SYNNEX Corp Q3 2020 Earnings Call Summary

Edited Brief of SNX.N earnings conference call or presentation 29-Sep-20 9:00pm GMT

...D. Results: Net total interest expense and finance charges $29m. 1. Down $14m YoverY, driven by: a. Reduction in avg. outstanding borrowings vs. 3Q19. i. ii. Lower interest rate environment. b. Expects 4Q20 interest expense to be approx. $29m. 2. Non-GAAP: Total net income $173m. a. Up $3m or 2% YoverY. i. b. Diluted EPS $3.33. i. Up $0.03 or 1% YoverY. 3. Effective tax rate 25.2%. a. 3Q19 25.3%. b. 4Q20 expectation, approx. 25%. E. Balance Sheet: On 08/31/20: 1. AR $3.6b. a. b. Inventories $2.8b. 2. Cash conversion cycle 38 days. 11 days lower YoverY. a. b. Improved 8 days sequentially. c. Preliminary cash flow from operations $321m. d. Improvement was supported by: i. Continued collaboration with partners. ii. Faster churn on inventory. 3. At 3Q20-end, including cash and credit facilities, had approx. $2.8b in total liquidity available to fund operations. F. Concentrix Spin: On track for calendar 4Q spin. 1. Believes the most natural date for spin to be 12/01/20, as it's consistent with...

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