PR Newswire
FREMONT, Calif., Jan. 9, 2018
FREMONT, Calif., Jan. 9, 2018 /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, 2017.
| Q4 FY17 | Q4 FY16 | Net change |
Revenue ($M) | $5,312 | $3,887 | 36.7% |
Operating income ($M) | $159.9 | $130.6 | 22.4% |
Non-GAAP operating income ($M)(1) | $192.9 | $156.1 | 23.6% |
Operating margin | 3.01% | 3.36% | (35) bps |
Non-GAAP operating margin(1) | 3.63% | 4.02% | (39) bps |
Net income attributable to SYNNEX Corporation ($M) | $91.1 | $85.3 | 6.7% |
Non-GAAP net income attributable to SYNNEX Corporation ($M)(1) | $112.4 | $102.9 | 9.2% |
Diluted EPS | $2.26 | $2.13 | 6.1% |
Non-GAAP Diluted EPS(1) | $2.79 | $2.57 | 8.6% |
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(1) Non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, the amortization of intangible assets and the related tax effects thereon. A reconciliation of GAAP to Non-GAAP financial information is presented in the supplementary information section at the end of this press release. |
"Our record financial performance continued in the fourth quarter, driven by strong demand in both segments. The organic investments and strategic acquisitions we made throughout 2017 enhanced our capabilities and offerings and enabled us to grow market share," said Kevin Murai, President and Chief Executive Officer.
Fiscal 2017 Fourth Quarter Highlights:
| FY17 | FY16 | Net change |
Revenue ($M) | $17,046 | $14,062 | 21.2% |
Operating income ($M) | $509.0 | $379.6 | 34.1% |
Non-GAAP operating income ($M)(1) | $592.9 | $449.7 | 31.8% |
Operating margin | 2.99% | 2.70% | 29 bps |
Non-GAAP operating margin(1) | 3.48% | 3.20% | 28 bps |
Net income attributable to SYNNEX Corporation ($M) | $301.2 | $234.9 | 28.2% |
Non-GAAP net income attributable to SYNNEX Corporation ($M)(1) | $355.6 | $281.2 | 26.4% |
Diluted EPS | $7.51 | $5.88 | 27.7% |
Non-GAAP Diluted EPS(1) | $8.86 | $7.04 | 25.9% |
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(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. |
Fiscal 2017 Highlights:
Fiscal 2018 First Quarter Outlook:
The following statements are based on SYNNEX's current expectations for the fiscal 2018 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 $0.35 per common share. The dividend is payable on January 31, 2018 to stockholders of record as of the close of business on January 19, 2018. The SYNNEX Board of Directors will assess the dividend on an annual basis each January. In addition to the increased dividend, SYNNEX expects that the anticipated benefit associated with the 2017 US tax reform law will be utilized for business investment and debt reduction.
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
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 attributable to SYNNEX Corporation, 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.
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, 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 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.
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