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May 31, 2021
TD Synnex Q2 2021 Earnings Report
SYNNEX's Q2 fiscal year 2021 results exceeded expectations due to outstanding execution and a positive IT spending environment.
Key Takeaways
SYNNEX Corporation reported strong financial results for the second quarter of fiscal 2021, with revenue up 31.0% year-over-year. The company's performance was driven by outstanding execution and a positive IT spending environment.
Revenue was $5.9 billion, up 31.0% from the prior fiscal second quarter.
Operating income was $148 million, compared to $88 million in the prior fiscal second quarter.
Non-GAAP operating income was $170 million, compared to $102 million in the prior fiscal second quarter.
Preliminary cash generated from operations was approximately $279 million for the quarter.
Forward Guidance
SYNNEX provided the following statements based on its current expectations for the fiscal 2021 third quarter. These statements are forward-looking and actual results may differ materially.
Positive Outlook
- Revenue is expected to be in the range of $4.95 billion to $5.45 billion.
- Net income is expected to be in the range of $84.2 million to $94.7 million and on a non-GAAP basis, net income is expected to be in the range of $99.9 million to $110.4 million.
- Diluted earnings per share is expected to be in the range of $1.60 to $1.80
- On a non-GAAP basis, diluted earnings per share is expected to be in the range of $1.90 to $2.10, based on estimated outstanding diluted weighted average shares of 51.9 million.
- After-tax amortization of intangibles is expected to be $7.0 million, or $0.13 per share.
Challenges Ahead
- After-tax share-based compensation expense is expected to be $5.3 million, or $0.10 per share.
- After-tax transaction-related and integration expense is expected to be $3.4 million, or $0.06 per share
Historical Earnings Impact
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Avg. Return Before/After Earnings
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