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SNX · TD Synnex

50 filings

10-Q

SNX 10-Q Quarterly Reports

TD Synnex - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K163

SNX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Oct ’25Oct ’25
  1. 2026-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2026

    TD SYNNEX Corporation's quarterly report for the period ended August 31, 2026 shows strong top-line growth. Revenue for the three months rose to $21.56 billion from $15.65 billion, and for the nine months to $58.29 billion from $45.13 billion. Growth was driven by Advanced Solutions and Endpoint Solutions distribution portfolios and by Hyve Solutions. Net income was $416.2 million for the quarter versus $226.8 million a year earlier, and $1.08 billion for the nine months versus $579.3 million. Diluted EPS was $5.18 for the quarter versus $2.74, and $13.37 for the nine months versus $6.92. Gross margin declined to 6.61% from 7.22% in the quarter, primarily due to product mix in Hyve Solutions and Advanced Solutions. The balance sheet and cash flow reflect heavy working capital investment. Inventories rose to $15.29 billion from $9.50 billion at November 30, 2025, and accounts receivable rose to $14.95 billion from $11.71 billion. Net cash used in operating activities was $2.08 billion for the nine months, compared with $71.3 million provided a year earlier. The cash conversion cycle lengthened to 31 days from 16 days at November 30, 2025. Cash and cash equivalents fell to $749.3 million from $2.44 billion. Total borrowings were approximately $5.5 billion, with $1.5 billion drawn under the U.S. AR Arrangement, and the company repaid $700.0 million of senior notes at maturity in August 2026. Subsequent to quarter end, the company amended its U.S. accounts receivable securitization arrangement on September 25, 2026, increasing maximum borrowing capacity to $3.0 billion and extending maturity to September 25, 2028. The Board declared a quarterly dividend of $0.48 per share payable October 30, 2026. The company had $0.9 billion remaining under its $2.0 billion share repurchase program as of August 31, 2026. In May 2026 it issued a warrant to Amazon.com NV Investment Holdings LLC for up to 3,238,066 shares, which resulted in a non-cash reduction of revenue of $14.5 million in the quarter.

    Oct 1, 2026
  2. 2026-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2026

    TD SYNNEX Corporation's 10-Q for the quarter ended May 31, 2026 shows revenue of $19.57 billion for the three months, up from $14.95 billion a year earlier, and $36.74 billion for the six months versus $29.48 billion. Net income was $334.1 million for the quarter ($4.15 diluted EPS) versus $184.9 million ($2.21) a year earlier, and $661.0 million for the six months ($8.19 diluted EPS). Management attributes growth to Advanced Solutions and Endpoint Solutions distribution as well as Hyve Solutions, partly offset by a higher share of revenue presented on a net basis and higher personnel and credit costs. Non-GAAP diluted EPS was $4.85 for the quarter and $9.58 for the six months. Cash flow was weaker: net cash used in operating activities was $1.16 billion for the six months, driven by a $4.36 billion increase in inventories and a $1.28 billion increase in accounts receivable, partly offset by a $3.49 billion increase in accounts payable. Cash and cash equivalents fell to $1.09 billion from $2.44 billion at November 30, 2025. Inventories rose to $13.89 billion from $9.50 billion, and the cash conversion cycle lengthened to 24 days from 16 days at fiscal year-end. The company has $700.0 million of 1.750% Senior Notes due August 9, 2026, which management says it expects to repay from available liquidity. In May 2026 it issued a warrant to Amazon.com NV Investment Holdings LLC for up to 3,238,066 shares, of which 215,871 vested immediately. The filing also reports a June 2026 declaration of a $0.48 quarterly dividend and $1.0 billion remaining under the $2.0 billion share repurchase program.

    Jul 2, 2026
  3. 2026-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2026

    TD SYNNEX Corporation's 10-Q for the quarter ended February 28, 2026 shows revenue of $17.16 billion, up from $14.53 billion in the prior-year quarter, and net income of $326.9 million, compared with $167.5 million a year earlier. Diluted EPS was $4.04 versus $1.98. Operating income rose to $489.4 million from $304.5 million, and the filing attributes the gain to revenue growth across Advanced Solutions, Endpoint Solutions and Hyve Solutions, along with higher gross margin. Net income also benefited from a $22.4 million gain on the sale of an equity investment. Management states that the company resegmented into four reportable segments (Americas distribution, Europe distribution, APJ distribution and Hyve Solutions) in the first quarter of fiscal 2026, with prior periods recast; this change had no effect on consolidated results. The balance sheet expanded during the quarter, with total assets of $35.08 billion and inventories rising to $10.98 billion from $9.50 billion at November 30, 2025. Cash and cash equivalents fell to $1.56 billion from $2.44 billion, and net cash used in operating activities was $895.9 million, versus $748.0 million a year earlier, which the filing ties to larger inventory growth and higher receivables. Total borrowings were about $4.7 billion, including $700.0 million of Senior Notes due in August 2026, and management states that cash, operating cash flow and credit availability are sufficient for at least the next twelve months. Shareholder-return activity included $79.7 million of share repurchases in the quarter, leaving $1.1 billion authorized under the $2.0 billion program, and a declared quarterly dividend of $0.48 per share payable April 29, 2026. The filing also reports that the company remains in compliance with material financial covenants and that the Apple and HP shares of revenue were 12% and 10%, respectively.

    Apr 2, 2026
  4. 2025-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2025

    TD SYNNEX Corporation's quarterly report for the period ended August 31, 2025 shows revenue of $15.65 billion for the three months, up from $14.68 billion a year earlier, and $45.13 billion for the nine months, up from $42.61 billion. Gross profit rose to $1.13 billion from $961.0 million, and operating income rose to $383.7 million from $302.9 million. Net income for the quarter was $226.8 million, or $2.74 per diluted share, compared with $178.6 million, or $2.08 per diluted share, in the prior-year quarter. The filing attributes much of the revenue growth to Advanced Solutions and Endpoint Solutions, and notes that a greater share of sales presented on a net basis reduced reported revenue by approximately $810 million in the quarter. Cash flow was weaker. Net cash provided by operating activities was $71.3 million for the nine months, down from $655.8 million, primarily due to higher accounts receivable and a smaller increase in accounts payable. Total borrowings were approximately $4.2 billion, compared with $3.9 billion at November 30, 2024. Cash and cash equivalents were $874.4 million. The company repurchased $423.1 million of common stock during the nine months and has $1.4 billion remaining under its March 2024 program. It also declared a quarterly dividend of $0.44 per share, payable October 31, 2025. The company completed the acquisition of Apptium Technologies, LLC on July 1, 2025 for a preliminary purchase price of approximately $111.8 million, which the filing describes as not material to results or financial condition. The company states it was in compliance with all material financial covenants as of August 31, 2025, and that $700.0 million of Senior Notes due August 2026 are expected to be repaid from available cash and liquidity.

    Oct 1, 2025
  5. 2025-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2025

    TD SYNNEX Corporation's quarterly report for the three and six months ended May 31, 2025 shows revenue of $14.95 billion for the quarter, up from $13.95 billion a year earlier, and $29.48 billion for the six months, up from $27.92 billion. The filing states that revenue growth was partially offset by a greater percentage of sales presented on a net basis due to product mix, which the company says reduced revenue by approximately $700 million in the quarter. Operating income rose to $328.1 million from $263.9 million, and net income increased to $184.9 million from $143.6 million, with diluted EPS of $2.21 versus $1.66. Non-GAAP operating income was $414.0 million in the quarter versus $388.0 million a year earlier, and the filing attributes the change primarily to higher revenue partially offset by higher personnel costs. The balance sheet and cash flow picture is more mixed. Cash and cash equivalents declined to $767.1 million from $1.06 billion at November 30, 2024, and net cash used in operating activities for the six months was $174.8 million, compared with cash provided of $270.0 million a year earlier. Accounts payable fell to $14.54 billion from $15.08 billion, and the filing notes higher inventories tied to strategic technologies products. Total borrowings were approximately $4.1 billion, and the cash conversion cycle was 23 days, compared with 18 days at fiscal year-end 2024. Capital returns continued during the period. The company repurchased 2.1 million shares for $249.3 million in the six months, had $1.5 billion remaining under its March 2024 repurchase authorization, and declared a quarterly dividend of $0.44 per share payable July 25, 2025. The filing reports that the company was in compliance with all material financial covenants as of May 31, 2025.

    Jul 2, 2025
  6. 2025-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2025

    TD SYNNEX Corporation's 10-Q for the quarter ended February 28, 2025 shows revenue of $14.53 billion, up from $13.98 billion a year earlier, with net income of $167.5 million versus $172.1 million. Gross profit was $998.0 million, roughly flat against $1.01 billion in the prior-year quarter, as gross margin fell to 6.87% from 7.20%. The filing attributes the margin decline mainly to lower strategic technologies gross margins and a less profitable product mix. Operating income was $304.5 million, and non-GAAP operating income declined to $398.8 million from $424.6 million. Diluted EPS was $1.98, compared with $1.93 a year earlier. Cash flow moved sharply negative in the quarter. Net cash used in operating activities was $748.0 million, driven mainly by a $1.97 billion decrease in accounts payable. The company funded this with $421.4 million of net revolving borrowings, and cash fell to $541.9 million from $1.06 billion at November 30, 2024. Total borrowings rose to approximately $4.3 billion from $3.9 billion. The cash conversion cycle lengthened to 27 days from 18 days at fiscal year-end. Share repurchases totaled $100.5 million, leaving $1.7 billion available under the March 2024 program, and a $0.44 quarterly dividend was declared. The company states it is in compliance with all material financial covenants and believes its liquidity is sufficient for at least the next twelve months. Management reports no material changes to its risk factors from the 2024 Form 10-K. The filing also discloses a French competition matter, where the Company's fine was reduced to €24.9 million on appeal and further appeal is pending, along with an eBizcuss civil lawsuit that the Paris Commercial Court dismissed in the Company's favor. Management believes the likelihood of a material loss from that lawsuit is remote.

    Apr 2, 2025
  7. 2024-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2024

    TD SYNNEX Corporation's Form 10-Q for the quarter ended August 31, 2024 shows third-quarter revenue of $14.68 billion, up from $13.96 billion a year earlier, while nine-month revenue declined to $42.61 billion from $43.15 billion. The filing attributes the quarterly increase to growth in both the Advanced Solutions and Endpoint Solutions portfolios, partly offset by a greater share of revenue being presented on a net basis, which the company says reduced revenue by approximately $550 million in the quarter. Third-quarter net income rose to $178.6 million from $139.3 million, and GAAP operating income rose to $302.9 million from $240.2 million, mainly because acquisition, integration and restructuring costs fell sharply. Non-GAAP operating income was $392.9 million, slightly below the prior-year $396.8 million, and third-quarter diluted EPS was $2.08 versus $1.49. Cash generation weakened over the nine months, with operating cash flow of $655.8 million compared with $1.20 billion a year earlier, mainly reflecting changes in inventory and accounts payable and other operating liabilities. The company repurchased $509.9 million of common stock during the nine months, and it had $1.9 billion remaining under its March 2024 repurchase authorization at quarter end. Total borrowings were approximately $4.1 billion, and the company repaid $700.0 million of 1.250% Senior Notes at maturity using proceeds from a new $600.0 million 6.100% Senior Notes issuance due 2034. Cash and cash equivalents were $853.9 million at August 31, 2024, compared with $1.03 billion at November 30, 2023. The company reported that it had substantially completed its Merger-related integration and restructuring activities, so no material related expenses are expected in future periods. Management stated that the company's cash, operating cash flows and credit availability are sufficient for at least the next twelve months. The filing also discloses that the company is contesting a French Competition Authority fine related to Apple product distribution and that a civil lawsuit related to the matter is pending, with management unable to estimate a potential loss.

    Oct 3, 2024
  8. 2024-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2024

    TD SYNNEX Corporation's Form 10-Q for the quarter ended May 31, 2024 reports revenue of $13.95 billion for the three months ended May 31, 2024, slightly down from $14.06 billion a year earlier, and $27.92 billion for the six months, down from $29.19 billion. The filing attributes the revenue decline primarily to additional revenue being presented on a net basis, which reduced revenue by approximately $550 million in the quarter, partially offset by growth in the Advanced Solutions and Endpoint Solutions portfolios. Despite lower revenue, operating income rose to $263.9 million from $252.9 million in the quarter, and net income increased to $143.6 million from $133.1 million. Diluted EPS was $1.66 versus $1.41 in the prior-year quarter. Balance sheet and cash flow highlights include cash and cash equivalents of $1.17 billion, total borrowings that the filing describes as approximately $4.6 billion, and net cash provided by operating activities of $270.0 million for the six months, down from $604.8 million. The company repurchased $453.4 million of common stock in the six months and issued $600.0 million of 6.100% senior notes due 2034, which it intends to use to repay $700.0 million of 1.250% notes maturing August 9, 2024. The company also declared a quarterly cash dividend of $0.40 per share, payable July 26, 2024. Management reported that its disclosure controls and procedures were effective and that there was no material change in internal control over financial reporting during the quarter. The filing states that management believes current cash, operating cash flows and credit availability are sufficient for at least the next twelve months.

    Jul 3, 2024
  9. 2024-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 29, 2024

    TD SYNNEX Corporation's 10-Q for the quarter ended February 29, 2024 shows revenue of $13.98 billion, down from $15.13 billion in the prior-year quarter, as the decline was driven mainly by Advanced Solutions following strong prior-year demand and backlog conversion, plus a decline in Endpoint Solutions. The company attributed about $450 million of the revenue decline to a greater share of revenue being presented on a net basis. Gross margin improved to 7.20% from 6.63%, citing margin expansion in strategic technologies, and operating income rose to $302.6 million from $298.2 million, helped by lower acquisition, integration and restructuring costs of $31.6 million versus $51.2 million. Net income was $172.1 million, or $1.93 diluted EPS, compared with $167.0 million, or $1.75, a year earlier. On the balance sheet, total assets fell to $27.80 billion from $29.41 billion at November 30, 2023, with accounts payable declining to $12.37 billion from $13.35 billion and accounts receivable to $8.90 billion from $10.30 billion. Net cash provided by operating activities was $384.7 million, compared with cash used of $102.8 million a year earlier, mainly due to lower receivables. The company repurchased $199.2 million of common stock and paid $35.7 million in dividends during the quarter. Subsequent to the quarter, in March 2024, the Board authorized a new $2.0 billion share repurchase program, and the company disclosed a secondary offering by selling stockholders of 12.1 million shares, with a concurrent repurchase of 500 thousand shares by the company. Investors should note the $700.0 million of 1.25% Senior Notes due August 9, 2024, which the company says it intends to refinance in some or all amount, and that it believes existing cash, operating cash flows and borrowing capacity are sufficient to repay them. Total outstanding borrowings were approximately $4.0 billion at February 29, 2024, compared with $4.1 billion at November 30, 2023.

    Apr 4, 2024
  10. 2023-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2023

    TD SYNNEX Corporation's quarterly report for the period ended August 31, 2023 shows revenue of $13.96 billion for the three months, down from $15.36 billion a year earlier, and $43.15 billion for the nine months, down from $46.10 billion. The filing attributes the decline primarily to a drop in the Endpoint Solutions portfolio as the PC ecosystem experienced a post-pandemic decline in demand, partially offset by growth in the Advanced Solutions portfolio and high-growth technologies. Gross margin improved to 6.96% for the quarter from 5.97% a year earlier, and operating income was $240.2 million versus $241.5 million, with net income of $139.3 million, or $1.49 diluted EPS, compared with $148.8 million, or $1.55, in the prior-year quarter. For the nine months, net income rose to $439.4 million from $430.1 million and diluted EPS reached $4.66 versus $4.47. Operating cash flow was $1.20 billion for the nine months, a sharp swing from cash used of $351.8 million a year earlier, driven by declining inventories and receivables. Cash and cash equivalents increased to $1.25 billion from $522.6 million at November 30, 2022. Share repurchases totaled $277.8 million for the nine months, and the company paid $98.9 million in dividends, with a quarterly dividend of $0.35 per share declared on September 27, 2023. Investors should note the company's total borrowings of approximately $4.1 billion, including $700.0 million of Senior Notes due August 2024 that the company states it expects to repay from cash and available facilities. The company also recorded $37.2 million of voluntary severance program costs in July 2023 as part of Merger-related cost optimization, and the Cash conversion cycle was 23 days, flat year over year.

    Oct 3, 2023
  11. 2023-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2023

    TD SYNNEX Corporation's quarterly report for the three and six months ended May 31, 2023 shows revenue of $14.06 billion for the quarter, down from $15.27 billion a year earlier, and $29.19 billion for the six months, down from $30.74 billion. The filing attributes the decline primarily to a drop in its Endpoint Solutions portfolio as the industry saw a post-pandemic decline in demand for personal computer ecosystem products, partly offset by growth in Advanced Solutions and high-growth technologies. Gross margin improved to 6.85% in the quarter from 6.26% a year earlier, and operating income was $252.9 million, essentially flat with the prior year period. Net income was $133.1 million for the quarter, or $1.41 per diluted share, compared with $148.9 million, or $1.55 per diluted share, in the prior year quarter. Cash flow improved significantly, with net cash provided by operating activities of $604.8 million for the six months, compared with net cash used of $284.5 million a year earlier, driven mainly by lower receivables and inventories. Accounts payable declined by $2.06 billion over the period, and cash and cash equivalents rose to $852.1 million from $522.6 million at fiscal year-end. Total borrowings were approximately $4.1 billion, and the company repurchased $174.8 million of common stock during the six months while paying $66.2 million in dividends. The board declared a quarterly dividend of $0.35 per share payable July 28, 2023, and $841.7 million remained available under the share repurchase authorization. Investors should note that interest expense and finance charges, net rose to $74.3 million in the quarter from $48.0 million, reflecting higher average interest rates and higher receivable sale discount fees. The company also continued to incur acquisition, integration and restructuring costs related to the Tech Data merger, totaling $36.8 million in the quarter, and disclosed a French competition fine reduced on appeal to €24.9 million, which has been paid.

    Jul 6, 2023
  12. 2023-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2023

    TD SYNNEX Corporation's quarterly report for the three months ended February 28, 2023 shows revenue of $15.13 billion, down from $15.47 billion a year earlier, with revenue in constant currency up 0.7% per the filing. Gross profit rose to $1.00 billion from $968.7 million, and operating income increased to $298.2 million from $222.4 million, helped by lower acquisition, integration and restructuring costs of $51.2 million versus $93.4 million. Net income was $167.0 million, or $1.75 diluted EPS, compared with $132.3 million, or $1.37 diluted EPS, a year earlier. Non-GAAP diluted EPS was $2.93 versus $3.03 in the prior-year period. Cash flow was weaker in the quarter, with net cash used in operating activities of $102.8 million, compared with $1.32 billion used a year earlier, mainly due to a decline in accounts payable. Total borrowings were approximately $4.4 billion, up from $4.1 billion at November 30, 2022, and cash and cash equivalents stood at $539.3 million. The company repurchased $114.8 million of common stock and paid $33.2 million in dividends. It also announced a new three-year $1.0 billion share repurchase program, with $901.7 million remaining available at quarter end. Interest expense and finance charges, net, rose to $80.2 million from $42.3 million, reflecting higher average interest rates and greater accounts receivable sale discount fees of $11.7 million, compared with $3.0 million a year earlier. Management attributed the revenue decline mainly to currency movements, while constant-currency growth was driven by Advanced Solutions and high-growth technologies, partly offset by weaker Endpoint Solutions demand.

    Apr 5, 2023
  13. 2022-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2022

    TD SYNNEX Corporation's Form 10-Q for the quarter ended August 31, 2022 shows a sharp step-up in scale following the September 1, 2021 Tech Data merger. Revenue for the three months ended August 31, 2022 was $15.36 billion versus $5.21 billion a year earlier, and for the nine months was $46.10 billion versus $16.00 billion. The filing attributes the increase primarily to the Merger, contributing approximately $9 billion and $28 billion of revenue in the respective periods, alongside broad-based demand. Net income was $148.8 million for the quarter ($1.55 diluted EPS) and $430.1 million for the nine months ($4.47 diluted EPS). Operating margin compressed to 1.57% in the quarter from 2.85% a year earlier, reflecting higher personnel costs, intangible amortization, and acquisition, integration and restructuring costs of $46.4 million. Balance sheet and cash flow highlights point to working capital absorbing cash. Inventories rose to $9.76 billion from $6.64 billion at November 30, 2021, and cash used in operating activities was $351.8 million for the nine months, compared with $248.8 million provided a year earlier. Cash and cash equivalents fell to $350.8 million. Total borrowings were roughly $4.13 billion on a current plus long-term basis, and the company repurchased $83.0 million of common stock and paid $86.2 million in dividends during the nine months. The cash conversion cycle was 23 days, versus 14 days at fiscal year-end 2021 and 32 days a year earlier. The filing also flags a French Competition Authority fine against Tech Data, with a probable loss estimate of €36 million (approximately $36 million), and a separate civil lawsuit whose outcome cannot yet be estimated. Management states that no material adverse effect is expected from commitments and contingencies. Customer concentration is notable, with Apple at 12% and HP at 10% of revenue in the quarter.

    Oct 4, 2022
  14. 2022-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2022

    TD SYNNEX Corporation's Form 10-Q for the quarter ended May 31, 2022 shows a sharp increase in scale following the September 1, 2021 Merger with Tech Data. Revenue for the three months ended May 31, 2022 was $15.27 billion, compared with $5.86 billion in the prior-year quarter, and for the six months was $30.74 billion versus $10.80 billion. The filing attributes the increase primarily to roughly $9 billion (quarter) and $19 billion (six months) of Merger-related sales, plus broad-based demand. Net income was $148.9 million for the quarter, or $1.55 diluted EPS, compared with $93.1 million and $1.78 diluted EPS a year earlier. Non-GAAP diluted EPS was $2.72 for the quarter, versus $2.09 a year earlier. Profitability metrics were mixed. Gross margin improved to 6.26% from 5.62%, which the company attributed mainly to product mix, but operating margin fell to 1.66% from 2.53% as SG&A rose to $670.6 million, driven by Merger-related personnel costs and intangible amortization. Acquisition, integration and restructuring costs were $32.5 million for the quarter and $125.8 million for the six months. Interest expense and finance charges rose to $48.0 million, reflecting the Senior Notes issued in August 2021. Balance sheet and cash flow data show working capital build. Inventories increased to $8.43 billion from $6.64 billion at November 30, 2021, and net cash used in operating activities was $284.5 million for the six months, compared with $304.3 million of cash provided a year earlier. Cash and cash equivalents fell to $521.5 million. Total borrowings were roughly $4.11 billion ($208.6 million current and $3.90 billion long-term). The company repurchased $52.8 million of stock and paid $57.6 million in dividends during the six months, and the Board declared a $0.30 quarterly dividend on June 28, 2022.

    Jul 7, 2022
  15. 2022-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2022

    TD SYNNEX Corporation's quarterly report for the three months ended February 28, 2022 shows revenue of $15.47 billion, up sharply from $4.94 billion a year earlier, driven primarily by the Tech Data merger completed September 1, 2021, which contributed approximately $10 billion of revenue. Gross profit rose to $968.7 million (6.26% of revenue versus 6.17% a year earlier), but operating income was $222.4 million (1.44% operating margin versus 2.87%) as acquisition, integration and restructuring costs of $93.4 million, higher SG&A of $652.9 million, and merger-related amortization weighed on results. Net income was $132.3 million, or $1.37 diluted EPS, compared with $87.8 million and $1.69 a year earlier. Non-GAAP diluted EPS was $3.03 versus $1.89, per the company's reconciliation. The balance sheet expanded significantly, with total assets of $28.72 billion and inventories rising to $7.88 billion from $6.64 billion at November 30, 2021. Operating cash flow was negative $1.32 billion, which management attributed to a temporary increase in working capital to support revenue growth and strategic inventory purchases expected to sell through over the next three to five months. Total borrowings increased, with current borrowings of $1.11 billion including $749.0 million outstanding under the U.S. accounts receivable securitization arrangement, and cash fell to $510.2 million. The cash conversion cycle lengthened to 24 days from 14 days at November 30, 2021. Management stated it remains in compliance with all material financial covenants, and the Board declared a quarterly dividend of $0.30 per share payable April 22, 2022. The company also disclosed a pending French Competition Authority matter, with an estimated probable loss of approximately $40 million, which it is appealing.

    Apr 5, 2022
  16. 2021-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2021

    SYNNEX Corporation's 10-Q for the quarter ended August 31, 2021 shows revenue of $5.21 billion for the three months, down from $5.31 billion a year earlier, while nine-month revenue rose to $16.00 billion from $13.86 billion. Gross profit for the quarter was $312.6 million and operating income was $148.2 million, with net income of $94.7 million (diluted EPS of $1.81 from continuing operations). Cash and cash equivalents increased to $4.05 billion from $1.41 billion at November 30, 2020, largely reflecting the $2.5 billion senior notes offering completed in August 2021 to help fund the Tech Data merger. The filing's most significant subsequent event is the September 1, 2021 acquisition of Tiger Parent (AP) Corporation, parent of Tech Data, for $1.61 billion in cash and 44 million shares of SYNNEX common stock, after which the combined company is referred to as TD SYNNEX. Following the merger, Tiger Parent's stockholders own approximately 46% of SYNNEX common stock on a fully diluted basis, and the company is still completing its initial purchase accounting. Total borrowings rose to about $4.02 billion in long-term debt at August 31, 2021, and total assets were $10.51 billion, compared with $13.47 billion at November 30, 2020, after the Concentrix separation on December 1, 2020. Investors should note the concentration of ownership and influence created by the merger: Apollo-affiliated entities hold 46% of the company's stock following the closing, and MiTAC Holdings and its affiliates held approximately 18% before the merger. The filing also highlights customer concentration, with one customer accounting for 23% of revenue in the quarter, and a cash conversion cycle of 32 days.

    Oct 5, 2021
  17. 2021-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2021

    SYNNEX Corporation's quarterly report for the three and six months ended May 31, 2021 shows revenue of $5.86 billion for the quarter, up 31.0% from $4.47 billion a year earlier, and $10.80 billion for the six months, up 26.2%. Gross profit rose to $329.2 million in the quarter from $274.6 million, and gross margin was 5.62% versus 6.14%. Operating income increased to $147.9 million from $88.1 million, and net income from continuing operations was $93.1 million, or $1.78 per diluted share, compared with $0.97 a year earlier. Management attributed the revenue growth to continued demand for remote capability and digital transformation, along with return-to-office and data center buying, and attributed the lower gross margin mainly to product mix, driven by higher volumes of notebooks and Chromebooks. The company completed the separation of Concentrix on December 1, 2020, which is now reported as discontinued operations. Retained earnings fell to $987.3 million from $3.13 billion at November 30, 2020, reflecting a $2.31 billion separation charge. Total assets declined to $8.16 billion from $13.47 billion, and cash and cash equivalents rose to $1.66 billion. Total debt was $1.57 billion in principal, and the company's cash conversion cycle improved to 26 days from 43 days a year earlier. The filing is dominated by the pending acquisition of Tech Data Corporation, announced March 22, 2021, for $1.61 billion in cash and 44 million shares of SYNNEX common stock, which would give Tech Data's sole stockholder about 45.9% of SYNNEX on a fully diluted basis. The company has secured a new credit agreement and expects total debt to rise to approximately $4 billion upon closing. Stockholders approved the share issuance on June 30, 2021, the Hart-Scott-Rodino waiting period expired on June 4, 2021, and closing is expected in the second half of calendar 2021 pending certain foreign regulatory approvals.

    Jul 7, 2021
  18. 2021-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2021

    SYNNEX Corporation, now TD SYNNEX Corporation, reported revenue of $4.94 billion for the three months ended February 28, 2021, up from $4.08 billion a year earlier, and the filing attributes the increase to broad-based demand for its products and solutions. Gross profit rose to $304.6 million from $255.1 million, and operating income increased to $141.7 million from $100.4 million, with the filing citing revenue growth and scale efficiencies. Net income fell to $87.8 million from $122.6 million, but the prior-year figure included $54.1 million of income from discontinued operations, the former Concentrix business separated on December 1, 2020. Income from continuing operations was $87.8 million compared with $68.5 million, and diluted EPS from continuing operations was $1.69 versus $1.32. Operating cash flow was $25.0 million, compared with $58.1 million a year earlier, and the cash conversion cycle shortened to 32 days from 57 days. The most consequential item for investors is the pending acquisition of Tech Data Corporation, announced March 22, 2021. The consideration is $1.61 billion in cash and 44 million shares of SYNNEX common stock, after which Tech Data's sole stockholder would own approximately 45% of SYNNEX on a fully diluted basis. The company has a debt commitment letter from Citigroup Global Markets Inc. for a $4.0 billion 364-day term bridge facility and a $3.5 billion 364-day revolving credit facility. Management expects total debt to rise to approximately $4 billion after completion, from $1.6 billion at February 28, 2021. The transaction is expected to close in the second half of calendar 2021, subject to stockholder approval, NYSE listing approval, and regulatory clearances. The filing also discloses a termination fee ranging from $40.9 million to $131.7 million if the merger is not consummated under certain circumstances. The filing also flags a forward-looking revenue headwind: the company expects revenue to decrease by up to approximately $600 million per quarter in the second half of 2021 as a customer moves to a consignment model in which SYNNEX provides integration services on an agency basis. Cash and cash equivalents were $1.44 billion at quarter end, and the company repurchased no shares under its $400 million authorization. Dividends are limited before the merger closes except under normal practice.

    Apr 8, 2021
  19. 2020-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2020

    SYNNEX Corporation reported results for the three and nine months ended August 31, 2020 in this Form 10-Q. Revenue for the quarter was $6.46 billion, up from $6.20 billion a year earlier, and net income was $134.5 million, or $2.60 diluted EPS, versus $123.1 million and $2.40 a year earlier. For the nine months, revenue was $17.26 billion and net income was $314.0 million, or $6.07 diluted EPS. Technology Solutions revenue rose to $5.31 billion in the quarter as COVID-19 shelter-in-place restrictions drove demand for work-at-home and learn-at-home equipment, while Concentrix revenue was essentially flat at $1.16 billion. Gross margin for the quarter was 10.95% versus 11.70% a year earlier, reflecting product mix and COVID-19 related costs. Cash flow and liquidity improved markedly. Net cash provided by operating activities was $1.547 billion for the nine months, compared with $202.5 million a year earlier, driven by accounts payable and other operating liability changes, and cash and cash equivalents rose to $1.452 billion from $225.5 million at November 30, 2019. Total borrowings, including current portions, were reduced, and the company stated it was in compliance with all material covenants. The company suspended its quarterly dividend in March 2020, and in June 2020 its board authorized a three-year $400 million share repurchase program effective July 1, 2020, with no shares repurchased under it as of August 31, 2020. The filing states that the planned separation of the Concentrix segment into an independent publicly traded company is now expected to be completed in the fourth quarter of calendar 2020, subject to market conditions and customary closing conditions, including a Form 10 registration statement becoming effective. The company noted that Concentrix results are expected to be discontinued following the separation, which would reduce services revenue and lower gross and operating margins.

    Oct 9, 2020
  20. 2020-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2020

    SYNNEX Corporation's Form 10-Q for the quarter ended May 31, 2020 reports total revenue of $5.53 billion for the three months, down from $5.72 billion a year earlier, and $10.80 billion for the six months versus $10.97 billion. Operating income fell to $111.7 million from $174.7 million in the quarter, and net income declined to $57.0 million from $114.5 million. Diluted EPS was $1.10 versus $2.23. The Technology Solutions segment's operating income declined to $88.1 million, while Concentrix's operating income fell more sharply to $23.6 million from $62.3 million, which the filing attributes largely to COVID-19 impacts, including approximately $89 million of net incremental COVID-19 costs in the quarter. Cash position strengthened significantly: cash and cash equivalents rose to $1.11 billion from $225.5 million at November 30, 2019, driven by $1.23 billion of operating cash flow for the six months, largely from lower accounts receivable and higher customer advances. Total borrowings (current and long-term) were approximately $2.8 billion, and the company reduced its U.S. accounts receivable securitization facility to a $650 million maximum in May 2020 while extending it to May 2022. Shareholder returns were curtailed: quarterly dividends and buybacks were suspended in March 2020, though a new three-year $400 million share repurchase program was authorized effective July 1, 2020. Management continues to plan for the separation of the Concentrix segment into an independent publicly traded company, now expected to be completed in the fourth quarter of calendar 2020, subject to market conditions. The filing also notes that a Technology Solutions customer is expected to move to a consignment model, which would reduce products revenue by approximately $600 million per quarter beginning in the latter half of fiscal 2020 or the first quarter of fiscal 2021.

    Jul 9, 2020
  21. 2020-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 29, 2020

    SYNNEX Corporation reported net income of $122.6 million, or $2.36 diluted EPS, for the three months ended February 29, 2020, up from $87.1 million, or $1.69 diluted EPS, a year earlier. Total revenue was $5.26 billion versus $5.25 billion, with Technology Solutions revenue flat at $4.08 billion and Concentrix revenue of $1.19 billion. Operating income rose to $188.7 million from $162.0 million, driven by Concentrix, whose operating income increased to $88.2 million from $60.6 million, while Technology Solutions operating income declined slightly to $100.4 million. Operating cash flow was positive at $58.1 million, compared with negative $158.3 million a year earlier, as receivables and payables declined seasonally. The filing is dominated by the COVID-19 pandemic. The company states it expects a material impact on its revenue, earnings, cash flows, and financial position in the second fiscal quarter of 2020, possibly continuing into the third quarter or beyond. Workforce disruption is concentrated in India and the Philippines, where more than half of the Concentrix workforce resides in shelter-in-place areas. The company also disclosed that the planned separation of Concentrix into an independent public company will be delayed, that it has suspended share repurchases and its quarterly dividend as of March 24, 2020, and that a customer shift to a consignment model is expected to reduce products revenue by approximately $1.2 billion in the second half of 2020. Balance sheet liquidity remained adequate, with cash and cash equivalents of $296.2 million and total borrowings of about $3.1 billion. Management stated that existing liquidity is sufficient for the next twelve months, and the company was in compliance with all material covenants as of February 29, 2020.

    Apr 7, 2020
  22. 2019-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2019

    SYNNEX Corporation reported strong top-line growth for the three and nine months ended August 31, 2019. Total revenue for the quarter was $6.20 billion, up from $4.82 billion a year earlier, and nine-month revenue was $17.18 billion versus $14.22 billion. The increase was driven largely by the Concentrix segment, which benefited from the Convergys acquisition completed in October 2018, and by broad-based growth in Technology Solutions, primarily in the United States. Net income for the quarter was $123.1 million ($2.40 diluted EPS), compared with $66.9 million ($1.68 diluted EPS) in the prior-year quarter. For the nine months, net income was $324.7 million, or $6.32 diluted EPS. Profitability improved in both segments. Consolidated operating income rose to $208.9 million for the quarter, with operating margin of 3.37%, versus 2.36% a year earlier. Concentrix operating income more than quintupled in the quarter to $70.0 million, while Technology Solutions operating income rose to $138.8 million. Selling, general and administrative expenses grew sharply, and interest expense and finance charges, net, increased to $42.9 million for the quarter from $20.1 million, reflecting borrowings used to fund the Convergys acquisition. The balance sheet shows total assets of $11.43 billion and total borrowings of $3.33 billion, including $571.7 million classified as current. Cash and cash equivalents declined to $262.3 million from $454.7 million at November 30, 2018, and operating cash flow for the nine months was $202.5 million. Inventories rose to $2.79 billion and accounts receivable declined to $3.45 billion. The cash conversion cycle lengthened to 49 days from 45 days a year earlier. The company is continuing to pay quarterly dividends of $0.375 per share, and it repurchased 160 thousand shares for $15.2 million during the nine months.

    Oct 4, 2019
  23. 2019-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2019

    SYNNEX Corporation's quarterly report for the three and six months ended May 31, 2019 shows total revenue of $5.72 billion for the quarter, up from $4.91 billion a year earlier, and $10.97 billion for the six months, up from $9.40 billion. Growth was driven by the Concentrix segment, which reflects the Convergys acquisition completed October 5, 2018 for a purchase price of $2,269,527 thousand. Technology Solutions revenue rose to $4.57 billion for the quarter. Operating income increased to $174.7 million for the quarter from $124.0 million, and net income was $114.5 million versus $93.7 million (as adjusted for the adoption of ASC Topic 606, applied retrospectively). Profitability and leverage moved in different directions. Interest expense and finance charges, net, rose to $43.1 million for the quarter from $16.4 million, reflecting borrowings used to fund the Convergys acquisition. Net cash used in operating activities was $47.4 million for the six months, compared with cash provided of $62.7 million a year earlier, primarily due to lower accounts payable and higher inventories. Total borrowings were roughly $3.5 billion, and the company stated it was in compliance with all material covenants. Cash and cash equivalents declined to $271.5 million from $454.7 million at November 30, 2018. Shareholder returns included a quarterly cash dividend of $0.375 per share, and the company had repurchased $81.2 million of shares under a three-year $300 million program authorized in June 2017. MiTAC Holdings and its affiliates beneficially owned approximately 18% of common stock. The filing also notes that one customer accounted for 18% of total revenue in both the three and six months ended May 31, 2019.

    Jul 3, 2019
  24. 2019-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2019

    SYNNEX Corporation, now TD SYNNEX Corporation, reported first-quarter fiscal 2019 results for the three months ended February 28, 2019, with revenue of $5.25 billion, up from $4.49 billion (as adjusted) a year earlier, and net income of $87.1 million, compared with $24.1 million (as adjusted). Growth was driven largely by the Convergys acquisition, completed October 5, 2018 for a purchase price of $2.27 billion, which added to the Concentrix segment's revenue of $1.17 billion. Technology Solutions revenue rose to $4.08 billion, and its operating income increased to $101.4 million from $81.8 million. Diluted EPS was $1.69 versus $0.60 a year earlier. Profitability and balance-sheet metrics reflect the acquisition and the adoption of ASC Topic 606 on a full retrospective basis. Gross profit increased to $678.9 million and operating income to $162.0 million, while interest expense and finance charges, net, rose to $41.6 million from $17.5 million, reflecting borrowings to fund Convergys. Total borrowings, current and long-term, were $701.1 million and $2.83 billion, respectively. Net cash used in operating activities was $158.3 million, mainly because accounts payable declined by $875.8 million following the seasonally strong fourth quarter, and the cash conversion cycle lengthened to 59 days from 44 days. Total assets were $10.76 billion at February 28, 2019, down from $11.54 billion at November 30, 2018, and total stockholders' equity was $3.51 billion. The company declared a quarterly cash dividend of $0.375 per share, and it settled substantially all of the Convergys convertible debentures during the quarter, paying $148.0 million in cash for $69.3 million of principal. MiTAC Holdings and its affiliates held approximately 18% of outstanding common stock.

    Apr 9, 2019
  25. 2018-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2018

    SYNNEX Corporation's Form 10-Q for the quarter ended August 31, 2018 shows revenue of $4.91 billion for the three months and $14.43 billion for the nine months, compared with $4.28 billion and $11.73 billion a year earlier. Net income was $69.3 million for the quarter ($1.74 diluted EPS) and $187.4 million for the nine months ($4.67 diluted EPS), versus $75.2 million and $210.1 million in the prior-year periods. Technology Solutions drove growth, aided by the Westcon-Comstor Americas acquisition, while Concentrix revenue was roughly flat in the quarter. Operating income fell to $116.9 million in the quarter from $122.2 million, reflecting $17.1 million of Convergys-related expenses in Concentrix and higher interest expense of $20.1 million. The balance sheet shows cash and cash equivalents of $204.0 million, borrowings of $1.82 billion, and stockholders' equity of $2.33 billion as of August 31, 2018. Operating cash flow was negative $40.4 million for the nine months, mainly due to a $387.5 million decrease in accounts payable. Management also reported a $50.6 million transition tax expense under the Tax Cuts and Jobs Act, offset by a $25.9 million deferred tax remeasurement benefit. The filing's most significant subsequent event is the October 5, 2018 acquisition of Convergys Corporation, funded with $1.21 billion in cash, 11.5 million SYNNEX shares valued at about $1.02 billion, and $195.4 million to repay Convergys borrowings. Management expects total debt to rise to approximately $3.6 billion. Two Convergys shareholder lawsuits were filed, and management considers them without merit.

    Oct 9, 2018
  26. 2018-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2018

    SYNNEX Corporation's Form 10-Q for the quarter ended May 31, 2018 shows total revenue of $4.97 billion for the three months, up from $3.94 billion a year earlier, and $9.52 billion for the six months versus $7.46 billion. Net income was $93.7 million for the quarter (diluted EPS $2.34) and $118.1 million for the six months (diluted EPS $2.94), compared with $73.1 million and $134.9 million in the prior-year periods. The filing attributes the Technology Solutions revenue growth mainly to the Westcon-Comstor Americas acquisition completed in September 2017, and Concentrix growth mainly to the Tigerspike acquisition. Operating income for the quarter was $123.9 million, slightly below $125.1 million a year earlier, as higher SG&A and amortization offset gross profit gains. Cash flow from operations was $62.7 million for the six months, compared with a use of $145.6 million in the prior-year period, reflecting lower receivables and inventory. Total borrowings were $1.8 billion at May 31, 2018, and cash and cash equivalents were $354.2 million. The company repurchased $46.0 million of stock and paid $27.9 million in dividends during the six months. The most significant subsequent event is the June 28, 2018 merger agreement to acquire Convergys Corporation for approximately $2.43 billion in equity value, or about $2.74 billion including net debt, funded half in cash and half in SYNNEX stock. The filing says the company obtained a commitment for a $3.57 billion bridge loan facility, expects total debt to rise to about $3.2 billion after closing, and expects the deal to close by the end of calendar 2018, subject to stockholder, Convergys shareholder and antitrust approvals.

    Jul 6, 2018
  27. 2018-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2018

    SYNNEX Corporation, now TD SYNNEX Corporation, reported first-quarter fiscal 2018 results for the three months ended February 28, 2018. Revenue rose to $4.55 billion from $3.52 billion, up 29.3%, driven mainly by the September 2017 Westcon-Comstor Americas acquisition in the Technology Solutions segment, with Concentrix revenue up 6.2%. Gross profit increased 21.1% to $413.9 million, but selling, general and administrative expenses rose 25.8% and interest expense and finance charges more than doubled, to $17.5 million from $8.2 million. Operating income grew 10.0% to $111.9 million. Net income fell to $24.4 million, or $0.61 per diluted share, from $61.8 million, or $1.54 per diluted share. The decline reflects a provisional $41.7 million net charge related to the Tax Cuts and Jobs Act, which includes a $67.6 million transition tax on mandatory repatriation partly offset by a $25.9 million deferred tax remeasurement benefit. Excluding these adjustments, the effective tax rate was 29.1%, and non-GAAP diluted EPS was $2.14 compared with $1.82 a year earlier. Net cash used in operating activities was $5.7 million, compared with $185.6 million a year earlier, mainly because of higher inventories and lower accounts payable. At February 28, 2018, cash and cash equivalents totaled $372.3 million, and total borrowings were $694.6 million current and $1.12 billion long-term. The company declared a $0.35 per share dividend, and Dennis Polk became President and Chief Executive Officer on March 1, 2018, following the retirement of Kevin Murai.

    Apr 6, 2018
  28. 2017-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2017

    SYNNEX Corporation (now TD SYNNEX Corporation) reported strong top-line growth for the quarter ended August 31, 2017. Revenue rose to $4.28 billion from $3.67 billion, a 16.5% increase, and nine-month revenue reached $11.73 billion, up 15.3%. Net income attributable to SYNNEX was $75.2 million, or $1.87 per diluted share, compared with $58.7 million, or $1.47, a year earlier. Growth was led by the Concentrix segment, whose nine-month revenue grew 33.9% to $1.46 billion, while Technology Solutions revenue grew 13.1% to $10.29 billion for the nine months. Operating margin was 2.86% for the quarter and 2.98% for the nine months. Cash flow and working capital were a key watch item. Net cash used in operating activities was $80.2 million for the nine months, primarily due to a $484.7 million increase in inventories and a $76.9 million increase in accounts receivable. Inventories reached $2.24 billion at August 31, 2017, up from $1.74 billion at November 30, 2016, and the cash conversion cycle lengthened to 50 days from 42 days. Total borrowings were $1.06 billion, and cash and cash equivalents were $243.3 million. The filing also discloses significant subsequent events. On September 1, 2017, SYNNEX acquired the North America and Latin America distribution businesses of Datatec Limited (Westcon-Comstor Americas) for approximately $600 million in cash, plus an earnout of up to $200 million. To fund the deal, the U.S. Credit Agreement was amended to a $600 million revolver and a $1.2 billion term loan maturing in September 2022, and the full term loan was drawn in September 2017. The company also declared a $0.30 per share dividend on September 25, 2017, and a $300 million three-year share repurchase program took effect July 1, 2017, under which no shares had been repurchased as of August 31, 2017.

    Oct 3, 2017
  29. 2017-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2017

    SYNNEX Corporation reported strong second-quarter fiscal 2017 results for the three months ended May 31, 2017, with total revenue of $3.94 billion, up from $3.38 billion in the prior-year quarter, and net income of $73.1 million, or $1.83 per diluted share, compared with $44.4 million, or $1.11 per diluted share, a year earlier. Growth was driven by the Technology Solutions segment, which benefited from strong demand for systems design and integration solutions, and by the Concentrix segment, which benefited from the Minacs acquisition completed in August 2016. Operating income rose to $125.1 million from $75.3 million, and gross margin improved to 9.46% from 8.70%. Cash flow was weaker in the period. Net cash used in operating activities was $145.6 million for the six months ended May 31, 2017, compared with $283.9 million provided in the prior-year period, primarily because inventories rose $368.2 million to support systems design and integration growth. The cash conversion cycle lengthened to 53 days from 41 days. Borrowings rose to $1.09 billion from $966.97 million at fiscal year-end, with the current portion increasing to $510.7 million. The filing also describes a pending acquisition, agreed on June 5, 2017, of Datatec's North America and Latin America distribution businesses (Westcon Group, Inc.) for $600.0 million in cash and stock, plus a potential cash earnout of up to $200.0 million. The company would also buy 10% of Datatec's EMEA and APAC businesses for $30.0 million. Completion is subject to shareholder, antitrust and South African Reserve Bank approvals. The company also announced a new $300.0 million share repurchase program effective July 1, 2017.

    Jul 5, 2017
  30. 2017-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2017

    SYNNEX Corporation reported its first-quarter fiscal 2017 results for the three months ended February 28, 2017. Revenue rose to $3.52 billion from $3.13 billion in the prior-year quarter, with the Technology Solutions segment at $3.05 billion and the Concentrix segment at $478.2 million, the latter reflecting the Minacs acquisition completed in August 2016. Net income attributable to SYNNEX was $61.8 million, or $1.54 per diluted share, compared with $46.6 million, or $1.17 per diluted share, a year earlier. Operating income increased to $101.8 million from $75.6 million, and operating margin rose to 2.89% from 2.42%. Cash flow was negative for the quarter. Net cash used in operating activities was $185.6 million, driven mainly by a $214.0 million decrease in accounts payable and a $109.1 million increase in inventories, which management attributed to strong demand for systems design and integration solutions. Cash and cash equivalents fell to $210.1 million from $380.7 million at fiscal year-end. Total borrowings rose to $1.01 billion, and the cash conversion cycle lengthened to 53 days from 45 days a year earlier. Stockholders' equity increased to $2.04 billion. The filing also notes that one customer accounted for 17% of consolidated revenue, and that HP Inc. products represented approximately 14% of total revenue. MiTAC Holdings and its affiliates beneficially owned approximately 24% of the company's common stock. The Board declared a quarterly dividend of $0.25 per share, payable April 28, 2017.

    Apr 4, 2017
  31. 2016-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2016

    SYNNEX Corporation, a business process services company headquartered in Fremont, California with Technology Solutions and Concentrix segments, reported revenue of $3,669.8 million for the three months ended August 31, 2016, up from $3,332.5 million a year earlier, and $10,174.9 million for the nine months, up from $9,788.8 million. Net income attributable to SYNNEX was $58.7 million for the quarter versus $48.2 million, and diluted EPS was $1.47 versus $1.21. For the nine months, diluted EPS was $3.75 versus $3.68, and operating income was $249.0 million, roughly flat with $249.6 million a year earlier. Non-GAAP diluted EPS was $1.73 for the quarter versus $1.47 and $4.47 for the nine months versus $4.48. The company completed the acquisition of the Minacs group of companies on August 1, 2016 for a preliminary purchase price of $435.6 million, which was included in the Concentrix segment and produced $221.4 million of goodwill and $147.1 million of intangible assets. Minacs contributed $36.2 million of revenue and $0.9 million of net income in the period. Cash used in investing activities rose to $412.2 million for the nine months, mainly reflecting the acquisition payments of $404.5 million, while operating cash flow was $275.3 million versus $557.4 million a year earlier. Total borrowings were $808.4 million, and cash and cash equivalents were $223.3 million at August 31, 2016. The Board declared a cash dividend of $0.25 per share on September 26, 2016, payable October 28, 2016 to holders of record on October 14, 2016. MiTAC Holdings and its affiliates beneficially owned approximately 25% of common stock, and the company reported that one customer accounted for 12% of revenue in the quarter and HP Inc. accounted for approximately 16% of revenue in the quarter.

    Oct 4, 2016
  32. 2016-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2016

    SYNNEX Corporation, now TD SYNNEX Corporation, reported results for the three and six months ended May 31, 2016 in this Form 10-Q. Revenue for the quarter was $3.38 billion, up from $3.25 billion a year earlier, with growth in the Technology Solutions segment ($3.05 billion, up from $2.92 billion) partially offset by a decline in Concentrix revenue to $335.9 million from $341.8 million. Gross profit fell to $294.0 million from $300.1 million, and operating income declined to $75.3 million from $89.4 million, reflecting lower Technology Solutions profit, $7.3 million of higher depreciation and facility costs in Concentrix, and $4.0 million of restructuring charges. Net income attributable to SYNNEX was $44.4 million, or $1.11 diluted EPS, compared with $51.9 million, or $1.30 diluted EPS, in the prior-year quarter. Non-GAAP diluted EPS was $1.37 versus $1.55. Liquidity was stronger at period end. Cash and cash equivalents rose to $589.0 million from $336.1 million at November 30, 2015, and net cash provided by operating activities for the six months was $284.9 million. Total borrowings declined to $716.0 million from $730.9 million, and the company stated it was in compliance with all material covenants. The Board's quarterly dividend was $0.20 per share, and the company repurchased 24,857 shares in May 2016 under its $100 million program, leaving $84.3 million authorized. Concentration remains a factor. HP Inc. accounted for approximately 17% of revenue in the quarter and 18% for the six months, and one customer represented 11% of quarterly revenue and 13% of accounts receivable at May 31, 2016. MiTAC Holdings and its affiliates beneficially owned approximately 25% of common stock, and the company noted that MiTAC has significant influence over matters submitted to stockholders, including any merger or acquisition.

    Jul 5, 2016
  33. 2016-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 29, 2016

    SYNNEX Corporation reported first-quarter fiscal 2016 results (three months ended February 29, 2016) with revenue of $3.13 billion, down from $3.20 billion a year earlier, and net income attributable to SYNNEX Corporation of $46.6 million, or $1.17 per diluted share, compared with $46.3 million, or $1.16 per diluted share, in the prior-year quarter. Gross profit was $284.2 million versus $288.2 million, and operating income was $75.6 million versus $78.9 million. The Technology Solutions segment saw lower revenue on weaker demand in the United States and Japan and the loss of a significant consumer retail vendor, while Concentrix revenue rose slightly and its operating income improved. Other income, net of $4.0 million included a $4.1 million benefit from a Canadian class-action legal settlement. Cash flow from operations was $143.7 million, driven mainly by a $279.4 million decrease in accounts receivable and a $59.4 million decrease in inventories, partly offset by a $240.6 million decrease in accounts payable. Cash and cash equivalents rose to $447.6 million from $336.1 million at November 30, 2015, while total borrowings declined to $704.7 million from $730.9 million. Total assets were $4.18 billion, and stockholders' equity attributable to SYNNEX Corporation was $1.82 billion. The company declared a cash dividend of $0.20 per share, up from $0.13 a year earlier, and repurchased 62,641 shares in January 2016 under its $100 million repurchase program. The filing reports that the company was in compliance with all material covenants under its borrowing arrangements as of February 29, 2016, and that it believes existing cash, operating cash flow and borrowing facilities will be sufficient for the next twelve months.

    Apr 7, 2016
  34. 2015-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2015

    SYNNEX Corporation reported its quarterly results for the three and nine months ended August 31, 2015 in this Form 10-Q. Revenue for the three months was $3.33 billion, down from $3.54 billion a year earlier, while nine-month revenue was $9.79 billion versus $10.02 billion. The decline was driven mainly by the Technology Solutions segment, which saw the loss of a significant consumer retail vendor and unfavorable foreign currency translation. The Concentrix business process services segment grew, with nine-month revenue of $1.04 billion versus $754.2 million, reflecting the full-period impact of the IBM CRM acquisition. Profitability improved despite lower revenue. Gross profit for the nine months was $879.1 million compared with $785.4 million, and income before non-operating items rose to $249.6 million from $208.8 million. Net income attributable to SYNNEX was $146.4 million for the nine months, or $3.68 diluted EPS, compared with $123.0 million and $3.13 a year earlier. Operating cash flow turned strongly positive at $557.4 million for the nine months, versus a $246.6 million outflow in the prior-year period, largely from a $481.2 million reduction in accounts receivable. The balance sheet shows total borrowings of $737.5 million, down from $980.5 million at November 30, 2014, as the company repaid its U.S. securitization facility. Cash and cash equivalents rose to $308.1 million. The company increased its U.S. term loan to $625.0 million in May 2015 and entered into $400.0 million of interest rate swaps. The board declared a cash dividend of $0.20 per share payable October 30, 2015, and the company has repurchased $8.7 million of stock under a $100.0 million three-year program.

    Oct 5, 2015
  35. 2015-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2015

    SYNNEX Corporation's Form 10-Q for the quarter ended May 31, 2015 shows revenue of $3,253,785 thousand for the three months, down from $3,453,535 thousand a year earlier, while six-month revenue was $6,456,243 thousand versus $6,480,519 thousand. Gross profit rose to $300,059 thousand from $279,014 thousand for the quarter, and net income attributable to SYNNEX was $51,874 thousand, compared with $39,551 thousand in the prior-year quarter. Management attributed the Technology Solutions revenue decline mainly to the loss of a significant consumer retail vendor and currency translation, while Concentrix revenue grew to $341,805 thousand, aided by the full-period effect of the IBM CRM acquisition. Balance sheet and cash flow shifted meaningfully over the six months. Total assets fell to $4,114,920 thousand from $4,713,042 thousand at November 30, 2014, and total borrowings dropped to $735,728 thousand from $980,503 thousand as operating cash flow of $335,573 thousand funded debt reduction. The company replaced its securitization borrowings with a term loan increased to $625,000 thousand under the U.S. Credit Agreement, and entered into $400,000 thousand of interest rate swaps to convert floating-rate debt to fixed. The filing also notes that the company paid a $0.125 per-share quarterly dividend, announced another $0.125 dividend payable July 31, 2015, and reports a $100,000 thousand share repurchase authorization under which no purchases had been made. MiTAC Holdings and its affiliates beneficially owned approximately 25% of common stock and have significant influence over matters submitted to stockholders. Other items include an FTC Civil Investigative Demand regarding a GTDC database program, which the company said has no proceedings instituted, and a withdrawal from a SYNNEX Infotec multi-employer pension plan that could cost up to $3,000 thousand.

    Jul 8, 2015
  36. 2015-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2015

    SYNNEX Corporation, now TD SYNNEX Corporation, reported first-quarter fiscal 2015 revenue of $3.20 billion, up from $3.03 billion a year earlier, with net income attributable to SYNNEX of $46.3 million, or $1.16 per diluted share, compared with $38.4 million, or $1.00 per diluted share, in the prior-year quarter. Revenue growth came mainly from the Concentrix segment, which reported $341.8 million of revenue versus $127.0 million a year earlier, reflecting the January 2014 acquisition of IBM's customer relationship management business. Technology Solutions revenue declined to $2.86 billion from $2.90 billion, which the filing attributes to unfavorable foreign currency translation, partly offset by growth in systems design and integration. Gross profit rose 39.5% to $288.2 million, but selling, general and administrative expenses rose 44.6% to $209.3 million, driven by the IBM acquisition, intangible amortization of about $14.6 million, and acquisition and integration costs. Cash flow from operations was $208.2 million, compared with a use of $35.0 million in the prior-year quarter, primarily from a $478.8 million decrease in accounts receivable and a $76.6 million decrease in inventories, partly offset by a $365.9 million decrease in accounts payable. Total borrowings fell to $839.9 million from $980.5 million, and cash and cash equivalents were $169.8 million at February 28, 2015. The company paid a quarterly cash dividend of $0.125 per share, totaling $4.9 million, and announced another $0.125 per share dividend payable May 1, 2015. Its $100 million share repurchase program, authorized in June 2014, had seen no purchases to date. The filing also highlights concentration and related-party exposure. HP products accounted for approximately 24% of total revenue, down from 28%, and MiTAC Holdings and its affiliates beneficially owned about 25% of the common stock, which the filing says gives MiTAC significant influence over matters submitted to stockholders. Total guarantees issued by the company rose to $527.1 million from $353.4 million, and the company reported it was in compliance with all material covenants under its financing arrangements.

    Apr 7, 2015
  37. 2014-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2014

    SYNNEX Corporation reported third-quarter fiscal 2014 revenue of $3.54 billion, up 29.3% from $2.73 billion a year earlier, and nine-month revenue of $10.02 billion, up 28.6% from $7.79 billion. Net income attributable to SYNNEX was $45.0 million for the quarter, compared with $46.6 million in the prior-year quarter, and $123.0 million for the nine months, compared with $110.7 million. Diluted EPS was $1.15 for the quarter versus $0.19 a year earlier, a comparison distorted by the prior-year convertible debt conversion premium. Gross margin improved to 8.48% from 6.01%, largely due to the business mix change from the IBM customer care acquisition, while selling, general and administrative expenses rose to $220.9 million from $100.8 million. The quarter was dominated by the phased acquisition of the customer care business of International Business Machines Corporation (IBM), with a preliminary aggregate purchase price of $503.4 million, of which $390.0 million was paid in cash. The acquisition added revenue of approximately $280.0 million in the quarter and approximately $600.0 million for the nine months, and it contributed to higher borrowings, intangible asset amortization, and acquisition and integration expenses of $9.9 million in the quarter. Net cash used in operating activities was $246.6 million for the nine months, driven by increases in inventories and accounts receivable, and total borrowings rose to $1,000.8 million from $317.9 million at November 30, 2013. After the period end, the company announced the initiation of a quarterly cash dividend of $0.125 per common share, payable October 31, 2014. In June 2014 the Board authorized a three-year $100.0 million share repurchase program, and no repurchases were made during the quarter. Management stated it believes it has sufficient resources to meet working capital needs, planned capital expenditures, anticipated stock repurchases and dividend payments for the next twelve months. Hewlett-Packard Company remained the largest OEM supplier, accounting for approximately 25% of revenue in the quarter.

    Oct 7, 2014
  38. 2014-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2014

    SYNNEX Corporation, a business process services company, reported its 10-Q for the quarter ended May 31, 2014. Revenue for the three months rose to $3.45 billion from $2.59 billion, and for the six months to $6.48 billion from $5.05 billion. Net income attributable to SYNNEX was $39.6 million for the quarter ($1.01 diluted EPS) versus $30.8 million ($0.81) a year earlier, and $78.0 million ($2.01 diluted) for the six months versus $64.1 million ($1.69). Growth was driven largely by the January 31, 2014 acquisition of the IBM customer care business, which contributed $244.1 million of revenue in the quarter, plus strong Technology Solutions demand in the U.S. and Japan. The balance sheet expanded materially. Total assets rose to $4.47 billion from $3.33 billion at November 30, 2013, with goodwill up to $376.5 million and intangible assets to $271.4 million, largely from the IBM acquisition. Total borrowings increased to $976.3 million from $317.9 million, reflecting the $225.0 million term loan and higher securitization usage to fund the deal. Operating cash flow was negative $199.7 million for the six months, driven by $332.1 million of inventory growth and $200.1 million of receivables growth, while investing outflows of $402.3 million were mainly the $390.4 million IBM cash payment. Management cited integration risk for the IBM business, $15.7 million and $24.7 million of acquisition and integration expenses in the quarter and six months, and continued dependence on HP, which accounted for approximately 25% of revenue in the quarter. The company also disclosed a Federal Trade Commission Civil Investigative Demand related to a GTDC database program, which it described as preliminary with no proceedings instituted.

    Jul 8, 2014
  39. 2014-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2014

    SYNNEX Corporation's first-quarter fiscal 2014 Form 10-Q (three months ended February 28, 2014) shows revenue of $3.03 billion, up from $2.46 billion a year earlier, with net income attributable to SYNNEX Corporation of $38.4 million, or $1.01 per diluted share, compared with $33.4 million and $0.88 a year earlier. Growth was driven by the Technology Solutions segment, which posted $2.90 billion in revenue, and by the January 31, 2014 initial closing of the acquisition of the customer care business of International Business Machines Corporation (IBM), which contributed $74.5 million of revenue to the Concentrix segment. Gross profit rose to $206.6 million from $156.1 million, while selling, general and administrative expenses increased to $144.7 million from $100.1 million, including $8.9 million of acquisition and integration expenses. The IBM acquisition drove a sharp balance sheet and cash flow shift. The initial closing carried a preliminary aggregate purchase price of $503.1 million, with $321.0 million paid in cash and $71.1 million in stock, and goodwill rose to $376.4 million from $188.5 million. Total assets increased to $3.93 billion from $3.33 billion, and total borrowings rose to $762.7 million from $317.9 million, including a $225.0 million term loan under a new U.S. Credit Agreement. Net cash used in operating activities was $35.0 million, primarily reflecting a $136.9 million increase in inventories, while cash and cash equivalents ended the quarter at $148.4 million. The filing also notes ongoing exposure to HP, which accounted for approximately 28% of revenue, and a continuing Federal Trade Commission Civil Investigative Demand received in January 2014 concerning a GTDC data program. Management stated that it does not believe these commitments and contingencies will have a material adverse effect on results, financial position or cash flows. The remaining approximately 20% of the IBM customer care business is expected to close in subsequent closings, contractually required by June 2015.

    Apr 8, 2014
  40. 2013-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2013

    SYNNEX Corporation's quarterly report for the three and nine months ended August 31, 2013 shows revenue of $2.73 billion for the quarter, up from $2.58 billion a year earlier, and $7.79 billion for the nine months, up from $7.52 billion. Gross profit rose to $164.3 million for the quarter from $151.9 million, while nine-month gross profit fell to $475.2 million from $477.6 million. Income from operations before non-operating items was $63.5 million for the quarter versus $57.1 million, and net income attributable to SYNNEX was $46.6 million for the quarter (diluted EPS $0.19) compared with $35.1 million a year earlier. Results for the quarter were helped by $12.3 million received from a class-action legal settlement recorded in other income, net. The company settled its 4.0% Convertible Senior Notes in August 2013 for a total cash payment of $218.9 million, comprising $143.8 million of principal and $75.1 million of conversion premium. Cash and cash equivalents were $139.4 million at August 31, 2013, and borrowings totaled $233.3 million. Net cash provided by operating activities was $118.1 million for the nine months, compared with $218.6 million a year earlier. Subsequent to the quarter, on September 10, 2013, SYNNEX agreed to acquire International Business Machines Corporation's customer care business for an aggregate purchase price of $505.0 million, consisting of up to $75.0 million in stock and $430.0 million in cash, less a $75.0 million holdback. The company intends to offer employment to approximately 35,000 employees, and the initial closing is expected in the coming months, subject to regulatory approvals. The filing also notes that HP products accounted for approximately 30% of quarterly revenue, and that the September 2013 amendment raised the U.S. receivables securitization commitment to $500.0 million.

    Oct 8, 2013
  41. 2013-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2013

    SYNNEX Corporation reported revenue of $2,591,361 thousand ($2.59 billion) for the three months ended May 31, 2013, up from $2,482,799 thousand a year earlier (4.4% increase per the filing), and $5,052,200 thousand ($5.05 billion) for the six months, up 2.2%. Gross profit fell 1.1% in the quarter to $154,790 thousand, with gross margin at 5.97% versus 6.30%, as management cited pricing pressure and mixed demand in distribution. Net income attributable to SYNNEX was $30,769 thousand for the quarter, versus $34,374 thousand a year earlier, and diluted EPS was $0.81 versus $0.90. Income from operations before non-operating items declined 12.4% to $51,964 thousand, with the distribution segment down 15.3% and the GBS (business process services) segment up 68.8%, which was partly offset by $2.1 million in one-time integration costs tied to the April 2013 acquisition of Supercom Canada. Balance sheet and cash flow items were mixed. Cash and cash equivalents rose to $216,386 thousand from $163,699 thousand at November 30, 2012, and operating cash flow for the six months was $91,472 thousand. Total borrowings were $296,746 thousand. The company called its 4.0% Convertible Senior Notes due 2018 on April 16, 2013, and all notes were converted by May 17, 2013. It elected to settle the conversion spread and principal in cash, with a $35,646 thousand estimated liability for the conversion spread recorded at May 31, 2013, to be paid in the third quarter of fiscal 2013. Share repurchases during the quarter totaled 52 thousand shares, and HP products represented approximately 32% of revenue for both the three and six months ended May 31, 2013. MiTAC International and its affiliates held approximately 27% of the common stock. For investors, the filing shows a quarter with modest top-line growth but lower gross margin and operating income, with the GBS segment as the main bright spot. The convertible debt retirement reduced the company's near-term debt load, while the cash-settled conversion spread creates a known future cash outflow.

    Jul 8, 2013
  42. 2013-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2013

    SYNNEX Corporation reported revenue of $2.46 billion for the three months ended February 28, 2013, essentially flat versus $2.46 billion a year earlier. Gross profit fell to $156.1 million from $169.3 million, and gross margin was 6.34% versus 6.88%. Net income attributable to SYNNEX Corporation was $33.4 million, or $0.88 per diluted share, compared with $38.2 million, or $1.02 per diluted share, in the prior-year quarter. The decline was driven by lower gross margin, which management attributed to the prior-year benefit from hard disk drive shortages, partly offset by lower selling, general and administrative expenses of $100.1 million versus $105.3 million. By segment, distribution income from operations fell to $52.1 million from $62.4 million, while the Global Business Services (GBS) segment grew revenue 16.5% to $52.5 million and more than doubled its operating income to $3.9 million from $2.0 million. Cash and cash equivalents rose to $232.1 million from $163.7 million, with operating cash flow of $40.9 million. Total borrowings were $297.7 million, including $142.8 million of 4.0% Convertible Senior Notes that are classified as short-term because holders may require repurchase on May 15, 2013. Management intends to settle that principal in cash and has facilities available to do so. Subsequent to the quarter, the company agreed in March 2013 to acquire substantially all assets of Supercom Canada Limited for approximately US$35.4 million in cash, including about US$4.3 million in deferred payments, with closing expected in April 2013 subject to approvals. Customer concentration remained notable, with HP accounting for approximately 31% of revenue versus 35% a year earlier.

    Apr 4, 2013
  43. 2012-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2012

    SYNNEX Corporation, now TD SYNNEX Corporation, reported results for the three and nine months ended August 31, 2012 in its Form 10-Q. Revenue was $2.58 billion for the quarter, up slightly from $2.57 billion a year earlier, while nine-month revenue was $7.52 billion, down from $7.57 billion. Gross profit for the quarter was $151.9 million, compared with $153.8 million in the prior-year quarter, and income from operations before non-operating items fell to $57.1 million from $66.5 million. For the nine months, gross profit rose to $477.6 million from $442.7 million and operating income rose to $180.4 million from $171.5 million. Net income attributable to SYNNEX was $35.1 million ($0.93 diluted EPS) for the quarter and $107.7 million ($2.84 diluted EPS) for the nine months. The company's cash position strengthened over the nine months. Cash and cash equivalents rose to $173.0 million from $67.6 million at November 30, 2011, and net cash from operating activities was $218.6 million, compared with $116.0 million a year earlier. Total borrowings were $300.6 million at August 31, 2012. The $143.8 million 4.0% Convertible Senior Notes due 2018 are classified as current because holders may require repurchase on May 15, 2013, and the company stated its intent to settle them in cash. The filing attributes the quarterly revenue stability and margin pressure largely to a customer contract moving to a fee-for-service basis, which reduced distribution revenue, and to lower gross margins from product mix and competitive pricing. HP products accounted for approximately 38% of revenue in the quarter and 36% for the nine months.

    Oct 5, 2012
  44. 2012-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2012

    SYNNEX Corporation reported revenue of $2.48 billion for the three months ended May 31, 2012, down from $2.50 billion a year earlier, and $4.94 billion for the six months, down from $5.00 billion. The filing attributes the decline mainly to a large distribution customer contract moving from a full-service distribution relationship to a fee-for-service basis starting in the fourth quarter of fiscal 2011, which lowered revenue by approximately $84.5 million in the quarter and $234.5 million in the six months. Despite lower revenue, gross profit rose to $156.4 million in the quarter (gross margin of 6.30% versus 5.81%), and net income attributable to SYNNEX was $34.4 million, compared with $31.4 million. Diluted earnings per share were $0.90 for the quarter, versus $0.85, and $1.91 for the six months, versus $1.65. Cash flow and balance sheet items require attention. Net cash provided by operating activities was $122.4 million for the six months, down from $162.3 million, and total assets declined to $2.56 billion from $2.83 billion at November 30, 2011. Total borrowings were $290.7 million. The company classified its $138.7 million carrying amount of 4.0% Convertible Senior Notes as a current liability because holders may require repurchase for cash on May 15, 2013. Management states it intends to cash-settle the notes using its U.S. securitization and revolving facilities, and it believes it has sufficient resources to meet working capital requirements for the next twelve months. Other items include an increase in SYNNEX's direct ownership of SYNNEX Infotec Corporation (formerly Marubeni Infotec Corporation, Japan) from 70.0% to 81.0% through an April 2012 purchase of shares for $6.0 million, and the sale of a portion of its SB Pacific stake, reducing that interest from 33.3% to 19.7%. Hewlett-Packard Company remained the largest OEM supplier, representing approximately 36% of total revenue in both the three and six months ended May 31, 2012. The company's $65.0 million share repurchase program had no purchases during the six months.

    Jul 6, 2012
  45. 2012-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 29, 2012

    SYNNEX Corporation reported first-quarter fiscal 2012 results (three months ended February 29, 2012) with revenue of $2.46 billion, down from $2.50 billion a year earlier, as the company's distribution revenue declined on the transition of a certain customer contract to a fee-for-service basis. Gross profit rose to $169.3 million from $143.8 million, and net income attributable to SYNNEX Corporation was $38.2 million, or $1.02 per diluted share, versus $29.7 million, or $0.80 per diluted share, in the prior-year quarter. Management attributed the margin improvement largely to that fee-for-service transition and to supply-demand constraints on certain products, while selling, general and administrative expenses rose to $105.3 million from $92.9 million. Operating cash flow was $74.2 million for the quarter, supported mainly by working capital changes after the seasonally strong fourth quarter, including a $113.9 million reduction in accounts receivable. Total borrowings were $300.9 million at February 29, 2012, down from $383.0 million at November 30, 2011, with the U.S. securitization balance falling to $5.4 million from $64.5 million. The company's 4.0% Convertible Senior Notes due 2018, with a principal amount of $143.75 million, may be redeemed for cash on or after May 20, 2013, and holders may require repurchase on May 15, 2013. The filing also notes that Infotec Japan's purchase price was reduced by JPY125.2 million during the quarter, and that on April 1, 2012 the company increased its direct ownership of Infotec Japan from 70.0% to 81.0%. MiTAC International and its affiliates beneficially owned approximately 27% of common stock as of February 29, 2012, giving them significant influence over the company.

    Apr 6, 2012
  46. 2011-Q3-A

    TD Synnex Quarterly Report (Amendment) for Q3 Ended Aug 31, 2011

    This Form 10-Q/A (Amendment No. 1) from SYNNEX Corporation, now TD SYNNEX Corporation, covers the quarter ended August 31, 2011. Its sole purpose is to furnish a corrected Exhibit 101 (XBRL data) to the original Form 10-Q, which the company says was filed on October 7, 2011. The filing states that the XBRL financial information is unaudited and is not the official publicly filed financial statements, and that no other changes were made to the original report. The only substantive content in the amendment is a corrected subsequent-events note. In September 2011, the company acquired 100% of the stock of global email company limited ("gem"), a customer contact solutions provider based in Belfast, Northern Ireland. The filing says gem will be integrated into the GBS segment and that the acquisition is not material to the consolidated financial statements. The filing reports 36,738,835 shares of common stock, $0.001 par value, outstanding as of October 1, 2011. The company is an accelerated filer and is not a shell company. Its Exhibit 31 and 32 certifications were previously filed with the original 10-Q and are incorporated by reference.

    Oct 12, 2011
  47. 2011-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2011

    SYNNEX Corporation reported strong third-quarter fiscal 2011 results for the period ended August 31, 2011. Revenue rose to $2,572.1 million in the three months (from $2,177.1 million a year earlier) and to $7,568.9 million for the nine months (from $6,145.9 million). Gross profit increased to $153.8 million for the quarter, and net income attributable to SYNNEX Corporation was $39.0 million, or $1.07 per diluted share, compared with $30.9 million, or $0.86 per diluted share, in the prior-year quarter. The filing attributes much of the growth to the December 2010 acquisition of Infotec Japan, which contributed approximately $297.0 million, or 12% of distribution revenue, in the quarter, as well as to GBS acquisitions and organic growth in the distribution and call center businesses. A benefit of $4.1 million from a change in the fair value of acquisition-related contingent consideration also lifted quarterly results. The balance sheet expanded during the nine months, with total assets rising to $2,655.9 million from $2,499.9 million at November 30, 2010, and stockholders' equity increasing to $1,118.2 million. Operating cash flow was positive at $116.0 million for the nine months, compared with an outflow of $33.0 million in the prior-year period, mainly reflecting lower inventory purchases and collections from customers. Total borrowings were $451.7 million at August 31, 2011, and the company stated it was in compliance with all material covenants. Concentration remains significant, as HP products accounted for approximately 37% of revenue in the quarter. Investors should note the company's reliance on a small number of OEM suppliers, low gross margins, working-capital-intensive operations, and a large related-party shareholder, MiTAC International, which beneficially owned approximately 29% of common stock. The 4.0% Convertible Senior Notes due 2018, with $143.8 million principal, are intended to be cash-settled and carry a conversion price of $29.42 per share.

    Oct 7, 2011
  48. 2011-Q2

    TD Synnex Quarterly Report for Q2 Ended May 31, 2011

    SYNNEX Corporation reported results for the three and six months ended May 31, 2011 in this Form 10-Q, filed July 8, 2011. Revenue for the quarter was $2,495,802 thousand, up from $2,032,812 thousand a year earlier, and net income attributable to SYNNEX Corporation was $31,401 thousand, or $0.85 per diluted share, compared with $24,844 thousand, or $0.70 per diluted share, in the prior-year quarter. For the six months, revenue was $4,996,736 thousand and net income attributable to SYNNEX was $61,122 thousand, or $1.65 per diluted share. The filing attributes much of the revenue growth in the distribution segment to the fiscal first-quarter 2011 acquisition of Marubeni Infotec Corporation (now SYNNEX Infotec Corporation, Infotec Japan), which contributed approximately $316.4 million of distribution revenue in the quarter. Cash flow and balance sheet changes were notable. Net cash provided by operating activities was $162,254 thousand for the six months, compared with a use of $13,458 thousand a year earlier, driven largely by a $274,277 thousand reduction in accounts receivable. Total borrowings rose to $419,318 thousand, including the Infotec Japan credit facilities, and the company reported $133,678 thousand of net carrying value on its 4.0% Convertible Senior Notes due 2018. In June 2011, the board approved an anti-dilution share repurchase program of up to $65,000 thousand over up to three years, which the filing states is intended to offset dilution from employee equity programs. The filing also highlights concentration and related-party exposure. HP products accounted for approximately 34% of total revenue for both the three and six months ended May 31, 2011, compared with 38% a year earlier. MiTAC International and its affiliates beneficially owned approximately 29% of the common stock, and the filing notes that this ownership gives MiTAC significant influence over matters submitted to stockholders. The company stated it was in compliance with all material covenants as of May 31, 2011.

    Jul 8, 2011
  49. 2011-Q1

    TD Synnex Quarterly Report for Q1 Ended Feb 28, 2011

    SYNNEX Corporation reported revenue of $2.50 billion for the first quarter ended February 28, 2011, up from $1.94 billion a year earlier, and net income attributable to SYNNEX Corporation of $29.7 million, or $0.80 per diluted share, compared with $34.7 million, or $0.98 per diluted share, in the prior-year period, which included an $11.4 million gain on the sale of discontinued operations. Gross profit rose to $143.8 million from $109.2 million, and income from continuing operations before non-operating items, income taxes and noncontrolling interest increased to $50.9 million from $39.0 million. Distribution revenue grew to $2.47 billion, aided by the December 2010 acquisition of Infotec Japan, and GBS (global business services) revenue rose to $39.2 million. Cash flow improved substantially: net cash provided by operating activities was $59.4 million, compared with a use of $22.1 million a year earlier, driven by lower accounts receivable and inventory. Investing activities used $72.5 million, including $42.8 million for acquisitions, principally Infotec Japan and e4e, Inc., and $8.6 million in capital expenditures. Total borrowings rose to $520.4 million from $386.3 million, reflecting Infotec Japan's credit facilities, and cash and cash equivalents were $101.2 million. Management states that it believes it has sufficient resources to meet working capital requirements for the next twelve months. The filing also notes concentration and governance considerations: HP accounted for approximately 33% of revenue, MiTAC International and its affiliates beneficially owned approximately 29% of common stock, and the company disclosed a March 2011 earthquake in Japan that caused nominal damage to Infotec Japan's inventory and facilities and may affect supply chains.

    Apr 8, 2011
  50. 2010-Q3

    TD Synnex Quarterly Report for Q3 Ended Aug 31, 2010

    SYNNEX Corporation's Form 10-Q for the quarter ended August 31, 2010 reports revenue of $2.18 billion for the three months and $6.15 billion for the nine months, up from $2.00 billion and $5.52 billion in the prior-year periods. Gross profit rose to $124.9 million (three months) and $350.7 million (nine months), and net income attributable to SYNNEX was $30.9 million for the quarter versus $22.5 million a year earlier. Nine-month net income attributable to SYNNEX was $90.4 million, which includes an $11.4 million net gain on the sale of discontinued operations (HiChina Web Solutions). The company attributes revenue growth mainly to strong U.S. IT demand, improving Canadian conditions and sales from the Jack of All Games acquisition. Results were restated for the adoption of new convertible debt accounting, which increased non-cash interest expense. Cash flow was weaker: net cash used in operating activities was $33.0 million for the nine months, compared with $200.9 million provided in the prior-year period, mainly due to higher inventory purchases. Cash and cash equivalents were $68.1 million at August 31, 2010, and total borrowings were $325.0 million, including $143.75 million principal of 4.0% convertible notes due 2018 that the company intends to settle in cash. Hewlett-Packard Company accounted for approximately 37% of revenue in both the three and nine months ended August 31, 2010. The filing also discloses related-party activity with MiTAC International, which owns approximately 30% of common stock, including a July 31, 2010 sale of contract assembly assets to MiTAC and an August 31, 2010 sale of Nihon Daikou Shouji to a company led by founder and former Chairman Robert T. Huang. Management concluded disclosure controls were effective as of August 31, 2010.

    Oct 8, 2010