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Text: The consolidated Q4 and fiscal 2020 results I will present today include Concentrix as the spin-off was completed on December 1st which is the first day of our fiscal 2021.
All go-forward financial discussion applies to SYNNEX on a stand-alone basis.
The COVID-19 pandemic altered the way that we all worked, lived and learned this year.
Despite this, we successfully saw Concentrix create an increased value for our shareholders and are well positioned heading into 2021.
The remote work, learn and consume trends continued in the fourth quarter which led to increases in demand for products and services provided by SYNNEX and Concentrix and this dynamic led to record financial results for our fourth quarter.
On a consolidated basis, total revenue was $7.4 billion, up 13% year-over-year.
Consolidated gross profit totaled $823 million, up 4% or $29 million compared to the prior year.
And gross margin was 11.1% compared to 12.1% the prior year.
Total adjusted SG&A expense was $503 million or 6.8% of revenue, down $23 million compared to the year-ago quarter, primarily due to continued Concentrix synergies related to the Convergys acquisition and lower Concentrix variable operating expenses.
Consolidated non-GAAP operating income was $388 million, up $50 million or 15% versus the prior year.
Non-GAAP operating margin was 5.2%, up 10 basis points compared to the prior-year period.
Total non-GAAP net income was $271 million, up $51 million or 23% over the prior year and non-GAAP diluted earnings per share was $5.21, up 22% year-over-year.
Now shifting gears to Technology Solutions' Q4 operating performance.
Technology Solutions revenue was $6.1 billion, up 14% or $745 million over the prior-year quarter.
Technology Solutions gross margin of 6% was 30 basis points lower than the prior-year quarter, primarily due to product mix.
Operating income of $200 million was up $34 million from the year-ago period and non-GAAP operating income was $216 million, up 22% or $38 million year-over-year.
Non-GAAP operating margin was 3.5%, 22 basis points higher than a year ago.
Technology Solutions COVID-19 related incremental expense decreased in Q4 as expected, driven by a reduction in the amount related to doubtful accounts.
The costs associated with staffing and remote work increased quarter-over-quarter.
We expect incremental quarterly costs at a minimum of $5 million in 2021 with the goal of creating other efficiencies to offset the majority of these impacts.
Interest expense and effective tax rate for Q4 reflects SYNNEX and Concentrix consolidated results and were consistent with expectations.
Technology Solutions Q1 interest expense and finance charges are expected to be approximately $22 million to $23 million and effective tax rate is expected to be 26% for the quarter and also for fiscal 2021.
Given our spin, for comparison to prior year we believe it's best to compare Technology Solutions with the non-GAAP operating income operating margin level provided in prior releases and filings.
This is due to the fact that below the operating line Technology Solutions and Concentrix were under a consolidated capital and tax structure.
This along with stranded corporate costs of approximately $5 million, which we expect to lower over time, make the comparisons difficult.
For those who would like to produce a pro forma comparison analysis to the prior fiscal year, we suggest that along with the stranded cost to use an assumed debt of $1.5 billion at approximate 4.5% plus other financing costs of approximately $7 million per quarter and a tax rate of approximately 25%.
Please note that the Q1 2020 pro forma tax rate is approximately 15% due to stock-based comp tax benefits and FIN 48 reversals.
Please note that these are only suggested amounts for pro forma analysis and in no way should be construed as GAAP or equivalent numbers.
Now turning to the balance sheet.
Post spin Technology Solutions' debt is approximately $1.6 billion and net debt is just about $200 million.
Accounts receivable totaled $2.8 billion and inventories totaled $2.7 billion as of the end of Q4.
Technology Solutions cash conversion cycle for the fourth quarter was 25 days, 16 days lower than the prior year and eight days lower than the prior quarter.
The decrease was driven by DSO improvements across Technology Solutions and better inventory turns.
Cash generated from operations was approximately $297 million in the quarter with approximately $205 million attributable to Technology Solutions excluding inter-company settlements.
For the full year we generated $1.84 billion in operating cash flow with $1.36 billion attributable to Technology Solutions.
At the end of the fourth quarter including our cash and credit facilities, Technology Solutions had approximately $2.8 billion of available liquidity.
As a result of our improved financial performance and liquidity, our Board of Directors has approved the reinstatement of a quarterly cash dividend of $0.20 per common share.
The dividend is expected to be paid on January 29, 2021 to stockholders of record as of the close of business on January 22, 2021.
Going forward, we intend to utilize 30% to 35% of our free cash flow for capital return programs either via dividends and/or share buybacks.
We believe this level allows us to adequately invest in our business while maintaining our commitment to driving long-term shareholder returns.
Now moving to outlook for fiscal Q1.
We expect revenue to be in the range of $4.5 billion to $4.8 billion.
Non-GAAP net income is expected to be in the range of $81 million to $91.5 million and non-GAAP diluted earnings per share is expected to be in the range of $1.55 to $1.75 per diluted share on weighted average shares outstanding of approximately 51.8 million.
As previously announced, beginning in fiscal Q1 we've made the decision to exclude share-based compensation from our non-GAAP results.
Excluding share-based compensation it's consistent with the practices of many of our partners, competitors and customers and we believe this more accurately reflects our operating performance.
Our Q1 non-GAAP net income and non-GAAP diluted earnings per share guidance exclude after-tax cost of $7.3 million or $0.14 per share related to the amortization of intangibles and $3.4 million or $0.07 per share related to the shareholder based compensation.
Lastly, we previously shared that one of our customers would be moving to a consignment service model in 2021.
We now have more clarity regarding the timing of this change and expect the transition to occur in our fiscal Q3 2021.
As previously indicated, we expect this change to reduce revenue by approximately $600 million per quarter although it may take some time to fully ramp up to that level.
Moving into 2022 we expect further consignment with this customer will take place, increasing the quarterly run rate to something greater than $600 million per quarter.
On a go-forward basis margins related to this customer will be based on product and service mix.
I'm very proud of the accomplishments of the SYNNEX team in 2020, especially so against the backdrop of a very challenging environment.
A big congratulation to Chris and the Concentrix team and we look forward to continuing to work with them as a customer of Concentrix.
Now to our Q4 results.
Despite the pandemic and other challenges, Concentrix accelerated into the spin and we look forward to watching their execution and growth going forward.
For the SYNNEX TS business, our record top line performance in the fourth quarter was driven by broad-based demand across all our platform as the remote work, learn and consume trends continued.
Our revenue growth along with seasonally high Q4 leverage benefits drove solid profit and returns as well.
Consistent with Q2 and Q3, demand remained strong in products such as notebooks, Chromebooks, cloud, collaboration and security.
This was evident in both our commercial and retail distribution businesses.
As expected COVID-19 continued to impact enterprise office demand in Q4 with office desktop, print and other products experiencing lower volumes.
We did, however, see the signs of a continuation of the return of on-premise projects in Q4 that we started to experience in Q3.
From a geographical perspective, US, Canada, and Japan all performed well and better than internal expectations.
Latin America was essentially flat compared to the prior year but overall positive given the obvious challenges in the geo.
In our Hive business Q4 was stronger than anticipated with continued demand from our largest customer to support its data center needs.
Part of our overall margin strength during the quarter was also from Hive.
Leverage and improved efficiencies due to spike in business and recoveries from investments made throughout fiscal '20 were the drivers.
Our Q4 guidance anticipated Hive revenues to be at the lower end of our range of expectations.
This was due to the strong Q3 performance and visibility at the time of our Q4 outlook.
In the end revenue was above the high end of our internal range as we performed very well in servicing a significant increase in demand in the quarter.
As we have consistently noted regarding this business, it is lumpy and continue to be challenging to predict quarter-to-quarter.
Turning to our outlook.
Our priority remains on the health and safety of our associates.
Overall, we are optimistic about fiscal '21 given the start of vaccine rollouts and we are hopeful our world returns to a closer sense of normalcy over the next year.
With this occurring, we expect that business investment will increase, especially in IT.
At the same time we are cognizant of the fact that while economies around the world should begin to normalize much is still uncertain about the pace in solving all the challenges of the pandemic and the timing of consistent economic recovery.
This is evident by additional lockdown actions taken recently in most major countries we operate in.
For our Q1 with continued execution, we anticipate our business will grow slightly better than the market for the quarter.
Continued demand for our products and services related to remote work, learn and consume combined with the remaining backlog we have provides us a base level of confidence in our forecasts.
Like the last few quarters, we have estimated our Hive business at the lower end of our internal projection.
For fiscal '21 using our Q1 forecast as a base, we expect the rest of fiscal '21 to progress in line to the seasonal patterns of 2018 and 2019.
This assumes market conditions and demand improves throughout the year and there is no significant change in our current mix of business among other traditional assumptions.
Lastly, I am pleased that we are able to restart our capital return program with our dividend announcement today and Marshall's comments about our share repurchase program.
In closing, our strategy of optimizing our core business, investing in organic opportunities and targeting strategic M&A to enhance our portfolio will continue to provide us with opportunities to grow moving forward.
This strategy, along with the drive, determination of the SYNNEX team coupled with the excellent partnerships with our customers, vendors and the communities we operate in support my confidence about the future for SYNNEX.

user
synnex sees q1 2021 earnings per share $1.34 to $1.55.
sees q1 2021 non-gaap earnings per share $1.55 to $1.75.
sees q1 2021 earnings per share $1.34 to $1.55.
sees q1 2021 revenue $4.5 billion to $4.8 billion.
qtrly non-gaap diluted earnings per share $5.21.

assistant