2.45% Non-GAAP operating margin 3.27% 3.10% 3.41% 2.89% Technology Solutions Revenue $3,784,678 $3,267,354 $10,289,694 $9,099,969 GAAP operating income $99,968 $79,410 $282,094 $222,896 Acquisition-related and integration expenses 705 - 705 - Amortization of intangibles 656 674 1,961 1,987 --- --- ----- ----- Non-GAAP operating income $101,329 $80,084 $284,760 $224,883 Depreciation 3,530 3,558 10,408 10,446 ----- ----- ------ ------ Adjusted EBITDA $104,859 $83,642 $295,168 $235,329 GAAP operating margin 2.64% 2.43% 2.74% 2.45% Non-GAAP operating margin 2.68% 2.45% 2.77% 2.47% Concentrix Revenue $495,974 $406,715 $1,455,817 $1,087,332 GAAP operating income $22,248 $18,564 $66,989 $25,855 Acquisition-related and integration expenses 321 2,358 932 3,928 Restructuring costs - 258 - 4,255 Amortization of intangibles 16,032 12,337 47,283 34,522 ------ ------ ------ ------ Non-GAAP operating income $38,601 $33,517 $115,204 $68,560 Depreciation 16,655 11,866 48,673 36,306 ------ ------ ------ ------ Adjusted EBITDA $55,256 $45,383 $163,877 $104,866 GAAP operating margin 4.49% 4.56% 4.60% 2.38% Non-GAAP operating margin 7.78% 8.24% 7.91% 6.31%
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 Nine Months Ended August 31, August 31, August 31, August 31, 2017 2016 2017 2016 ---- ---- ---- ---- Net income Net income attributable to SYNNEX Corporation $75,163 $58,704 $210,100 $149,628 Acquisition-related and integration expenses 1,026 2,358 1,637 3,928 Restructuring costs - 258 - 4,255 Amortization of intangibles 16,688 13,011 49,244 36,509 Income taxes related to the above(1) (6,064) (5,423) (17,839) (16,017) ------ ------ ------- ------- Non-GAAP net income attributable to SYNNEX Corporation $86,813 $68,908 $243,142 $178,303 Diluted earnings per common share ("EPS")(2) Net income attributable to SYNNEX Corporation $75,163 $58,704 $210,100 $149,628 Less: net income allocated to participating securities (686) (589) (1,943) (1,559) ---- ---- ------ ------ Net income attributable to SYNNEX Corporation common stockholders 74,477 58,115 208,157 148,069 Acquisition-related and integration expenses attributable to SYNNEX Corporation common stockholders 1,017 2,337 1,622 3,893 Restructuring costs attributable to SYNNEX Corporation common stockholders - 258 - 4,217 Amortization of intangibles attributable to SYNNEX Corporation common stockholders 16,535 12,871 48,787 36,108 Income taxes related to the above attributable to SYNNEX Corporation common stockholders(1) (6,009) (5,366) (17,673) (15,843) ------ ------ ------- ------- Non-GAAP net income attributable to SYNNEX Corporation common stockholders $86,020 $68,215 $240,893 $176,444 Weighted-average number of common shares - diluted: 39,748 39,534 39,722 39,492 Diluted EPS(2) $1.87 $1.47 $5.24 $3.75 Acquisition-related and integration expenses 0.03 0.06 0.04 0.10 Restructuring costs - 0.01 - 0.11 Amortization of intangibles 0.42 0.33 1.23 0.91 Income taxes related to the above(1) (0.15) (0.14) (0.44) (0.40) ----- ----- ----- ----- Non-GAAP Diluted EPS(3) $2.16 $1.73 $6.06 $4.47 ===== ===== ===== =====
SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (currency in millions, except for per share amounts) (continued) Forecast Three Months Ending November 30, 2017 Low High Net income Net income attributable to SYNNEX Corporation $85.2 $89.1 Acquisition- related and integration expenses 0.6 0.6 Amortization of intangibles 31.8 31.8 Income taxes related to the above(1) (11.5) (11.5) ----- ----- Non-GAAP net income attributable to SYNNEX Corporation $106.1 $110.0 Diluted EPS(2) $2.11 $2.21 Acquisition- related and integration expenses 0.01 0.01 Amortization of intangibles 0.79 0.79 Income taxes related to the above(1) (0.28) (0.28) ----- ----- Non-GAAP Diluted EPS(3) $2.63 $2.73 ===== =====
(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 nine months ended August 31, 2017, and 1.0% for both the three and nine months ended August 31, 2016. Net income allocated to participating securities is approximately 0.9% of the Net income attributable to SYNNEX Corporation for the three months ending November 30, 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") August 31, 2017 August 31, 2016 --------------- --------------- ROIC Operating income (Trailing fiscal four quarters) $479,745 $353,918 Income taxes on operating income(1) (162,241) (127,744) -------- -------- Operating income after taxes $317,504 $226,174 Total borrowings, excluding book overdraft (last five quarters average) $982,084 $736,354 Total equity (last five quarters average) 2,054,776 1,834,574 Less: U.S. cash and cash equivalents (last five quarters average) (85,189) (223,772) ------- -------- Total invested capital $2,951,671 $2,347,156 ROIC 10.8% 9.6% Adjusted ROIC Non- GAAP operating income (Trailing fiscal four quarters) $556,071 $413,634 Income taxes on Non- GAAP operating income(1) (187,841) (149,334) -------- -------- Non- GAAP operating income after taxes $368,230 $264,300 Total invested capital $2,951,671 $2,347,156 Tax effected average) impact of cumulative non- GAAP adjustments (last five quarters 194,195 147,387 ------- ------- Total Non- GAAP invested capital $3,145,866 $2,494,543 Adjusted ROIC 11.7% 10.6%
(1) Income taxes on operating income was calculated using the effective year- to-date tax rates during the respective periods.
Debt to Capitalization August 31, 2017 August 31, 2016 --------------- --------------- Total borrowings, excluding book overdraft (a) $1,049,605 $806,025 Total equity (b) 2,216,871 1,926,783 --------- Debt to capitalization (a)/((a)+(b)) 32.1% 29.5% ==== ====
SYNNEX Corporation Calculation of Financial Metrics (currency in thousands) (continued) Cash Conversion Cycle Three Months Ended August 31, 2017 August 31, 2016 Days sales outstanding Revenue (products and services) (a) $4,276,686 $3,669,814 Accounts receivable, including receivable from related parties (b) 1,861,481 1,651,173 --- Days sales outstanding (b)/((a)/the number of days 40 41 during the period) Days inventory outstanding Cost of revenue (products and services) (c) $3,901,742 $3,343,857 Inventories (d) 2,242,083 1,568,697 --- Days inventory outstanding (d)/((c)/the number of days 53 43 during the period) Days payable outstanding Cost of revenue (products and services) (c) $3,901,742 $3,343,857 Accounts payable, including payable to related parties (e) 1,804,110 1,531,664 --- Days payable outstanding (e)/((c)/the number of days 43 42 during the period) Cash conversion cycle 50 42 === ===
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SOURCE SYNNEX Corporation