|Q4 FY12||Q4 FY11||Net Change|
|Operating income ($M)||$74.7||$84.7||-11.9%|
|Net income attributable to SYNNEX Corporation ($M)||$43.6||$50.2||-13.0%|
Fiscal 2012 Fourth Quarter Highlights:
- Distribution: Revenue was $2.72 billion, down 3% from the prior fiscal year quarter, due in part to a previously reported customer business transition starting within Q4 2011 from gross revenue to net fee for services, resulting in lower reported revenue in Q4 2012. Distribution income before non-operating items, income taxes and noncontrolling interest was $70.4 million, or 2.59% of distribution revenue compared with $81.1 million, or 2.89% in the prior fiscal year quarter. As previously reported, the fiscal 2011 fourth quarter included a very significant gross margin benefit resulting from shortages of hard disk drives.
- Global Business Services (GBS): Revenue grew to $54.9 million, an increase of 22.2% over the prior fiscal year quarter. GBS income before non-operating items, income taxes and noncontrolling interest was $4.3 million, or 7.89% of GBS revenue compared with $3.6 million, or 8.11% in the prior fiscal year quarter.
- The trailing four quarters ROIC was 10.5% for the fiscal fourth quarter of 2012, compared to 11.1% in the prior year fiscal fourth quarter.
- The cash conversion cycle was 40 days compared to 39 days in the prior fiscal year quarter.
- The debt to capitalization ratio was 17%.
- Depreciation and amortization were $3.9 and $2.1 million, respectively.
|FY12 (1)||FY11 (2)||Net Change|
|Operating income ($M)||$255.0||$256.2||-0.5%|
|Operating margin||2.48%||2.46%||2 bp|
|Net income attributable to SYNNEX Corporation ($M)||$151.4||$150.3||0.7%|
|(1) FY 2012 includes a $0.7 million credit adjustment to SG&A for contingent M&A consideration. (2) FY 2011 includes a $5.4 million credit adjustment to SG&A for contingent M&A consideration.|
- Distribution: Revenue from continuing operations was $10.12 billion, a decrease of 1.5% over the prior fiscal year. Distribution income from continuing operations before non-operating items, income taxes and noncontrolling interest was $241.8 million, or 2.39% of distribution revenue compared with $237.3 million, or 2.31% in the prior fiscal year. Fiscal year 2012 results include certain customer business which transitioned year-over-year from a gross revenue business to a net fee for service logistics relationship starting within the fiscal fourth quarter of 2011.
- Global Business Services (GBS): Revenue from continuing operations was $197.4 million, an increase of 20.8% over the prior fiscal year. GBS income from continuing operations before non-operating items, income taxes and noncontrolling interest was $13.5 million, or 6.83% of GBS revenue compared with $18.9 million, or 11.57% in the prior fiscal year. FY 2012 includes a $0.7 million credit adjustment to SG&A for contingent M&A consideration compared to a $5.4 million credit adjustment in FY 2011.
- SYNNEX consolidated depreciation and amortization were $16.3 million and $8.3 million, respectively.
- Revenue is expected to be in the range of $2.38 billion to $2.48 billion.
- Net income is expected to be in the range of $32.2 million to $33.4 million.
- Diluted earnings per share are expected to be in the range of $0.85 to $0.89.
Copyright 2013 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.SNX-F
|Consolidated Balance Sheets|
|(currency in thousands)|
|November 30,||November 30,|
|Cash and cash equivalents||$||163,699||$||67,571|
|Accounts receivable, net||1,401,087||1,293,027|
|Receivable from affiliates||285||1,344|
|Current deferred tax assets||23,390||28,241|
|Other current assets||52,727||57,168|
|Total current assets||2,580,461||2,438,415|
|Property and equipment, net||122,923||125,157|
|Intangible assets, net||29,049||37,539|
|Deferred tax assets||619||590|
|LIABILITIES AND EQUITY|
|Borrowings under securitization, term loans and lines of credit||$||52,698||$||159,200|
|Income taxes payable||7,470||5,136|
|Total current liabilities||1,494,707||1,372,253|
|Deferred tax liabilities||9,265||8,086|
|SYNNEX Corporation stockholders' equity:|
|Additional paid-in capital||324,292||310,316|
|Accumulated other comprehensive income||35,405||30,026|
|Total SYNNEX Corporation stockholders' equity||1,319,023||1,158,379|
|Total liabilities and equity||$||2,963,262||$||2,833,295|
|Consolidated Statements of Operations|
|(currency and share amounts in thousands, except for per share amounts)|
|Three Months Ended||Fiscal Year Ended|
|November 30, 2012||November 30, 2011||November 30, 2012||November 30, 2011|
|Cost of revenue||(2,585,966||)||(2,653,130||)||(9,628,770||)||(9,779,342||)|
|Selling, general and administrative expenses||(104,448||)||(103,144||)||(401,725||)||(374,270||)|
|Income before non-operating items, income taxes and noncontrolling interest||74,652||84,697||255,012||256,228|
|Interest expense and finance charges, net||(5,567||)||(6,595||)||(22,930||)||(25,505||)|
|Other income (expense), net||1,864||(936||)||4,471||(1,005||)|
|Income before income taxes and noncontrolling interest||70,949||77,166||236,553||229,718|
|Provision for income taxes||(27,256||)||(26,964||)||(84,050||)||(79,165||)|
|Net income attributable to noncontrolling interest||(53||)||(29||)||(1,127||)||(222||)|
|Net income attributable to SYNNEX Corporation||$||43,640||$||50,173||$||151,376||$||150,331|
|Net income per share attributable to SYNNEX Corporation:|
|Weighted-average common shares outstanding:|