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SYNNEX Corporation Reports Fiscal 2017 Second Quarter Results
[June 22, 2017]

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,
2017


November 30,
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 outstanding

(b)/((a)/the number 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 outstanding

(d)/((c)/the number 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 outstanding

(e)/((c)/the number of days during the period)

44



41







Cash conversion cycle


53



41


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synnex-corporation-reports-fiscal-2017-second-quarter-results-300478612.html

SOURCE SYNNEX Corporation


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