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Text: Before getting into the details of the quarter's performance, I would like to remind everyone that the year-ago quarter was the first full quarter impacted by the COVID-19 pandemic.
Given the significant negative impact that this had on our fiscal Q2 2020 results, the year-over-year comparisons that we discuss today are greater than normal in magnitude.
Our fiscal Q2 results came in well ahead of our expectations, fueled by continued strong demand environment.
Total revenue for Q2 was up 31% year-over-year to $5.9 billion.
Gross profit increased 20% or $55 million compared to the prior year to $329 million.
Gross margin was 5.6%, down from 6.1% in the prior year, primarily due to product mix.
Total adjusted SG&A expense was $159 million or 2.7% of revenue, down $14 million compared to the year-ago quarter, primarily due to COVID-related expenses in the prior year.
Non-GAAP operating income was $170 million, improved by $68 million or 67% versus the prior year and non-GAAP operating margin was 2.9%, up 62 basis points year-over-year.
Q2 interest expense and finance charges were approximately $23 million and the effective tax rate was 25%, both in line with our expectation.
Total non-GAAP income from continuing operations was $109 million, up $44 million and improved by 68% over the prior year.
And non-GAAP diluted earnings per share from continuing operations was $2.09, up from $1.26 in the prior year.
Now turning to the balance sheet.
We ended the quarter with cash and cash equivalents of $1.7 billion and debt of $1.6 billion.
Accounts receivable totaled $2.5 billion, down 12% year-over-year and inventories totaled $2.7 billion, flat from the prior year.
Our cash conversion cycle for the second quarter was 26 days, 17 days improved from last year.
The decrease was driven by DSO improvements and better inventory turns.
Cash generated from operations was approximately $280 million in the quarter.
And including our cash and credit facilities, we had approximately $3.1 billion of available liquidity.
We are pleased to report that our Board of Directors have approved a quarterly cash dividend of $0.20 per common share for the current quarter.
The dividend is expected to be paid on July 30, 2021 to stockholders of record as of the close of business on July 16, 2021.
Before moving to our Q3 outlook, let me provide a brief update regarding our proposed merger with Tech Data.
Since our announcement in March, we have established the capital structure for the planned merger through a new $5 billion credit facility and are on track with the debt financing for the merger.
Now moving to our outlook for fiscal Q3.
Revenue is expected to be in the range of $4.95 billion to $5.45 billion.
This estimate does not contemplate any impact related to the customer consignment change that we have previously spoken about.
At this time, we no longer expect the change to occur within our fiscal 2021.
Non-GAAP net income is expected to be in the range of $99.9 million to $110.4 million.
And non-GAAP diluted earnings per share is expected to be in the range of $1.90 to $2.10 per diluted share based on weighted average shares outstanding of approximately 51.9 million.
Our Q3 non-GAAP net income and non-GAAP diluted earnings per share guidance exclude the after-tax cost of $7 million or $0.13 per share related to the amortization of intangibles and $5.3 million or $0.10 per share related to share-based compensation.
With our quarter starting off with the Tech Data merger announcement, there was a potential of this news being a distraction to our daily efforts.
As expected though, our team executed very well, provided exceptional service to our customers and continued to expertly manage through the ongoing dynamics of our industry and the pandemic.
For Q2, our results came in above our internal expectations due to continued demand for remote capability, digital transformation, the ongoing recovery of office and data center IT purchasing and overall above-market growth.
Essentially, every product category we participate in saw strength in the quarter, most notably notebooks, Chromebooks, cloud, security, services, networking and collaboration.
Our manufacturing business also performed very well with results above the high end of our internal forecast.
The demand came from across most all our customer segments with SMB and public sector leading the way.
From a geographical perspective, all regions were at expectations or better.
Regarding our proposed merger with Tech Data, everything is going well.
As Marshall mentioned, we are set up for an effective financing of the transaction.
Our proxy has been filed and our shareholder meeting will be held next week.
And from a regulatory standpoint, we have received clearance from a number of governmental authorities and expect the rest to process through normal course.
As would be expected, the COVID pandemic has led to review delays in some countries.
We still believe our transaction will close in the second half of 2021, reflective of the typical six to eight months announced to close time frame for a deal of this size and complexity.
Since the announcement of the transaction, we have continued to receive internal and external support for the merger.
The integration work we have performed since the announcement, albeit limited due to regulatory rules, further supports the strategic benefits of this deal that we discussed in March.
We look forward to sharing more when the transaction closes later this year.
Moving to our outlook.
Our priority remains on the health and safety of our associates.
Overall, we are optimistic about the IT spending environment, given the current strong demand, the expectation of more geographies reopening and the resumption of on-premise enterprise IT projects.
We believe these factors represent potential tailwinds for our business.
Specific to our Q3 guidance.
We are planning for continued growth in our distribution business but have added a bit of conservatism in the forecast this quarter given the widely reported supply chain component challenges.
Considering our current backlog, still very strong, we know the business is there.
It just remains to be seen when it will transact.
For our manufacturing business, we use the low end of our internal range for forecasting purposes.
This low end for manufacturing will reflect the decline over Q3 last year.
This is a result of the very strong prior-year quarter, the over-forecast achievement in Q2 of this year and the overall unpredictable nature of this business.
Taking all these factors into account, we believe our Q3 view reflects a balanced outlook, which incorporates all the various puts and takes of the current environment.
Hopefully a conservative view, and as always, we'll strive to do better.
I am confident with ongoing execution we will continue to progress on our stated strategy of improving our core business, driving organic growth, increasing our value-added services and products and successfully closing our proposed merger with Tech Data.

user
synnex corporation sees q3 non-gaap earnings per share $1.90 to $2.10.
sees q3 non-gaap earnings per share $1.90 to $2.10.
sees q3 revenue $4.95 billion to $5.45 billion.
qtrly non-gaap diluted earnings per share from continuing operations $2.09.
q2 revenue rose 31 percent to $5.9 billion.

assistant