Exhibit 99.1
FOR IMMEDIATE RELEASE

Investor Contact:
Phyllis Proffer
Director, Investor Relations
SYNNEX Corporation
Telephone: (864) 373-7354

SYNNEX Corporation Reports Fiscal 2016 Second Quarter Results

Fremont, Calif., - June 23, 2016 - SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal second quarter ended May 31, 2016.
 
Q2 FY16
Q2 FY15
Net change
Revenue ($M)
$3,379
$3,254
3.9%
Operating income ($M)
$75.3
$89.4
-15.7%
Non-GAAP operating income ($M)(1)
$91.7
$104.9
-12.6%
Operating margin
2.23%
2.75%
(52) bps
Non-GAAP operating margin(1)
2.71%
3.22%
(51) bps
Net income attributable to SYNNEX Corporation ($M) 
$44.4
$51.9
-14.5%
Non-GAAP net income attributable to SYNNEX Corporation ($M)(1) 
$54.8
$61.7
-11.2%
Diluted EPS
$1.11
$1.30
-14.6%
Non-GAAP Diluted EPS(1)
$1.37
$1.55
-11.6%
(1) Non-GAAP financial measures exclude the impact of acquisition and other integration expenses, restructuring and site closure costs and the amortization of intangible assets. A reconciliation of GAAP to Non-GAAP financial information is presented in the supplementary information section at the end of this press release.
“During our second quarter, we achieved sales and profit results above our expectations.” stated Kevin Murai, President and Chief Executive Officer. “Our efficient operating model delivered another strong quarter of positive operating cash flow, double digit adjusted ROIC and, we believe, positions us well for growth in the second half of 2016.”




Fiscal 2016 Second Quarter Highlights:
•
Technology Solutions: Revenue was $3.0 billion, up 4.5% from the prior fiscal year second quarter. Adjusting for the translation effect of foreign currencies, the Technology Solutions business increased by 4.6% compared with last year. Technology Solutions generated operating income of $75.8 million, or 2.49% of segment revenue, compared with $80.2 million, or 2.75% of segment revenue, in the fiscal second quarter of 2015.
•
Concentrix: Revenue was $335.9 million, a decrease of 1.7% from the $341.8 million in revenue generated during the second quarter of last year. Adjusting for the translation effect of foreign currencies, Concentrix revenue decreased 0.5% compared with last year. Operating loss was $0.6 million, compared with $9.0 million in the prior fiscal year second quarter. Non-GAAP operating income was $15.1 million, or 4.50% of segment revenue, for fiscal second quarter of 2016, compared with $23.9 million, or 6.98% of segment revenue, in the fiscal second quarter of 2015.
•
The trailing fiscal four quarters Return on Invested Capital ("ROIC") was 9.4% compared with 8.6% in the prior year fiscal second quarter. Excluding the impact of acquisition and integration expenses, restructuring costs and amortization of intangibles, the trailing fiscal four quarters ROIC was 10.4%.
•
The debt to capitalization ratio was 27.3%, down from 29.9% in the prior fiscal year second quarter.
•
Depreciation and amortization were $16.7 million and $11.8 million, respectively.
•
Cash generated from operations was approximately $142 million for the quarter.

Fiscal 2016 Third Quarter Outlook:
The following statements are based on SYNNEX’s current expectations for the fiscal 2016 third quarter. Non-GAAP financial measures exclude the impact of acquisition and other integration expenses and amortization of intangibles. These statements are forward-looking and actual results may differ materially.
•
Revenue is expected to be in the range of $3.40 billion to $3.53 billion.
•
Net income is expected to be in the range of $52.5 million to $54.5 million and on a Non-GAAP basis net income is expected to be in the range of $60.6 million to $62.6 million.
•
Diluted earnings per share is expected to be in the range of $1.32 to $1.37 and on a Non-GAAP basis diluted earnings per share is expected to be in the range of $1.52 to $1.57.
•
After-tax amortization of intangibles is expected to be $7.7 million, or $0.19 per share.

Dividend Announcement
SYNNEX announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per common share. The dividend will be payable on July 29, 2016 to stockholders of record as of the close of business on July 15, 2016.

Conference Call and Webcast
SYNNEX will be discussing its financial results and outlook on a conference call today at 2:00 p.m. (PT). A webcast of the call will be available at http://ir.synnex.com. The conference call will also be available via telephone by dialing (888) 469-3219 in North America or (630) 395-0205 outside North America. The passcode


for the call is “SNX.” A replay of the webcast will be available at http://ir.synnex.com approximately two hours after the conference call has concluded where it will be archived for one year.

About SYNNEX Corporation
SYNNEX Corporation (NYSE: SNX), a Fortune 500 corporation, is a leading business process services company, optimizing supply chains and providing outsourced services focused on customer relationship management. SYNNEX distributes a broad range of information technology systems and products, and also provides systems design and integration solutions.  Concentrix, a wholly-owned subsidiary of SYNNEX Corporation, offers a portfolio of strategic solutions and end-to-end business services around customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation to clients in ten identified industry verticals. Founded in 1980, SYNNEX Corporation operates in 26 countries around the world. Additional information about SYNNEX may be found online at www.synnex.com.

Use of Non-GAAP Financial Information
To supplement the financial results presented in accordance with GAAP, SYNNEX uses non-GAAP operating income, non-GAAP operating margin, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), non-GAAP net income attributable to SYNNEX Corporation, non-GAAP diluted earnings per share and adjusted ROIC, which are non-GAAP financial measures that exclude acquisition and integration expenses related to the acquisition of the Customer Relationship Management, or CRM, business of International Business Machines Corporation, or IBM, restructuring costs, the amortization of intangible assets and the related tax effects thereon. These non-GAAP financial measures provide investors with an additional tool to evaluate operating results. Because these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
SYNNEX refers to growth rates at constant currency or adjusting for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of the Company's business performance. Financial results adjusted for currency are calculated by translating current period activity in local currency using the comparable prior year periods’ currency conversion rate. This approach is used for countries where the functional currency is the local currency. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates.
Trailing fiscal four quarters ROIC is defined as the last four quarters’ tax effected operating income divided by the average of the last five quarterly balances of debt and equity, net of cash and cash equivalents in the United States. Adjusted ROIC, or ROIC excluding the impact of IBM CRM acquisition and integration expenses, restructuring costs and the amortization of intangibles is calculated by excluding the tax effected impact of these items from operating income and equity.
SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business to establish operational goals, and in some cases for measuring performance for compensation purposes. SYNNEX management believes it is useful for the company and investors to review, as applicable, both GAAP information and non-GAAP financial measures in order to assess the performance of SYNNEX’ continuing businesses and for planning and forecasting in future periods. These non-GAAP measures are intended to provide investors with an understanding of SYNNEX’ operational results and trends that more readily enable investors to analyze SYNNEX' base financial and operating performance and to facilitate period-


to-period comparisons and analysis of operational trends. The management of SYNNEX believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A reconciliation of SYNNEX’ non-GAAP financial information to GAAP is set forth in the supplemental information table at the end of this press release.

Safe Harbor Statement
Statements in this news release regarding SYNNEX Corporation, which are not historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These statements, including statements regarding SYNNEX’ expectations and outlook for the fiscal 2016 third quarter as to revenue, net income, non-GAAP net income, diluted earnings per share, non-GAAP diluted earnings per share, after-tax amortization of intangibles, impact of acquisition and other integration expenses, currency impact, the frequency and occurrence of dividend declarations, our expectations regarding growth in 2016and the anticipated benefits of the non-GAAP financial measures, are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but are not limited to: general economic conditions and any weakness in information technology and consumer electronics spending; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; changes in foreign currency exchange rates; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our floor plan financing arrangements; credit exposure to our reseller customers and negative trends in their businesses; any future incidents of theft;; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2015 and subsequent SEC filings. Statements included in this press release are based upon information known to SYNNEX Corporation as of the date of this release, and SYNNEX Corporation assumes no obligation to update information contained in this press release.
Copyright 2016 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo, and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
 
SNX-F


SYNNEX Corporation
Consolidated Balance Sheets
(currency in thousands)
(unaudited)
 
May 31,
2016
 
November 30,
2015
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
589,006

 
$
336,072

Restricted cash
2,007

 
88,558

Short-term investments
7,370

 
5,546

Accounts receivable, net
1,512,671

 
1,759,491

Receivable from related parties
89

 
114

Inventories
1,378,055

 
1,328,967

Current deferred tax assets
38,358

 
40,510

Other current assets
109,583

 
90,523

Total current assets
3,637,139

 
3,649,781

Property and equipment, net
277,739

 
248,627

Goodwill
298,854

 
298,785

Intangible assets, net
142,368

 
166,567

Deferred tax assets
27,366

 
19,849

Other assets
59,355

 
60,538

Total assets
$
4,442,821

 
$
4,444,147

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Borrowings, current
$
91,433

 
$
92,093

Accounts payable
1,378,358

 
1,445,194

Payable to related parties
11,242

 
7,661

Accrued compensation and benefits
119,582

 
135,453

Other accrued liabilities
225,534

 
218,687

Income taxes payable
15,973

 
19,069

Total current liabilities
1,842,122

 
1,918,157

Long-term borrowings
624,538

 
638,798

Other long-term liabilities
91,990

 
76,582

Deferred tax liabilities
9,170

 
10,713

Total liabilities
2,567,820

 
2,644,250

SYNNEX Corporation stockholders’ equity:
 
 
 
Preferred stock
—

 
—

Common stock
41

 
40

Additional paid-in capital
427,222

 
411,687

Treasury stock
(61,047
)
 
(51,287
)
Accumulated other comprehensive income (loss)
(61,037
)
 
(55,237
)
Retained earnings
1,569,215

 
1,494,178

Total SYNNEX Corporation stockholders’ equity
1,874,394

 
1,799,381

Noncontrolling interest
607

 
516

Total equity
1,875,001

 
1,799,897

Total liabilities and equity
$
4,442,821

 
$
4,444,147



SYNNEX Corporation
Consolidated Statements of Operations
(currency and share amounts in thousands, except for per share amounts)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
May 31, 2016
 
May 31, 2015
 
May 31, 2016
 
May 31, 2015
Revenue:
 
 
 
 
 
 
 
Products
$
3,047,638

 
$
2,915,500

 
$
5,832,475

 
$
5,779,631

Services
331,861

 
338,285

 
672,646

 
676,612

Total revenue
3,379,499

 
3,253,785

 
6,505,121

 
6,456,243

Cost of revenue:
 
 
 
 
 
 
 
Products
(2,880,859
)
 
(2,743,872
)
 
(5,511,989
)
 
(5,448,011
)
Services
(204,610
)
 
(209,854
)
 
(414,910
)
 
(419,955
)
Gross profit
294,030

 
300,059

 
578,222

 
588,277

Selling, general and administrative expenses
(218,724
)
 
(210,698
)
 
(427,290
)
 
(419,969
)
Operating income
75,306

 
89,361

 
150,932

 
168,308

Interest expense and finance charges, net
(6,512
)
 
(5,815
)
 
(12,728
)
 
(12,256
)
Other income (expense), net
949

 
(1,584
)
 
4,983

 
(1,517
)
Income before income taxes
69,743

 
81,962

 
143,187

 
154,535

Provision for income taxes
(25,386
)
 
(30,052
)
 
(52,193
)
 
(56,323
)
Net income
44,357

 
51,910

 
90,994

 
98,212

Net (income) loss attributable to noncontrolling interest
5

 
(36
)
 
(70
)
 
(15
)
Net income attributable to SYNNEX Corporation
$
44,362

 
$
51,874

 
$
90,924

 
$
98,197

Earnings per share attributable to SYNNEX Corporation:
 
 
 
 
 
 
 
Basic
$
1.12

 
$
1.31

 
$
2.29

 
$
2.49

Diluted
$
1.11

 
$
1.30

 
$
2.28

 
$
2.47

Weighted-average common shares outstanding:
 
 


 
 
 
 
Basic
39,283

 
39,054

 
39,254

 
39,011

Diluted
39,477

 
39,343

 
39,470

 
39,323

Cash dividends declared per share
$
0.20

 
$
0.13

 
$
0.40

 
$
0.25

 



SYNNEX Corporation
Segment Information
(currency in thousands)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
May 31, 2016
 
May 31, 2015
 
May 31, 2016
 
May 31, 2015
Revenue:
 
 
 
 
 
 
 
  Technology Solutions
$
3,047,708

 
$
2,915,557

 
$
5,832,615

 
$
5,779,845

  Concentrix
335,925

 
341,805

 
680,617

 
683,567

  Inter-segment elimination
(4,134
)
 
(3,577
)
 
(8,111
)
 
(7,169
)
  Consolidated
$
3,379,499

 
$
3,253,785

 
$
6,505,121

 
$
6,456,243

 
 
 
 
 
 
 
 
Operating income:
 
 
 
 
 
 
 
  Technology Solutions
$
75,815

 
$
80,230

 
$
143,486

 
$
151,480

  Concentrix
(570
)
 
9,012

 
7,291

 
16,590

  Inter-segment elimination
61

 
119

 
155

 
238

  Consolidated
$
75,306

 
$
89,361

 
$
150,932

 
$
168,308








SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
 
Three Months Ended
 
Six Months Ended
 
May 31, 2016
 
May 31, 2015
 
May 31, 2016
 
May 31, 2015
Operating income and Operating margin
 
 
 
 
 
 
 
Consolidated
 
 
 
 
 
 
 
Revenue
$
3,379,499

 
$
3,253,785

 
$
6,505,121

 
$
6,456,243

 
 
 
 
 
 
 
 
GAAP operating income
$
75,306

 
$
89,361

 
$
150,932

 
$
168,308

IBM CRM acquisition and other integration expenses
568

 
2,039

 
1,570

 
6,032

Restructuring charges
3,997

 
—

 
3,997

 
—

Amortization of intangibles
11,794

 
13,462

 
23,498

 
28,055

Non-GAAP operating income
$
91,665

 
$
104,862

 
$
179,997

 
$
202,395

Depreciation
16,700

 
11,109

 
31,174

 
22,280

Adjusted EBITDA
$
108,365

 
$
115,971

 
$
211,171

 
$
224,675

 
 
 
 
 
 
 
 
GAAP operating margin
2.23
 %
 
2.75
%
 
2.32
%
 
2.61
%
Non-GAAP operating margin
2.71
 %
 
3.22
%
 
2.77
%
 
3.13
%
 
 
 
 
 
 
 
 
Technology Solutions
 
 
 
 
 
 
 
Revenue
$
3,047,708

 
$
2,915,557

 
$
5,832,615

 
$
5,779,845

 
 
 
 
 
 
 
 
GAAP operating income
$
75,815

 
$
80,230

 
$
143,486

 
$
151,480

Amortization of intangibles
662

 
658

 
1,313

 
1,327

Non-GAAP operating income
$
76,477

 
$
80,888

 
$
144,799

 
$
152,807

Depreciation
3,575

 
3,141

 
6,888

 
6,024

Adjusted EBITDA
$
80,052

 
$
84,029

 
$
151,687

 
$
158,831

 
 
 
 
 
 
 
 
GAAP operating margin
2.49
 %
 
2.75
%
 
2.46
%
 
2.62
%
Non-GAAP operating margin
2.51
 %
 
2.77
%
 
2.48
%
 
2.64
%
 
 
 
 
 
 
 
 
Concentrix
 
 
 
 
 
 
 
Revenue
$
335,925

 
$
341,805

 
$
680,617

 
$
683,567

 
 
 
 
 
 
 
 
GAAP operating income
$
(570
)
 
$
9,012

 
$
7,291

 
$
16,590

IBM CRM acquisition and other integration expenses
568

 
2,039

 
1,570

 
6,032

Amortization of intangibles
11,132

 
12,804

 
22,185

 
26,728

Restructuring charges
3,997

 
—

 
3,997

 
—

Non-GAAP operating income
$
15,127

 
$
23,855

 
$
35,043

 
$
49,350

Depreciation
13,185

 
8,087

 
24,440

 
16,493

Adjusted EBITDA
$
28,312

 
$
31,942

 
$
59,483

 
$
65,843

 
 
 
 
 
 
 
 
GAAP operating margin
(0.17
)%
 
2.64
%
 
1.07
%
 
2.43
%
Non-GAAP operating margin
4.50
 %
 
6.98
%
 
5.15
%
 
7.22
%



SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
 
Three Months Ended
 
Six Months Ended
 
May 31, 2016
 
May 31, 2015
 
May 31, 2016
 
May 31, 2015
Net income
 
 
 
 
 
 
 
Net income attributable to SYNNEX Corporation
$
44,362

 
$
51,874

 
$
90,924

 
$
98,197

IBM CRM acquisition and other integration expenses
568

 
2,039

 
1,570

 
6,032

Restructuring charges
3,997

 
—

 
3,997

 
—

Amortization of intangibles
11,794

 
13,462

 
23,498

 
28,055

Income taxes related to the above(1)
(5,956
)
 
(5,695
)
 
(10,594
)
 
(12,423
)
Non-GAAP net income attributable to SYNNEX Corporation
$
54,765

 
$
61,680

 
$
109,395

 
$
119,861

 
 
 
 
 
 
 
 
Diluted earnings per common share ("EPS")(2)
 
 
 
 
 
 
 
Net income attributable to SYNNEX Corporation
$
44,362

 
$
51,874

 
$
90,924

 
$
98,197

Less: net income allocated to participating securities
(466
)
 
(630
)
 
(965
)
 
(1,220
)
Net income attributable to SYNNEX Corporation common stockholders
43,896

 
51,244

 
89,959

 
96,977

IBM CRM acquisition and other integration expenses attributable to SYNNEX Corporation common stockholders
564

 
2,015

 
1,557

 
5,960

Restructuring charges attributable to SYNNEX Corporation common stockholders
3,957

 
—

 
3,959

 
—

Amortization of intangibles attributable to SYNNEX Corporation common stockholders
11,665

 
13,301

 
23,236

 
27,712

Income taxes related to the above attributable to SYNNEX Corporation common stockholders(1)
(5,892
)
 
(5,626
)
 
(10,477
)
 
(12,269
)
Non-GAAP net income attributable to SYNNEX Corporation common stockholders
$
54,190

 
$
60,934

 
$
108,234

 
$
118,380

 
 
 
 
 
 
 
 
Weighted-average number of common shares - diluted:
39,477

 
39,343

 
39,470

 
39,323

 
 
 
 
 
 
 
 
Diluted EPS(2)
$
1.11

 
$
1.30

 
$
2.28

 
$
2.47

IBM CRM acquisition and other integration expenses
0.01

 
0.05

 
0.04

 
0.15

Restructuring charges
0.10

 
—

 
0.10

 
—

Amortization of intangibles
0.30

 
0.34

 
0.59

 
0.70

Income taxes related to the above(1)
(0.15
)
 
(0.14
)
 
(0.27
)
 
(0.31
)
Non-GAAP Diluted EPS
$
1.37

 
$
1.55

 
$
2.74

 
$
3.01





SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(amounts in millions, except for per share amounts)
 
Forecast
 
Three Months Ending August 31, 2016
 
Low
 
High
Net income
 
 
 
Net income attributable to SYNNEX Corporation
$
52.5

 
$
54.5

IBM CRM acquisition and other integration expenses
0.6

 
0.6

Amortization of intangibles
12.1

 
12.1

Income taxes related to the above(1)
(4.6
)
 
(4.6
)
Non-GAAP net income attributable to SYNNEX Corporation
$
60.6

 
$
62.6

 
 
 
 
Diluted EPS(2)
$
1.32

 
$
1.37

IBM CRM acquisition and other integration expenses
0.01

 
0.01

Amortization of intangibles
0.30

 
0.30

Income taxes related to the above(1)
(0.11
)
 
(0.11
)
Non-GAAP Diluted EPS
$
1.52

 
$
1.57

(1) The tax effect of the non-GAAP adjustments was calculated using the applicable effective tax rate during the periods.
(2) Diluted EPS for all periods presented is calculated using the two-class method. Unvested restricted stock awards granted to employees and non-employee directors are considered participating securities.  For purposes of calculating Diluted EPS, Net income allocated to participating securities was approximately 1.0% and 1.1% of the Net income attributable to SYNNEX Corporation for the three and six months ended May 31, 2016, respectively, and approximately 1.2% for both the three and six months ended May 31, 2015. Net income allocated to participating securities is approximately 1.0% of the Net income attributable to SYNNEX Corporation for the three months ending August 31, 2016.




SYNNEX Corporation
Calculation of Financial Metrics
(currency in thousands)

Return on Invested Capital
 
Trailing Fiscal Four Quarters Ended
 
May 31, 2016
 
May 31, 2015
ROIC
 
 
 
Operating income
$
337,176

 
$
346,783

Income taxes on operating income(1)
(122,175
)
 
(127,392
)
Operating income after taxes
215,001

 
219,391

 
 
 
 
Total borrowings, excluding book overdraft (five quarters average)
$
722,294

 
$
906,656

Total equity (five quarters average)
1,794,895

 
1,654,744

Less: U.S. cash and cash equivalents (five quarters average)
(224,869
)
 
(19,599
)
Total invested capital
2,292,320

 
2,541,801

 
 
 
 
ROIC
9.4
%
 
8.6
%
 
 
 
 
Adjusted ROIC
 
 
 
Non-GAAP operating income
$
397,019

 
$
433,555

Income taxes on Non-GAAP operating income(1)
(143,856
)
 
(159,388
)
Non-GAAP operating income after taxes
253,163

 
274,167

 
 
 
 
Total invested capital
$
2,292,320

 
$
2,541,801

Tax effected impact of IBM CRM acquisition and other integration expenses, restructuring charges and amortization of intangibles (five quarters average)
137,720

 
93,853

Total Non-GAAP invested capital
2,430,040

 
2,635,654

 
 
 
 
Adjusted ROIC
10.4
%
 
10.4
%
(1) Income taxes on operating income was calculated using the applicable effective tax rates during the periods presented.


Debt to Capitalization

 
 
May 31, 2016
 
May 31, 2015
Total borrowings, excluding book overdraft
(a)
$
704,219

 
$
735,728

Total equity
(b)
1,875,001

 
1,728,388

Debt to capitalization
(a)/((a)+(b))
27.3
%
 
29.9
%




SYNNEX Corporation
Cash Conversion Cycle
(currency in thousands)

 
 
Three Months Ended
 
 
May 31, 2016
 
May 31, 2015
Days sales outstanding
 
 
 
 
Revenue (products and services)
(a)
$
3,379,499

 
$
3,253,785

Accounts receivable, including receivable from related parties
(b)
1,512,760

 
1,692,195

Days sales outstanding
(b)/((a)/the number of days during the period)
41

 
48

 
 
 
 
 
Days inventory outstanding
 
 
 
 
Cost of revenue (products and services)
(c)
$
3,085,469

 
$
2,953,726

Inventories
(d)
1,378,055

 
1,246,498

Days inventory outstanding
(d)/((c)/the number of days during the period)
41

 
39

 
 
 
 
 
Days payable outstanding
 
 
 
 
Cost of revenue (products and services)
(e)
$
3,085,469

 
$
2,953,726

Accounts payable, including payable to related parties
(f)
1,389,600

 
1,235,230

Days payable outstanding
(f)/((e)/the number of days during the period)
41

 
38

 
 
 
 
 
Cash conversion cycle
 
41

 
49