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SYNNEX Corporation Reports Fiscal 2016 Fourth Quarter and Full Year Results

Tageszeitungen (Symbolbild). pixabay.com

PR Newswire

FREMONT, Calif., Jan. 10, 2017

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

ARIVA.DE Börsen-Geflüster

Kurse

Synnex

117,38 $

0,00%

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.

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