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10:53 Uhr
Marktanalyst Salcher: Deswegen setzen Flatex-​Kunden auf Dt. Bank und Bayer

SYNNEX Corporation Reports Fiscal 2016 Fourth Quarter and Full Year Results

Dienstag, 10.01.2017 22:20 von

PR Newswire

FREMONT, Calif., Jan. 10, 2017 /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, 2016.


Q4 FY16

Q4 FY15

Net change

Revenue ($M)

$3,887

$3,550

9.5%

Operating income ($M)

$130.6

$105.0

24.5%

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

$156.1

$120.0

30.1%

Operating margin

3.36%

2.96%

40 bps

Non-GAAP operating margin(1)

4.02%

3.38%

64 bps

Net income attributable to SYNNEX Corporation ($M)

$85.3

$62.2

37.3%

Non-GAAP net income attributable to SYNNEX Corporation ($M)(1)

$102.9

$71.6

43.7%

Diluted EPS

$2.13

$1.56

36.5%

Non-GAAP Diluted EPS(1)

$2.57

$1.80

42.8%


(1) Non-GAAP financial measures exclude the impact of acquisition and integration expenses, 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 financial results for our fourth quarter and fiscal 2016 are a reflection of strong execution and the progress we have made in our strategy," said Kevin Murai, President and Chief Executive Officer, SYNNEX Corporation. "and I believe our strategic investments will continue to position us well for the future."

Fiscal 2016 Fourth Quarter Highlights:

  • Technology Solutions: Revenue was $3.4 billion, up 6.6% from the prior fiscal year quarter. Adjusting for the translation effect of foreign currencies, the Technology Solutions business increased by 5.9% compared with last year. Technology Solutions generated operating income of $92.6 million, or 2.73% of segment revenue, compared with $80.4 million, or 2.53% of segment revenue, in the fiscal fourth quarter of 2015.
  • Concentrix: Revenue was $500.4 million, an increase of 33.9% from the $373.6 million in revenue generated during the fourth quarter of last year. Adjusting for the Minacs acquisition and translation effect of foreign currencies, Concentrix revenue grew 1.8% compared with last year. Operating income was $38.0 million, or 7.60% of Concentrix revenue, compared with $24.4 million in the prior fiscal year quarter. Non-GAAP operating income was $62.8 million, or 12.55% of segment revenue, for fiscal fourth quarter of 2016, compared with $38.8 million, or 10.38% of segment revenue, in the fiscal fourth quarter of 2015.
  • The trailing fiscal four quarters Return on Invested Capital ("ROIC") was 10.3% compared with 9.2% in the prior year fiscal fourth quarter. The adjusted trailing fiscal four quarters ROIC was 11.5%.
  • The debt to capitalization ratio was 32.8%, up from 28.9% in the prior fiscal year fourth quarter.
  • Depreciation and amortization were $18.7 million and $19.0 million, respectively.
  • Cash generated from operations was approximately $51 million for the quarter.

 


FY16

FY15

Net change

Revenue ($M)

$14,062

$13,338

5.4%

Operating income ($M)

$379.6

$354.6

7.1%

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

$449.7

$419.4

7.2%

Operating margin

2.70%

2.66%

4 bps

Non-GAAP operating margin(1)

3.20%

3.14%

6 bps

Net income attributable to SYNNEX Corporation ($M)

$234.9

$208.5

12.7%

Non-GAAP net income attributable to SYNNEX Corporation ($M)(1)

$281.2

$249.9

12.5%

Diluted EPS

$5.88

$5.24

12.2%

Non-GAAP Diluted EPS(1)

$7.04

$6.28

12.1%


(1) Non-GAAP financial measures exclude the impact of acquisition 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.

Fiscal 2016 Highlights:

  • Technology Solutions: Revenue was $12.5 billion, up 4.6% from the prior fiscal year. Adjusting for the translation effect of foreign currencies, the Technology Solutions business increased by 4.7% compared with last year. Technology Solutions operating income was $315.5 million, or 2.70% of segment revenue compared with $303.0 million, or 2.54% of segment revenue, in fiscal 2015.
  • Concentrix: Revenue was $1.6 billion, a 12.1% increase from the $1.4 billion in revenue generated during last year. Adjusting for the Minacs acquisition and translation effect of foreign currencies, Concentrix revenue grew 2.7% compared with last year. Operating income was $63.9 million, or 4.02% of Concentrix revenue, compared with $51.1 million in the prior fiscal year. Non-GAAP operating income was $131.4 million, or 8.27% of segment revenue, for fiscal 2016, compared with $113.4 million, or 8.00% of segment revenue, in fiscal 2015.
  • Depreciation and amortization were $65.3 million and $55.5 million, respectively.
  • Cash generated from operations was approximately $326 million for the year.

Fiscal 2017 First Quarter Outlook:

The following statements are based on SYNNEX's current expectations for the fiscal 2017 first quarter. Non-GAAP financial measures exclude the impact of acquisition and integration expenses, the amortization of intangibles and the related tax impact thereon. These statements are forward-looking and actual results may differ materially.

  • Revenue is expected to be in the range of $3.40 billion to $3.60 billion.
  • Net income is expected to be in the range of $52.6 million to $55.8 million and on a Non-GAAP basis net income is expected to be in the range of $64.7 million to $67.9 million.
  • Diluted earnings per share is expected to be in the range of $1.31 to $1.39 and on a Non-GAAP basis diluted earnings per share is expected to be in the range of $1.61 to $1.69.
  • After-tax amortization of intangibles is expected to be $11.1 million, or $0.28 per share. After tax acquisition and integration expenses are expected to be $1.0 million, or $0.02 per share.

Dividend Announcement

SYNNEX previously announced that its Board of Directors declared a quarterly cash dividend of $0.25 per common share. The dividend will be payable on January 27, 2017 to stockholders of record as of the close of business on January 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 (888) 469-3219 in North America or (630) 395-0205 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), a Fortune 500 corporation, is a leading business process services company, optimizing supply chains and providing outsourced services focused on customer relationship management. 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 26 countries around the world. 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 and integration expenses, restructuring costs, the amortization of intangible assets and the related tax effects thereon.

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. This approach is used for countries where the functional currency is the local currency. 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.

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 debt and equity, net of cash and cash equivalents in the United States. Adjusted ROIC, or ROIC excluding the impact of acquisition and integration expenses, restructuring costs and the amortization of intangibles is calculated by excluding the tax effected impact of these items from operating income and equity.

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 first 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, after-tax impact of acquisition and integration expenses and the timing of completion of such costs, our progress regarding our growth initiatives, currency impact, 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 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, 2015 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, MINACS and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo, CONCENTRIX and MINACS 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)



November 30,
 2016


November 30,
 2015

ASSETS




Current assets:




Cash and cash equivalents

$

380,717



$

336,072


Restricted cash

6,265



88,558


Short-term investments

5,109



5,546


Accounts receivable, net

1,756,494



1,759,491


Receivable from related parties

102



114


Inventories

1,741,734



1,328,967


Current deferred tax assets

49,116



40,510


Other current assets

105,572



90,523


Total current assets

4,045,109



3,649,781


Property and equipment, net

312,716



248,627


Goodwill

486,239



298,785


Intangible assets, net

298,550



166,567


Deferred tax assets

14,448



19,849


Other assets

66,201



60,538


Total assets

$

5,223,263



$

4,444,147






LIABILITIES AND EQUITY




Current liabilities:




Borrowings, current

$

363,737



$

92,093


Accounts payable

1,683,155



1,445,194


Payable to related parties

30,679



7,661


Accrued compensation and benefits

165,585



135,453


Other accrued liabilities

217,575



218,687


Income taxes payable

17,097



19,069


Total current liabilities

2,477,828



1,918,157


Long-term borrowings

603,229



638,798


Other long-term liabilities

103,217



76,582


Deferred tax liabilities

63,191



10,713


Total liabilities

3,247,465



2,644,250


SYNNEX Corporation stockholders' equity:




Preferred stock




Common stock

41



40


Additional paid-in capital

440,713



411,687


Treasury stock

(67,262)



(51,287)


Accumulated other comprehensive income (loss)

(93,116)



(55,237)


Retained earnings

1,695,400



1,494,178


Total SYNNEX Corporation stockholders' equity

1,975,776



1,799,381


Noncontrolling interest

22



516


Total equity

1,975,798



1,799,897


Total liabilities and equity

$

5,223,263



$

4,444,147


 

SYNNEX Corporation

Consolidated Statements of Operations

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

(unaudited)



Three Months Ended


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Revenue:








Products

$

3,390,665



$

3,179,750



$

12,490,427



$

11,936,282


Services

496,237



369,867



1,571,410



1,402,115


Total revenue

3,886,902



3,549,617



14,061,837



13,338,397


Cost of revenue:








Products

(3,206,961)



(3,012,292)



(11,815,479)



(11,276,819)


Services

(301,155)



(224,589)



(963,393)



(869,787)


Gross profit

378,786



312,736



1,282,965



1,191,791


Selling, general and administrative expenses

(248,144)



(207,771)



(903,369)



(837,239)


Operating income

130,642



104,965



379,596



354,552


Interest expense and finance charges, net

(8,748)



(7,246)



(28,993)



(26,296)


Other income (expense), net

856



606



5,461



(1,061)


Income before income taxes

122,750



98,325



356,064



327,195


Provision for income taxes

(37,440)



(36,101)



(121,059)



(118,588)


Net income

85,310



62,224



235,005



208,607


Net (income) loss attributable to noncontrolling interest

8



(67)



(59)



(82)


Net income attributable to SYNNEX Corporation

$

85,318



$

62,157



$

234,946



$

208,525


Earnings per share attributable to SYNNEX Corporation:








Basic

$

2.14



$

1.57



$

5.91



$

5.28


Diluted

$

2.13



$

1.56



$

5.88



$

5.24


Weighted-average common shares outstanding:








Basic

39,431



39,134



39,321



39,061


Diluted

39,647



39,431



39,530



39,352


Cash dividends declared per share

$

0.25



$

0.20



$

0.85



$

0.58


 

SYNNEX Corporation

Segment Information

(currency in thousands)

(unaudited)



Three Months Ended


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Revenue:








  Technology Solutions

$

3,390,749



$

3,179,819



$

12,490,718



$

11,936,660


  Concentrix

500,404



373,639



1,587,736



1,416,670


  Inter-segment elimination

(4,251)



(3,841)



(16,617)



(14,933)


  Consolidated

$

3,886,902



$

3,549,617



$

14,061,837



$

13,338,397










Operating income:








  Technology Solutions

$

92,589



$

80,438



$

315,485



$

302,950


  Concentrix

38,022



24,408



63,877



51,127


  Inter-segment elimination

31



119



234



475


  Consolidated

$

130,642



$

104,965



$

379,596



$

354,552


 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(currency in thousands)



Three Months Ended


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Revenue in Constant Currency








Consolidated








Revenue

$

3,886,902



$

3,549,617



$

14,061,837



$

13,338,397


Foreign currency translation

(21,835)





37,268




Revenue in constant currency

$

3,865,067



$

3,549,617



$

14,099,105



$

13,338,397










Technology Solutions








Revenue

$

3,390,749



$

3,179,819



$

12,490,718



$

11,936,660


Foreign currency translation

(22,778)





12,780




Revenue in constant currency

$

3,367,971



$

3,179,819



$

12,503,498



$

11,936,660










Concentrix








Revenue

$

500,404



$

373,639



$

1,587,736



$

1,416,670


Foreign currency translation

943





24,488




Revenue in constant currency

$

501,347



$

373,639



$

1,612,224



$

1,416,670











Three Months Ended


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Selling, general and administrative expenses








Consolidated








GAAP selling, general and administrative expenses

$

248,144



$

207,771



$

903,369



$

837,239


Acquisition and integration expenses

6,465



2,038



10,393



10,109


Restructuring costs





4,255




Amortization of intangibles

18,504



12,669



54,250



53,646


Adjusted selling, general and administrative expenses

$

223,175



$

193,064



$

834,471



$

773,484










Technology Solutions








GAAP selling, general and administrative expenses

$

91,200



$

87,088



$

359,754



$

356,880


Amortization of intangibles

670



652



2,657



2,630


Adjusted selling, general and administrative expenses

$

90,530



$

86,436



$

357,097



$

354,250










Concentrix








GAAP selling, general and administrative expenses

$

159,007



$

122,649



$

551,570



$

487,187


Acquisition and integration expenses

6,465



2,038



10,393



10,109


Restructuring costs





4,255




Amortization of intangibles

17,834



12,017



51,593



51,016


Adjusted selling, general and administrative expenses

$

134,708



$

108,594



$

485,329



$

426,062


 

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


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Operating income and Operating margin








Consolidated








Revenue

$

3,886,902



$

3,549,617



$

14,061,837



$

13,338,397










GAAP operating income

$

130,642



$

104,965



$

379,596



$

354,552


Acquisition and integration expenses

6,465



2,038



10,393



10,109


Restructuring costs





4,255




Amortization of intangibles

18,981



12,985



55,490



54,756


Non-GAAP operating income

$

156,088



$

119,988



$

449,734



$

419,417


Depreciation

18,712



13,449



65,261



48,754


Adjusted EBITDA

$

174,800



$

133,437



$

514,995



$

468,171










GAAP operating margin

3.36

%


2.96

%


2.70

%


2.66

%

Non-GAAP operating margin

4.02

%


3.38

%


3.20

%


3.14

%









Technology Solutions








Revenue

$

3,390,749



$

3,179,819



$

12,490,718



$

11,936,660










GAAP operating income

$

92,589



$

80,438



$

315,485



$

302,950


Amortization of intangibles

670



652



2,657



2,630


Non-GAAP operating income

$

93,259



$

81,090



$

318,142



$

305,580


Depreciation

3,489



3,307



13,935



12,475


Adjusted EBITDA

$

96,748



$

84,397



$

332,077



$

318,055










GAAP operating margin

2.73

%


2.53

%


2.53

%


2.54

%

Non-GAAP operating margin

2.75

%


2.55

%


2.55

%


2.56

%









Concentrix








Revenue

$

500,404



$

373,639



$

1,587,736



$

1,416,670










GAAP operating income

$

38,022



$

24,408



$

63,877



$

51,127


Acquisition and integration expenses

6,465



2,038



10,393



10,109


Restructuring costs





4,255




Amortization of intangibles

18,311



12,333



52,833



52,126


Non-GAAP operating income

$

62,798



$

38,779



$

131,358



$

113,362


Depreciation

15,254



10,261



51,560



36,755


Adjusted EBITDA

$

78,052



$

49,040



$

182,918



$

150,117










GAAP operating margin

7.60

%


6.53

%


4.02

%


3.61

%

Non-GAAP operating margin

12.55

%


10.38

%


8.27

%


8.00

%

 

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 November 30, 2016


Fiscal Year Ended November 30, 2016

Minacs operating income




GAAP operating income

$

2,722



$

3,838


Acquisition and integration expenses

1,657



2,052


Amortization of intangibles

7,662



9,397


Non-GAAP operating income

$

12,041



$

15,287


Depreciation

1,888



2,944


Adjusted EBITDA

$

13,929



$

18,231


 


Three Months Ended


Fiscal Year Ended


November 30, 2016


November 30, 2015


November 30, 2016


November 30, 2015

Net income








Net income attributable to SYNNEX Corporation

$

85,318



$

62,157



$

234,946



$

208,525


Acquisition and integration expenses

6,465



2,038



10,393



10,109


Restructuring costs





4,255




Amortization of intangibles

18,981



12,985



55,490



54,756


Income taxes related to the above(1)

(7,829)



(5,546)



(23,846)



(23,510)


Non-GAAP net income attributable to SYNNEX Corporation

$

102,935



$

71,634



$

281,238



$

249,880










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








Net income attributable to SYNNEX Corporation

$

85,318



$

62,157



$

234,946



$

208,525


Less: net income allocated to participating securities

(834)



(673)



(2,408)



(2,413)


Net income attributable to SYNNEX Corporation common stockholders

84,484



61,484



232,538



206,112


Acquisition and integration expenses attributable to SYNNEX Corporation common stockholders

6,405



2,017



10,297



10,002


Restructuring costs attributable to SYNNEX Corporation common stockholders





4,217




Amortization of intangibles attributable to SYNNEX Corporation common stockholders

18,787



12,845



54,891



54,133


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

(7,749)



(5,489)



(23,590)



(23,261)


Non-GAAP net income attributable to SYNNEX Corporation common stockholders

$

101,927



$

70,857



$

278,353



$

246,986










Weighted-average number of common shares - diluted:

39,647



39,431



39,530



39,352










Diluted EPS(2)

$

2.13



$

1.56



$

5.88



$

5.24


Acquisition and integration expenses

0.16



0.05



0.26



0.25


Restructuring costs





0.11




Amortization of intangibles

0.47



0.33



1.39



1.38


Income taxes related to the above(1)

(0.20)



(0.14)



(0.60)



(0.59)


Non-GAAP Diluted EPS(3)

$

2.57



$

1.80



$

7.04



$

6.28


 

SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(amounts in millions, except for per share amounts)

(continued)



Forecast


Three Months Ending February 28, 2017


Low


High

Net income




Net income attributable to SYNNEX Corporation

$

52.6



$

55.8


Acquisition and integration expenses

1.5



1.5


Amortization of intangibles

17.0



17.0


Income taxes related to the above(1)

(6.4)



(6.4)


Non-GAAP net income attributable to SYNNEX Corporation

$

64.7



$

67.9






Diluted EPS(2)

$

1.31



$

1.39


Acquisition and integration expenses

0.04



0.04


Amortization of intangibles

0.42



0.42


Income taxes related to the above(1)

(0.16)



(0.16)


Non-GAAP Diluted EPS(3)

$

1.61



$

1.69



(1) The tax effect of the non-GAAP adjustments was calculated using the applicable effective tax rate during the 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 1.0% of the Net income attributable to SYNNEX Corporation for both the three months and the year ended November 30, 2016, and approximately 1.1% and 1.2% for the three months and the year ended November 30, 2015, respectively. Net income allocated to participating securities is approximately 1.0% of the Net income attributable to SYNNEX Corporation for the three months ending February 28, 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")



November 30, 2016


November 30, 2015

ROIC




Operating income (Trailing fiscal four quarters)

$

379,596



$

354,552


Income taxes on operating income(1)

(129,042)



(128,503)


Operating income after taxes

250,554



226,049






Total borrowings, excluding book overdraft (five quarters average)

$

781,568



$

804,906


Total equity (five quarters average)

1,879,777



1,723,374


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

(229,940)



(80,476)


Total invested capital

2,431,405



2,447,804






ROIC

10.3

%


9.2

%





Adjusted ROIC




Non-GAAP operating income (Trailing fiscal four quarters)

$

449,734



$

419,417


Income taxes on Non-GAAP operating income(1)

(152,846)



(152,013)


Non-GAAP operating income after taxes

296,888



267,404






Total invested capital

$

2,431,405



$

2,447,804


Tax effected impact of acquisition and integration expenses, restructuring costs and amortization of intangibles (five quarters average)

158,550



118,241


Total Non-GAAP invested capital

2,589,955



2,566,045






Adjusted ROIC

11.5

%


10.4

%


(1) Income taxes on operating income was calculated using the applicable effective tax rates during the respective quarters.

 

Debt to Capitalization




November 30,
2016


November 30,
2015

Total borrowings, excluding book overdraft

(a)

$

963,584



$

730,891


Total equity

(b)

1,975,798



1,799,897


Debt to capitalization

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

32.8

%


28.9

%

 

SYNNEX Corporation

Calculation of Financial Metrics

(currency in thousands)

(continued)


Cash Conversion Cycle




Three Months Ended



November 30, 2016


November 30, 2015

Days sales outstanding





Revenue (products and services)

(a)

$

3,886,902



$

3,549,617


Accounts receivable, including receivable from related parties

(b)

1,756,596



1,759,605


Days sales outstanding

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

41



45







Days inventory outstanding





Cost of revenue (products and services)

(c)

$

3,508,116



$

3,236,881


Inventories

(d)

1,741,734



1,328,967


Days inventory outstanding

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

45



37







Days payable outstanding





Cost of revenue (products and services)

(e)

$

3,508,116



$

3,236,881


Accounts payable, including payable to related parties

(f)

1,713,834



1,452,855


Days payable outstanding

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

44



41







Cash conversion cycle


42



41


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synnex-corporation-reports-fiscal-2016-fourth-quarter-and-full-year-results-300388965.html

SOURCE SYNNEX Corporation