Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, CCA, ERP, DIV

SYNNEX Corporation Reports Fiscal 2018 Fourth Quarter and Full Year Results


FREMONT, Calif., Jan. 10, 2019 /PRNewswire/ -- SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2018.

SYNNEX Corporation

 


Q4 FY18

Q4 FY17

Net change

Revenue ($M)

$5,622

$5,312

5.8%

Operating income ($M)

$198.3

$159.9

24.0%

Non-GAAP operating income ($M)(1)

$265.1

$192.9

37.4%

Operating margin

3.53%

3.01%

52 bps

Non-GAAP operating margin(1)

4.72%

3.63%

108 bps

Net income ($M)

$113.2

$91.1

24.3%

Non-GAAP net income ($M)(1)

$171.5

$112.4

52.5%

Diluted EPS

$2.41

$2.26

6.6%

Non-GAAP Diluted EPS(1)

$3.65

$2.79

30.8%


(1) Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, the amortization of intangible assets together with the related tax effects thereon, and an adjustment related to repatriation tax and the remeasurement of deferred taxes. A reconciliation of GAAP to Non-GAAP financial measures is presented in the supplementary information section at the end of this press release.

"Our record results continued in the fourth quarter as a result of strong demand in Technology Solutions and outstanding performance from Concentrix," said Dennis Polk, President and Chief Executive Officer, SYNNEX Corporation. "Superior execution by our team and leveraging the strategic investments we have made enabled the strong finish to fiscal 2018. We look forward to driving additional value for all our constituents in 2019."

Fiscal 2018 Fourth Quarter Highlights:

 


FY18

FY17

Net change

Revenue ($M)

$20,054

$17,046

17.6%

Operating income ($M)

$551.0

$509.0

8.3%

Non-GAAP operating income ($M)(1)

$720.5

$592.9

21.5%

Operating margin

2.75%

2.99%

(24) bps

Non-GAAP operating margin(1)

3.59%

3.48%

11 bps

Net income ($M)

$300.6

$301.2

-0.2%

Non-GAAP Net income ($M)(1)

$455.4

$355.6

28.1%

Diluted EPS

$7.19

$7.51

-4.3%

Non-GAAP Diluted EPS(1)

$10.89

$8.86

22.9%


(1) Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, the amortization of intangible assets together with the related tax effects thereon, and an adjustment related to repatriation tax and the remeasurement of deferred taxes. A reconciliation of GAAP to Non-GAAP financial measures is presented in the supplementary information section at the end of this press release.

Fiscal 2018 Highlights:

Fiscal 2019 First Quarter Outlook:

The following statements are based on SYNNEX's current expectations for the fiscal 2019 first 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.

Dividend Announcement

SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.375 per common share. The dividend is payable on January 31, 2019 to stockholders of record as of the close of business on January 22, 2019.

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 (866) 393-4306 in North America or (734) 385-2616 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 200 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 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 focused on customer engagement, 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

In addition to the financial results presented in accordance with GAAP, SYNNEX also 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, and non-GAAP diluted earnings per share, 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.

In fiscal year 2018, non-GAAP net income and non-GAAP diluted earnings per share also exclude the impact of an adjustment relating to the enactment of the Tax Cuts and Jobs Act of 2017. This adjustment includes a transition tax on accumulated overseas profits and the remeasurement of deferred tax assets and liabilities to the new U.S. tax rate.

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 transaction currency using the comparable prior year periods' currency conversion rate. Generally, when the dollar either strengthens or weakens against other currencies, growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates.

Trailing fiscal four quarters ROIC is defined as the last four quarters' tax effected operating income divided by the average of the last five quarterly balances of borrowings (excluding book overdraft) and equity, net of cash and cash equivalents in the United States. Adjusted ROIC is calculated by excluding the tax effected impact of acquisition-related and integration expenses, restructuring costs and the amortization of intangibles from operating income and equity.

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. 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, as well as for planning and forecasting in future periods. Management believes these 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. As 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. A reconciliation of SYNNEX' non-GAAP financial information to GAAP is set forth in the supplemental information section at the end of this press release.

Safe Harbor Statement

Statements in this news release regarding SYNNEX Corporation that 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 our expectations and outlook for the fiscal 2019 first quarter as to revenue, net income, non-GAAP net income, diluted earnings per share, non-GAAP diluted earnings per share, tax rate, after-tax amortization of intangibles, and after-tax acquisition-related and integration expenses, frequency and occurrence of dividend declarations, as well as statements regarding additional value for constituents, 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 estimated financial impact of the Convergys acquisition; 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, 2017 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 2019 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.

SYNNEX Corporation

Consolidated Balance Sheets

(currency and share amounts in thousands)

(Amounts may not add due to rounding)

(unaudited)



November 30, 2018


November 30, 2017

ASSETS




Current assets:




Cash and cash equivalents

$

454,694



$

550,688


Restricted cash

7,126



5,837


Short-term investments

2,581



5,475


Accounts receivable, net

3,855,431



2,846,371


Receivable from related parties

65



77


Inventories

2,518,319



2,162,626


Other current assets

261,536



168,704


Total current assets

7,099,753



5,739,778


Property and equipment, net

571,326



346,589


Goodwill

2,203,316



872,641


Intangible assets, net

1,377,305



583,051


Deferred tax assets

76,508



31,687


Other assets

152,227



124,780


Total assets

$

11,480,434



$

7,698,526






LIABILITIES AND EQUITY




Current liabilities:




Borrowings, current

$

833,216



$

805,471


Accounts payable

3,025,197



2,626,720


Payable to related parties

22,905



16,888


Accrued compensation and benefits

358,352



204,665


Other accrued liabilities

613,449



354,104


Income taxes payable

41,322



33,359


Total current liabilities

4,894,441



4,041,207


Long-term borrowings

2,622,782



1,136,089


Other long-term liabilities

325,119



124,008


Deferred tax liabilities

206,024



113,527


Total liabilities

8,048,366



5,414,831






Stockholders' equity:




Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding

?



?


Common stock, $0.001 par value, 100,000 shares authorized, 52,861 and 41,092 shares issued as of November 30, 2018 and 2017, respectively

51



41


Additional paid-in capital

1,512,203



467,948


Treasury stock, 2,167 and 1,419 shares as of November 30, 2018 and 2017, respectively

(149,533)



(77,133)


Accumulated other comprehensive income (loss)

(126,288)



(61,919)


Retained earnings

2,195,635



1,954,758


Total stockholders' equity

3,432,068



2,283,695


Total liabilities and equity

$

11,480,434



$

7,698,526


 

SYNNEX Corporation

Consolidated Statements of Operations

(currency and share amounts in thousands, except for per share amounts)

(Amounts may not add due to rounding)

(unaudited)



Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Revenue:








Products

$

4,654,642



$

4,781,408



$

17,608,897



$

15,070,871


Services

967,559



530,469



2,444,867



1,974,829


Total revenue

5,622,201



5,311,877



20,053,764



17,045,700


Cost of revenue:








Products

(4,383,245)



(4,525,904)



(16,611,595)



(14,262,094)


Services

(587,472)



(324,005)



(1,514,470)



(1,232,666)


Gross profit

651,485



461,968



1,927,699



1,550,940


Selling, general and administrative expenses

(453,215)



(302,108)



(1,376,664)



(1,041,975)


Operating income

198,270



159,860



551,036



508,965


Interest expense and finance charges, net

(30,791)



(18,459)



(84,675)



(45,357)


Other income (expense), net

(5,487)



(202)



(8,984)



1,123


Income before income taxes

161,992



141,199



457,377



464,731


Provision for income taxes

(48,811)



(50,126)



(156,779)



(163,558)


Net income

$

113,180



$

91,073



$

300,598



$

301,173


Earnings per common share:








Basic

$

2.42



$

2.28



$

7.23



$

7.54


Diluted

$

2.41



$

2.26



$

7.19



$

7.51


Weighted-average common shares outstanding:








Basic

46,429



39,635



41,215



39,556


Diluted

46,633



39,867



41,451



39,758


Cash dividends declared per share

$

0.35



$

0.30



$

1.40



$

1.05


 

SYNNEX Corporation

Segment Information

(currency in thousands)

(Amounts may not add due to rounding)

(unaudited)



Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Revenue:








  Technology Solutions

$

4,654,646



$

4,781,491



$

17,608,982



$

15,071,185


  Concentrix

972,286



534,363



2,463,151



1,990,180


  Inter-segment elimination

(4,730)



(3,977)



(18,369)



(15,665)


  Consolidated

$

5,622,201



$

5,311,877



$

20,053,764



$

17,045,700










Operating income:








  Technology Solutions

$

122,924



$

112,226



$

406,274



$

394,320


  Concentrix

75,346



47,634



144,761



114,623


  Inter-segment elimination

?



?



?



22


  Consolidated

$

198,270



$

159,860



$

551,036



$

508,965


 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(currency in thousands)

(Amounts may not add due to rounding)



Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Revenue in Constant Currency








Consolidated








Revenue

$

5,622,201



$

5,311,877



$

20,053,764



$

17,045,700


Foreign currency translation

44,623





(18,539)




Revenue in constant currency

$

5,666,824



$

5,311,877



$

20,035,225



$

17,045,700










Technology Solutions








Segment revenue

$

4,654,646



$

4,781,491



$

17,608,982



$

15,071,185


Foreign currency translation

32,307





(13,247)




Revenue in constant currency

$

4,686,953



$

4,781,491



$

17,595,735



$

15,071,185










Concentrix








Segment revenue

$

972,286



$

534,363



$

2,463,151



$

1,990,180


Foreign currency translation

12,316





(5,292)




Revenue in constant currency

$

984,602



$

534,363



$

2,457,859



$

1,990,180




Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Selling, general and administrative expenses








Consolidated








GAAP selling, general and administrative expenses

$

453,215



$

302,108



$

1,376,664



$

1,041,975


Acquisition-related and integration expenses

21,713



3,144



45,132



4,781


Amortization of intangibles

44,662



29,516



122,544



77,500


Adjusted selling, general and administrative expenses

$

386,840



$

269,448



$

1,208,988



$

959,694










Technology Solutions








GAAP selling, general and administrative expenses

$

148,476



$

143,356



$

591,106



$

414,763


Acquisition-related and integration expenses

1,293



3,019



7,642



3,724


Amortization of intangibles

12,205



12,968



50,007



14,929


Adjusted selling, general and administrative expenses

$

134,978



$

127,369



$

533,457



$

396,110










Concentrix








GAAP selling, general and administrative expenses

$

306,670



$

160,398



$

792,791



$

634,530


Acquisition-related and integration expenses

20,420



125



37,490



1,057


Amortization of intangibles

32,457



16,548



72,537



62,571


Adjusted selling, general and administrative expenses

$

253,793



$

143,725



$

682,764



$

570,902


 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(currency in thousands)

(Amounts may not add due to rounding)

(continued)



Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Operating income and Operating margin








Consolidated








Revenue

$

5,622,201



$

5,311,877



$

20,053,764



$

17,045,700










GAAP operating income

$

198,270



$

159,860



$

551,036



$

508,965


Acquisition-related and integration expenses

21,713



3,144



45,132



4,781


Amortization of intangibles

45,149



29,937



124,332



79,181


Non-GAAP operating income

$

265,132



$

192,941



$

720,500



$

592,927


Depreciation

33,924



21,647



100,955



80,705


Adjusted EBITDA

$

299,056



$

214,588



$

821,455



$

673,632










GAAP operating margin

3.53

%


3.01

%


2.75

%


2.99

%

Non-GAAP operating margin

4.72

%


3.63

%


3.59

%


3.48

%









Technology Solutions








Segment revenue

$

4,654,646



$

4,781,491



$

17,608,982



$

15,071,185










GAAP operating income

$

122,924



$

112,226



$

406,274



$

394,320


Acquisition-related and integration expenses

1,293



3,019



7,642



3,724


Amortization of intangibles

12,205



12,968



50,007



14,929


Non-GAAP operating income

$

136,422



$

128,213



$

463,923



$

412,973


Depreciation

5,625



4,703



20,681



15,111


Adjusted EBITDA

$

142,047



$

132,916



$

484,604



$

428,084










GAAP operating margin

2.64

%


2.35

%


2.31

%


2.62

%

Non-GAAP operating margin

2.93

%


2.68

%


2.63

%


2.74

%









Concentrix








Segment revenue

$

972,286



$

534,363



$

2,463,151



$

1,990,180










GAAP operating income

$

75,346



$

47,634



$

144,761



$

114,623


Acquisition-related and integration expenses

20,420



125



37,490



1,057


Amortization of intangibles

32,944



16,969



74,325



64,252


Non-GAAP operating income

$

128,710



$

64,728



$

256,576



$

179,932


Depreciation

28,299



16,944



80,274



65,617


Adjusted EBITDA

$

157,009



$

81,672



$

336,850



$

245,549










GAAP operating margin

7.75

%


8.91

%


5.88

%


5.76

%

Non-GAAP operating margin

13.24

%


12.11

%


10.42

%


9.04

%

 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(currency and share amounts in thousands, except for per share amounts)

(Amounts may not add due to rounding)

(continued)



Three Months Ended


Fiscal Year Ended


November 30,
2018


November 30,
2017


November 30,
2018


November 30,
2017

Net income








Net income

$

113,180



$

91,073



$

300,598



$

301,173


Acquisition-related and integration expenses

21,713



3,144



42,498



4,781


Amortization of intangibles

45,149



29,937



124,332



79,181


Income taxes related to the above(1)

(16,930)



(11,711)



(45,111)



(29,550)


U.S. tax reform adjustment

8,410



?



33,111



?


Non-GAAP net income

$

171,522



$

112,443



$

455,428



$

355,585










Diluted earnings per common share ("EPS")(2)








Net income

$

113,180



$

91,073



$

300,598



$

301,173


Less: net income allocated to participating securities

(977)



(836)



(2,721)



(2,778)


Net income attributable to common stockholders

112,203



90,237



297,877



298,395


Acquisition-related and integration expenses attributable to common stockholders

21,515



3,115



42,106



4,737


Amortization of intangibles attributable to common stockholders

44,737



29,661



123,186



78,448


Income taxes related to the above attributable to common stockholders(1)

(16,775)



(11,603)



(44,695)



(29,277)


U.S. tax reform adjustment attributable to common stockholders

8,333



?



32,806



?


Non-GAAP net income attributable to common stockholders

$

170,013



$

111,410



$

451,279



$

352,303










Weighted-average number of common shares - diluted:

46,633



39,867



41,451



39,758










Diluted EPS(2)

$

2.41



$

2.26



$

7.19



$

7.51


Acquisition-related and integration expenses

0.46



0.08



1.02



0.12


Amortization of intangibles

0.96



0.74



2.97



1.97


Income taxes related to the above(1)

(0.36)



(0.29)



(1.08)



(0.74)


  U.S. tax reform adjustment attributable to common stockholders

0.18



?



0.79



?


Non-GAAP Diluted EPS

$

3.65



$

2.79



$

10.89



$

8.86


 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(amounts in millions, except for per share amounts)

(Amounts may not add due to rounding)

(continued)



Forecast


Three Months Ending February 28, 2019


Low


High

Net income




Net income

$

88.1



$

93.1


Acquisition-related and integration expenses

18.2



18.2


Amortization of intangibles

52.4



52.4


Income taxes related to the above(1)

(19.8)



(19.8)


Non-GAAP net income

$

138.9



$

143.9






Diluted EPS(2)

$

1.71



$

1.81


Acquisition-related and integration expenses

0.35



0.35


Amortization of intangibles

1.02



1.02


Income taxes related to the above(1)

(0.39)



(0.39)


Non-GAAP Diluted EPS

$

2.70



$

2.80



(1) The tax effect of the non-GAAP adjustments was calculated using the effective year-to date tax rate during the respective fiscal years. The effective tax rate for fiscal year 2018 excludes the impact of the transition tax on accumulated overseas profits and the remeasurement of deferred tax assets and liabilities to the new U.S. tax rate related to the enactment of the Tax Cuts and Jobs Act of 2017.


(2) Diluted EPS for all periods presented is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, Net income allocated to participating securities was approximately 0.9% of Net income for the three months and the years ended November 30, 2018 and 2017. Net income allocable to participating securities is estimated to be approximately 0.9% of Net income for the three months ending February 28, 2019.

 

SYNNEX Corporation

Calculation of Financial Metrics

(currency in thousands)

(Amounts may not add or compute due to rounding)


Return on Invested Capital ("ROIC")



November 30, 2018


November 30, 2017

ROIC




Operating income (Trailing fiscal four quarters)

$

551,036



$

508,965


Income taxes on operating income(1)

(188,895)



(179,105)


Operating income after taxes

$

362,141



$

329,860






Total borrowings, excluding book overdraft (last five quarters average)

$

2,164,694



$

1,208,330


Total equity (last five quarters average)

2,534,008



2,126,159


Less: U.S. cash and cash equivalents (last five quarters average)

(134,377)



(132,881)


Total invested capital

$

4,564,325



$

3,201,608






ROIC

7.9

%


10.3

%





Adjusted ROIC




Non-GAAP operating income (Trailing fiscal four quarters)

$

720,500



$

592,927


Income taxes on Non-GAAP operating income(1)

(194,823)



(208,652)


Non-GAAP operating income after taxes

$

525,677



$

384,275






Total invested capital

$

4,564,325



$

3,201,608


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

314,343



208,615


Total Non-GAAP invested capital

$

4,878,668



$

3,410,223






Adjusted ROIC

10.8

%


11.3

%


(1) Income taxes on GAAP and non-GAAP operating income was calculated using the effective GAAP and non-GAAP tax rates during the quarters included in the respective trailing four quarter periods.

 

Debt to Capitalization




November 30, 2018


November 30, 2017

Total borrowings, excluding book overdraft

(a)

$

3,451,006



$

1,937,253


Total equity

(b)

3,432,068



2,283,695


Debt to capitalization

(a)/((a)+(b))

50.1

%


45.9

%

 

SYNNEX Corporation

Calculation of Financial Metrics

(currency in thousands)

(Amounts may not add or compute due to rounding)

(continued)


Cash Conversion Cycle



Three Months Ended



November 30, 2018


November 30, 2017

Days sales outstanding





Revenue (products and services)

(a)

$

5,622,201



$

5,311,877


Accounts receivable, including receivable from related parties

(b)

3,855,496



2,846,448


Days sales outstanding

(c) = (b)/((a)/the number of
days during the period)

62



49







Days inventory outstanding





Cost of revenue (products and services)

(d)

$

4,970,717



$

4,849,909


Inventories

(e)

2,518,319



2,162,626


Days inventory outstanding

(f) = (e)/((d)/the number of
days during the period)

46



41







Days payable outstanding





Cost of revenue (products and services)

(g)

$

4,970,717



$

4,849,909


Accounts payable, including payable to related parties

(h)

3,048,102



2,643,608


Days payable outstanding

(i) = (h)/((g)/the number of
days during the period)

56



50







Cash conversion cycle

(j) = (c)+(f)-(i)

52



40


 

Investor Contact:
Marshall Witt
SYNNEX Corporation
[email protected]
Telephone: (510) 668-3837

 

SOURCE SYNNEX Corporation


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