SYNNEX Corporation Reports Fiscal 2017 Second Quarter Results


FREMONT, Calif., June 22, 2017 — 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

Related Links

http://www.synnex.com