SYNNEX Corporation
Sep 25, 2017

SYNNEX Corporation Reports Fiscal 2017 Third Quarter Results

Increased Quarterly Cash Dividend by 20% to $0.30 per Share

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.

SNX-F

 

SYNNEX Corporation

Consolidated Balance Sheets

(currency in thousands)

(unaudited)



August 31,

 2017


November 30,

 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,

2017


August 31,

2016


August 31,

2017


August 31,

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 impact of cumulative non-GAAP adjustments (last five quarters average)

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
during the period)

40



41







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
during the period)

53



43







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
during the period)

43



42







Cash conversion cycle


50



42


 

View original content:http://www.prnewswire.com/news-releases/synnex-corporation-reports-fiscal-2017-third-quarter-results-300525252.html

SOURCE SYNNEX Corporation

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