$3.7 B

SNX Mkt cap, 20-Sep-2018

$9.5 B

Synnex Revenue Q2, 2018
Synnex Net income (Q2, 2018)118.1 M
Synnex EBIT (Q2, 2018)235.9 M
Synnex Cash, 31-May-2018354.2 M
Synnex EV4.5 B

Synnex Revenue

Synnex revenue was $17.05 b in FY, 2017 which is a 21.2% year over year increase from the previous period.

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Synnex Revenue Breakdown

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Synnex revenue breakdown by business segment: 88.3% from Technology Solutions and 11.7% from Concentrix

Synnex revenue breakdown by geographic segment: 9.9% from Canada, 73.3% from United States and 16.8% from Others

Synnex Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

13.8 b13.3 b14.1 b17 b

Revenue growth, %

28%(4%)5%21%

Cost of goods sold

12.7 b12.1 b12.8 b15.5 b

Gross profit

1.1 b1.2 b1.3 b1.6 b

Gross profit Margin, %

8%9%9%9%

General and administrative expense

837.2 m903.4 m1 b

Operating expense total

837.2 m903.4 m1 b

EBIT

3.1 b354.6 m379.6 m509 m

EBIT margin, %

22%3%3%3%

Interest expense

26.3 m29 m45.4 m

Pre tax profit

284.3 m327.2 m356.1 m464.7 m

Income tax expense

(104.1 m)118.6 m121.1 m163.6 m

Net Income

180.2 m208.6 m235 m301.2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Revenue

2.7 b3 b3.5 b3.5 b3.2 b3.3 b3.3 b3.1 b3.4 b3.7 b3.5 b3.9 b4.3 b9.5 b

Cost of goods sold

2.6 b2.8 b3.2 b3.2 b2.9 b3 b3 b

Gross profit

164.3 m206.6 m279 m299.7 m288.2 m300.1 m290.8 m

Gross profit Margin, %

6%7%8%8%9%9%9%

General and administrative expense

100.8 m144.7 m210.9 m220.9 m209.3 m210.7 m209.5 m208.6 m218.7 m227.9 m240 m247.1 m252.7 m607.2 m

Operating expense total

100.8 m144.7 m210.9 m220.9 m209.3 m210.7 m209.5 m208.6 m218.7 m227.9 m240 m247.1 m252.7 m607.2 m

EBIT

75.6 m75.3 m98 m101.8 m125.1 m122.2 m235.9 m

EBIT margin, %

2%2%3%3%3%3%2%

Pre tax profit

73.4 m69.7 m90.1 m93.3 m116 m114.3 m199.4 m

Income tax expense

(26 m)(22 m)(22.1 m)(25.6 m)(26.3 m)(30.1 m)(26.2 m)(26.8 m)(25.4 m)(31.4 m)(31.5 m)(42.8 m)(39.2 m)(81.3 m)

Net Income

46.6 m38.5 m39.6 m45 m46.3 m51.9 m48.2 m46.6 m44.4 m58.7 m61.8 m73.1 m75.2 m118.1 m

Synnex Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

151.6 m180.1 m336.1 m380.7 m550.7 m

Accounts Receivable

1.6 b2.1 b1.8 b1.8 b2.8 b

Inventories

1.1 b1.4 b1.3 b1.7 b2.2 b

Current Assets

2.9 b3.9 b3.6 b4 b5.7 b

PP&E

133.2 m200.8 m248.6 m312.7 m346.6 m

Goodwill

188.5 m314.2 m298.8 m486.2 m872.6 m

Total Assets

3.3 b4.7 b4.4 b5.2 b7.7 b

Accounts Payable

1.4 b1.6 b1.4 b1.7 b2.6 b

Short-term debt

362.9 m805.5 m

Current Liabilities

1.8 b2.7 b1.9 b2.5 b4 b

Long-term debt

65.4 m264.2 m638.8 m601.1 m1.1 b

Total Debt

65.4 m264.2 m638.8 m964 m1.9 b

Total Liabilities

3.2 b5.4 b

Common Stock

41 k41 k

Additional Paid-in Capital

286.3 m384.6 m411.7 m440.7 m467.9 m

Retained Earnings

1.1 b1.3 b1.5 b1.7 b2 b

Total Equity

1.4 b1.7 b1.8 b2 b2.3 b

Debt to Equity Ratio

0 x0.2 x0.4 x0.5 x0.9 x

Debt to Assets Ratio

0 x0.1 x0.1 x0.2 x0.3 x

Financial Leverage

2.4 x2.8 x2.5 x2.6 x3.4 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Cash

139.4 m148.4 m204.6 m127.7 m169.8 m215.5 m308.1 m447.6 m589 m223.3 m210.1 m305.6 m243.3 m354.2 m

Accounts Receivable

1.3 b1.6 b1.8 b1.9 b1.6 b1.7 b1.6 b1.5 b1.5 b1.7 b1.7 b1.8 b1.9 b2.7 b

Inventories

1 b1.2 b1.4 b1.4 b1.3 b1.2 b1.3 b1.3 b1.4 b1.6 b1.9 b2.1 b2.2 b2.1 b

Current Assets

2.6 b3.1 b3.6 b3.6 b3.3 b3.3 b3.4 b3.4 b3.6 b3.6 b3.9 b4.3 b4.5 b5.4 b

PP&E

124.1 m168.5 m187.5 m197.2 m212.9 m222.5 m236.2 m263.7 m277.7 m315.2 m315.3 m321 m329.9 m344.3 m

Goodwill

188.1 m376.4 m376.5 m373.9 m315.8 m312.9 m306.8 m294.8 m298.9 m519.7 m488.9 m485.6 m536.3 m861.5 m

Total Assets

3 b3.9 b4.5 b4.5 b4.1 b4.1 b4.2 b4.2 b4.4 b4.8 b5.1 b5.5 b5.7 b7.3 b

Accounts Payable

1.1 b1.3 b1.5 b1.4 b1.1 b1.2 b1.3 b1.2 b1.4 b1.5 b1.5 b1.7 b1.8 b2.3 b

Current Liabilities

1.5 b2 b2.5 b2.5 b2.1 b1.7 b1.7 b1.6 b1.8 b2.1 b2.3 b2.7 b2.8 b3.6 b

Long-term debt

68.2 m281.8 m278.9 m274.6 m260.3 m654.6 m647.6 m635.3 m624.5 m620.5 m590.4 m579 m564.1 m1.1 b

Total Debt

68.2 m281.8 m278.9 m274.6 m260.3 m654.6 m647.6 m635.3 m624.5 m620.5 m590.4 m579 m564.1 m1.1 b

Total Liabilities

1.6 b2.4 b2.9 b2.9 b2.4 b2.4 b2.5 b2.4 b2.6 b2.9 b3.1 b3.4 b3.5 b5 b

Additional Paid-in Capital

279.2 m364.3 m370.5 m376.6 m391.4 m398.4 m404.8 m419.5 m427.2 m432.9 m447.4 m452.8 m458.9 m481.6 m

Retained Earnings

1.1 b1.2 b1.2 b1.3 b1.3 b1.4 b1.4 b1.5 b1.6 b1.6 b1.7 b1.8 b1.9 b2 b

Total Equity

1.4 b1.5 b1.6 b1.6 b1.7 b1.7 b1.7 b1.8 b1.9 b1.9 b2 b2.1 b2.2 b2.3 b

Debt to Equity Ratio

0 x0.2 x0.2 x0.2 x0.2 x0.4 x0.4 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.5 x

Debt to Assets Ratio

0 x0.1 x0.1 x0.1 x0.1 x0.2 x0.2 x0.2 x0.1 x0.1 x0.1 x0.1 x0.1 x0.2 x

Financial Leverage

2.2 x2.6 x2.8 x2.8 x2.4 x2.4 x2.4 x2.3 x2.4 x2.5 x2.5 x2.6 x2.6 x3.2 x

Synnex Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

152.3 m180.2 m208.6 m235 m301.2 m

Depreciation and Amortization

103.5 m121.3 m159.9 m

Accounts Receivable

(187.5 m)(527.9 m)291.2 m95 m(478.3 m)

Inventories

(155.2 m)(330.2 m)40.1 m(410.2 m)(243.3 m)

Accounts Payable

186.2 m205.1 m(23.5 m)265.6 m342 m

Cash From Operating Activities

35.7 m(234.8 m)641.3 m324.7 m176.8 m

Purchases of PP&E

(29 m)(57.4 m)(100.1 m)(123.2 m)(97.5 m)

Cash From Investing Activities

(43.8 m)(441.7 m)(59.4 m)(531.9 m)(654.3 m)

Long-term Borrowings

(3.1 b)(3.3 b)(8.4 b)

Dividends Paid

(4.9 m)(22.6 m)(33.7 m)(41.8 m)

Cash From Financing Activities

(8.4 m)701.9 m(355.1 m)180.2 m638.7 m

Net Change in Cash

210.2 m(37.5 m)169.6 m

Interest Paid

8.4 m15.4 m19.4 m21.9 m36.8 m

Income Taxes Paid

88.3 m87.2 m141 m102 m136.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Net Income

110.8 m38.5 m78 m123 m46.3 m98.2 m146.4 m46.6 m91 m149.7 m61.8 m134.9 m210.1 m118.1 m

Depreciation and Amortization

12.3 m5.7 m14.9 m25.2 m11.2 m22.3 m35.3 m14.5 m31.2 m46.5 m35.9 m71.4 m108.3 m97.5 m

Accounts Receivable

108.6 m52 m(200.1 m)(246.1 m)478.8 m369.5 m481.2 m279.4 m263.9 m

Inventories

(67 m)(136.9 m)(332.1 m)(355.8 m)76.6 m133.4 m47.4 m59.4 m(39 m)(224.8 m)(109.1 m)(368.2 m)(484.7 m)30.5 m

Accounts Payable

(52.2 m)(30.7 m)111.1 m21.8 m(365.9 m)(256.1 m)(207 m)(240.6 m)(64.6 m)

Cash From Operating Activities

118.1 m(35 m)(199.7 m)(246.6 m)208.2 m335.6 m557.4 m143.7 m284.9 m275.3 m(185.6 m)(145.6 m)(80.2 m)62.7 m

Purchases of PP&E

(15.3 m)(4.3 m)(20.3 m)(40.2 m)(22.4 m)(45.3 m)(71.5 m)(35.9 m)(67.5 m)(95.2 m)(21.6 m)(45.3 m)(72.1 m)(50 m)

Cash From Investing Activities

(32.8 m)(388.7 m)(402.3 m)(440.4 m)6.9 m28.7 m(63.9 m)18.7 m18.2 m(412.2 m)(22.1 m)(40.1 m)(124.2 m)(50.5 m)

Dividends Paid

(4.9 m)(9.8 m)(14.8 m)(8 m)(15.9 m)(23.8 m)(9.9 m)(19.9 m)(29.9 m)(27.9 m)

Cash From Financing Activities

(114.8 m)418.6 m656.2 m665.8 m(219.6 m)(326.7 m)(348.2 m)(51.1 m)(47.7 m)23 m32.4 m101.6 m55.1 m(206.2 m)

Synnex Ratios

USDY, 2018

EV/EBIT

19 x

EV/CFO

71.6 x

Debt/Equity

0.5 x

Debt/Assets

0.2 x

Financial Leverage

3.2 x
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Synnex Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Distribution Centers

40 40 40

Products

30 k30 k30 k30 k30 k30 k30 k30 k30 k30 k30 k

Resellers

20 k20 k20 k20 k20 k20 k20 k20 k20 k20 k20 k
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