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Table of Content

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended November 30, 2019

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-31892

 

 

SYNNEX CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

94-2703333

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

 

44201 Nobel Drive

Fremont, California

 

94538

 

(Address of principal executive offices)

 

(Zip Code)

(510) 656-3333

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

SNX

The New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒   No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐   No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

The aggregate market value of Common Stock held by non-affiliates of the registrant (based upon the closing sale price on the New York Stock Exchange as of May 31, 2019, the last business day of the registrant’s most recently completed second fiscal quarter) was $3,552,385,311. Shares held by each executive officer, director and by each person who owns 10% or more of the outstanding Common Stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of January 24, 2020, there were 51,441,428 shares of Common Stock, $0.001 per share par value, outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

 Items 10 (as to directors and Delinquent Section 16(a) Reports (if any)), 11, 12 (as to Beneficial Ownership), 13 and 14 of Part III incorporate by reference information from the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the solicitation of proxies for the registrant’s 2020 Annual Meeting of Stockholders to be held on March 17, 2020.

 

 

Table of Content

 

SYNNEX CORPORATION

TABLE OF CONTENTS

2019 FORM 10-K

 

 

 

 

 

Page

PART I

 

 

 

1

Item 1.

 

Business

 

1

Item 1A.

 

Risk Factors

 

8

Item 1B.

 

Unresolved Staff Comments

 

22

Item 2.

 

Properties

 

22

Item 3.

 

Legal Proceedings

 

22

Item 4.

 

Mine Safety Disclosures

 

22

 

 

 

 

 

PART II

 

 

 

24

Item 5.

 

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

24

Item 6.

 

Selected Financial Data

 

25

Item 7.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 7A.

 

Quantitative and Qualitative Disclosures about Market Risk

 

41

Item 8.

 

Financial Statements and Supplementary Data

 

43

Item 9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

86

Item 9A.

 

Controls and Procedures

 

86

Item 9B.

 

Other Information

 

86

 

 

 

 

 

PART III

 

 

 

87

Item 10.

 

Directors, Executive Officers and Corporate Governance

 

87

Item 11.

 

Executive Compensation

 

87

Item 12.

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

87

Item 13.

 

Certain Relationships and Related Transactions, and Director Independence

 

88

Item 14.

 

Principal Accounting Fees and Services

 

88

 

 

 

 

 

PART IV

 

 

 

89

Item 15.

 

Exhibits and Financial Statement Schedules

 

89

Item 16.

 

Form 10-K Summary

 

93

 

 

Table of Content

 

PART I

When used in this Annual Report on Form 10-K (this “Report”), the words “believes,” “estimates,” “expects,” “intends,” “allows,” “can,” “may,” “could,’’ “designed,” “will,” and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include statements about market trends, our business model and our services, our business and market strategy, our proposed separation of SYNNEX and Concentrix, including the timing and impact thereof, future growth, including expansion of our product and service lines, our infrastructure, our investment in our information technology, or IT, systems, our employee hiring and retention, the ownership interest of MiTAC Holdings Corporation, or MiTAC Holdings, in us and its impact, our revenue, sources of revenue, our gross margins, our operating costs and results, timing of payment, the value of our inventory, our competition, including with Synnex Technology International Corp., our future needs for additional financing, the likely sources for such funding and the impact of such funding, concentration of customers and suppliers, customer and supplier contract terms, customer forecasts and its impact on us, relationships with our suppliers, adequacy of our facilities, ability to obtain comparable leases, our data center and contact center operations, use of technology at contact centers, ability to manage and communicate with international resources, scalability of customer management solutions, ability to meet demand, managing inventory and our shipping costs, our legal proceedings, our operations and trends related thereto, our international operations, foreign currency exchange rates and hedging activities, expansion of our operations and related effects, including our Concentrix business, our strategic acquisitions and divestitures of businesses and assets, including our acquisition of Convergys, revenue, cost of revenue and gross margin, our goodwill, seasonality of sales, changes in share price, adequacy of our cash resources to meet our capital needs, our debt and financing arrangements, cash held by our foreign subsidiaries and repatriation, changes in fair value of derivative instruments, our tax liabilities, adequacy of our disclosure controls and procedures, dependency on personnel, pricing pressures, cybersecurity and compliance with related rules and regulations, impact of rules and regulations affecting public companies, impact of our pricing policies, impact of economic and industry trends, changes to the markets in which we compete, impact of our accounting policies and recently issued accounting pronouncements, impact of inventory repurchase obligations and commitments and contingencies, our effective tax rates, impact of any impairment of our goodwill and intangible assets, our share repurchase and dividend program, our securitization programs, term loans and revolving credit lines, our investments in working capital, and personnel and our succession planning. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, those risks discussed herein and risks related to the proposed separation, as well as the seasonality of the buying patterns of our customers, concentration of sales to large customers, dependence upon and trends in capital spending budgets in the IT, and consumer electronics, or CE, industries, fluctuations in general economic conditions, change in market for our customers' products, employee turnover, changes in value of foreign currencies and interest rates and other risk factors contained below under Part I, Item 1A, “Risk Factors.” These forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

In the sections of this Report entitled “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” all references to “SYNNEX,” “we,” “us,” “our” or the “Company” mean SYNNEX Corporation and its subsidiaries, except where it is made clear that the term means only the parent company or one of its segments.

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.

Item 1.Business

We are a Fortune 200 corporation and a leading business process services company, providing a comprehensive range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer experience to a broad range of enterprises. We are organized to provide our products and services through two reportable business segments: Technology Solutions and Concentrix. Our Technology Solutions segment distributes peripherals, information technology (“IT”) systems including data center server and storage solutions, system components, software, networking, communications and security equipment, consumer electronics (“CE”) and complementary products. Within our Technology Solutions segment, we also provide systems design and integration solutions. Our Concentrix segment offers a portfolio of technology-infused strategic solutions and end-to-end business services focused on customer experience, process optimization, technology innovation, front and back-office automation and business transformation to clients in eight identified industry verticals.

On January 9, 2020, we announced a plan to separate our Concentrix segment into an independent publicly-traded company, in a transaction expected to be completed in the second half of 2020. The separation is intended to qualify as a tax-free transaction for federal income tax purposes for both us and our current stockholders. Immediately following the separation, our stockholders would own shares of both SYNNEX and Concentrix, each at the same percentage ownership that they held of us prior to the transaction. Completion of the separation will not require a stockholder vote but will be subject to customary closing conditions, including final approval of our Board of Directors, the receipt of a favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission.

 

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In our Technology Solutions segment, we distribute more than 40,000 technology products (as measured by active SKUs) from more than 400 IT, CE and original equipment manufacturers (“OEM”), suppliers to more than 25,000 resellers, system integrators, and retailers throughout the United States, Canada, Japan, Mexico and Central and South America. We purchase peripherals, IT systems, system components, software, networking, communications and security equipment, CE and complementary products from our suppliers and sell them to our reseller and retail customers. We perform a similar function for our distribution of licensed software products. Our reseller customers include value-added resellers (“VARs”), corporate resellers, government resellers, system integrators, direct marketers, and national and regional retailers. We combine our core strengths in distribution with demand generation, supply chain management and design and integration solutions to help our customers achieve greater efficiencies in time to market, cost minimization, real-time linkages in the supply chain and aftermarket product support. We also provide comprehensive IT solutions in key vertical markets such as government and healthcare and we provide specialized service offerings that increase efficiencies in the areas of print management, renewals, logistics services and supply chain management. Additionally, we provide our customers with systems design and integration solutions for data center servers and networking solutions built specific to our customers’ workloads and data center environments.

Our Technology Solutions business is characterized by low gross profit as a percentage of revenue, or gross margin, and low income from operations as a percentage of revenue, or operating margin. The market for IT and CE products is generally characterized by declining unit prices and short product life cycles. We set our sales price based on the market supply and demand characteristics for each particular product or bundle of products we distribute and services we provide.

In our Technology Solutions segment, we are highly dependent on the end-market demand for IT and CE products, and on our partners’ strategic initiatives and business models. This end-market demand is influenced by many factors including the introduction of new IT and CE products and software by OEMs, replacement cycles for existing IT and CE products, trends toward cloud computing, overall economic growth and general business activity. A difficult and challenging economic environment may also lead to consolidation or decline in the IT and CE industries and increased price-based competition.

In our Concentrix segment, we provide a comprehensive range of strategic services and solutions to enhance our clients’ customer life cycles to acquire, support and renew customer relationships, to automate and optimize processes, to maximize the value of every customer experience and to improve business outcomes. Our portfolio of services includes end-to-end process outsourcing to customers in various industry vertical markets delivered through omni-channels that include both voice and non-voice media and in more than 70 languages. Our portfolio of solutions and services support our clients and their customers globally. In the fourth quarter of fiscal year 2018, we acquired Convergys Corporation ("Convergys"), which added scale, diversified our revenue base, expanded Concentrix delivery footprint and strengthened Concentrix leadership position as a top global provider of customer experience services.

Our Concentrix segment generates revenue from performing services that are generally tied to our clients’ products and services and how they are received in the marketplace. Any shift in business or size of the market for our clients’ products, any failure of technology or failure of acceptance of our clients’ products in the market may impact our business. The employee turnover rate in this business and the risk of losing experienced employees is high. Higher turnover rates can increase costs and decrease operating efficiencies and productivity.

We have been in business since 1980 and are headquartered in Fremont, California. We have significant operations in North and South America, Asia-Pacific, Europe and Africa. We were originally incorporated in the State of California as COMPAC Microelectronics, Inc. in November 1980, and we changed our name to SYNNEX Information Technologies, Inc. in February 1994. We later reincorporated in the State of Delaware under the name of SYNNEX Corporation in October 2003. As of November 30, 2019, we had over 240,000 full-time and temporary employees worldwide.

Financial information by segment is provided in our Consolidated Financial Statements included elsewhere in this Report.

Our Products and Suppliers

In our Technology Solutions segment, we distribute a broad line of IT products, including peripherals, IT systems, system components, software, security, UCC and networking equipment from more than 400 OEM suppliers, enabling us to offer comprehensive solutions to our reseller and retail customers. Our product offerings also include systems design and full rack integration solutions, build-to-order, and configure-to-order assemblies. Our Technology Solutions segment represented 80%, of our consolidated revenue in fiscal year 2019 and 88% (as adjusted) of our consolidated revenue in fiscal years 2018 and 2017. Fiscal years 2018 and 2017 have been adjusted for new accounting guidance on revenue recognition described elsewhere in this report.

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For fiscal years 2019, 2018 and 2017, our product mix by category in the Technology Solutions segment was in the following ranges:

 

Product Category:

 

 

Peripherals

 

26% - 28%

IT Systems

 

34% - 38%

System Components and Integration Solutions

 

9% - 12%

Software

 

7% - 11%

Networking Equipment

 

16% - 17%

 

Our suppliers include leading peripherals, IT systems, system components, software, security, networking equipment, UCC and CE manufacturers. Our primary OEM suppliers are Alphabet Inc. (Google), Asus Tek Computer Inc., Cisco Systems, Inc., HP Inc. (“HP”), Hewlett-Packard Enterprise Company, Intel Corporation, Lenovo Group Ltd, Microsoft Corporation, Panasonic Corporation, and Samsung Semiconductor Inc.

Our largest OEM supplier is HP. Revenue from the sale of products and services provided by HP represented approximately 12%, 13% (as adjusted) and 14% (as adjusted) of our consolidated revenue for fiscal years 2019, 2018 and 2017, respectively. As is typical with our OEM supplier agreements, our United States Business Development Partner Agreement with HP is short-term and may be terminated without cause upon short notice. In the event of any breach of the agreement by us, HP may terminate the agreement and we may be required to refund HP any discounts or program payments paid during the period we were in breach of the agreement and reimburse HP for reasonable attorneys’ fees. In the event the agreement is terminated for cause or if we fail to perform our obligations under the agreement, our agreement with HP for the resale of products, support and services will automatically terminate upon such default or termination. If either party becomes insolvent or bankrupt, the other party may terminate the agreement without notice and cancel any unfulfilled obligations, except for payment obligations. Some of our subsidiaries also have territorial supplier agreements with subsidiaries of HP located in the respective countries.

We have distribution agreements with most of our suppliers, including HP. These agreements usually provide for nonexclusive distribution rights and pertain to specific geographic territories. The agreements are also generally short-term, subject to periodic renewal, and often contain provisions permitting termination by either our supplier or us without cause upon relatively short notice. An OEM supplier that elects to terminate a distribution agreement will generally repurchase its products carried in our inventory.

Our Technology Solutions business subjects us to the risk that the value of our inventory will be affected adversely by suppliers’ price reductions or by technological changes affecting the usefulness or desirability of the products comprising our inventory. Many of our OEM suppliers offer us limited protection from the loss in value of our inventory due to technological change or a supplier’s price reduction. Under many of these agreements, we have a limited period of time to return or exchange products or claim price protection credits. We monitor our inventory levels and attempt to time our purchases to maximize our protection under supplier programs.

Our Customers

In our Technology Solutions segment, we distribute IT products to more than 25,000 resellers, system integrators and retailers. Resellers are classified primarily by their end-user customers. End-users include large corporations or enterprises, federal, state and local governments, small/medium sized businesses, or SMBs, and individual consumers. In addition, resellers vary greatly in size and geographic reach. Our reseller customers buy from us and other distributors. Our larger reseller customers also buy certain products directly from OEM suppliers. System integrators offer services in addition to product resale, primarily in systems customization, integration, and deployment. Retailers serve mostly individual end-users and to a small degree, small office/home office customers. We also provide systems design and integration solutions for data center servers built for our customers’ data center environments.

In our Concentrix segment, we serve over 650 clients in eight industry verticals: automotive; banking, financial services and insurance; energy and public-sector; healthcare; media and communications; retail and e-commerce; technology and consumer electronics; and travel and transportation. We focus on developing long-term, strategic relationships with large companies in these customer-intensive industry verticals to benefit from the complexity of services required, the anticipated growth of their market segments and their increasing need for more cost-effective customer experience services.

In fiscal years 2019, 2018 and 2017, one customer accounted for 19%, 17% (as adjusted) and 21% (as adjusted), respectively, of our consolidated revenue. We do not believe that the loss of any single customer would have a material adverse effect on the Company and its subsidiaries taken as a whole.

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Our Services and Solutions

We offer a variety of business process services to our customers. These services can be purchased individually or they can be purchased in combination with others in the form of supply chain solutions and aftermarket product support. The two major categories of services and solutions include Technology Solutions and Concentrix:

Technology Solutions. We have sophisticated pick, pack and ship operations, which allows us to efficiently receive shipments from our OEM suppliers and quickly fill orders for our reseller and retail customers. We generally stock or otherwise have access to the inventory of our OEM suppliers to satisfy the demands of our reseller and retail customers. In addition, we design and integrate energy efficient and cost-effective data center servers which are built specific to the data center environments and actual workloads of our large-scale data center customers.

The above services are complemented by the following:

Systems Design and Integration Solutions. We provide our customers with systems design and full rack integration solutions, build-to-order, and configure-to-order assembly capabilities. In both of these cases, we offer design, integration, test and other production value-added solutions such as thermal testing, power-draw efficiency testing, burn-in, quality and logistics support.

Logistics Services. We provide logistics support to our reseller customers such as outsourced fulfillment, virtual distribution and direct ship to end-users. Other logistics support activities we provide include generation of customized shipping documents, multi-level serial number tracking for customized, configured products and online order and shipment tracking. We also offer full turn-key logistics solutions designed to address the needs of large volume or specialty logistics services. Our full turn-key service offering is modular in nature and is designed to cover all aspects of the logistics life cycle including, transportation management, inventory optimization, complementary product matching, reverse logistics, asset refurbishment and disposal and strategic procurement.

Cloud Services. We provide cloud-based solutions and services to our reseller customers to enable sales of and migration to technologies in a hosted environment to small and medium businesses. Our proprietary cloud platform offers a complete package of cloud-based solutions on a user-friendly platform and allows our reseller customers and OEM vendors to own the complete customer lifecycle through direct billing, provisioning, management, and support. Our solutions cover all end-user customer needs, including, pure public cloud solutions in productivity and collaboration, IaaS, or Infrastructure as a Service, PaaS, or Platform as a Service, SaaS, or Software as a Service, Security, Mobility, IoT, or Internet of Things, and other hybrid solutions. Our dedicated cloud team comprising developers, sales engineers and solutions specialists, supports our reseller customers in the sales of these solutions.

Online Services. We maintain electronic data interchange, or EDI, extensible markup language, or XML, web-based communication links and mobile applications with many of our reseller and retail customers. These links improve the speed and efficiency of our transactions with our customers by enabling them to search for products, check inventory availability and prices, configure systems, place and track orders, receive invoices, review account status and process returns. We also have web-based application software that allows our customers or their end-user customers to order software and take delivery online.

Financing Services. We offer our reseller customers a wide range of financing options, including net terms, third party leasing, floor plan financing and letters-of-credit backed financing and arrangements where we collect payments directly from the end-user. We also lease products to our reseller customers and their end-users and provide device-as-a-service to end-users. The availability and terms of our financing services are subject to our credit policies or those of third-party financing providers to our customers.

Marketing Services. We offer our OEM suppliers a full range of marketing activities targeting resellers, system integrators and retailers including direct mail, external media advertising, reseller product training, targeted telemarketing campaigns, national and regional trade shows, trade groups, database analysis, print on demand services and web-based marketing.

Concentrix. Our Concentrix segment represented 20% of our consolidated revenue in fiscal year 2019 and 12% (as adjusted) in fiscal years 2018 and 2017. We offer a portfolio of technology-infused comprehensive solutions and end-to-end business outsourcing services to approximately 650 clients around the world in eight identified industry verticals.

We operate from over 275 locations in numerous countries throughout the Americas, Asia-Pacific, Europe and Africa. Services are provided from these global locations to clients worldwide in more than 70 languages. Our portfolio of services is sold as integrated solutions to clients which include:

Customer Lifecycle Management. Services provided to our clients’ customers across multiple media such as, intelligent self-service, voice, chat, social, messaging, email and knowledge management, support our client’s entire customer care lifecycle. This includes services such as welcome and activation calls, billing, payments, product and service inquiries, complaint resolution, customer surveys and emergency response. We also provide back office support for these processes which include document management, claims management, fraud prevention, mortgage document verification, rebate management as a few examples. We also provide services that provide feedback to our clients. This is provided through a dedicated team of professionals to deliver data-driven insights to our clients to improve the customer experience through analytics and consulting, and software solutions, such as, Enterprise Feedback Management/Multi-channel, Voice of Customer Software, Integrated Customer Experience Analytics, Post-Contact Surveys, Relational Loyalty Research, Customer Segmentation and Profiling, Call Elimination Analysis, Analysis of Customer Effort, Digital Channel Optimization, and Integrated Contact Center Analytics.

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Marketing Solutions. Our services include data-driven customer acquisition and retention marketing solutions across digital, social, mobile and print channels that help our clients manage their marketing through a diverse distribution channel enabling each constituent in the channel to participate in targeting end customers with the right brand experience. We also support our client’s loyalty and incentive programs, event administration, point of purchase and targeted lifecycle messaging to customers through services as described in our Customer Lifecycle Management services.

Third Party Administration of Insurance Policies. We are a licensed Third Party Administrator of certain types of insurance policies that are managed through our proprietary insurance management system as well as other third-party systems. The services are provided primarily in the United States.

Enterprise Mobile Development. We provide mobile application development across multiple industries for both IOS and Android devices that are focused on Enterprise deployments. Services within this group include UX/UI designed/development, optimization of applications and movement of on-premise systems to the cloud.

Automation and Process Optimization. We deliver focused front office solutions with workflows and macro/desktop automation that drive improved staff efficiency and implement cognitive systems/robotic process automation to replace manual touch points. These services use both internal technology assets as well as third party tools.

Technology Assets. We license a number of our technology assets without being bundled with services which enable our clients to be more efficient, drive higher visibility to data and identify valuable customer patterns and insights from enterprise data to design better customer experience strategies. These assets are used within our portfolio of services as well.

Sales and Marketing

In our Technology Solutions segment, we serve our large commercial, government reseller, and retail customers through dedicated sales professionals. We market to smaller resellers and OEMs through dedicated regional sales teams. In addition, we have dedicated product management and business development specialists that focus on the sale and promotion of products and services of selected suppliers or for specific end-market verticals. These specialists are also directly involved in establishing new relationships with leading OEMs to create demand for their products and services and with resellers for their customers’ needs. We also have a direct sales approach for our design and integration solutions business. Our sales and marketing professionals are complemented by members of our executive management team who are integral in identifying potential new customer opportunities, promoting sales growth and ensuring customer satisfaction. We have sales and marketing professionals in close geographic proximity to our reseller, retail and OEM customers.

In our Concentrix segment, we market our services through a sales force organized by industry vertical and geography. The length of our selling cycle varies depending on the type of engagement. Our efforts may begin in response to our lead generation program, a perceived opportunity, a reference by an existing client, a request for proposal or otherwise. The sales cycle varies depending on the type of services, as well as the existence of established relationships with the client.

We have designated client partners or global relationship managers for each of our strategic relationships. The relationship manager is supported by process improvement, quality, transition, finance, human resources, information technology and industry or subject matter expert teams to ensure the best possible solution is provided to our clients.

We also strive to foster relationships between our senior leadership team and our clients’ senior management. These “C-level” relationships ensure that both parties are focused on establishing priorities, aligning objectives and driving client value from the top down. High-level executive relationships have been particularly constructive as a means of increasing business from our existing clients. It also provides us with a forum for addressing client concerns. We constantly measure our client satisfaction levels to ensure that we maintain high service levels for each client.

Our Operations

In our Technology Solutions segment, we operate approximately 65 distribution and administrative facilities in the United States, Canada, Japan, Mexico, China, and Central and South America. Our distribution processes are highly automated to reduce errors, ensure timely order fulfillment and enhance the efficiency of our warehouse operations and back office administration. Our distribution facilities are geographically dispersed to be near reseller customers and their end-users. This decentralized, regional strategy enables us to benefit from lower shipping costs and shorter delivery lead times to our customers. Furthermore, we track several performance measurements to continuously improve the efficiency and accuracy of our distribution operations. Our regional locations also enable us to make local deliveries and provide will-call fulfillment to more customers than if our distribution operations were more centralized, resulting in better service to our customers. Our workforce is comprised of permanent and temporary employees, enabling us to respond to short-term changes in order activity.

Our proprietary IT systems and processes enable us to automate many of our distribution operations. We use radio frequency and bar code scanning technologies in all of our warehouse operations to maintain real-time inventory records, facilitate frequent cycle counts and improve the accuracy of order fulfillment.

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To enhance the accuracy of our distribution order fulfillment and protect our inventory from shrinkage, our distribution systems also incorporate numerous controls. These controls include order weight checks, bar code scanning, and serial number profile verification. We also use digital video imaging to record our small package shipping activities by order. These images and other warehouse and shipping data are available online to our customer service representatives, enabling us to quickly respond to order inquiries by our customers.

We operate our principal system design and integration solutions facilities in the United States, and we operate integration facilities in the United Kingdom and China. We generally design and integrate IT systems, data center servers and networking solutions and IT appliances, by incorporating system components purchased directly from vendors or obtained from our distribution inventory. Additionally, we perform other production value-added services, including thermal testing, power-draw efficiency testing, burn-in, quality and logistics support. Some of our design and integration solutions facilities are ISO 9001:2015 and ISO 14001:2015 certified.

In our Concentrix segment, we have global delivery capability which allows us to scale people and other resources from around the world, including foreign language fluency, proximity to clients and time-zone advantages. A critical component of this capability is our over 275 delivery and administrative centers in 40 countries throughout North and South America, Asia-Pacific, Europe and Africa. Our delivery centers improve the efficiency of our engagement teams through the reuse of processes, solution designs and infrastructure by leveraging the experience of delivery center professionals. Services are provided from these global locations to clients worldwide in multiple languages. These services are supported by proprietary technology to enable efficient and secure customer contact through various methods including voice, chat, web, email, social media and digital and mobility competencies by providing improved business intelligence and performance through enabling technologies. Many of our delivery centers are PCI DSS (Payment Card Industry Security Standards Council's Data Security Standards) version 3.2.1 certified. Many of our delivery centers are certified to ISO standards. Twenty-eight of our delivery centers around the world are certified to COPC (Customer Operation Performance Center) OSP standard.

We operate a distributed data processing environment that can integrate service delivery center data servers and databases with thirty-nine data centers and point of presence strategically located across the globe. Our technologically-advanced and secured data centers provide availability 24 hours a day, 365 days a year, with redundant power and communication feeds and emergency power back-up, and are designed to withstand most natural disasters.

The capacity of our data center and contact center operations, coupled with the scalability of our customer management solutions, enable us to meet the changing needs of large-scale and rapidly growing companies and government entities. By employing the scale and efficiencies of common application platforms, we can provide client-specific enhancements and modifications without incurring many of the costs of a full custom application, which positions us as a value-added provider of customer support products and services.

International Operations

Approximately 34% of our consolidated revenue for fiscal year 2019 was generated by our international operations. Our end market strategy for our Technology Solutions business, while focused on the Americas, is expanding internationally on a selective basis in order to provide our distribution capabilities to OEMs in locations that meet their regional requirements. A key element in our business strategy has been to locate our Concentrix service delivery contact centers in markets that are strategic to our client requirements and cost beneficial. Our Concentrix segment has significant operations in the Philippines and India.

Sales and cost concentrations in foreign jurisdictions subject us to various risks, including the impact of changes in the value of these foreign currencies relative to the US Dollar, which in turn can impact reported sales.

See Note 12 -- Segment Information to the Consolidated Financial Statements included in Item 8 of this Report for additional financial information related to foreign and domestic operations.

Seasonality

Our operating results in the Technology Solutions segment are affected by the seasonality of the IT and CE products industries. We have historically experienced higher sales in our fourth fiscal quarter due to patterns in capital budgeting, federal government spending and purchasing cycles of our customers and end-users. These patterns may not be repeated in subsequent periods.

Revenue in our Concentrix segment is typically the highest in our fourth fiscal quarter.

Purchasing

In our Technology Solutions segment, product cost represents our single largest expense and IT and CE product inventory is one of our largest working capital investments. Furthermore, product procurement from our OEM suppliers is a highly complex process that involves incentive programs, rebate programs, price protection, volume and early payment discounts and other arrangements. Consequently, efficient and effective purchasing operations are critical to our success.

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Our purchasing group works closely with many areas of our organization, especially our product managers who work closely with our OEM suppliers and our sales force, to understand the volume and mix of IT products that should be purchased.

In addition, the purchasing group utilizes an internally developed, proprietary information systems application that further aids in forecasting future product demand based on several factors, including historical sales levels, expected product life cycle and current and projected economic conditions. We may also rely on our receipt of good-faith, non-binding, customer forecasts. We maintain electronic data interchange, or EDI, connection with our OEM suppliers to send purchase orders, receive purchase order status and receive notification once the product has shipped from our supplier. Our information system also tracks warehouse and channel inventory levels and open purchase orders on a real-time basis enabling us to stock inventory at a regional level closer to the customer as well as to actively manage our working capital resources. This level of automation promotes greater efficiencies of inventory management by replenishing and turning inventory, as well as placing purchase orders on a more frequent basis. Furthermore, our system tool also allows for automated checks and controls to prevent the generation of inaccurate orders.

Managing our OEM supplier incentive programs is another critical function of our purchasing and product management teams. We attempt to maximize the benefits of incentives, rebates and volume and early payment discounts that our OEM suppliers offer us from time to time. We carefully evaluate these supplier incentive benefits relative to our product handling and carrying costs so that we do not over-invest in our inventory. We also closely monitor inventory levels on a product-by-product basis and plan purchases to take advantage of OEM supplier provided price protection. By managing inventory levels and monitoring customer purchase patterns at each of our regional distribution facilities, we believe we can minimize our shipping costs by stocking products near our resellers and retailers, and their end-user customers.

Financial Services

In our Technology Solutions segment, we offer various financing options to our customers as well as prepayment, credit card and cash on delivery terms. In providing credit terms to our reseller and retail customers, we closely and regularly monitor their creditworthiness through our information systems, credit ratings information and periodic detailed credit file reviews by our financial services staff. We have also purchased credit insurance in some geographies to further control credit risks. Finally, we establish reserves for estimated credit losses in the normal course of business based on the overall quality and aging of our accounts receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer risks.

We also sell to certain reseller customers pursuant to third party floor plan financing. The expenses charged by these financing companies are subsidized either by our OEM suppliers or paid by us. We generally receive payment from these financing companies within 15 to 30 days from the date of sale, depending on the specific arrangement.

Information Technology

Within our Technology Solutions segment, our IT systems manage the entire order cycle, including processing customer orders, customer billing and payment tracking. These internally developed IT systems make our operations more efficient and provide visibility into our operations. We believe our IT infrastructure is scalable to support further growth. We continue to enhance and invest in our IT systems to improve product and inventory management, streamline order and fulfillment processes, and increase operational flexibility.

To allow our customers and suppliers to communicate and transact business with us in an efficient and consistent manner, we have implemented a mix of proprietary and off-the-shelf software programs that integrate our IT systems with those of our customers and suppliers. In particular, we maintain EDI, XML, web-based communication links and mobile platform applications with many of our reseller and retail customers to enable them to search for products, check real-time pricing, inventory availability and specifications, place and track orders, receive invoices and process returns.

Within our Concentrix segment, we invest in IT systems, infrastructure, automation and security to enhance workforce management and improve productivity. Our contact centers can employ a broad range of technology, including digital switching, intelligent call routing and tracking, proprietary workforce management systems, case management tools, proprietary software systems, computer telephony integration, interactive voice response, advanced speech recognition, web-based tools and relational database management systems with embedded security. Our innovative use of technology enables us to improve our voice, chat, web and e-mail handling and personnel scheduling, thereby increasing our efficiency and enhancing the quality of the services we deliver to our clients and their customers. We are able to respond to changes in client call volumes and manage call volume traffic based on agent availability. Additionally, we can use this technology to collect information concerning the contacts, including number, response time, duration and results of the contact and report the information to the client on a periodic basis for purposes of monitoring quality of service and accuracy of billing.

Competition

We operate in a highly competitive global environment. The IT product industry is characterized by intense competition, based primarily on product availability, credit terms, price, speed and accuracy of delivery, effectiveness of sales and marketing programs, ability to tailor specific solutions to customer needs, quality and depth of product lines, pre- and post-sale technical support, flexibility and timely response to design changes, technological capabilities and product quality, service and support. We compete with a variety of regional, national and international IT product distributors and manufacturers.

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Our major competitors in our Technology Solutions segment include Arrow Electronics, Inc., Ingram Micro, Inc., ScanSource, Inc., and Tech Data Corporation and, to a lesser extent, regional distributors. We also face competition from our OEM suppliers that sell directly to resellers, retailers and end-users. The distribution industry has historically undergone, and continues to undergo, consolidation. Over the years, a number of providers within the IT distribution industry exited or merged with other providers. For example, during fiscal year 2017, we acquired the Westcon-Comstor Americas distribution business and Tech Data Corporation acquired the Technology Solutions operating group of Avnet Inc. We have participated in this consolidation and expect to continue to assess opportunities.

As we enter new business areas, we may encounter increased competition from our current competitors and/or new competitors. Some of our competitors are substantially larger and may have greater financial, operating, manufacturing and marketing resources than us. Some of our competitors may have broader geographic breadth and range of services than us. Some may have more developed relationships with their existing customers. We attempt to offset our comparative scale differences by focusing on a limited number of leading OEMs in the Technology Solutions segment, by running a more efficient and low-cost operation, and by offering a high level of value-added and customer services in both the Technology Solutions and Concentrix segments.

In our Concentrix segment, we operate in a highly competitive and rapidly evolving global marketplace. Our competitors are both regional players as well as global companies. Our major competitors include Accenture plc, Conduent Inc., Genpact Limited, Globant S.A., Sykes Enterprises Inc., Teleperformance S.A., TTEC Holdings, Inc., and Transcosmos Inc.

In the future, we may face greater competition due to the consolidation of business process outsourcing providers. Consolidation activity may result in competitors with greater scale, a broader footprint or more attractive pricing than ours. In addition, a client or potential client may choose not to outsource its business, by setting up captive outsourcing operations or by performing formerly outsourced services for themselves, or may switch customer care providers.

We constantly seek to expand our business into areas primarily related to our core distribution and outsourced business services as well as other support, logistics and related value-added services, both organically and through strategic acquisitions.

Employees

As of November 30, 2019, we had approximately 235,000 full-time employees. Given the variability in our business and the quick response time required by customers, it is critical that we are able to rapidly ramp-up and ramp-down our operational capabilities to maximize efficiency. As a result, we use temporary or contract workers, who totaled approximately 5,900, on a full-time equivalent basis, as of November 30, 2019. Except for a small number of our employees in certain countries, generally required by local regulations or brought in through acquisitions, our employees are not represented by a labor union, nor are they covered by a collective bargaining agreement. We consider our employee relations to be good.

Available Information

Our website is http://www.synnex.com. We make available free of charge, on or through our website, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after electronically filing or furnishing these reports with the Securities and Exchange Commission, or SEC. Information contained on our website is not a part of this Report. We have adopted a code of ethics applicable to our employees including our principal executive, financial and accounting officers, and it is available free of charge, on our website’s investor relations page.

The SEC maintains an Internet site at http://www.sec.gov that contains our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and our proxy and information statements.

Item 1A. Risk Factors

The following discussion is divided into two sections. The first section, which begins immediately following this paragraph, discusses some of the risks that may affect our business, results of operations and financial condition. The second section, captioned "Risk Factors Related to the Proposed Separation," discusses some of the risks relating to our plan to separate Concentrix into an independent publicly-traded company. You should carefully review both of these sections, as well as our consolidated financial statements and notes thereto and the other information appearing in this report, for important information regarding risks that affect us. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Report because these factors could cause the actual results and conditions to differ materially from those projected in the forward-looking statements. Before you invest in our Company, you should know that making such an investment involves some risks, including the risks described below. The risks that have been highlighted here are not the only ones that we face. If any of the risks actually occur, our business, financial condition and results of operations could be negatively affected. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.

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We anticipate that our revenue and operating results will fluctuate, which could adversely affect the enterprise value of our Company and our securities.

Our operating results have fluctuated and will fluctuate in the future as a result of many factors, including:

 

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the impact of the business acquisitions and dispositions we make;

 

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general economic conditions and level of IT and CE spending and outsourced business services;

 

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the loss or consolidation of one or more of our significant OEM suppliers or customers;

 

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consolidation of our Concentrix competitors, including insourcing by clients;

 

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market acceptance, quality, pricing, availability and useful life of our products and services, as well as the mix of our products and services sold;

 

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competitive conditions in our industry;

 

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trends towards cloud based infrastructure and “as-a-Service” type product offerings in our Technology Solution segment;

 

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pricing, margin and other terms with our OEM suppliers;

 

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decline in inventory value as a result of product obsolescence and market acceptance;

 

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variations in our levels of excess inventory, vendor reserves and doubtful accounts;

 

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fluctuations in rates in the currencies in which we transact;

 

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changes in the terms of OEM supplier-inventory protections, such as price protection and return rights; and

 

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the expansion of our design and integration solutions sales and operations, globally.

Although we attempt to control our expense levels, these levels are based, in part, on anticipated revenue. Therefore, we may not be able to control spending in a timely manner to compensate for any unexpected revenue shortfall.

Our operating results in the Technology Solutions segment also are affected by the seasonality of the IT and CE products and services industry. We have historically experienced higher sales in our fourth fiscal quarter due to patterns in the capital budgeting, federal government spending and purchasing cycles of end-users. Revenue in our Concentrix segment is typically higher in our fourth quarter due to seasonal patterns in our clients’ business. These patterns may not be repeated in subsequent periods. You should not rely on period-to-period comparisons of our operating results as an indication of future performance. In future years, our operating results may be below our expectations or those of our public market analysts or investors, which would likely cause our share price to decline.

We are subject to uncertainties and variability in demand by our customers, which could decrease revenue and adversely affect our operating results, and we have customer contracts with provisions that could cause fluctuations in our revenue.

In our Technology Solutions segment, we sell to our customers on a purchase order basis, rather than pursuant to long-term contracts or contracts with minimum purchase requirements. Consequently, our sales are subject to demand variability by our customers. The level and timing of orders placed by our customers vary for a variety of reasons, including seasonal buying by end-users, the introduction of new hardware and software technologies and general economic conditions. Customers submitting a purchase order may cancel, reduce or delay their orders. If we are unable to anticipate and respond to the demands of our reseller, retail and design and integration solutions customers, we may lose customers because we have an inadequate supply of products, or we may have excess inventory, either of which could harm our business, financial position and operating results.

With regard to our design and integration solutions customers, unique parts are purchased based both on customer purchase orders and forecasted demand. We have limited protection against excess inventory should anticipated demand not materialize.

In our Concentrix segment, we provide global business services to our clients under contracts with provisions that, if triggered, could impact our profitability. For example, many of our contracts may be terminated with a short amount of notice, and to the extent our clients terminate these contracts, we could experience unexpected fluctuations in our revenue and operating results from period to period. Additionally, some contracts have performance-related bonus or penalty provisions, whereby we could receive a bonus if we satisfy certain performance levels or have to pay a penalty for failing to do so. Whether we receive a bonus or are required to pay a penalty is unpredictable, and may cause additional fluctuations in our financial results. In addition, our clients may not guarantee a minimum volume; however, we hire employees based on anticipated volumes. If we fail to anticipate volumes correctly, our operations and financial results may suffer. The reduction of volume, loss of clients, payment of penalties or inability to terminate any unprofitable contracts could have an adverse impact on our operations and financial results.

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In our Technology Solutions segment, we depend on a limited number of OEMs to supply the IT and CE products and services that we sell and the loss of, or a material change in, our business relationship with a major OEM supplier could adversely affect our business, financial position and operating results.

Our future success is highly dependent on our relationships with a small number of OEM suppliers. For example, sales of HP products and services comprised approximately 12%, 13% (as adjusted) and 14% (as adjusted) of our consolidated revenue for fiscal years 2019, 2018 and 2017, respectively. Our OEM supplier agreements typically are short-term and may be terminated without cause upon short notice. The loss or deterioration of our relationship with HP or any other major OEM supplier, the authorization by OEM suppliers of additional distributors, the sale of products by OEM suppliers directly to our reseller and retail customers and end-users, or our failure to establish relationships with new OEM suppliers or to expand the distribution and supply chain services that we provide OEM suppliers could adversely affect our business, financial position and operating results. In addition, OEM suppliers may face liquidity or solvency issues that in turn could negatively affect our business and operating results.

Our business is also highly dependent on the terms provided by our OEM suppliers. Generally, each OEM supplier has the ability to change the terms and conditions of its distribution agreements, such as reducing the amount of price protection and return rights or reducing the level of purchase discounts, incentive rebates and marketing programs available to us.

From time to time we may conduct business with a supplier without a formal agreement because the agreement has expired or was otherwise terminated. In such case, we are subject to additional risk with respect to products, warranties and returns, and other terms and conditions. If we are unable to pass the impact of these changes through to our reseller and retail customers, our business, financial position and operating results could be adversely affected.

In our Technology Solutions segment our gross margins are low, which magnifies the impact of variations in gross margin, operating costs and our operating results.

As a result of significant price competition in the IT and CE products and services industry, our gross margins are low, and we expect them to continue to be low in the future. Increased competition arising from industry consolidation and low demand for certain IT and CE products and services may hinder our ability to maintain or improve our gross margins. These low gross margins magnify the impact of variations in revenue and operating costs on our operating results. A portion of our operating expense is relatively fixed, and planned expenditures are based in part on anticipated orders that are forecasted with limited visibility of future demand. As a result, we may not be able to reduce our operating expense to sufficiently mitigate any further reductions in gross profit or margin in the future. If we cannot proportionately decrease our cost structure in response to competitive price pressures, our business and operating results could suffer.

We also receive purchase discounts and rebates from OEM suppliers based on various factors, including sales or purchase volume and breadth of customers. A decrease in net sales could negatively affect the level of volume rebates received from our OEM suppliers and thus, our gross margin. Because some rebates from OEM suppliers are based on percentage increases in sales of products, it may become more difficult for us to achieve the percentage growth in sales required for larger discounts due to the current size of our revenue base. A decrease or elimination of purchase discounts and rebates from our OEM suppliers would adversely affect our business and operating results.

We are subject to the risk that our inventory value may decline, and protective terms under our OEM supplier agreements may not adequately cover the decline in value, which in turn may harm our business, financial position and operating results.

The IT and CE products industry is subject to rapid technological change, new and enhanced product specification requirements, and evolving industry standards. These changes may cause inventory on hand to decline substantially in value or to rapidly become obsolete. Most of our OEM suppliers offer limited protection from the loss in value of inventory. For example, we can receive a credit from many OEM suppliers for products held in inventory in the event of a supplier price reduction. In addition, we have a limited right to return a certain percentage of purchases to most OEM suppliers. These policies are often subject to time restrictions and do not protect us in all cases from declines in inventory value. In addition, our OEM suppliers may become unable or unwilling to fulfill their protection obligations to us. The decrease or elimination of price protection, or the inability of our OEM suppliers to fulfill their protection obligations, could lower our gross margins and cause us to record inventory write-downs. If we are unable to manage our inventory with our OEM suppliers with a high degree of precision, we may have insufficient product supplies or we may have excess inventory, resulting in inventory write-downs, either of which could harm our business, financial position and operating results.

We depend on OEM suppliers to maintain an adequate supply of products to fulfill customer orders on a timely basis, and any supply shortages or delays could cause us to be unable to timely fulfill orders, which in turn could harm our business, financial position and operating results.

Our ability to obtain particular products in the required quantities and to fulfill reseller and retail customer orders on a timely basis is critical to our success. In most cases, we have no guaranteed price or delivery agreements with our OEM suppliers. We occasionally experience a supply shortage of certain products as a result of strong demand or problems experienced by our OEM suppliers. If shortages or delays persist, the price of those products may increase, or the products may not be available at all. Such delays could also impact our ability to procure critical components required to complete customer orders. In addition, our OEM suppliers may decide to distribute, or to substantially increase their existing distribution business, through other distributors, their own dealer networks, or directly to resellers, retailers or end-users. Accordingly, if we are not able to secure and maintain an adequate

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supply of products to fulfill our customer orders on a timely basis, our business, financial position and operating results could be adversely affected.

Our delivery center activities in our Concentrix business are significantly concentrated in Philippines and India, which may expose us to operational risks.

Operations in our Concentrix segment are based on a global delivery model with client services provided from delivery centers located in several countries with more than half of our workforce located in Philippines and India. Socio-economic situations which are specific to these countries can severely disrupt our operations and impact our ability to fulfill our contractual obligations to our clients. If these regions experience severe natural calamities or political unrest, our personnel resources may be affected, our IT and communication infrastructure may be at risk and the client processes that we manage may be adversely affected. Changes in governments, laws, regulations, minimum wages, and taxation rules may severely impact our ability to do business in these countries, our business practices, our operating costs and our results of operations.

Both our Technology Solutions and Concentrix segments have customer concentration and intense competition which could adversely impact our revenue.

Our business experiences customer concentration from time to time. In 2019, 2018 and 2017, one customer accounted for 19%, 17% (as adjusted) and 21% (as adjusted), respectively, of our revenue. While we do not believe that the loss of any single customer would have a material adverse effect on the Company and its subsidiaries taken as a whole, such loss could result in an adverse impact on certain of our businesses. For example, the systems design and integration solutions business of our Technology Solutions segment has significant customer concentration, requires investments in working capital and infrastructure, and has customer contracts that often offer limited or no volume guarantees or protection for end-of-life investments. The loss of a customer or reduction in order volumes could adversely impact our revenue, provision for inventory losses, the absorption of fixed overhead costs and our future expansion plans. The systems design and integration solutions business operates in a competitive environment. Volumes can fluctuate based on customer demand, delivery quality and the competitive landscape. Our ability to deliver customized solutions on a timely basis is critical to our success. Any delay could impact our competitive position and result in loss of customer orders, which could impact our financial position and operating results.

In our Concentrix segment, we have experienced client concentration. This client concentration increases the risk of quarterly fluctuations in our operating results, depending on the seasonal pattern of our top clients’ business. In addition, our top clients could make greater demands on us with regard to pricing and contractual terms in general. The loss of, or significant decrease in demand from, any of our top clients could affect our business, results of operations and financial condition of the segment.

The market for CE products that we distribute is characterized by short product life cycles. Increased competition for limited retailer shelf space, decreased promotional support from resellers or retailers or increased popularity of downloadable or online content and services could adversely impact our revenue.

The market for CE products, such as personal computers and tablets, mobile devices, wearable devices, video game titles and hardware, and audio or visual equipment, is characterized by short product life cycles and frequent introductions of new products. The markets in which we compete frequently introduce new products to meet changing consumer preferences and trends. As a result, competition is intense for resellers’ and retailers’ limited shelf space and promotions. If our vendors’ new products are not introduced in a timely manner or do not achieve significant market acceptance, we may not generate sufficient sales or profitability. Further, if we are unable to successfully compete for resellers’ or retailers’ space and promotional resources, this could negatively impact market acceptance of our products and negatively impact our business and operating results.

Our Concentrix business is subject to dynamic changes in its business model and intense competition, which in turn could cause our operations to suffer.

The customer experience services industry is highly competitive, highly fragmented and subject to rapid change. We believe that the principal competitive factors in this market are breadth and depth of process and domain expertise, service quality, the ability to attract, train and retain qualified people, compliance rigor, global delivery capabilities, price and marketing and sales capabilities. We compete for business with a variety of companies, including in-house operations of existing and potential clients. If our clients place more focus in this area and internalize these operations, this could also cause a significant reduction in the size of the available market for third party service providers like us. Similarly, if competitors offer their services at lower prices to gain market share or provide services that gain greater market acceptance than the services we offer or develop, this could cause a significant decrease in the available market for us. In addition, our success may depend on our ability to continue to develop and implement services and solutions that anticipate and respond to rapid and continuing changes in technology and offerings to serve the evolving needs of our clients. Some of these technologies, such as cloud-based services, artificial intelligence and automation, may cause an adverse shift in the way our existing business operations are conducted or decrease the size of the available market.

If we are unable to hire and retain employees with domain expertise for our Concentrix business, our operations will be disrupted, and such disruption may impact our ability to manage our costs, which in turn could impact our profitability.

The success of our operations and the quality of our services are highly dependent on our ability to attract and retain skilled personnel in all of our international delivery centers. The industry is characterized by high employee attrition rates and we face

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competition in hiring, retaining and motivating talented and skilled leaders and employees with domain experience. Any increase in our employee turnover rate could increase recruiting and training costs and could decrease operating effectiveness and productivity.

In addition, our profitability is directly affected by the utilization rate of our personnel resources. If we are unable to achieve optimum utilization of our personnel resources, we may experience erosions in our profit margin. However, if our utilization is too high, it may result in a deterioration in the quality of services provided to our clients and may also result in higher attrition rates. If we are unable to manage our employee attrition rates, adequately motivate our employees or utilize our personnel resources efficiently, our operations will be disrupted, and such disruption may impact our ability to manage our costs, which in turn could impact our profitability.

If we fail to maintain effective internal controls over operations we perform for our clients in our Concentrix business or if our information systems are breached or client data are compromised, client relations may suffer, which in turn may adversely affect our revenue and results of operations.

Our customer experience services business involves us representing our clients in certain critical operations of their business processes such as sales, marketing and customer support. If our clients experience disruptions in these operations or are dissatisfied with the quality of service provided, our client relationships may suffer and we may face possible legal action.

In addition, in management of our clients’ operations, we manage large volumes of customer information and confidential data. We may be liable and our operations may be disrupted if there is a breach of confidentiality of client data, if an employee violates policies and regulations governing the management of personal information, if we lose our client’s data or if the security of our IT systems is compromised.

We may also be liable if we do not maintain adequate internal controls over the processes we manage for our clients or if we fail to comply with the laws and regulations applicable to the operations in which we represent our clients. Our clients may request us to obtain audit reports over our internal controls. If we are unable to complete these audit reports in a timely manner, or if internal control deficiencies are identified in the audit process, our client relationships may suffer.

We have issued guarantees to certain of our Concentrix clients to guarantee the performance obligations of our subsidiaries. If our subsidiaries are unable to meet their performance obligations under the terms of client contracts, we are obligated under these guarantees to pay damages, which may adversely affect the results of our operations.

If we are unable to successfully manage our delivery centers in the Concentrix business, our results of operations could be adversely affected.

Our Concentrix business, which has extensive international operations, may be adversely impacted if we are unable to manage and communicate with the resources located internationally. Service quality may be placed at risk and our ability to optimize our resources may be compromised if we are unable to manage our resources remotely. Our Concentrix business uses a wide variety of technologies to allow us to manage a large volume of work. These technologies are designed to keep our employees productive. Any failure in technology may have a negative impact on our operations. The success of our services primarily depends on the performance of our employees and resulting client satisfaction. Any increase in average waiting time or handling time or lack of promptness or technical expertise of our employees will directly impact client satisfaction. Any adverse client satisfaction may impact the overall business. If we are unable to successfully manage our delivery centers, our results of operations could be adversely affected.

Changes in foreign currency exchange rates and limitations on the convertibility of foreign currencies could adversely affect our business and operating results.

Approximately 34%, 28% (as adjusted) and 27% (as adjusted) of our revenues in fiscal years 2019, 2018 and 2017, respectively, were generated outside the United States. Most of our international revenue, cost of revenue and operating expenses are denominated in foreign currencies. Westcon-Comstor Latin America revenue is generally denominated in local currencies while cost of revenue is denominated in U.S. dollars. We presently have currency exposure arising from both sales and purchases denominated in foreign currencies. Changes in exchange rates between foreign currencies and the U.S. dollar may adversely affect our operating margins. For example, if these foreign currencies appreciate against the U.S. dollar, it will be more expensive in terms of U.S. dollars to purchase inventory or pay expenses with foreign currencies. This could have a negative impact on us if revenue related to these purchases is transacted in U.S. dollars. In addition, currency devaluation can result in our products, the majority of which are purchased by us in U.S. dollars, to be relatively more expensive to procure than products manufactured locally. In our Technology Solutions segment, we currently conduct only limited hedging activities, which involve the use of currency forward contracts. Hedging foreign currencies can be risky. Certain of these hedge positions are undesignated hedges of balance sheet exposures, such as intercompany loans, and typically have maturities of less than one year.

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In our Concentrix segment, our customer experience services are delivered from several delivery centers located around the world, with significant operations in the Philippines and India. As a result, our revenue may be earned in currencies that are different from the currencies in which we incur corresponding expenses. Fluctuations in the value of currencies, such as the Philippine Peso and the Indian Rupee against the U.S. Dollar, and inflation in the local economies in which these delivery centers are located, could increase the operating and labor costs in these delivery centers which can result in reduced profitability. Although we enter into hedging contracts in certain currencies to limit our potential foreign currency exposure, a significant decrease in the value of the contractual currency, relative to the currencies where services are provided, could have a material adverse impact on our operating results that are not fully offset by gains realized under our hedging contracts.

There is also additional risk if the currency is not freely or actively traded. Some currencies, such as the Chinese Renminbi, the Philippines Peso and the Indian Rupee, are subject to limitations on conversion into other currencies, which can limit our ability to hedge or to otherwise react to rapid foreign currency devaluations. We cannot predict the impact of future exchange rate fluctuations on our business and operating results.

We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates.

As a general rule, we do not use financial instruments to hedge local currency denominated operating expenses in countries where a natural hedge exists. For example, in many countries, revenue from the local currency services substantially offsets the local currency denominated operating expenses.

Because we conduct substantial operations in China, risks associated with economic, political and social events in China could negatively affect our business and operating results.

A substantial portion of our Technology Solutions IT systems operations, including our IT systems support and software development operations, and a portion of our Concentrix services, are located in China. In addition, we also conduct general and administrative activities from our facilities in China. Our operations in China are subject to a number of risks relating to China’s economic and political systems, including:

 

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a government controlled foreign exchange rate and limitations on the convertibility of the Chinese Renminbi;

 

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extensive government regulation;

 

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changing governmental policies relating to tax benefits available to foreign-owned businesses;

 

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the telecommunications infrastructure;

 

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a relatively uncertain legal system; and

 

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uncertainties related to continued economic and social reform.

Our IT systems are an important part of our global operations. Any significant interruption in service, whether resulting from any of the above uncertainties, natural disasters or otherwise, could result in delays in our inventory purchasing, errors in order fulfillment, reduced levels of customer service and other disruptions in operations, any of which could cause our business and operating results to suffer.

We may have higher than anticipated tax liabilities.

We conduct business globally and file income tax returns in various tax jurisdictions. Our effective tax rate could be adversely affected by several factors, many of which are outside of our control, including:

 

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changes in income before taxes in various jurisdictions in which we operate that have differing statutory tax rates;

 

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changing tax laws, regulations, and/or interpretations of such tax laws in multiple jurisdictions;

 

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effect of tax rate on accounting for acquisitions and dispositions;

 

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issues arising from tax audit or examinations and any related interest or penalties; and

 

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uncertainty in obtaining tax holiday extensions or expiration or loss of tax holidays in various jurisdictions.

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We report our results of operations based on our determination of the amount of taxes owed in various tax jurisdictions in which we operate. The determination of our worldwide provision for income taxes and other tax liabilities requires estimation, judgment and calculations where the ultimate tax determination may not be certain. Our determination of tax liability is always subject to review or examination by tax authorities in various tax jurisdictions. Any adverse outcome of such review or examination could have a negative impact on our operating results and financial condition. The results from various tax examinations and audits may differ from the liabilities recorded in our financial statements and could adversely affect our financial results and cash flows.

We have pursued and intend to continue to pursue strategic acquisitions or investments in new markets and may encounter risks associated with these activities, which could harm our business and operating results.

We have in the past pursued, and in the future expect to pursue, acquisitions of, or investments in, businesses and assets in new markets, either within or outside the IT and CE products and services industries and the customer experience services industry, that complement or expand our existing business. Our acquisition strategy involves a number of risks, including:

 

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difficulty in successfully integrating acquired operations, IT systems, customers, OEM supplier relationships, products, services and businesses with our operations;

 

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risk that the acquired businesses will fail to maintain the quality of services that we have historically provided;

 

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loss of key employees of acquired operations or inability to hire key employees necessary for our expansion;

 

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diversion of our capital and management attention away from other business issues;

 

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increase in our expenses and working capital requirements;

 

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in the case of acquisitions that we may make outside of the United States, difficulty in operating in foreign countries and over significant geographical distances;

 

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other financial risks, such as potential liabilities of the businesses we acquire; and

 

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our due diligence process may fail to identify significant issues with the acquired company’s product and service quality, financial disclosures, accounting practices or internal control deficiencies.

We may incur additional costs and certain redundant expenses in connection with our acquisitions and investments, which may have an adverse impact on our operating margins. Future acquisitions may result in dilutive issuances of equity securities, the incurrence of additional debt, large write-offs, a decrease in future profitability, or future losses. The incurrence of debt in connection with any future acquisitions could restrict our ability to obtain working capital or other financing necessary to operate our business. Our recent and future acquisitions or investments may not be successful, and if we fail to realize the anticipated benefits of these acquisitions or investments, our business and operating results could be harmed.

Our goodwill and identifiable intangible assets could become impaired, which could have a material non-cash adverse effect on our results of operations.

We recorded substantial goodwill and amortizable intangible assets as a result of our previous acquisitions. We review our goodwill and intangible assets for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. We assess whether there has been an impairment in the value of goodwill at least annually. Factors that may be considered a change in circumstances indicating that the carrying value of our goodwill or intangible assets may not be recoverable include declines in stock price, market capitalization or cash flows and slower growth rates in our industry. We could be required to record a significant charge to earnings in our financial statements during the period in which any impairment of our goodwill or intangible assets were determined, negatively impacting our results of operations.

Because of the capital-intensive nature of our Technology Solutions business, we need continued access to capital, which if not available to us or if not available on favorable terms, could harm our ability to operate or expand our business.

Our Technology Solutions business requires significant levels of capital to finance accounts receivable and product inventory that is not financed by trade creditors. If cash from available sources is insufficient, proceeds from our accounts receivable securitization and revolving credit programs are limited or cash is used for unanticipated needs, we may require additional capital sooner than anticipated.

In the event we are required, or elect, to raise additional funds, including as a result of the separation, we may be unable to do so on favorable terms, or at all, and may incur expenses in raising the additional funds. Our current and future indebtedness could adversely affect our operating results and severely limit our ability to plan for, or react to, changes in our business or industry. We could also be limited by financial and other restrictive covenants in securitization or credit arrangements, including limitations on our borrowing of additional funds and issuing dividends. Furthermore, the cost of securitization or debt financing could significantly increase in the future, including as a result of the separation, making it cost prohibitive to securitize our accounts receivable or borrow, which could force us to issue new equity securities. If we issue new equity securities, existing stockholders may experience dilution,

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or the new equity securities may have rights, preferences or privileges senior to those of existing holders of common stock. If we cannot raise funds on acceptable terms, we may not be able to take advantage of future opportunities or respond to competitive pressures or unanticipated requirements. Any inability to raise additional capital when required could have an adverse effect on our business and operating results.

The terms of our debt arrangements impose significant restrictions on our ability to operate which in turn could negatively affect our ability to respond to business and market conditions and therefore could have an adverse effect on our business and operating results.

As of November 30, 2019, we had $3.0 billion in outstanding short and long-term borrowings under term loans, lines of credit, accounts receivable securitization programs and capital leases, excluding trade payables. The terms of one or more of the agreements under which this indebtedness was incurred may limit or restrict, among other things, our ability to:

 

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incur additional indebtedness;

 

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make investments;

 

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pay dividends or make certain other restricted payments;

 

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repurchase common stock;

 

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consummate certain asset sales or acquisitions;

 

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enter into certain transactions with affiliates; and

 

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merge, consolidate or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of our assets.

We are also required to maintain specified financial ratios and satisfy certain financial condition tests under certain of our debt facilities. Our inability to meet these ratios and tests, including as a result of the separation, could result in the acceleration of the repayment of the related debt, termination of the applicable facility, an increase in our effective cost of funds or the cross-default of other credit and securitization arrangements. As a result, our ability to operate may be restricted and our ability to respond to business and market conditions may be limited, which could have an adverse effect on our business and operating results.

We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations, which could adversely affect our business.

Our ability to make scheduled debt payments or to refinance our debt obligations depends on our financial and operating performance, which is subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control. We cannot be certain that we will maintain a level of cash flows from operating activities sufficient to permit us to pay the principal and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, including as a result of the separation, we may be forced to reduce or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot be certain that we would be able to take any of these actions, that these actions would be successful and permit us to meet our scheduled debt service obligations or that these actions would be permitted under the terms of our existing or future debt agreements. In the absence of such operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. Some of our credit facilities restrict our ability to dispose assets and use the proceeds from such disposition. As such, we may not be able to consummate those dispositions or use any resulting proceeds and, in addition, such proceeds may not be adequate to meet any debt service obligations then due.

If we cannot make scheduled payments on our debt, we will be in default and, as a result:

 

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our lenders could declare all outstanding principal and interest to be due and payable;

 

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the lenders under our credit agreements could terminate their commitments to loan us money and, in the case of our secured credit agreements, foreclose against the assets securing their borrowings;

 

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we could be forced to raise additional capital through the issuance of additional, potentially dilutive securities; and

 

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we could be forced into bankruptcy or liquidation, which is likely to result in delays in the payment of our indebtedness and in the exercise of enforcement remedies related to our indebtedness.

If the interest rates on our borrowings increase, our access to capital and net income could be adversely affected.

Our borrowings and securitization arrangements are variable-rate obligations and expose us to interest rate risks. If interest rates increase, debt service obligations and our interest expense will increase even though the amount borrowed remains the same. Our net income and cash flows, including cash available for servicing indebtedness, will correspondingly decrease.

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An increase in interest rates may increase our future borrowing costs and restrict our access to capital. Additionally, current market conditions, the recovering global economy, and overall credit conditions could limit our availability of capital, which could cause increases in interest margin spreads over underlying indices, effectively increasing the cost of our borrowing. While some of our credit facilities have contractually negotiated spreads, any changes to these spreads in connection with renegotiations of our credit facilities could adversely affect our results of operations.

We have entered into interest rate swaps with financial institutions to effectively convert a portion of our floating rate debt to a fixed interest rate to manage our exposure to fluctuations in interest rates. In the event of the nonperformance by the counterparties, we are exposed to credit losses.

A portion of our revenue is financed by floor plan financing companies and any termination or reduction in these financing arrangements could increase our financing costs and harm our business and operating results.

A portion of our product distribution revenue is financed by floor plan financing companies. Floor plan financing companies are engaged by our customers to finance, or floor, the purchase of products from us. In exchange for a fee, we transfer the risk of loss on the sale of our products to the floor plan companies. We currently receive payment from these financing companies within approximately 15 to 30 days from the date of the sale, which allows our business to operate at much lower relative working capital levels than if such programs were not available. If these floor plan arrangements are terminated or substantially reduced, the need for more working capital and the increased financing cost could harm our business and operating results.

We have significant credit exposure to our customers, and negative trends in their businesses could cause us significant credit loss and negatively impact our cash flow and liquidity position.

We extend credit to our customers for a significant portion of our sales to them and they have a period of time, generally 30 days after the date of invoice, to make payment. However, in certain cases, for some of our larger customers, we offer longer terms of payment. As a result, we are subject to the risk that our customers will not pay on time or at all. Our credit exposure risk may increase due to financial difficulties or liquidity or solvency issues experienced by our customers, resulting in their inability to repay us. The liquidity or solvency issues may increase as a result of an economic downturn or a decrease in IT or CE spending by end-users. If we are unable to collect payments in a timely manner from our customers due to changes in financial or economic conditions, or for other reasons, and we are unable to collect under our credit insurance policies, we may write-off the amount due from the customers. These write-offs may result in credit insurance being more expensive and on terms that are less favorable to us and may negatively impact our ability to utilize accounts receivable-based financing. In addition, the failure of customers to pay within a specified time period after the date of an invoice could result in defaults under our accounts receivable securitization program. These circumstances could negatively impact our cash flow and liquidity position, or result in the cross-default to our other indebtedness and acceleration of the repayment of our indebtedness. Further, we are exposed to higher collection risk as we continue to expand internationally, where the payment cycles are generally longer and the credit rating process may not be as robust as in the United States, and where our access to accounts receivable financing is more limited.

We are dependent on a variety of IT and telecommunications systems and the Internet, and any failure of these systems could adversely impact our business and operating results.

We depend on IT and telecommunications systems and the Internet for our operations. These systems support a variety of functions including inventory management, order processing, shipping, shipment tracking, billing, and our Concentrix business.

Failures or significant downtime of our IT or telecommunications systems could prevent us from taking customer orders, printing product pick-lists, shipping products, billing customers and handling call volume. Frequent or prolonged interruption in our ability to provide service in our Concentrix business would adversely affect our client relationships and damage our reputation. Sales also may be affected if our reseller and retail customers are unable to access our pricing and product availability information. We also rely on the Internet, and in particular EDI and XML, for a large portion of our orders and information exchanges with our OEM suppliers and reseller and retail customers. The Internet and individual websites have experienced a number of disruptions and slowdowns, some of which were caused by organized attacks. In addition, some websites have experienced security breakdowns. If we were to experience a security breakdown, disruption or breach that compromised sensitive information, it could harm our relationship with our OEM suppliers and reseller and retail customers. Disruption of our website or the Internet in general could impair our order processing or more generally prevent our OEM suppliers and reseller and retail customers from accessing information. Our Concentrix business is dependent upon telephone and data services provided by third party telecommunications service vendors and our IT and telecommunications systems. Any significant increase in our IT and telecommunications costs or temporary or permanent loss of our IT or telecommunications systems could harm our relationships with our customers. The occurrence of any of these events could have an adverse effect on our operations and financial results.

Cyberattacks or the improper disclosure or control of personal information could result in liability and harm our reputation, which could adversely affect our business.

Our business is heavily dependent upon information technology networks and systems. Internal or external attacks on those networks and systems could disrupt our normal operations centers and impede our ability to provide critical products and services to our customers and clients, subjecting us to liability under our contracts and damaging our reputation.

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Our business also involves the use, storage and transmission of information about our employees, our clients and customers of our clients. If any person, including any of our employees, negligently disregards or intentionally breaches our established controls with respect to such data or otherwise mismanages or misappropriates that data, we could be subject to monetary damages, fines or criminal prosecution. Unauthorized disclosure of sensitive or confidential client or customer data, whether through system failure, employee negligence, fraud or misappropriation, along with unauthorized access to or through our information systems or those we develop for clients, whether by our employees or third parties, could result in negative publicity, loss of clients, legal liability and damage to our reputation, business, results of operations and financial condition.

While we take measures to protect the security of, and prevent unauthorized access to, our systems and personal and proprietary information, the security controls for our systems, as well as other security practices we follow, may not prevent improper access to, or disclosure of, personally identifiable or proprietary information. Furthermore, data privacy is subject to frequently changing rules and regulations, which sometimes conflict among the various jurisdictions and countries in which we provide services. The General Data Protection Regulation (GDPR) in Europe, the Data Privacy Act in Philippines, the California Consumer Privacy Act and other similar laws have resulted, and will continue to result, in increased compliance costs. Our failure to adhere to or successfully implement processes in response to these and other changing regulatory requirements in this area could result in legal liability or impairment to our reputation in the marketplace, which could have a material adverse effect on our business, financial condition and results of operations.

We rely on independent shipping companies for delivery of products, and price increases or service interruptions from these carriers could adversely affect our business and operating results.

We rely almost entirely on arrangements with independent shipping companies, such as FedEx and UPS, for the delivery of our products from OEM suppliers and delivery of products to reseller and retail customers. Freight and shipping charges can have a significant impact on our gross margin. As a result, an increase in freight surcharges due to rising fuel cost or general price increases will have an immediate adverse effect on our margins, unless we are able to pass the increased charges to our reseller and retail customers or renegotiate terms with our OEM suppliers. In addition, in the past, carriers have experienced work stoppages due to labor negotiations with management. An increase in freight or shipping charges, the termination of our arrangements with one or more of these independent shipping companies, the failure or inability of one or more of these independent shipping companies to deliver products, or the unavailability of their shipping services, even temporarily, could have an adverse effect on our business and operating results.

Because of the experience of our key personnel in the IT, CE and the customer experience services industries and their technological and industry expertise, if we were to lose any of our key personnel, it could inhibit our ability to operate and grow our business successfully.

We are dependent in large part on our ability to retain the services of our key senior executives and other technological and industry experts and personnel. Except for Dennis Polk, our President and Chief Executive Officer, we generally do not have employment agreements with our executives or employees. We also do not carry “key person” insurance coverage for any of our key executives. We compete for qualified senior management and technical personnel. The loss of, or inability to hire, key executives or qualified employees could inhibit our ability to operate and grow our business successfully.

We may experience theft of product from our warehouses, water damage to our properties and other casualty events which could harm our operating results.

From time to time, we have experienced incidents of theft at various facilities, water damages to our properties and other casualty events. These types of incidents may make it more difficult or expensive for us to obtain insurance coverage in the future. Also, the same or similar incidents may occur in the future for which we may not have sufficient insurance coverage or policy limits to be fully compensated for the loss, which may have an adverse effect on our business and financial results.

We may become involved in intellectual property or other disputes that could cause us to incur substantial costs, divert the efforts of our management, and require us to pay substantial damages or require us to obtain a license, which may not be available on commercially reasonable terms, if at all.

From time to time, we receive notifications alleging infringements of intellectual property rights allegedly held by others relating to our business or the products we sell or integrate for our OEM suppliers and others. Litigation with respect to patents or other intellectual property matters could result in substantial costs and diversion of management and other resources and could have an adverse effect on our business. Although we generally have various levels of indemnification protection from our OEM suppliers and design and integration solutions customers, in many cases any indemnification to which we may be entitled is subject to maximum limits or other restrictions.

In addition, we have developed proprietary IT systems, mobile applications, and cloud-based technology and acquired technologies that play an important role in our business. If any infringement claim is successful against us and if indemnification is not available or sufficient, we may be required to pay substantial damages or we may need to seek and obtain a license of the other party’s intellectual property rights. We may be unable to obtain such a license on commercially reasonable terms, if at all.

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We are from time to time involved in other litigation in the ordinary course of business. We may not be successful in defending these or other claims. Regardless of the outcome, litigation could result in substantial expense and could divert the efforts of our management.

We have significant operations concentrated in North and Latin America, Asia-Pacific and Europe and any disruption in the operations of our facilities could harm our business and operating results.

Our worldwide operations could be subject to natural disasters, adverse weather conditions and other business disruptions, which could seriously harm our revenue and financial condition and increase our costs and expenses. We have significant operations in our facilities located in North and Latin America, Asia-Pacific and Europe. As a result, any prolonged disruption in the operations of our facilities, whether due to technical difficulties, power failures, break-ins, destruction or damage to the facilities as a result of a natural disaster, fire or any other reason, could harm our operating results. If there are related disruptions in local or international supply chains, we may experience supply shortages or delays in receiving products from our OEM suppliers or experience other delays in shipping to our customers. If we are unable to fulfill customer requirements in a timely manner, this could harm our operating results. For example, our Philippines operation is at greater risk due to adverse weather conditions, such as typhoons, mudslides and floods. We currently have a disaster recovery plan and business interruption insurance; however, they may not be sufficient to compensate for losses that may occur.

Global health and economic, political and social conditions may harm our ability to do business, increase our costs and negatively affect our stock price.

Worldwide economic conditions remain uncertain due to adverse consequences concerning the United States and China trade negotiations, the United Kingdom’s impending exit from the European Union, United States federal government budget disruptions, market volatility as a result of political leadership in certain countries and other disruptions to global and regional economies and markets. External factors, such as potential terrorist attacks, acts of war, geopolitical and social turmoil or epidemics and other similar outbreaks in many parts of the world, could prevent or hinder our ability to do business, increase our costs and negatively affect our stock price. More generally, these geopolitical, social and economic conditions could result in increased volatility in the United States and worldwide financial markets and economy. For example, increased instability may enhance volatility in currency exchange rates, cause our customers or potential customers to delay or reduce spending on our products or services, and limit our suppliers’ access to credit. It could also adversely impact our ability to obtain adequate insurance at reasonable rates and may require us to incur increased costs for security measures for our domestic and international operations. We are predominantly uninsured for losses and interruptions caused by terrorism, acts of war and similar events. These uncertainties make it difficult for us and our suppliers and customers to accurately plan future business activities.

Part of our business is conducted outside of the United States, exposing us to additional risks that may not exist in the United States, which in turn could cause our business and operating results to suffer.

We have significant international operations and presence which subjects us to risks, including:

 

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political or economic instability;

 

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extensive governmental regulation;

 

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changes in import/export duties;

 

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fluctuation in foreign currency exchange rates;

 

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trade restrictions;

 

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compliance with the Foreign Corrupt Practices Act, U.K. bribery laws and similar laws;

 

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difficulties and costs of staffing and managing operations in certain foreign countries;

 

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work stoppages or other changes in labor conditions;

 

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minimum wage increases;

 

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difficulties in collecting accounts receivable on a timely basis or at all;

 

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taxes; and

 

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seasonal reductions in business activity in some parts of the world.

We may continue to expand internationally to respond to competitive pressure and customer and market requirements. Establishing operations in any foreign country or region presents risks such as those described above as well as risks specific to the particular country or region. In addition, until a payment history is established over time with customers in a new geography or region,

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the likelihood of collecting accounts receivable generated by such operations could be less than our expectations. As a result, there is a greater risk that reserves set with respect to the collection of such accounts receivable may be inadequate. Furthermore, if our international expansion efforts in any foreign country are unsuccessful, we may decide to cease operations, which would likely cause us to incur additional expense and loss.

In addition, changes in policies or laws of the United States or foreign governments resulting in, among other things, higher taxation, currency conversion limitations, restrictions on fund transfers or the expropriation of private enterprises, could reduce the anticipated benefits of our international expansion. Any actions by countries in which we conduct business to reverse policies that encourage foreign trade or investment could adversely affect our business. If we fail to realize the anticipated growth of our future international operations, our business and operating results could suffer.

The concentration of ownership of our common stock among our executive officers, directors and principal stockholders could allow them to influence all matters requiring stockholder approval and could delay or prevent a change in control of SYNNEX.

As of November 30, 2019, our executive officers, directors and principal stockholders owned approximately 20% of our outstanding common stock. In particular, MiTAC Holdings Corporation (“MiTAC Holdings”) and its affiliates owned approximately 18% of our common stock. MiTAC Holdings is a publicly-traded company on the Taiwan Stock Exchange. As a result, these stockholders have the potential ability to influence or control matters requiring stockholder approval, including the election of directors and the approval of mergers and acquisitions, or exert influence on actions of our Board of Directors. This concentration of ownership may have the effect of delaying, preventing or deterring a change of control of our company, could deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company and might ultimately affect the market price of our common stock.

There could be potential conflicts of interest between us and MiTAC Holdings and its affiliates, which could affect our business and operating results.

MiTAC Holdings’ and its affiliates’ continuing beneficial ownership of our common stock could create conflicts of interest with respect to a variety of matters, such as potential acquisitions, competition, issuance or disposition of securities, election of directors, payment of dividends and other business matters. For example, we currently purchase inventories from MiTAC Holdings. Similar risks could exist as a result of Matthew Miau’s positions as our Chairman Emeritus, a member of our Board of Directors, the Chairman of MiTAC Holdings and as a director or officer of MiTAC Holdings’ affiliates. For fiscal year 2019, Mr. Miau received the same compensation as our independent directors and during fiscal year 2020 Mr. Miau will receive the same compensation as our independent directors. Mr. Miau’s compensation as one of our directors is based upon the approval of the Nominating and Corporate Governance Committee, which is solely composed of independent members of the Board of Directors. We also have adopted a policy requiring material transactions in which any of our directors has a potential conflict of interest to be approved by our Audit Committee, which is also composed of independent members of the Board of Directors.

Synnex Technology International Corp., or Synnex Technology International, a publicly-traded company based in Taiwan and affiliated with MiTAC Holdings, currently provides distribution and fulfillment services to various markets in Asia and Australia, and is also a potential competitor of ours. As of November 30, 2019, MiTAC Incorporated, a privately-held company based in Taiwan and a separate entity from MiTAC Holdings, directly and indirectly owned approximately 14.4% of Synnex Technology International and approximately 7.8% of MiTAC Holdings. As of November 30, 2019, MiTAC Holdings directly and indirectly owned 0.8% of Synnex Technology International. In addition, MiTAC Holdings directly and indirectly owned approximately 8.7% of MiTAC Incorporated and Synnex Technology International directly and indirectly owned approximately 18.4% of MiTAC Incorporated as of November 30, 2019. Synnex Technology International indirectly through its ownership of Peer Developments Limited owned approximately 7.5% of our outstanding common stock as of November 30, 2019. Neither MiTAC Holdings, nor Synnex Technology International is restricted from competing with us. In the future, we may increasingly compete with Synnex Technology International, particularly if our business in Asia expands or Synnex Technology International expands its business into geographies or customers we serve. Although Synnex Technology International is a separate entity from us, it is possible that there will be confusion as a result of the similarity of our names. Moreover, we cannot limit or control the use of the Synnex name by Synnex Technology International in certain geographies and our use of the Synnex name may be restricted as a result of registration of the name by Synnex Technology International or the prior use in jurisdictions where it currently operates.

Volatility in the IT and CE industries could have a material adverse effect on our business and operating results.

We have in the past, experienced decreases in demand and we anticipate that the industries we operate in will be subject to a high degree of cyclicality in the future. Softening demand for our products and services caused by an ongoing economic downturn and over-capacity may impact our revenue, as well the salability of inventory and collection of reseller and retail customer accounts receivable. In addition, if we are not able to adequately adapt to the emergence of new technology or customer demand, such as cloud-based IT infrastructure and software-as-a-service, our future operating results could be adversely affected.

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We are subject to intense competition in the Technology Solutions and Concentrix businesses, both in the United States and internationally, and if we fail to compete successfully, we will be unable to gain or retain market share.

We operate in a highly competitive environment, both in the United States and internationally. This competition is based primarily on product and service availability, credit availability, price, speed of delivery, ability to tailor specific solutions to customer needs, quality and depth of product and service lines, pre-sales and post-sales technical support, flexibility and timely response to design changes, and technological capabilities, service and support. We compete with a variety of regional, national and international IT and CE product and service providers and contract manufacturers and assemblers and providers of customer experience services. In some instances, we also compete with our own customers, our own OEM suppliers and MiTAC Holdings and its affiliates.

Our primary competitors are substantially larger and have greater financial, operating, manufacturing and marketing resources than us. Some of our competitors may have broader geographic breadth and range of services than us and may have more developed relationships with their existing customers. We may lose market share in the United States or in international markets, or may be forced in the future to reduce our prices in response to the actions of our competitors and thereby experience a reduction in our gross margins.

In addition, in our Concentrix business, we also face competition from our clients. For example, some of our clients may have internal capabilities and resources to provide their own customer contact centers. Furthermore, pricing pressures and quality of services could impact our business adversely. Our ability to provide a high quality of service is dependent on our ability to retain and properly train our employees and to continue investing in our infrastructure, including IT and telecommunications systems.

We may initiate other business activities, including the broadening of our supply chain capabilities, and may face competition from companies with more experience in those new areas. In addition, as we enter new areas of business, we may also encounter increased competition from current competitors or from new competitors, including some that may once have been our OEM suppliers or reseller and retail customers. Increased competition and negative reaction from our OEM suppliers or reseller and retail customers resulting from our expansion into new business areas could harm our business and operating results.

Our business may be adversely affected by some OEM suppliers’ strategies to consolidate business or increase their direct sales, which in turn could cause our business and operating results to suffer.

A determination by any of our primary OEMs to consolidate their business with other distributors or integration service providers could negatively affect our business and operating results. Consolidation of OEM suppliers has resulted in fewer sources for some of the products and services that we distribute. This consolidation has also resulted in larger OEM suppliers that have significant operating and financial resources. Other suppliers may reduce or eliminate promotional activities to reduce their expenses, which could, in turn, result in declined demand from our reseller or retailer customers and end-users.

Some OEM suppliers, including some of the leading OEM suppliers that we service, have been selling products and services directly to reseller and retail customers and end-users, thereby limiting our business opportunities. If large OEM suppliers increasingly sell directly to end-users or our resellers and retailers, rather than use us as the distributor of their products and services, our business and operating results will suffer.

The IT and CE industries are subject to rapidly changing technologies and process developments, and we may not be able to adequately adjust our business to these changes, which in turn would harm our business and operating results.

Dynamic changes in the IT and CE industries, including the consolidation of OEM suppliers and reductions in the number of authorized distributors used by OEM suppliers, have resulted in new and increased responsibilities for management personnel and have placed, and continue to place, a significant strain upon our management, operating and financial systems and other resources. We may be unable to successfully respond to and manage our business in light of industry developments and trends. As end-users migrate to cloud-based IT infrastructure and software-as-a-service, sales of hardware products may be reduced, thereby negatively impacting our operating results. Also crucial to our success in managing our operations is our ability to achieve additional economies of scale. Our failure to achieve these additional economies of scale or to respond to changes in the IT and CE industries could adversely affect our business and operating results.

If we are unable to maintain effective internal control over financial reporting, our ability to report our financial results on a timely and accurate basis may be adversely affected, which in turn could cause the market price of our common stock to decline.

Section 404 of the Sarbanes-Oxley Act of 2002 requires our management to report on, and our independent registered public accounting firm to attest to, the effectiveness of our internal control structure and procedures for financial reporting. We completed an evaluation of the effectiveness of our internal control over financial reporting for fiscal year 2019, and we have an ongoing program to perform the system and process evaluation and testing necessary to continue to comply with these requirements. However, internal control over financial reporting has inherent limitations, including human error, the possibility that controls could be circumvented or become inadequate because of changed conditions, and fraud. Because of the inherent limitations, misstatements due to error or fraud may occur and may not always be prevented or timely detected. We expect to continue to incur significant expense and to devote management resources to Section 404 compliance. In the event that one of our Chief Executive Officer, Chief Financial Officer or

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independent registered public accounting firm determines that our internal control over financial reporting is not effective as defined under Section 404, investor perceptions and our reputation may be adversely affected, and the market price of our stock could decline.

Changes to financial accounting standards may affect our results of operations and cause us to change our business practices.

We prepare our financial statements to conform to generally accepted accounting principles in the United States (“GAAP”). These accounting principles are subject to interpretation by the Financial Accounting Standards Board, American Institute of Certified Public Accountants, the SEC and various bodies formed to interpret and create appropriate accounting policies. A change in those policies can have a significant effect on our reported results and may affect our reporting of transactions completed before a change is announced. Changes to those rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business.

 

Risks Relating to the Proposed Separation

Our plan to separate into two independent publicly-traded companies is subject to various risks and uncertainties and may not be completed in accordance with the expected plans or anticipated timeline, or at all, and will involve significant time and expense, which could disrupt or adversely affect our business.

On January 9, 2020, we announced plans to separate into two independent publicly-traded companies. The separation, which is currently targeted to be completed in the second half of 2020, is subject to certain closing conditions, including final approval of the SYNNEX Board of Directors, the receipt of favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission. Unanticipated developments, including changes in the competitive conditions of SYNNEX’ and Concentrix’ respective markets, possible delays in obtaining tax opinions, the uncertainty of the financial markets and challenges in executing the separation, could delay or prevent the completion of the proposed separation, or cause the proposed separation to occur on terms or conditions that are different or less favorable than expected.     

We expect that the process of completing the proposed separation will be time-consuming and involve significant costs and expenses, which may be significantly higher than what we currently anticipate and may not yield a discernible benefit if the separation is not completed. Executing the proposed separation will require significant time and attention from our senior management and employees, which could adversely affect our business, financial results and results of operations. We may also experience increased difficulties in attracting, retaining and motivating employees during the pendency of the separation and following its completion, which could harm our businesses.

The separation may not achieve some or all of the anticipated benefits.

We may not realize some or all of the anticipated strategic, financial, operational, marketing or other benefits from the separation, or such benefits may be delayed by a variety of circumstances, which may not be under the control of SYNNEX or Concentrix. As independent publicly-traded companies, SYNNEX and Concentrix will be smaller, less diversified companies with a narrower business focus and may be more vulnerable to changing market conditions, which could materially and adversely affect their respective business, financial condition and results of operations. Further, there can be no assurance that the combined value of the common stock of the two publicly-traded companies will be equal to or greater than what the value of our common stock would have been had the proposed separation not occurred.

The proposed separation may result in disruptions to, and negatively impact our relationships with, our customers and other business partners.

Parties with which we do business may experience uncertainty associated with the separation, including with respect to current or future business relationships with us. Our business relationships may be subject to disruption as clients, vendors and others may attempt to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us. These disruptions could have a material and adverse effect on the businesses, financial condition, results of operations or prospects of the combined business, including a material and adverse effect on our ability to realize the anticipated benefits of the separation.

The separation could result in substantial tax liability.

We intend to obtain an opinion to the effect that, for U.S. federal income tax purposes, the separation will qualify, for both SYNNEX and its stockholders, as a tax-free reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the U.S. Internal Revenue Code of 1986, as amended. The opinion will be based, among other things, on various factual assumptions and

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representations we have made. If any of these assumptions or representations are, or become, inaccurate or incomplete, reliance on the opinion may be affected and the separation could be taxable to SYNNEX and its stockholders. The opinion we will receive will not be binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will not challenge the conclusions reflected in the opinion or that a court would not sustain such a challenge.

The separation could negatively impact our access to capital and the terms of our borrowing arrangements, which in turn would have an adverse effect on our business and operating results.

The provisions of our term loans, lines of credit, accounts receivable securitization programs and capital leases (excluding trade payables) may require that we amend the terms of our borrowings due to the separation, and we may not be able to secure terms that are as favorable as those received prior to the separation. Additionally, as a result of the separation and the resulting decreased revenue diversification and decreased earnings we may become unable to satisfy certain financial condition tests or maintain specified financial ratios that are required under our debt facilities, which could result in the acceleration of the repayment of debt (including as a result of cross-defaults under other arrangements), termination of the applicable facility or an increase in our effective cost of funds.  As a result, our ability to operate would be restricted, which would have an adverse effect on our business and operating results.

Item 1B. Unresolved Staff Comments

None.

 

Item 2. Properties

Our principal executive offices are located in Fremont, California, and are owned by us. We operate distribution, integration, contact center and administrative facilities in different countries.

Our Technology Solutions segment occupies approximately 65 facilities covering approximately 5.8 million square feet and includes warehouse, logistics and administrative facilities. We own approximately 2.1 million square feet of property and lease the remainder.

Our Concentrix segment occupies approximately 275 facilities comprising service and delivery centers and administrative facilities covering approximately 16.6 million square feet. We own approximately 1.3 million square feet and lease the remainder.

We have sublet unused portions of some of our facilities. We believe our facilities are well maintained and adequate for current and near future operating needs. Upon the expiration or termination of any of our leased facilities, we believe we could obtain comparable office space.

We are from time to time involved in legal proceedings in the ordinary course of business. We do not believe that these proceedings will have a material adverse effect on the results of our operations, our financial position or the cash flows of our business.

In addition, we have been involved in various bankruptcy preference actions where we were a supplier to the companies now in bankruptcy. These preference actions are filed by the bankruptcy trustee on behalf of the bankrupt estate and generally seek to have payments made by the debtor within 90 days prior to the bankruptcy returned to the bankruptcy estate for allocation among all of the bankruptcy estate’s creditors. We are not currently involved in any material preference proceedings.

Item 4. Mine Safety Disclosures

Not applicable.

Information About our Executive Officers

The following table sets forth information regarding our executive officers as of November 30, 2019:

 

Name

 

Age

 

Position

 

Dennis Polk

 

53

 

President, Chief Executive Officer and a Director

Michael Urban

 

55

 

President, Worldwide Technology Solutions Distribution

Peter Larocque

 

58

 

President, North American Technology Solutions

Marshall Witt

 

54

 

Chief Financial Officer

Christopher Caldwell

 

47

 

Executive Vice President; President, Concentrix Corporation

Simon Leung

 

54

 

Senior Vice President; General Counsel and Corporate Secretary

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Dennis Polk is our President and Chief Executive Officer and has served in this capacity since March 2018. Mr. Polk is also a Director and has served in this capacity since February 2012. Mr. Polk previously served as our Chief Operating Officer, Chief Financial Officer and Senior Vice President of Corporate Finance since joining us in February 2002.

Michael Urban is our President of Worldwide Technology Solutions Distribution and has served in this capacity since February 2019. Prior to joining SYNNEX, Mr. Urban was Corporate Vice President of Strategy, Transformation, and Global Vendor Management of Tech Data Corporation from September 2012 until January 2019. Prior to Tech Data Corporation, Mr. Urban served in progressive leadership roles including Chairman and Chief Executive Officer at Actebis. Mr. Urban received a Bachelor of Science degree in Engineering from Paderborn University in Germany.

Peter Larocque is President, North American Technology Solutions and has served in this capacity since November 2013, having previously served as President of U.S. Distribution since July 2006, Executive Vice President of Distribution since June 2001, and Senior Vice President of Sales and Marketing from September 1997 until June 2001. Mr. Larocque is responsible for SYNNEX’ North American Technology Solutions business. He received a Bachelor of Science degree in Economics from the University of Western Ontario, Canada.

Marshall Witt is our Chief Financial Officer and has served in this capacity since April 2013. Prior to joining SYNNEX, Mr. Witt was Senior Vice President of Finance and Controller with FedEx Freight. During his fifteen year tenure with FedEx Corporation, Mr. Witt held progressive financial and operational roles. Prior to FedEx Corporation, he held accounting and finance leadership positions including five years with KPMG LLP as an audit manager for banking and transportation clients. Mr. Witt holds a Bachelor of Business Administration in Finance from Pacific Lutheran University and a Masters in Accounting from Seattle University and is a Certified Public Accountant.

Christopher Caldwell is Executive Vice President and President of Concentrix Corporation and has served in this capacity since February 2014. He previously served as President of Concentrix Corporation from June 2012 to February 2014, Senior Vice President and General Manager of Concentrix Corporation from March 2007 to June 2012, and Senior Vice President, Global Business Development from March 2007 to June 2012. Mr. Caldwell joined SYNNEX in 2004 as Vice President, Emerging Business through the acquisition of EMJ Data Systems Ltd.

Simon Leung is our Senior Vice President, General Counsel and Corporate Secretary and has served in this capacity since May 2001. Mr. Leung joined SYNNEX in November 2000 as Corporate Counsel. Prior to SYNNEX, Mr. Leung was an attorney at the law firm of Paul, Hastings, Janofsky & Walker LLP. Mr. Leung received a Bachelor of Arts degree from the University of California, Davis in International Relations and his Juris Doctor degree from the University of Minnesota Law School.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock, par value $0.001, is traded on the New York Stock Exchange, or NYSE, under the symbol “SNX.”

As of January 24, 2020, our common stock was held by approximately 5,000 stockholders of record. Because many of the shares of our common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial owners represented by these stockholders of record.

Stock Price Performance Graph

The stock price performance graph below, which assumes a $100 investment on November 30, 2014, compares our cumulative total stockholder return, the NYSE Composite Index, S&P Midcap 400 Index, Computer and Peripheral Equipment index and a peer group of our Concentrix segment for the period beginning November 30, 2014 through November 30, 2019. The Computer and Peripheral Equipment index is based on the Standard Industrial Classification Code 5045—Wholesale Computer and Computer Peripheral Equipment and Software. The companies selected to form the Concentrix peer group index include Accenture plc, Genpact Limited, Teleperformance S.A., TTEC Holdings Inc., Conduent Inc., Transcosmos Inc., Sykes Enterprises, Inc., and Globant S.A. The closing price per share of our common stock was $122.81 on November 30, 2019. The comparisons in the table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock.

 

 

 

Fiscal Years Ended

 

 

 

11/30/2014

 

 

11/30/2015

 

 

11/30/2016

 

 

11/30/2017

 

 

11/30/2018

 

 

11/30/2019

 

SYNNEX Corporation

 

$

100.00

 

 

$

132.92

 

 

$

166.36

 

 

$

195.50

 

 

$

117.53

 

 

$

181.47

 

NYSE Composite Index

 

$

100.00

 

 

$

97.48

 

 

$

104.39

 

 

$

124.84

 

 

$

126.43

 

 

$

141.33

 

S&P Midcap 400 Index

 

$

100.00

 

 

$

102.92

 

 

$

116.54

 

 

$

138.13

 

 

$

138.79

 

 

$

151.09

 

Computers and Peripheral Equipment

 

$

100.00

 

 

$

115.14

 

 

$

139.68

 

 

$

162.42

 

 

$

130.34

 

 

$

184.42

 

Concentrix Peer Group

 

$

100.00

 

 

$

127.93

 

 

$

143.15

 

 

$

183.19

 

 

$

202.56

 

 

$

255.46

 

 

Securities Authorized for Issuance under Equity Compensation Plans

Information regarding the Securities Authorized for Issuance under Equity Compensation Plans can be found under Item 12 of this Report.

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Dividends

On September 29, 2014, we announced the initiation of a quarterly cash dividend. Since then, dividends have been declared in January, March, June and September and paid at the end of January, April, July and October. Dividends declared per share by fiscal quarter in 2019 and 2018 were as follows:

 

 

 

Fiscal Years Ended

 

 

 

2019

 

 

2018

 

First Quarter

 

$

0.375

 

 

$

0.350

 

Second Quarter

 

$

0.375

 

 

$

0.350

 

Third Quarter

 

$

0.375

 

 

$

0.350

 

Fourth Quarter

 

$

0.375

 

 

$

0.350

 

 

On January 9, 2020, we announced a cash dividend of $0.40 per share to stockholders of record as of January 24, 2020, payable on January 31, 2020. Dividends are subject to continued capital availability, compliance with the covenants and conditions in some of our credit facilities and the declaration by our Board of Directors in the best interest of our stockholders.

Purchases of Equity Securities

In June 2017, our Board of Directors authorized a three-year $300,000,000 share repurchase program, effective July 1, 2017, pursuant to which we may repurchase our outstanding common stock from time to time in the open market or through privately negotiated transactions. During the fiscal year ended November 30, 2019, we repurchased shares of our common stock aggregating 159,930 for an aggregate purchase price of $15,184,260. As of November 30, 2019, we had repurchased 839,517 shares of our common stock for a total cost of $81,171,706 since inception of the stock repurchase program, and the remaining authorized amount for stock repurchases under this program is $218,828,294. The share purchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.

Item 6. Selected Financial Data

The following selected consolidated financial data are qualified by reference to, and should be read together with, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 of this Report and the Consolidated Financial Statements and related Notes included in Item 8 of this Report. The selected Consolidated Statements of Operations and other data presented below for fiscal years 2019, 2018 and 2017 and the consolidated balance sheet data as of November 30, 2019 and 2018 have been derived from our audited Consolidated Financial Statements included elsewhere in this Report. The Consolidated Statements of Operations and other data for fiscal years 2016 and 2015 and the Consolidated Balance Sheet data as of November 30, 2017, 2016 and 2015 have been derived from our Consolidated Financial Statements that are not included in this Report. The Consolidated Statements of Operations data include the operating results from our acquisitions from the closing date of each acquisition. Historical operating results are not necessarily indicative of the results that may be expected for any future period. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Notes 2 and 3 to our Consolidated Financial Statements included elsewhere in this Report for a discussion of factors, such as business combinations and the adoption of new accounting guidance, that affect the comparability of the following selected consolidated financial data.

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Statements of Operations Data: (in thousands,

   except per share amounts)

 

 

 

 

 

(As adjusted)(1)

 

 

(As adjusted)(1)

 

 

 

 

 

 

 

 

 

Revenue

 

$

23,757,293

 

 

$

19,767,945

 

 

$

16,771,128

 

 

$

14,061,837

 

 

$

13,338,397

 

Gross profit

 

 

2,897,917

 

 

 

1,926,899

 

 

 

1,549,312

 

 

 

1,282,965

 

 

 

1,191,791

 

Operating income

 

 

813,761

 

 

 

550,236

 

 

 

507,337

 

 

 

379,596

 

 

 

354,552

 

Net income

 

 

500,712

 

 

 

299,981

 

 

 

300,240

 

 

 

235,005

 

 

 

208,607

 

Earnings per share attributable to SYNNEX

   Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

9.79

 

 

$

7.21

 

 

$

7.52

 

 

$

5.91

 

 

$

5.28

 

Diluted:

 

$

9.74

 

 

$

7.17

 

 

$

7.48

 

 

$

5.88

 

 

$

5.24

 

Cash dividends declared per share

 

$

1.50

 

 

$

1.40

 

 

$

1.05

 

 

$

0.85

 

 

$

0.58

 

 

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As of November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Balance Sheet Data: (in thousands)

 

 

 

 

 

(As adjusted)(1)

 

 

(As adjusted)

(1)

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

225,529

 

 

$

454,694

 

 

$

550,688

 

 

$

380,717

 

 

$

336,072

 

Working capital

 

 

2,845,870

 

 

 

2,209,190

 

 

 

1,703,249

 

 

 

1,518,498

 

 

 

1,731,624

 

Total assets

 

 

11,697,960

 

 

 

11,543,498

 

 

 

7,756,343

 

 

 

5,215,281

 

 

 

4,444,147

 

Borrowings, current

 

 

298,969

 

 

 

833,216

 

 

 

805,471

 

 

 

362,889

 

 

 

92,093

 

Long-term borrowings

 

 

2,718,267

 

 

 

2,622,782

 

 

 

1,136,089

 

 

 

601,095

 

 

 

638,798

 

Total equity

 

 

3,788,450

 

 

 

3,435,054

 

 

 

2,287,297

 

 

 

1,975,798

 

 

 

1,799,897

 

________________________________

(1)

We adopted Accounting Standards Update No. 2014-19, “Revenue from Contracts with Customers (Topic 606),” during fiscal year 2019 on a full retrospective basis. The amounts for fiscal years 2018 and 2017 have been adjusted to reflect the adoption of this new revenue standard. See Note 2 to the Consolidated Financial Statements for further details.

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Other Data: (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

372,108

 

 

$

225,287

 

 

$

159,886

 

 

$

121,293

 

 

$

103,510

 

 

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

For an understanding of SYNNEX and the significant factors that influenced our performance during the past two fiscal years, the following discussion and analysis of our financial condition and results of operations should be read in conjunction with the description of the business appearing in Item 1 of this Report, Selected Consolidated Financial Data and the Consolidated Financial Statements and related Notes and Schedules included elsewhere in this Report. You should carefully review and consider the information regarding our financial condition and results of operations set forth under Part I-Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) in our Annual Report on Form 10-K for the fiscal year ended November 30, 2018, filed with the Securities and Exchange Commission on January 28, 2019, for an understanding of our results of operations and liquidity discussions and analysis comparing fiscal year 2018 to fiscal year 2017.

On December 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 applying the full retrospective method. Amounts for fiscal years ended November 30, 2018 and 2017 have been adjusted in this Report to reflect the adoption of ASC Topic 606, which did not have a material impact on our consolidated financial statements. Refer to Note 2 to the consolidated financial statements under Item 8 of this Report for further information on the impact of ASC Topic 606 on our financial results, our financial condition and cash flows from operations. Amounts in certain tables appearing in this Report may not add or compute due to rounding.

When used in this Annual Report on Form 10-K, or this Report, the words “believes,” “estimates,” “expects,” “allows,” “can,” “may,” “designed,” “will,” and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include statements about market trends, our business model and our services, our market strategy, including expansion of our product lines, the proposed separation of SYNNEX and Concentrix, including as to the effect on our results of operations going forward, our infrastructure, our investment in information technology, or IT, systems, our employee hiring, retention and turnover, the ownership interest of MiTAC Holdings Corporation, or MiTAC Holdings, in us and its impact, our revenue, our gross margins, our operating costs and results, the value of our inventory, competition with Synnex Technology International Corp., our future needs for additional financing, the likely sources for such funding and the impact of such funding ,market acceptance of our customers’ products, concentration of customers, our international operations, foreign currency exchange rates and expected trends related thereto, expansion and scaling of our operations and related effects, including our Concentrix business, our strategic acquisitions and divestitures of businesses and assets, including our acquisition of Convergys and the impact of the acquisition on our business, revenue, cost of revenue and gross margin, our goodwill, seasonality of sales, adequacy of our capital resources to meet our capital needs, cash held by our foreign subsidiaries and repatriation, changes in fair value of derivative instruments, adequacy of our disclosure controls and procedures, pricing pressures, competition, impact of economic and industry trends, impact of our accounting policies and recently issued accounting pronouncements, our belief regarding the impact of inventory repurchase obligations and commitments and contingencies, our effective tax rates, our share repurchase and dividend program, our securitization programs and revolving credit lines, our succession planning, our investments in working capital, personnel, facilities and operations. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, those risks discussed herein, as well as the seasonality of the buying patterns of our customers, concentration of sales to large customers, dependence upon and trends in capital spending budgets in the IT, and consumer electronics, or CE, industries, fluctuations in general economic conditions and other risk factors set forth under Part I, Item 1A, “Risk Factors.” These forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Announcement of a plan to separate our Concentrix segment into a separate publicly-traded company

On January 9, 2020, we announced a plan to separate our Concentrix segment into an independent publicly-traded company, in a transaction expected to be completed in the second half of 2020. The separation is intended to qualify as a tax-free transaction for federal income tax purposes for both us and our current stockholders. Immediately following the separation, our stockholders will own shares of both SYNNEX and Concentrix, each at the same percentage ownership that they held of us prior to the transaction. Completion of the separation will not require a stockholder vote but will be subject to customary closing conditions, including final approval of our Board of Directors, the receipt of a favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission.

Revenue and Cost of Revenue

We derive our Technology Solutions revenue primarily through the distribution of peripherals, IT systems, system components, software, networking, communications and security equipment and CE and complementary products, and the delivery of servers and networking solutions for our design and integration solutions customers’ data centers. In our Concentrix segment, we provide high value business outsourcing services and solutions to improve customer experience of our clients. Our Concentrix customer contracts typically consist of a master services agreement or statement of work, which contains the terms and conditions of each program or service we offer. Our agreements can range from less than one year to over five years and are subject to early termination by our customers or us for any reason, typically with 30 to 90 days’ notice.

In fiscal years 2019 and 2018, approximately 34% and 28% of our consolidated revenue, respectively, was generated from our international operations. As a result, our revenue growth has been impacted by fluctuations in foreign currency exchange rates. Upon

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completion of the planned separation of our Concentrix segment, we expect this trend to reverse, with a greater proportion of our revenue generated in the United States.

The market for IT products and services is generally characterized by declining unit prices and short product life cycles. Our overall business is also highly competitive on the basis of price. We set our sales price based on the market supply and demand characteristics for each particular product or bundle of products we distribute and solutions we provide. From time to time, we also participate in the incentive and rebate programs of our OEM suppliers. These programs are important determinants of the final sales price we charge to our reseller customers. To mitigate the risk of declining prices and obsolescence of our distribution inventory, our OEM suppliers generally offer us limited price protection and return rights for products that are marked down or discontinued by them. We carefully manage our inventory to maximize the benefit to us of these supplier provided protections.

A significant portion of our Technology Solutions cost of revenue is the purchase price we pay our OEM suppliers for the products we sell, net of any incentives, rebates, price protection and purchase discounts received from our OEM suppliers. Cost of products revenue also consists of provisions for inventory losses and write-downs, freight expenses associated with the receipt in and shipment out of our inventory, and royalties due to OEM vendors. In addition, cost of revenue includes the cost of material, labor and overhead for our systems design and integration solutions. In our Concentrix segment, cost of revenue consists primarily of personnel costs related to contract delivery.

Revenue and cost of revenue in our Technology Solutions segment relate to products, and revenue and cost of revenue in our Concentrix segment relate to services.

Margins

The Technology Solutions industry in which we operate is characterized by low gross profit as a percentage of revenue, or gross margin, and low income from operations as a percentage of revenue, or operating margin. Our Technology Solutions gross margin has fluctuated annually due to changes in the mix of products we offer, customers we sell to, incentives and rebates received from our OEM suppliers, competition, seasonality, replacement of lower margin business, inventory obsolescence, and lower costs associated with increased efficiencies. Generally, when our revenue becomes more concentrated on limited products or customers, our Technology Solutions gross margin tends to decrease due to increased pricing pressure from OEM suppliers or reseller customers. Concentrix gross margins, which are higher than those in our Technology Solutions segment, can be impacted by the mix of customer contracts, additional lead time for programs to be fully scalable and transition and initial set-up costs. Our operating margin has also fluctuated in the past, based primarily on our ability to achieve economies of scale, the management of our operating expenses, changes in the relative mix of our Technology Solutions and Concentrix revenue, and the timing of our acquisitions and investments.

Economic and Industry Trends

Our Technology Solutions revenue is highly dependent on the end-market demand for IT and CE products. This end-market demand is influenced by many factors including the introduction of new IT and CE products and software by OEMs, replacement cycles for existing IT and CE products, seasonality and overall economic growth and general business activity. A difficult and challenging economic environment may also lead to consolidation or decline in the IT and CE distribution industry and increased price-based competition. Business in our system design and solutions is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market. Our Technology Solutions business includes operations in the United States, Canada, Japan and Latin America, so we are affected by demand for our products in those regions and the strengthening or weakening of local currencies relative to the U.S. Dollar.

The customer experience services industry in which our Concentrix segment operates is competitive. Customers’ performance measures are based on competitive pricing terms and quality of services. Accordingly, we could be subject to pricing pressure and may experience a decline in our average selling prices for our services. Our Concentrix business is largely concentrated in the United States, the United Kingdom, the Philippines, India, Canada, China and Japan. Accordingly, we would be impacted by economic strength or weakness in these geographies and by the strengthening or weakening of local currencies relative to the U.S. Dollar.

During the three-year period ended November 30, 2019, the economic environment was generally stable.

Critical Accounting Policies and Estimates

The discussions and analysis of our consolidated financial condition and results of operations are based on our Consolidated Financial Statements, which have been prepared in conformity with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we review and evaluate our estimates and assumptions. Our estimates are based on our historical experience and a variety of other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making our judgment about the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ from these estimates under different assumptions or conditions.

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We believe the following critical accounting policies involve the more significant judgments, estimates and/or assumptions used in the preparation of our Consolidated Financial Statements.

Revenue Recognition.

On December 1, 2018, we adopted ASC Topic 606 applying the full retrospective method. See Note 2 to the Consolidated Financial Statements for information regarding the impact of adopting this new revenue standard.

We generate revenue primarily from (i) the sale of various IT products through our Technology Solutions business unit and (ii) the provision of business outsourcing services focused on customer experience through our Concentrix business unit.

Revenue from our Technology Solutions segment is categorized as products revenue in our Consolidated Statements of Operations. Revenue from our Concentrix segment is categorized as services revenue in the Consolidated Statements of Operations.

We recognize revenue from the sale of IT hardware and software as control is transferred to customers, which is at the time when the product is shipped or delivered. Products sold by us are delivered via shipment from our facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. We account for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to our terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. In situations where arrangements include customer acceptance provisions, revenue is recognized when we can objectively verify the products comply with specifications underlying acceptance and the customer has control of the goods. Revenue is presented net of taxes collected from customers and remitted to government authorities. We generally invoice a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. 

Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience.

We recognize revenue on a net basis on certain contracts, where our performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which we do not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements, which are not material to our consolidated revenue or our “Products” or “Services” revenue, include supplier service contracts, post-contract software support services and extended warranty contracts.

We consider shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in net sales when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of products sold.

For the Concentrix segment, we recognize revenue from services contracts over time as the promised services are delivered to clients for an amount that reflects the consideration to which we are entitled in exchange for those services. We account for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Revenue is presented net of taxes collected from customers and remitted to government authorities. We generally invoice a customer after performance of services, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. Service contracts may be based on a fixed price or on a fixed unit-price per transaction or other objective measure of output. We determine whether the services performed during the initial phases of an arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). We record deferred revenue attributable to certain process transition, setup activities where such activities do not represent separate performance obligations. Billings related to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. We apply a measure of progress (typically time-based) to any fixed consideration and allocates variable consideration to the distinct periods of service based on usage. As a result, revenue is generally recognized over the period the services are provided on a usage basis. This results in revenue recognition that corresponds with the benefit to the client of the services transferred to date relative to the remaining services promised. Revenue on fixed price contracts is recognized on a straight-line basis over the term of the contract as services are provided. Revenue on unit-price transactions is recognized using an objective measure of output including staffing hours or the number of transactions processed by service agents. Client contract terms can range from less than one year to more than five years.

Certain client contracts include incentive payments from the client upon achieving certain agreed-upon service levels and performance metrics or service level agreements that could result in credits or refunds to the client. Revenue relating to such

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arrangements is accounted for as variable consideration when the likely amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Business Combinations. We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and noncontrolling interests in the acquiree generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquiree is recorded as goodwill and may involve engaging independent third-parties to perform an appraisal. When determining the fair values of assets acquired, liabilities assumed, and noncontrolling interests in the acquiree, we make significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth rates and margins, attrition rates, and discount rates. Fair value estimates are based on the assumptions we believe a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

Acquisitions

We continually seek to augment organic growth in both our business segments with strategic acquisitions of businesses and assets that complement and expand our existing capabilities. We also divest businesses that we deem no longer strategic to our ongoing operations. In our Technology Solutions business we seek to acquire new OEM relationships, enhance our supply chain and integration capabilities, the services we provide to our customers and OEM suppliers, and expand our geographic footprint. In our Concentrix segment we seek to enhance our capabilities and domain expertise in our key verticals, expand our geographic footprint and further expand into higher value service offerings. We are also strategically focused on further increasing our scale to support our customers.

Acquisition during fiscal year 2018

On October 5, 2018, we acquired 100% of Convergys Corporation, ("Convergys”), a customer experience outsourcing company for a purchase price of $2.3 billion. This acquisition is related to our Concentrix segment and added scale, diversified our revenue base, expanded our service delivery footprint, and strengthened our leadership position as a top global provider of services to improve customer experience.

Results of Operations

The following table sets forth, for the indicated periods, data as percentages of total revenue:

 

 

 

Fiscal Years Ended November 30,

 

Statements of Operations Data:

 

2019

 

 

2018

 

Products revenue

 

 

80.27

%

 

 

87.63

%

Services revenue

 

 

19.73

 

 

 

12.37

 

Total revenue

 

 

100.00

 

 

 

100.00

 

Cost of products revenue

 

 

(75.40

)

 

 

(82.59

)

Cost of services revenue

 

 

(12.40

)

 

 

(7.66

)

Gross profit

 

 

12.20

 

 

 

9.75

 

Selling, general and administrative expenses

 

 

(8.77

)

 

 

(6.96

)

Operating income

 

 

3.43

 

 

 

2.78

 

Interest expense and finance charges, net

 

 

(0.70

)

 

 

(0.43

)

Other income (expense), net

 

 

0.13

 

 

 

(0.05

)

Income before income taxes

 

 

2.86

 

 

 

2.31

 

Provision for income taxes

 

 

(0.74

)

 

 

(0.79

)

Net income

 

 

2.11

%

 

 

1.52

%

With the announcement of a plan to separate the Concentrix segment into a separate publicly-traded company in a transaction expected to be completed in the second half of 2020, our services revenue and cost of services revenue which represent revenue and cost of revenue of our Concentrix segment are expected to be discontinued following the separation. Further, selling, general and administrative expenses, interest expense and finance charges, net, other income (expense), net and provision for income-taxes are expected to decrease by amounts related to the Concentrix segment or impacted by the proposed separation, with related reductions in gross profit, operating income and net income. Additionally, our gross margin and operating margin are expected to decrease due to the discontinuance of the higher margins earned in the Concentrix segment.

In addition, in the second half of 2020, we expect a decrease in our products revenue of approximately $1.2 billion due to a customer moving to a consignment model where we will provide integration services on an agency basis.

 

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Certain non-GAAP financial information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

 

•

Revenue in constant currency, which is revenue adjusted 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 our business performance. Revenue in constant currency is calculated by translating the revenue of fiscal year 2019 in the billing currency using their comparable prior year’s currency conversion rate. 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.

 

•

Non-GAAP operating income, which is operating income, adjusted to exclude acquisition-related and integration expenses, restructuring costs and amortization of intangible assets.

 

•

Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.

 

•

Adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation.

 

•

Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share, tax effected impact of (i) acquisition-related and integration expenses, (ii) restructuring costs, (iii) amortization of intangible assets, (iv) a gain upon the settlement of contingent consideration related to the acquisition of Westcon-Comstor Americas in fiscal year 2017, and (v) a gain recorded upon realization of a contingent asset related to the Westcon-Comstor Americas acquisition, and the per share amount of the net impact of the adjustments related to the Tax Cuts and Jobs Act of 2017.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. As 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 used as a complement to, and in conjunction with, data presented in accordance with GAAP.

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Non-GAAP Financial Information:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

 

(in thousands, except per share amounts)

 

Consolidated

 

 

 

 

 

 

 

 

Revenue

 

$

23,757,293

 

 

$

19,767,945

 

Foreign currency translation

 

 

143,530

 

 

 

 

 

Revenue in constant currency

 

$

23,900,823

 

 

$

19,767,945

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

813,761

 

 

$

550,236

 

Acquisition-related and integration expenses

 

 

71,454

 

 

 

45,132

 

Amortization of intangibles

 

 

210,481

 

 

 

124,332

 

Non-GAAP operating income

 

$

1,095,696

 

 

$

719,700

 

Depreciation (excluding accelerated depreciation included in acquisition-related and integration expenses above)

 

 

157,277

 

 

 

100,955

 

Adjusted EBITDA

 

$

1,252,973

 

 

$

820,655

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

3.43

%

 

 

2.78

%

Non-GAAP operating margin

 

 

4.61

%

 

 

3.64

%

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

9.74

 

 

$

7.17

 

Acquisition-related and integration expenses

 

 

1.39

 

 

 

1.02

 

Amortization of intangibles

 

 

4.09

 

 

 

2.97

 

Contingent consideration

 

 

(0.37

)

 

 

—

 

Acquisition-related contingent gain

 

 

(0.22

)

 

 

—

 

Income taxes related to the above (1)

 

 

(1.38

)

 

 

(1.08

)

U.S. tax reform adjustment

 

 

—

 

 

 

0.79

 

Non-GAAP diluted EPS

 

$

13.26

 

 

$

10.87

 

 

 

 

 

 

 

 

 

 

Technology Solutions

 

 

 

 

 

 

 

 

Revenue

 

$

19,069,970

 

 

$

17,323,163

 

Foreign currency translation

 

 

89,786

 

 

 

 

 

Revenue in constant currency

 

$

19,159,756

 

 

$

17,323,163

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

519,429

 

 

$

405,475

 

Acquisition-related and integration expenses

 

 

981

 

 

 

7,642

 

Amortization of intangibles

 

 

43,875

 

 

 

50,007

 

Non-GAAP operating income

 

$

564,285

 

 

$

463,124

 

Depreciation

 

 

22,454

 

 

 

20,681

 

Adjusted EBITDA

 

$

586,739

 

 

$

483,805

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

2.72

%

 

 

2.34

%

Non-GAAP operating margin

 

 

2.96

%

 

 

2.67

%

 

 

 

 

 

 

 

 

 

Concentrix

 

 

 

 

 

 

 

 

Revenue

 

$

4,707,912

 

 

$

2,463,151

 

Foreign currency translation

 

 

53,744

 

 

 

 

 

Revenue in constant currency

 

$

4,761,656

 

 

$

2,463,151

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

294,332

 

 

$

144,761

 

Acquisition-related and integration expenses

 

 

70,473

 

 

 

37,490

 

Amortization of intangibles

 

 

166,606

 

 

 

74,325

 

Non-GAAP operating income

 

$

531,411

 

 

$

256,576

 

Depreciation (excluding accelerated depreciation included in acquisition-related and integration expenses above)

 

 

134,823

 

 

 

80,274

 

Adjusted EBITDA

 

$

666,234

 

 

$

336,850

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

6.25

%

 

 

5.88

%

Non-GAAP operating margin

 

 

11.29

%

 

 

10.42

%

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(1)

The tax effect of taxable and deductible non-GAAP adjustments was calculated using the effective year-to date tax rate during the respective fiscal years. The effective tax rate for fiscal year 2018 excludes the impact of the transition tax on accumulated overseas profits and the re-measurement of deferred tax assets and liabilities to the new U.S. tax rate related to the enactment of the Tax Cuts and Jobs Act of 2017.

Fiscal Years Ended November 30, 2019 and 2018

Revenue

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Revenue

 

$

23,757,293

 

 

$

19,767,945

 

 

 

20.2

%

Technology Solutions revenue

 

 

19,069,970

 

 

 

17,323,163

 

 

 

10.1

%

Concentrix revenue

 

 

4,707,912

 

 

 

2,463,151

 

 

 

91.1

%

Inter-segment elimination

 

 

(20,589

)

 

 

(18,369

)

 

 

 

 

 

Our revenue includes sales of products and services. In our Technology Solutions segment, we distribute a comprehensive range of products for the technology industry and design and integrate data center equipment. The prices of our products are highly dependent on the volumes purchased within a product category. The products we sell from one period to the next are often not comparable due to changes in product models, features and customer demand requirements. The revenue generated by our Concentrix segment relates to business outsourcing services focused on customer experience, process optimization and back office automation. Inter-segment elimination represents services generated between our reportable segments that are eliminated on consolidation. Substantially all of the inter-segment revenue represents services provided by the Concentrix segment to the Technology Solutions segment.

Revenue in our Technology Solutions segment increased in fiscal year 2019 compared to fiscal year 2018 primarily due to broad-based strength in system components, IT systems, networking equipment and peripherals, primarily in the United States, which was partially offset by a decrease driven by revenue that is subject to net revenue presentation, primarily consisting of software, cloud and security products. By product category, our sales of system components, networking equipment, IT systems and peripherals, in fiscal year 2019, increased by 32%, 14%, 9% and 3%, respectively, while sales of software decreased by 1%. On a constant currency basis, revenue in our Technology Solutions segment increased by 10.6% during fiscal year 2019, compared to fiscal year 2018.

Concentrix segment revenue increased in fiscal year 2019, compared to fiscal year 2018, primarily due to the impact of the acquisition of Convergys in October 2018, which was partially offset by the translation effect of foreign currencies.

Gross Profit

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Gross profit

 

$

2,897,917

 

 

$

1,926,899

 

 

 

50.4

%

Gross margin

 

 

12.20

%

 

 

9.75

%

 

 

 

 

Technology Solutions gross profit

 

$

1,157,258

 

 

$

996,580

 

 

 

16.1

%

Technology Solutions gross margin

 

 

6.07

%

 

 

5.75

%

 

 

 

 

Concentrix gross profit

 

$

1,748,448

 

 

$

937,552

 

 

 

86.5

%

Concentrix gross margin

 

 

37.14

%

 

 

38.06

%

 

 

 

 

Inter-segment elimination

 

 

(7,789

)

 

 

(7,233

)

 

 

 

 

 

Our Technology Solutions gross margin is affected by a variety of factors, including competition, selling prices, mix of products and services, product costs along with rebate and discount programs from our suppliers, reserves or settlement adjustments, freight costs, inventory losses, acquisition of business units and fluctuations in revenue. Concentrix margins, which are higher than those in our Technology Solutions segment, can be impacted by resource location, client mix and pricing, additional lead time for programs to be fully scalable, and transition and initial set-up costs.

In fiscal year 2019, our gross profit increased due to increases in both the Technology Solutions and Concentrix segments, compared to fiscal year 2018. The increase in our gross margin over the prior fiscal year is due to an increase in the Technology Solutions gross margin and an increase in the proportion of gross profit generated in the Concentrix segment, primarily due to the acquisition of Convergys.

Technology Solutions gross profit and margin increased in fiscal year 2019, as compared to the prior year, primarily due to product mix, including higher yielding project and integration-based transactions, and broad-based growth across our product portfolio, primarily in the United States. This increase was partially offset by net unfavorable foreign currency translation. The

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increase in gross margin during the fiscal year ended November 30, 2019 was also attributable to an increase in our revenue generated from sales of products and services where revenue is reported on a net basis by recognizing the margins earned in revenue with no associated cost of revenue.

Concentrix gross profit increased in fiscal year 2019, as compared to the prior fiscal year, primarily due to the full year impact of the acquisition of Convergys in October 2018 and client mix. This increase was partially offset by net unfavorable foreign currency translation. Concentrix gross margin during the year ended November 30, 2019 decreased compared to the prior year, primarily due to client mix.

Selling, General and Administrative Expenses

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Selling, general and administrative

   expenses

 

$

2,084,156

 

 

$

1,376,664

 

 

 

51.4

%

Percentage of revenue

 

 

8.77

%

 

 

6.96

%

 

 

 

 

Technology Solutions selling, general and

   administrative expenses

 

$

637,829

 

 

$

591,106

 

 

 

7.9

%

Percentage of Technology Solutions revenue

 

 

3.34

%

 

 

3.41

%

 

 

 

 

Concentrix selling, general and

   administrative expenses

 

$

1,454,116

 

 

$

792,791

 

 

 

83.4

%

Percentage of Concentrix revenue

 

 

30.89

%

 

 

32.19

%

 

 

 

 

Inter-segment elimination

 

$

(7,789

)

 

$

(7,233

)

 

 

 

 

 

Our selling, general and administrative expenses consist primarily of personnel costs such as salaries, commissions, bonuses, share-based compensation and temporary personnel costs. Selling, general and administrative expenses also include cost of warehouses, delivery centers and other non-integration facilities, utility expenses, legal and professional fees, depreciation on certain of our capital equipment, bad debt expense, amortization of our non-technology related intangible assets, and marketing expenses, offset in part by reimbursements from our OEM suppliers.

Selling, general and administrative expenses increased, in both absolute dollars and as a percentage of revenue, in fiscal year 2019, compared to the prior fiscal year, primarily due to the full year impact of the Convergys acquisition.

Selling, general and administrative expenses in our Technology Solutions segment increased in fiscal year 2019, compared to fiscal year 2018, primarily due to an increase in investments in our associates to support growth and incremental bad debt provision for specific customers, partially offset by a decrease in amortization of intangible assets and acquisition-related and integration expenses. Scale efficiencies resulted in a decrease in selling, general and administrative expenses as a percentage of segment revenue in the current year, compared to the prior year period.

Concentrix selling, general and administrative expenses increased in fiscal year 2019, compared to the prior year, primarily due to the full year impact of the acquisition of Convergys, an increase in the amortization of intangible assets by $92.5 million and an increase in acquisition-related and integration expenses of $33.0 million. These increases were partially offset by the impact of net favorable foreign currency translation. Scale efficiencies resulted in a decrease in selling, general and administrative expenses as a percentage of segment revenue in the current year, compared to the prior year period.

Operating Income

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Operating income

 

$

813,761

 

 

$

550,236

 

 

 

47.9

%

Operating margin

 

 

3.43

%

 

 

2.78

%

 

 

 

 

Technology Solutions operating income

 

$

519,429

 

 

$

405,475

 

 

 

28.1

%

Technology Solutions operating margin

 

 

2.72

%

 

 

2.34

%

 

 

 

 

Concentrix operating income

 

$

294,332

 

 

$

144,761

 

 

 

103.3

%

Concentrix operating margin

 

 

6.25

%

 

 

5.88

%

 

 

 

 

 

Operating income and margin in our Technology Solutions segment increased during fiscal year 2019, compared to the prior year, due to broad-based growth, higher operating income from our systems design and integration solutions business and a decrease in the amortization of intangible assets and acquisition-related and integration expenses.

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Operating income and margin in our Concentrix segment increased during fiscal year 2019, compared to the prior year, due to the Convergys acquisition and integration synergies. These increases were partially offset by higher acquisition-related and integration expenses and the amortization of intangible assets, as compared to the prior fiscal year.

Interest Expense and Finance Charges, Net

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Interest expense and finance charges, net

 

$

166,421

 

 

$

84,675

 

 

 

96.5

%

Percentage of revenue

 

 

0.70

%

 

 

0.43

%

 

 

 

 

 

Amounts recorded in interest expense and finance charges, net, consist primarily of interest expense paid on our lines of credit and term loans, fees associated with third party accounts receivable flooring arrangements and the sale or pledge of accounts receivable through our securitization facilities, offset by income earned on our cash investments.

The increase in our interest expense and finance charges, net, compared to the prior year, was due to higher interest expense as a result of the full year interest impact of borrowings in the prior year to fund the Convergys acquisitions and to support growth in our Technology Solutions segment. Our interest expense was also unfavorably impacted by higher borrowing rates during the first half of fiscal year 2019. This increase was partially offset by a reduction in outstanding borrowings and declining borrowing rates in the second half of fiscal year 2019. $2.0 billion of our outstanding borrowings of $3.0 billion at November 30, 2019 have been economically converted to fixed-rate debt through interest rate swaps.

Other Income (Expense), Net

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Other income (expense), net

 

$

30,363

 

 

$

(8,984

)

 

 

438

%

Percentage of revenue

 

 

0.13

%

 

 

(0.05

)%

 

 

 

 

 

Amounts recorded as other income (expense), net include foreign currency transaction gains and losses, other than cash flow hedges, investment gains and losses, non-service component of pension costs, debt extinguishment gains and losses and other non-operating gains and losses, such as changes in the fair value of convertible debt conversion spread, settlements received from class actions lawsuits and realization of contingent assets.

During the year ended November 30, 2019, net other income (expense) increased from net other (expense) of $9.0 million in the prior year to a net other income of $30.4 million, primarily due to a gain of $19.0 million upon the settlement of contingent consideration related to our acquisition of Westcon-Comstor Americas in fiscal year 2017, a gain of $11.1 million recorded upon realization of contingent sales-tax assets related to the Westcon-Comstor Americas acquisition, and net foreign currency exchange gains of $9.3 million in the current year compared to net foreign currency exchange losses of $ 19.2 million, mainly in our Latin American businesses, in the prior year. The losses and expenses in the prior year were partially offset by gains of $10.0 million related to changes in the fair value of the conversion spread of convertible debentures assumed in connection with the acquisition of Convergys and extinguishment gains on settlement of certain of those debentures.

Provision for Income Taxes

 

 

 

Fiscal Years Ended November 30,

 

 

Percent Change

 

 

 

2019

 

 

2018

 

 

2019 to 2018

 

 

 

(in thousands)

 

 

 

 

 

Provision for income taxes

 

$

176,991

 

 

$

156,596

 

 

 

13.0

%

Percentage of income before income taxes

 

 

26.05

%

 

 

34.30

%

 

 

 

 

 

Income taxes consist of our current and deferred tax expense resulting from our income earned in domestic and foreign jurisdictions.

Our income tax expense increased during fiscal year ended November 30, 2019, as compared to the prior year, due to the increase in our income before taxes. The effective tax rate for year ended November 30, 2019 decreased, compared to the prior year, primarily due to the impact of the reduction in federal income tax rates due to Tax Cuts and Jobs Act of 2017 (“TCJA”), the mix of income earned in different tax jurisdictions, and the favorable impact of the non-taxable gain upon the settlement of contingent consideration related to the acquisition of Westcon-Comstor Americas in fiscal year 2017. Additionally, the effective tax rate decreased

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in fiscal year 2019, compared to the prior year, due to the discrete impact of a net tax charge of $33.1 million related to the TCJA in the prior year period. This charge included $59.8 million of transition tax expense for mandatory repatriation, partially offset by $26.7 million of tax benefit from the remeasurement of our net deferred tax balance to the new U.S. tax rate enacted under the TCJA.

See Note 15 of the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further details.

Liquidity and Capital Resources

Cash Conversion Cycle

 

 

 

 

 

Three Months Ended

 

 

 

 

 

November 30,

2019

 

 

November 30,

2018

 

 

 

 

 

(Amounts in thousands)

 

Days sales outstanding ("DSO")

 

 

 

 

 

 

 

 

 

 

Revenue (products and services)

 

(a)

 

$

6,581,293

 

 

$

5,544,046

 

Accounts receivable, including receivable

   from related parties

 

(b)

 

 

3,926,709

 

 

 

3,640,496

 

Days sales outstanding

 

(c) = (b)/((a)/the

number of days

during the period)

 

 

54

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

Days inventory outstanding ("DIO")

 

 

 

 

 

 

 

 

 

 

Cost of revenue (products and services)

 

(d)

 

$

5,786,754

 

 

$

4,889,937

 

Inventories

 

(e)

 

 

2,547,224

 

 

 

2,392,559

 

Days inventory outstanding

 

(f) = (e)/((d)/the

number of days

during the period)

 

 

40

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

Days payable outstanding ("DPO")

 

 

 

 

 

 

 

 

 

 

Cost of revenue (products and services)

 

(g)

 

$

5,786,754

 

 

$

4,889,937

 

Accounts payable, including payable to

   related parties

 

(h)

 

 

3,149,443

 

 

 

3,048,102

 

Days payable outstanding

 

(i) = (h)/((g)/the

number of days

during the period)

 

 

50

 

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

Cash conversion cycle ("CCC")

 

(j) = (c)+(f)-(i)

 

 

44

 

 

 

48

 

 

Cash Flows

Our Technology Solutions business is working capital intensive. Our working capital needs are primarily to finance accounts receivable and inventory. We rely heavily on term loans, accounts receivable arrangements, our securitization programs and our revolver programs for our working capital needs. We have financed our growth and cash needs to date primarily through cash generated from operations and financing activities. As a general rule, when sales volumes are increasing, our net investment in working capital dollars typically increases, which generally results in decreased cash flow generated from operating activities. Conversely, when sales volume decreases, our net investment in working capital dollars typically decreases, which generally results in increases in cash flows generated from operating activities. We calculate CCC as days of the last fiscal quarter’s sales outstanding in accounts receivable plus days of supply on hand in inventory, less days of the last fiscal quarter’s direct cost outstanding in accounts payable. Our CCC was 44 days and 48 days at the end of fiscal years 2019 and 2018, respectively. The decrease in fiscal year 2019, compared to fiscal year 2018, was primarily due to the impact of the acquisition of Convergys on October 5, 2018, which was included in our revenue and cost of revenue from the date of its acquisition, as well as our continued focus to optimize working capital efficiency by efficient collections of accounts receivable and managing inventory levels. Our DPO was also impacted by the timing of payments of accounts payable.

To increase our market share and better serve our customers, we may further expand our operations through investments or acquisitions. We expect that such expansion would require an initial investment in working capital, personnel, facilities and operations. These investments or acquisitions would likely be funded primarily by our existing cash and cash equivalents, additional borrowings, or the issuance of securities.

Net cash provided by operating activities was $549.9 million during fiscal year 2019, primarily due to net income of $500.7 million, adjustments for non-cash items of $410.6 million, an increase in accounts payable of $98.4 million, and a net change in other operating assets and liabilities of $46.5 million. These cash inflows were partially offset by an increase in accounts receivable and

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receivables from vendors of $353.1 million and an increase in inventories of $153.1 million. The increase in accounts receivable, including receivables from vendors, inventories and accounts payable was driven by growth in our Technology Solutions segment. The adjustments for non-cash items consist primarily of amortization and depreciation, provision for doubtful accounts, stock-based compensation expense, a gain recorded upon the settlement of contingent consideration related to our Westcon-Comstor Americas acquisition in fiscal year 2017 and a deferred tax benefit. Excluding the impact of intercompany transactions, $93.1 million of our cash provided by operating activities was generated in our Technology Solutions segment and $456.8 million was generated by our Concentrix segment.

Net cash provided by operating activities was $100.7 million in fiscal year 2018, primarily generated from our net income of $300.0 million, adjustments for non-cash items of $204.7 million, an increase in accounts payable of $382.0 million and the net change in other assets and liabilities of $95.5 million, partially offset by an increase in accounts receivable and receivable from vendors of $515.0 million, and an increase in inventories of $366.4 million. The increase in accounts payable and inventories was primarily due to growth in our distribution business especially in the United States. The increase in accounts receivable was due to the growth in our Technology Solutions business. The adjustments for non-cash items primarily consist of $225.3 million of depreciation and amortization expense, stock-based compensation expense of $22.7 million. These non-cash expenses were partially offset by a deferred tax benefit of $47.1 million, including $26.7 million related to the remeasurement of deferred tax assets and liabilities to the new U.S. tax rate due to the enactment of the TCJA, and gains of $10.0 million related to changes in the fair value of the conversion spread of convertible debentures assumed in connection with the acquisition of Convergys and extinguishment gains on settlement of certain of those debentures.

Net cash used in investing activities in fiscal year 2019 was $146.8 million, primarily due to capital expenditures of $137.4 million, principally related to infrastructure investments to support the anticipated growth in our Concentrix segment and from $9.4 million of cash paid related to the settlement of employee stock-based awards assumed under the Convergys acquisition.

Net cash used in investing activities in fiscal year 2018 was $1.2 billion, primarily due to payments of $1.1 billion, net of cash acquired, for the acquisition of the Convergys and $125.3 million invested in capital expenditures primarily to support growth in our Concentrix segment and our design and integration solutions business in the Technology Solutions segment. These outflows were partially offset by the sale of approximately $12.9 million of trading securities related to a non-qualified, unfunded executive deferred compensation plan acquired as part of the Convergys acquisition and terminated subsequently.

Net cash used in financing activities in fiscal year 2019 was $631.7 million, primarily due to net repayments of $521.4 million under our borrowing arrangements. Cash generated from our operations was used to pay down revolving lines of credit. During fiscal year 2019, we drew the last tranche of $250.0 million under a term loan facility obtained in fiscal year 2018 for the Convergys acquisition, which was used for the settlement of the remaining amount of convertible debentures assumed as part of this acquisition, and the remainder used for working capital purposes. We also returned cash to stockholders through $76.6 million of dividend payments and $15.2 million of repurchases of our common stock. $14.0 million in cash was used to pay contingent consideration related to our Westcon-Comstor Americas acquisition.

Net cash provided by financing activities in fiscal year 2018 was $1.0 billion, consisting primarily of proceeds of $1.1 billion from borrowings, net of repayments and debt discount and issuance costs. The net borrowings increase was to fund the acquisition of Convergys and to support growth in our Technology Solutions segment. The cash inflow was partially offset by $66.0 million of repurchases of our common stock and dividend payments of $59.7 million. During the year, we obtained a term loan facility of $1.8 billion to fund the Convergys acquisition, the related refinancing or settlement of Convergys' debt and payment of related fees and expenses. By November 30, 2018, we had drawn $1.6 billion of this term loan, of which approximately $1.2 billion was utilized to pay for the acquisition and approximately $313.8 million was utilized for settlement of Convergys' assumed debt.

We believe our current cash balances and credit availability are sufficient to support the operating activities for at least the next twelve months on a combined basis or as an operating entity after the separation of our Concentrix segment into an independent publicly-traded company.

Capital Resources

Our cash and cash equivalents totaled $225.5 million and $454.7 million as of November 30, 2019 and 2018, respectively. Of our total cash and cash equivalents, the cash held by our foreign subsidiaries was $219.7 million and $301.1 million as of November 30, 2019 and 2018, respectively. Our cash and cash equivalents held by foreign subsidiaries are no longer subject to U.S. federal tax on repatriation into the United States. Repatriation of some foreign balances is restricted by local laws. Historically, we have fully utilized and reinvested all foreign cash to fund our foreign operations and expansion. If in the future our intentions change, and we repatriate the cash back to the United States, we will report in our consolidated financial statements the impact of state and withholding taxes depending upon the planned timing and manner of such repatriation. Presently, we believe we have sufficient resources, cash flow and liquidity within the United States to fund current and expected future working capital, investment and other general corporate funding requirements, including the impact of the planned separation of our Concentrix segment.

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We believe that our available cash and cash equivalents balances, the cash flows expected to be generated from operations and our existing sources of liquidity, will be sufficient to satisfy our current and planned working capital and investment needs, including the impact of the planned separation of our Concentrix segment, for the next twelve months in all geographies. We also believe that our longer-term working capital, planned capital expenditures, anticipated stock repurchases, dividend payments and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

Historically, we have renewed our accounts receivable securitization program and our U.S. credit facility agreement described below on, or prior to, their respective expiration dates. We have no reason to believe that these and other arrangements will not be renewed or replaced as we continue to be in good credit standing with the participating financial institutions. We have had similar borrowing arrangements with various financial institutions throughout our years as a public company.

On-Balance Sheet Arrangements

In the United States, we have an accounts receivable securitization program to provide additional capital for our operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, which expires in May 2020, our subsidiary, which is the borrower under this facility, can borrow up to a maximum of $850.0 million based upon eligible trade accounts receivable. In addition, the U.S. AR Arrangement includes an accordion feature to allow requests for an increase in the lenders' commitment by an additional $150.0 million. The effective borrowing cost under the U.S. AR Arrangement is a blended rate based upon the composition of the lenders that includes prevailing dealer commercial paper rates and a rate based upon LIBOR, provided that LIBOR shall not be less than zero. In addition, a program fee of 0.75% per annum based on the used portion of the commitment, and a facility fee of 0.35% per annum, is payable on the adjusted commitment of the lenders.

Under the terms of the U.S. AR Arrangement, we and two of our U.S. subsidiaries sell, on a revolving basis, our receivables to a wholly-owned bankruptcy-remote subsidiary. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by our bankruptcy-remote subsidiary as security. Any amounts received under the U.S. AR Arrangement are recorded as debt on our Consolidated Balance Sheets. As of November 30, 2019 and 2018, $108.0 million and $615.0 million, respectively, was outstanding under the U.S. AR Arrangement.

In Canada, we have an accounts receivable securitization program with a bank to provide additional capital for operations. Under the terms of this program, SYNNEX Canada Limited (“SYNNEX Canada”) can borrow up to CAD100.0 million, or $75.3 million, in exchange for the transfer of eligible trade accounts receivable, on an ongoing revolving basis through May 2020. The program includes an accordion feature that allows us to request an increase in the bank's commitment by an additional CAD50.0 million, or $37.6 million. Any amounts received under this arrangement are recorded as debt on our Consolidated Balance Sheets and are secured by pledging all of the rights, title and interest in the receivables, to the bank. The effective borrowing cost is based on the weighted-average of the Canadian Dollar Offered Rate plus a margin of 2.00% per annum and the prevailing lender commercial paper rates. In addition, SYNNEX Canada is obligated to pay a program fee of 0.75% per annum based on the used portion of the commitment. SYNNEX Canada pays a fee of 0.40% per annum for any unused portion of the commitment up to CAD60.0 million, or $45.2 million, and when the unused portion exceeds CAD60.0 million, or $45.2 million, a fee of 0.40% on the first CAD25.0 million, or $18.8 million, of the unused portion and a fee of 0.55% per annum on the remaining unused commitment. As of both November 30, 2019 and 2018, there was no outstanding balance under this arrangement.

SYNNEX Japan has a credit agreement with a group of banks for a maximum commitment of JPY15.0 billion or $137.0 million. The credit agreement is comprised of a JPY7.0 billion, or $63.9 million, term loan and a JPY8.0 billion, or $73.1 million, revolving credit facility and expires in November 2021. The interest rate for the term loan and revolving credit facility is based on the Tokyo Interbank Offered Rate, plus a margin, which is based on our consolidated leverage ratio, and currently equals 0.70% per annum. The unused line fee on the revolving credit facility is currently 0.10% per annum based on our consolidated current leverage ratio. The term loan can be repaid at any time prior to the expiration date without penalty. We have guaranteed the obligations of SYNNEX Japan under this facility. As of November 30, 2019 and 2018, the balances outstanding under the term loan component of these facilities were $63.9 million and $61.7 million, respectively. Balances outstanding under the revolving credit facilities were $5.9 million and $20.3 million as of November 30, 2019 and 2018, respectively.

One of our subsidiaries in Mexico maintains a United States Dollars denominated $40.0 million revolving credit facility with a financial institution (the “LATAM facility”) that matures in February 2020. We guarantee the obligations under this credit facility. The interest rate on this facility ranges from 10.12% to 10.85%. There were no borrowings outstanding under the LATAM facility as of either November 30, 2019 or 2018.

The Indian subsidiaries of our Concentrix segment have credit facilities with a financial institution to borrow up to an aggregate amount of $22.0 million. The interest rate under these facilities is the higher of the bank's minimum lending rate or LIBOR, plus a margin of 0.9% per annum. We guarantee the obligations under these credit facilities. These credit facilities can be terminated at any time by our Indian subsidiaries or the financial institution. There were no borrowings outstanding under these credit facilities as of either November 30, 2019 or 2018.

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In the United States, we have a senior secured credit agreement (as amended, the U.S. Credit Agreement) with a group of financial institutions. The U.S. Credit Agreement includes a $600.0 million commitment for a revolving credit facility and a term loan in the original principal amount of $1.2 billion. We can request incremental commitments to increase the principal amount of the revolving line of credit or term loan by $500.0 million, plus an additional amount which is dependent upon our pro forma first lien leverage ratio, as calculated under the U.S. Credit Agreement. The U.S. Credit Agreement matures in September 2022. The outstanding principal amount of the term loan is repayable in quarterly installments of $15.0 million, with the unpaid balance due in full on the September 2022 maturity date. The term loan can be repaid at any time prior to the maturity date without penalty. Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at our option, plus a margin. The margin for LIBOR loans ranges from 1.25% to 2.00% and the margin for base rate loans ranges from 0.25% to 1.00%, provided that LIBOR shall not be less than zero. The base rate is a variable rate which is the highest of (a) the Federal Funds Rate, plus a margin of 0.50%, (b) the rate of interest announced, from time to time, by the agent, Bank of America, N.A., as its “prime rate,” and (c) the Eurodollar Rate, plus 1.00%. The unused revolving credit facility commitment fee ranges from 0.175% to 0.30% per annum. The margins above the applicable interest rates and the revolving commitment fee for revolving loans are based on our consolidated leverage ratio, as calculated under the U.S. Credit Agreement. Our obligations under the U.S. Credit Agreement are secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the U.S. Term Loan Credit Agreement (defined below) pursuant to an intercreditor agreement and are guaranteed by certain of our United States domestic subsidiaries. As of November 30, 2019 and 2018, the balance outstanding under the term loan component of the U.S. Credit Agreement was $1.1 billion. As of November 30, 2019, the balance outstanding under the revolving line of credit component of the U.S. Credit Agreement was $25.8 million. As of November 30, 2018, there was no outstanding balance under the revolving line of credit component.

In order to fund the Convergys acquisition, the related refinancing or settlement of Convergys debt and payment of related fees and expenses, we entered into a secured term loan credit agreement on August 9, 2018 (the “U.S. Term Loan Credit Agreement”) with a group of financial institutions, which provided for the extension of one or more term loans in an aggregate principal amount not to exceed $1.80 billion. The U.S. Term Loan Credit Agreement matures in October 2023. Until November 30, 2018, we had drawn $1.55 billion of term loans. During the fiscal year ended November 30, 2019, we borrowed the remaining available amount of $0.25 billion under this facility, to settle part of Convergys outstanding convertible debentures. The outstanding principal amount of the term loans is payable in quarterly installments of $22.5 million, with the unpaid balance due in full on the maturity date. The term loan can be repaid at any time prior to the maturity date without penalty. Interest on borrowings under the U.S. Term Loan Credit Agreement can be based on LIBOR or a base rate at our option, plus a margin. The margin for LIBOR loans ranges from 1.25% to 1.75% and the margin for base rate loan ranges from 0.25% to 0.75%, provided that LIBOR shall not be less than zero. The base rate is a variable rate which is the highest of (a) 0.5% plus the greater of (x) the Federal Funds Rate in effect on such day and (y) the overnight bank funding rate in effect on such day, (b) the Eurodollar Rate plus 1.0% per annum, and (c) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. During the period in which the term loans were available to be drawn, we paid term loan commitment fees. The margins above our applicable interest rates are, and the term loan commitment fee were, based on our consolidated leverage ratio as calculated under the U.S. Term Loan Credit Agreement. Our obligations under the U.S. Term Loan Credit Agreement are secured by substantially all of the parent company and certain of its domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the existing U.S. Credit Agreement pursuant to an intercreditor agreement, and are guaranteed by certain of our domestic subsidiaries. As of November 30, 2019 and 2018, the balance outstanding under the U.S. Term Loan Credit Agreement was $1.73 billion and $1.55 billion, respectively.

SYNNEX Canada has an uncommitted revolving line of credit with a bank under which it can borrow up to CAD50.0 million, or $37.6 million. Borrowings under the facility are secured by eligible inventory and bear interest at a base rate plus a margin ranging from 0.50% to 2.25% depending on the base rate used. The base rate could be a Banker's Acceptance Rate, a Canadian Prime Rate, LIBOR or U.S. Base Rate. As of both November 30, 2019 and 2018, there were no borrowings outstanding under this credit facility.

We also maintain other local currency denominated lines of credit and accounts receivable factoring arrangements with financial institutions at certain locations outside the United States aggregating commitments of $27.4 million at November 30, 2019. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. Borrowings under these facilities are guaranteed by us or secured by eligible accounts receivable. As of November 30, 2019 and 2018, the balances outstanding under these revolving credit facilities were $6.0 million and $5.0 million, respectively.

The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at November 30, 2019 exchange rates.

Off-Balance Sheet Arrangements

We have financing programs in the United States and Japan under which trade accounts receivable of certain customers may be sold to financial institutions. Available capacity under these programs is dependent upon the level of our trade accounts receivable eligible to be sold into these programs and the financial institutions’ willingness to purchase such receivables. At November 30, 2019 and 2018, we had a total of $35.3 million and $36.5 million, respectively, of trade accounts receivable sold to and held by the financial institutions under these programs.

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Covenant Compliance

Our credit facilities have a number of covenants and restrictions that, among other things, require us to maintain specified financial ratios and satisfy certain financial condition tests. They also limit our ability to incur additional debt, make intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase our stock, create liens, cancel debt owed to us, enter into agreements with affiliates, modify the nature of our business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. As of November 30, 2019, we were in compliance with all material covenants for the above arrangements.

Contractual Obligations

Our contractual obligations consist of future payments due under our loans and repatriation tax under the TCJA, which are already recorded on our Consolidated Balance Sheet. In addition, our contractual obligations include interest on our debt and payments for our operating lease arrangements and guarantees. The following table summarizes our contractual obligations at November 30, 2019:

 

 

 

Payments Due by Period

 

 

 

Total

 

 

Less than

1 Year

 

 

1 - 3

Years

 

 

3 - 5

Years

 

 

> 5

Years

 

 

 

(in thousands)

 

Contractual Obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal debt payments

 

$

3,025,688

 

 

$

298,969

 

 

$

1,264,220

 

 

$

1,462,499

 

 

$

—

 

Interest on debt

 

 

360,706

 

 

 

113,671

 

 

 

198,827

 

 

 

48,208

 

 

 

—

 

Repatriation tax under the TCJA

 

 

73,493

 

 

 

6,391

 

 

 

12,781

 

 

 

34,350

 

 

 

19,971

 

Non-cancellable operating leases

 

 

755,226

 

 

 

213,649

 

 

 

307,389

 

 

 

162,837

 

 

 

71,351

 

Total

 

$

4,215,113

 

 

$

632,680

 

 

$

1,783,217

 

 

$

1,707,894

 

 

$

91,322

 

 

Principal debt payments assumes the repayment of our revolving lines of credit within a year. Interest on debt, in the table above, includes estimated interest on our term loans and revolving credit facilities at rates of interest applicable at the end of our fiscal year.

We are contingently liable under agreements, without expiration dates, to repurchase repossessed inventory acquired by flooring companies as a result of default on floor plan financing arrangements by our customers. There have been no repurchases through November 30, 2019 under these agreements and we are not aware of any pending customer defaults or repossession obligations. As we do not have access to information regarding the amount of inventory purchased from us still on hand with the customer at any point in time, our repurchase obligations relating to inventory cannot be reasonably estimated. As of November 30, 2019 and 2018, accounts receivable subject to flooring arrangements were $69.6 million and $84.7 million, respectively. For more information on our third-party revolving short-term financing arrangements, see Note 9 -- Accounts Receivable Arrangements to the Consolidated Financial Statements included in Part II, Item 8 of this Report.

As of November 30, 2019, we have established a reserve of $71.4 million for unrecognized tax benefits.

As we are unable to reasonably predict the timing of settlement of these guarantees and the reserve for unrecognized tax benefits, the table above excludes such liabilities.

Related Party Transactions

We have a business relationship with MiTAC Holdings, a publicly-traded company in Taiwan, which began in 1992 when MiTAC Holdings became our primary investor through its affiliates. As of both November 30, 2019 and 2018, MiTAC Holdings and its affiliates beneficially owned approximately 18% of our outstanding common stock. Mr. Matthew Miau, the Chairman Emeritus of our Board of Directors and a director, is the Chairman of MiTAC Holdings’ and a director or officer of MiTAC Holdings’ affiliates.

The shares owned by MiTAC Holdings are held by the following entities:

 

 

 

As of November 30, 2019

 

 

 

(shares in thousands)

 

MiTAC Holdings(1)

 

 

5,240

 

Synnex Technology International Corp.(2)

 

 

3,860

 

Total

 

 

9,100

 

 

 

(1)

Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC Holdings. Excludes 188 thousand shares held directly by Mr.  Miau, 217 thousand shares indirectly held by Mr. Miau through a charitable remainder trust, and 187 shares held by his spouse.

 

(2)

Synnex Technology International Corp. (“Synnex Technology International”) is a separate entity from us and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC Holdings owns a noncontrolling interest

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of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 14.4% in Synnex Technology International. Neither MiTAC Holdings nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated.

MiTAC Holdings generally has significant influence over us regarding matters submitted to stockholders for consideration, including any merger or acquisition of ours. Among other things, this could have the effect of delaying, deterring or preventing a change of control over us.

We purchased inventories and services from MiTAC Holdings and its affiliates totaling $173.4 million and $217.4 million during fiscal years 2019 and 2018, respectively. Our sales to MiTAC Holdings and its affiliates during fiscal years 2019 and 2018 totaled $0.8 million and $2.4 million, respectively. In addition, we made payments of $41 thousand to MiTAC Holdings and its affiliates for reimbursement of rent and overhead costs for facilities used by us during fiscal year ended November 30, 2019. During fiscal year ended November 30, 2018, we received reimbursement of rent and overhead costs for MiTAC Holdings and its affiliates amounting to $0.1 million.

Our business relationship with MiTAC Holdings and its affiliates has been informal and is generally not governed by long-term commitments or arrangements with respect to pricing terms, revenue or capacity commitments. We negotiate pricing and other material terms on a case-by-case basis with MiTAC Holdings. We have adopted a policy requiring that material transactions with MiTAC Holdings or its related parties be approved by our Audit Committee, which is composed solely of independent directors. In addition, Mr. Miau’s compensation is approved by the Nominating and Corporate Governance Committee, which is also composed solely of independent directors.

Synnex Technology International is a publicly-traded corporation in Taiwan that currently provides distribution and fulfillment services to various markets in Asia and Australia, and is also our potential competitor. MiTAC Holdings and its affiliates are not restricted from competing with us.

Recently Issued Accounting Pronouncements

For a summary of recent accounting pronouncements and the anticipated effects on our consolidated financial statements see Note 2 -- Summary of Significant Accounting Policies to the Consolidated Financial Statements, which can be found under Item 8 of this Report.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 

Foreign Currency Risk

We are exposed to foreign currency risk in the ordinary course of business. We manage cash flow exposures for our major countries and the foreign currency impact of assets and liabilities denominated in non-functional currencies using a combination of forward contracts. Principal currencies hedged are the Philippine Peso, Indian Rupee, Euro, Canadian Dollar, British Pound, Chinese Yuan, Brazilian Real, and Colombian Peso. We do not hold or issue derivative financial instruments for trading purposes.

The following table presents the hypothetical changes in fair values of our outstanding foreign currency derivative instruments as of November 30, 2019 and 2018, arising from an instantaneous strengthening or weakening of the U.S. dollar by 5%, 10% and 15% (in thousands).

 

 

 

Loss on Derivative Instruments Given a

Weakening of U.S. dollar by X Percent

 

 

Gain (Loss)

Assuming No

Change in

Exchange Rate

 

 

Gain on Derivative Instruments Given a

Strengthening of U.S. dollar by X Percent

 

 

 

15%

 

 

10%

 

 

5%

 

 

 

 

 

 

5%

 

 

10%

 

 

15%

 

Forward contracts at

   November 30, 2019

 

$

231,880

 

 

$

156,971

 

 

$

89,117

 

 

$

27,256

 

 

$

(29,477

)

 

$

(81,785

)

 

$

(129,773

)

Forward contracts at

   November 30, 2018

 

$

118,793

 

 

$

81,103

 

 

$

47,381

 

 

$

17,031

 

 

$

(10,428

)

 

$

(35,391

)

 

$

(58,184

)

 

We apply hedge accounting to our long-term forward contracts which would reduce the variability of cash flows denominated in foreign currencies. We serve many of our clients using service delivery centers in other geographies. As a result, the contracts with these clients are typically priced in one currency, while a substantial portion of the costs incurred to deliver services under these contracts are denominated in the local currency of the country where services are provided, which represents a foreign exchange exposure. The change in the value of these forward contracts would be expected to offset a corresponding foreign currency change in forecasted hedged revenues or cost when recognized.

All other foreign exchange contracts have typical maturities of twelve months or less and are executed to protect us against foreign currency exposure pertaining to receivables, payables and intercompany transactions that are denominated in currencies different from the functional currencies of the respective entities. These contracts are marked-to-market and any material gains and

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losses on our hedge contracts resulting from a hypothetical, instantaneous change in the strength of the U.S. dollar would be significantly offset by mark-to-market gains and losses on the corresponding assets and liabilities being hedged.

Interest Rate Risk

Our exposure to changes in interest rates relates primarily to our outstanding debt obligations which have floated relative to major interest rate benchmarks in the United States, Canada and Japan. We are most sensitive to fluctuations in U.S. interest rates, changes in which affects the costs associated with hedging and interest paid on our debt.

To manage interest rate risk on the U.S. dollar-denominated floating-rate debt, we have entered into interest rate swaps with aggregate notional amounts of $2.0 billion as of both November 30, 2019 and 2018, which effectively converted a portion of the floating rate debt to a fixed interest rate. Substantially, all of our interest rate swaps are accounted as cash flow hedges. A 15% variation in our interest rates would not have a material impact on the fair value of our swaps.

The following tables present hypothetical interest expense related to our outstanding borrowings with variable interest rates (after considering the impact of the above mentioned swaps) for the years ended November 30, 2019 and 2018, arising from hypothetical parallel shifts in the respective countries’ yield curves, of plus or minus 5%, 10% and 15% (in thousands).

 

 

 

Interest Expense Given an Interest

Rate Decrease by X Percent

 

 

Actual Interest

Expense Assuming

No Change in

Interest Rate

 

 

Interest Expense Given an Interest

Rate Increase by X Percent

 

 

 

15%

 

 

10%

 

 

5%

 

 

 

 

 

 

5%

 

 

10%

 

 

15%

 

SYNNEX US

 

$

145,869

 

 

$

149,180

 

 

$

152,490

 

 

$

155,801

 

 

$

159,111

 

 

$

162,422

 

 

$

165,732

 

SYNNEX Canada

 

 

686

 

 

 

690

 

 

 

695

 

 

 

699

 

 

 

703

 

 

 

708

 

 

 

712

 

SYNNEX Japan

 

 

1,125

 

 

 

1,130

 

 

 

1,135

 

 

 

1,141

 

 

 

1,146

 

 

 

1,152

 

 

 

1,157

 

Total for the year ended

   November 30, 2019

 

$

147,680

 

 

$

151,000

 

 

$

154,320

 

 

$

157,641

 

 

$

160,960

 

 

$

164,282

 

 

$

167,601

 

 

 

 

Interest Expense Given an Interest

Rate Decrease by X Percent

 

 

Actual Interest

Expense Assuming

No Change in

Interest Rate

 

 

Interest Expense Given an Interest

Rate Increase by X Percent

 

 

 

15%

 

 

10%

 

 

5%

 

 

 

 

 

 

5%

 

 

10%

 

 

15%

 

SYNNEX US

 

$

66,762

 

 

$

68,105

 

 

$

69,448

 

 

$

70,791

 

 

$

72,133

 

 

$

73,476

 

 

$

74,819

 

SYNNEX Canada

 

 

964

 

 

 

975

 

 

 

986

 

 

 

996

 

 

 

1,008

 

 

 

1,019

 

 

 

1,030

 

SYNNEX Japan

 

 

809

 

 

 

811

 

 

 

813

 

 

 

815

 

 

 

817

 

 

 

819

 

 

 

821

 

Total for the year ended

   November 30, 2018

 

$

68,535

 

 

$

69,891

 

 

$

71,247

 

 

$

72,602

 

 

$

73,958

 

 

$

75,314

 

 

$

76,670

 

 

Equity Price Risk

The equity price risk associated with our marketable equity securities as of November 30, 2019 and 2018 is not material in relation to our consolidated financial position, results of operations or cash flows. Marketable equity securities include shares of common stock and are recorded at fair market value based on quoted market prices. Gains and losses on marketable equity securities are included in earnings.

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Item 8.Financial Statements and Supplementary Data

INDEX

 

 

 

Page

Consolidated Financial Statements of SYNNEX Corporation

 

 

Management’s Report on Internal Control over Financial Reporting

 

44

Report of Independent Registered Public Accounting Firm

 

45

Consolidated Balance Sheets as of November 30, 2019 and 2018

 

47

Consolidated Statements of Operations for Fiscal Years Ended November 30, 2019, 2018 and 2017

 

48

Consolidated Statements of Comprehensive Income for Fiscal Years Ended November 30, 2019, 2018 and 2017

 

49

Consolidated Statements of Stockholders’ Equity for Fiscal Years Ended November 30, 2019, 2018 and 2017

 

50

Consolidated Statements of Cash Flows for Fiscal Years Ended November 30, 2019, 2018 and 2017

 

51

Notes to Consolidated Financial Statements

 

52

Selected Quarterly Consolidated Financial Data (Unaudited)

 

84

 

 

 

Financial Statement Schedule

 

 

Schedule II: Valuation and Qualifying Accounts for Fiscal Years Ended November 30, 2019, 2018 and 2017

 

85

 

Financial statement schedules not listed above are either omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or in the Notes thereto.

 

 

 

43

Table of Content

 

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of ours are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this assessment, our management concludes that, as of November 30, 2019, our internal control over financial reporting was effective at the reasonable assurance level based on those criteria.

The effectiveness of our internal control over financial reporting as of November 30, 2019 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears on page 45 of this Report.

44

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

SYNNEX Corporation:

 

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of SYNNEX Corporation and its subsidiaries (the Company) as of November 30, 2019 and 2018, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended November 30, 2019, and the related notes and financial statement Schedule II: Valuation and Qualifying Accounts (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of November 30, 2019, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.  

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 30, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended November 30, 2019, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of November 30, 2019 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

45

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgment. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the Sufficiency of Audit Evidence Over Revenue

As discussed in Note 12 to the consolidated financial statements, and disclosed in the consolidated statements of operations, the Company recorded $23.8 billion of revenue in 2019. We identified the evaluation of the sufficiency of audit evidence over revenue as a critical audit matter. The geographical dispersion of distribution and administrative facilities, and employees providing revenue generating services, required especially subjective auditor judgment in determining the nature and extent of procedures to perform and in the performance of procedures over revenue. Our audit team consisted of auditors located in numerous countries around the world. This required especially challenging auditor judgment and coordination in determining the level of supervision and review to provide to each audit team, and in evaluating the individual countries audit results on the consolidated financial statements. Further, the Company recognizes revenue on a net basis on certain contracts, where the Company does not control the specified good or service before that good or service is transferred to a customer. In addition, the Company recognizes revenue upon delivery to the customer for certain arrangements with acceptance provisions due to the determination of when transfer of control occurs. This required especially challenging auditor judgment in determining the nature and extent of procedures to perform and performance of procedures to test whether revenue for products are recognized on either a gross or net basis as well as the timing of revenue recognition based on when transfer of control occurs when acceptance provisions are present.

The primary procedures we performed to address this critical audit matter included the following. We tested certain internal controls over the Company’s revenue processes, including controls related to the determination of revenue on a gross or net basis, recognition and consolidation of global revenue amounts, and global monitoring of revenue. We assessed the recorded revenues by testing a sample of revenue transactions during the year and subsequent to year-end. This was done by comparing the amounts recognized by the Company, including determination of gross versus net presentation and timing of revenue recognized, to relevant underlying documentation such as contracts and shipping documents or other third-party evidence. We investigated revenue entries that were made by the Company during the year, at the end of the year, and subsequent to the financial statement close process. After completion of these procedures, we evaluated the overall sufficiency of the audit evidence over revenues.

 

/s/ KPMG LLP

 

We have served as the Company’s auditor since 2012.

 

Santa Clara, California

January 29, 2020

46

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SYNNEX CORPORATION

CONSOLIDATED BALANCE SHEETS

(currency and share amounts in thousands, except par value)

 

 

 

November 30,

2019

 

 

November 30,

2018

 

 

 

 

 

 

 

(As adjusted)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

225,529

 

 

$

454,694

 

Accounts receivable, net

 

 

3,926,709

 

 

 

3,640,496

 

Receivables from vendors, net

 

 

368,505

 

 

 

351,744

 

Inventories

 

 

2,547,224

 

 

 

2,392,559

 

Other current assets

 

 

385,024

 

 

 

323,323

 

Total current assets

 

 

7,452,992

 

 

 

7,162,817

 

Property and equipment, net

 

 

569,899

 

 

 

571,326

 

Goodwill

 

 

2,254,402

 

 

 

2,203,316

 

Intangible assets, net

 

 

1,162,212

 

 

 

1,377,305

 

Deferred tax assets

 

 

97,539

 

 

 

76,508

 

Other assets

 

 

160,917

 

 

 

152,227

 

Total assets

 

$

11,697,960

 

 

$

11,543,498

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Borrowings, current

 

$

298,969

 

 

$

833,216

 

Accounts payable

 

 

3,149,443

 

 

 

3,048,102

 

Accrued compensation and benefits

 

 

402,771

 

 

 

358,352

 

Other accrued liabilities

 

 

723,716

 

 

 

672,635

 

Income taxes payable

 

 

32,223

 

 

 

41,322

 

Total current liabilities

 

 

4,607,122

 

 

 

4,953,627

 

Long-term borrowings

 

 

2,718,267

 

 

 

2,622,782

 

Other long-term liabilities

 

 

361,911

 

 

 

325,119

 

Deferred tax liabilities

 

 

222,210

 

 

 

206,916

 

Total liabilities

 

 

7,909,510

 

 

 

8,108,444

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding

 

 

—

 

 

 

—

 

Common stock, $0.001 par value, 100,000 shares authorized, 53,154 and 52,861 shares issued as of November 30, 2019 and 2018, respectively

 

 

53

 

 

 

53

 

Additional paid-in capital

 

 

1,545,421

 

 

 

1,512,201

 

Treasury stock, 2,399 and 2,167 shares as of November 30, 2019 and 2018, respectively

 

 

(172,627

)

 

 

(149,533

)

Accumulated other comprehensive income (loss)

 

 

(209,077

)

 

 

(126,288

)

Retained earnings

 

 

2,624,680

 

 

 

2,198,621

 

Total stockholders’ equity

 

 

3,788,450

 

 

 

3,435,054

 

Total liabilities and equity

 

$

11,697,960

 

 

$

11,543,498

 

 

(Amounts may not add due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

47

Table of Content

 

SYNNEX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(currency and share amounts in thousands, except per share amounts)

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

19,069,966

 

 

$

17,323,078

 

 

$

14,796,299

 

Services

 

 

4,687,327

 

 

 

2,444,867

 

 

 

1,974,829

 

Total revenue

 

 

23,757,293

 

 

 

19,767,945

 

 

 

16,771,128

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

(17,912,711

)

 

 

(16,326,576

)

 

 

(13,989,150

)

Services

 

 

(2,946,664

)

 

 

(1,514,470

)

 

 

(1,232,666

)

Gross profit

 

 

2,897,917

 

 

 

1,926,899

 

 

 

1,549,312

 

Selling, general and administrative expenses

 

 

(2,084,156

)

 

 

(1,376,664

)

 

 

(1,041,975

)

Operating income

 

 

813,761

 

 

 

550,236

 

 

 

507,337

 

Interest expense and finance charges, net

 

 

(166,421

)

 

 

(84,675

)

 

 

(45,357

)

Other income (expense), net

 

 

30,363

 

 

 

(8,984

)

 

 

1,123

 

Income before income taxes

 

 

677,703

 

 

 

456,577

 

 

 

463,103

 

Provision for income taxes

 

 

(176,991

)

 

 

(156,596

)

 

 

(162,863

)

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

9.79

 

 

$

7.21

 

 

$

7.52

 

Diluted

 

$

9.74

 

 

$

7.17

 

 

$

7.48

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,669

 

 

 

41,215

 

 

 

39,556

 

Diluted

 

 

50,936

 

 

 

41,451

 

 

 

39,758

 

 

(Amounts may not add due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

48

Table of Content

 

SYNNEX CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(currency in thousands)

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized losses of defined benefit plans, net of taxes of $5,909, $0 and $0 for fiscal year ended November 30, 2019, 2018 and 2017, respectively.

 

 

(27,312

)

 

 

(2,989

)

 

 

(2,202

)

Reclassification of net (gains) losses to net income, net of tax of $0 for fiscal years ended November 30, 2019, 2018 and 2017.

 

 

1,791

 

 

 

2,039

 

 

 

739

 

Total change in unrealized losses of defined benefit plans, net of taxes

 

 

(25,521

)

 

 

(950

)

 

 

(1,463

)

Unrealized gains (losses) on cash flow hedges during the period, net of taxes of $15,083, $(6,532) and $(2,198) for fiscal years ended November 30, 2019, 2018 and 2017, respectively.

 

 

(52,714

)

 

 

19,638

 

 

 

3,759

 

Reclassification of net (gains) losses on cash flow hedges to net income, net of tax expense (benefit) of $3,792, $1,150 and $(677) for fiscal years ended November 30, 2019, 2018 and 2017, respectively.

 

 

(11,138

)

 

 

(3,104

)

 

 

1,085

 

Total change in unrealized gains (losses) on cash flow hedges, net of taxes

 

 

(63,852

)

 

 

16,534

 

 

 

4,844

 

Foreign currency translation adjustments, net of taxes of $1,767, $274 and $(983) for fiscal years ended November 30, 2019, 2018 and 2017, respectively

 

 

8,539

 

 

 

(79,953

)

 

 

27,816

 

Other comprehensive income (loss)

 

 

(80,834

)

 

 

(64,369

)

 

 

31,197

 

Comprehensive income

 

$

419,878

 

 

$

235,612

 

 

$

331,437

 

 

(Amounts may not add due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

 

 

49

Table of Content

 

SYNNEX CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(currency and share amounts in thousands)

 

 

SYNNEX Corporation Stockholders

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Treasury Stock

 

 

Accumulated

other

comprehensive

 

 

Retained

 

 

Noncontrolling

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Shares

 

 

Amount

 

 

income (loss)

 

 

earnings

 

 

interest

 

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(As adjusted)

 

 

 

 

 

 

(As adjusted)

 

Balances, November 30, 2016

 

 

40,816

 

 

$

41

 

 

$

440,713

 

 

 

1,339

 

 

$

(67,262

)

 

$

(93,116

)

 

$

1,695,400

 

 

$

22

 

 

$

1,975,798

 

Cumulative effect of change in accounting principles

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,536

 

 

 

—

 

 

 

4,536

 

Share-based compensation

 

 

—

 

 

 

—

 

 

 

17,368

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,368

 

Tax benefits from equity awards

 

 

—

 

 

 

—

 

 

 

5,546

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,546

 

Issuance of common stock on exercise of options, for employee

   stock purchase plan and vesting of restricted stock, net of

   shares withheld for employee taxes

 

 

276

 

 

 

—

 

 

 

4,236

 

 

 

80

 

 

 

(9,871

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,635

)

Cash dividends declared

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(41,815

)

 

 

—

 

 

 

(41,815

)

Changes in ownership of noncontrolling interests

 

 

—

 

 

 

—

 

 

 

85

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22

)

 

 

63

 

Other comprehensive income (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31,197

 

 

 

—

 

 

 

—

 

 

 

31,197

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

300,240

 

 

 

—

 

 

 

300,240

 

Balances, November 30, 2017

 

 

41,092

 

 

 

41

 

 

 

467,948

 

 

 

1,419

 

 

 

(77,133

)

 

 

(61,919

)

 

 

1,958,361

 

 

 

—

 

 

 

2,287,298

 

Share-based compensation

 

 

—

 

 

 

—

 

 

 

22,678

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,678

 

Issuance of common stock on exercise of options, for employee

   stock purchase plan and vesting of restricted stock, net of

   shares withheld for employee taxes

 

 

258

 

 

 

—

 

 

 

4,924

 

 

 

68

 

 

 

(6,413

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,489

)

Repurchases of common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

680

 

 

 

(65,987

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(65,987

)

Cash dividends declared

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(59,720

)

 

 

—

 

 

 

(59,720

)

Common stock issued for the acquisition of Convergys, net of

   stock issuance costs

 

 

11,511

 

 

 

12

 

 

 

1,016,652

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,016,664

 

Other comprehensive income (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(64,369

)

 

 

—

 

 

 

—

 

 

 

(64,369

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

299,981

 

 

 

—

 

 

 

299,981

 

Balances, November 30, 2018

 

 

52,861

 

 

 

53

 

 

 

1,512,201

 

 

 

2,167

 

 

 

(149,533

)

 

 

(126,288

)

 

 

2,198,621

 

 

 

—

 

 

 

3,435,054

 

Share-based compensation

 

 

—

 

 

 

—

 

 

 

27,959

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,959

 

Issuance of common stock on exercise of options, for employee

   stock purchase plan and vesting of restricted stock, net of

   shares withheld for employee taxes

 

 

293

 

 

 

—

 

 

 

5,367

 

 

 

72

 

 

 

(7,911

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,544

)

Repurchases of common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

160

 

 

 

(15,184

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,184

)

Cash dividends declared

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(76,607

)

 

 

—

 

 

 

(76,607

)

Other comprehensive income (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(80,834

)

 

 

—

 

 

 

—

 

 

 

(80,834

)

Cumulative effect of changes in accounting principles

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,955

)

 

 

1,955

 

 

 

—

 

 

 

—

 

Stock issuance costs (related to the Convergys acquisition in fiscal year 2018)

 

 

—

 

 

 

—

 

 

 

(107

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(107

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

500,712

 

 

 

—

 

 

 

500,712

 

Balances, November 30, 2019

 

 

53,154

 

 

$

53

 

 

$

1,545,421

 

 

 

2,399

 

 

$

(172,627

)

 

$

(209,077

)

 

$

2,624,680

 

 

 

—

 

 

$

3,788,450

 

 

(Amounts may not add due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

 

 

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SYNNEX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(currency in thousands)

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

372,108

 

 

 

225,287

 

 

 

159,886

 

Share-based compensation

 

 

27,959

 

 

 

22,678

 

 

 

17,368

 

Provision for doubtful accounts

 

 

34,911

 

 

 

7,246

 

 

 

8,268

 

Excess tax benefit from share-based compensation

 

 

—

 

 

 

—

 

 

 

(5,546

)

Deferred income taxes

 

 

(18,189

)

 

 

(47,072

)

 

 

(25,916

)

Contingent consideration

 

 

(19,034

)

 

 

—

 

 

 

—

 

Unrealized foreign exchange (gains) losses

 

 

1,521

 

 

 

8,867

 

 

 

(3,542

)

Convertible debt conversion option fair value and extinguishment (gains) losses

 

 

1,559

 

 

 

(9,996

)

 

 

—

 

Other

 

 

9,719

 

 

 

(2,310

)

 

 

4,861

 

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(326,681

)

 

 

(451,188

)

 

 

(376,371

)

Receivables from vendors, net

 

 

(26,389

)

 

 

(63,831

)

 

 

(83,477

)

Inventories

 

 

(153,134

)

 

 

(366,392

)

 

 

(261,423

)

Accounts payable

 

 

98,392

 

 

 

381,970

 

 

 

341,962

 

Other operating assets and liabilities

 

 

46,465

 

 

 

95,466

 

 

 

100,454

 

Net cash provided by operating activities

 

 

549,919

 

 

 

100,706

 

 

 

176,764

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

—

 

 

 

(66

)

 

 

(12,942

)

Proceeds from maturity of held-to-maturity investments

 

 

—

 

 

 

5,680

 

 

 

10,625

 

Proceeds from sale of trading investments

 

 

—

 

 

 

12,893

 

 

 

—

 

Purchases of property and equipment

 

 

(137,423

)

 

 

(125,305

)

 

 

(97,546

)

Acquisition of businesses, net of cash acquired and refunds

 

 

(9,427

)

 

 

(1,069,946

)

 

 

(526,658

)

Purchase of non-marketable equity security investments

 

 

—

 

 

 

—

 

 

 

(30,000

)

Other

 

 

13

 

 

 

(2,848

)

 

 

2,264

 

Net cash used in investing activities

 

 

(146,837

)

 

 

(1,179,592

)

 

 

(654,257

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings, net of debt discount and issuance costs ($22, $9,187 and $4,400 in fiscal years ended November 30, 2019, 2018 and 2017, respectively)

 

 

7,503,576

 

 

 

10,060,449

 

 

 

9,061,771

 

Repayments of borrowings

 

 

(8,024,961

)

 

 

(8,930,165

)

 

 

(8,382,379

)

Dividends paid

 

 

(76,607

)

 

 

(59,720

)

 

 

(41,815

)

Excess tax benefit from share-based compensation

 

 

—

 

 

 

—

 

 

 

5,546

 

Increase (decrease) in book overdraft

 

 

(1,908

)

 

 

(1,028

)

 

 

1,166

 

Repurchases of common stock

 

 

(15,184

)

 

 

(65,987

)

 

 

—

 

Proceeds from issuance of common stock

 

 

5,367

 

 

 

4,924

 

 

 

4,236

 

Repurchases of common stock for tax withholdings on equity awards

 

 

(7,911

)

 

 

(6,413

)

 

 

(9,871

)

Settlement of contingent consideration

 

 

(13,966

)

 

 

—

 

 

 

—

 

Other

 

 

(107

)

 

 

(914

)

 

 

—

 

Net cash provided by (used in) financing activities

 

 

(631,701

)

 

 

1,001,146

 

 

 

638,654

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(2,265

)

 

 

(16,969

)

 

 

8,414

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(230,884

)

 

 

(94,709

)

 

 

169,575

 

Cash, cash equivalents and restricted cash at beginning of year

 

 

462,033

 

 

 

556,742

 

 

 

387,167

 

Cash, cash equivalents and restricted cash at end of year

 

$

231,149

 

 

$

462,033

 

 

$

556,742

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid on borrowings

 

$

156,261

 

 

$

88,645

 

 

$

36,783

 

Income taxes paid

 

$

236,493

 

 

$

144,705

 

 

$

136,805

 

Supplemental disclosure of non-cash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of common stock issued for acquisition of business

 

$

—

 

 

$

1,017,329

 

 

$

—

 

Accrued costs for property and equipment purchases

 

$

10,117

 

 

$

4,186

 

 

$

2,239

 

 

(Amounts may not add due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

 

 

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SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(currency and share amounts in thousands, except per share amounts)

NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION:

SYNNEX Corporation (together with its subsidiaries, herein referred to as “SYNNEX” or the “Company”) is a business process services company headquartered in Fremont, California and has operations in North and South America, Asia-Pacific, Europe and Africa.

The Company has two reportable segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes a broad range of information technology (“IT”) systems and products and also provides systems design and integration solutions. The Concentrix segment offers a portfolio of technology-infused strategic solutions and end-to-end global business outsourcing services focused on customer experience, process optimization, technology innovation, front and back-office automation and business transformation to clients in eight industry verticals.

On January 9, 2020, subsequent to year-end, the Company announced a plan to separate the Concentrix segment into an independent publicly-traded company. Refer Note 17 for further details.

Certain columns and rows may not add due to the use of rounded numbers.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.

Principles of consolidation

The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated.

The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values.

Segment reporting

Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company has two reportable segments: Technology Solutions and Concentrix. The Technology Solutions segment represents an aggregation of the Technology Solutions United States, Canada, Japan and Latin America operating segments.

The Technology Solutions segment distributes peripherals, IT systems, including data center servers, system components, software, networking, communications and security equipment, consumer electronics (“CE”) and complementary products to a variety of customers, including value-added resellers, system integrators and retailers. The segment also designs and integrates data center equipment built specific to the customers' data center environment.

The Concentrix segment offers a range of technology-infused global business outsourcing services focused on customer experience, process optimization and front and back-office automation to clients in eight industry verticals. The portfolio of services offered comprises end-to-end process outsourcing services that are delivered through omni-channels including both voice and non-voice.

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Cash and cash equivalents

The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.

Allowance for doubtful accounts

The allowance for doubtful accounts is an estimate to cover the losses resulting from uncertainty regarding collections from customers or original equipment manufacturer (“OEM”) vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the accounts receivable, credit evaluations of customers’ financial condition and existence of credit insurance. The Company also evaluates the collectability of accounts receivable based on specific customer or OEM vendor circumstances, current economic trends, historical experience with collections and any value and adequacy of collateral received from customers.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business, and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements.

Derivative Financial Instruments

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss),” in stockholders’ equity and reclassified into earnings in the same line associated with the forecasted transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

For derivative instruments that are not designated as hedges, gains and losses on derivative instruments are reported in the Consolidated Statements of Operations in the current period.

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The ranges of estimated useful lives for property and equipment categories are as follows:

 

Equipment and Furniture

 

3 - 10 years

Software

 

3 - 7 years

Leasehold improvements

 

2 - 15 years

Buildings and building improvements

 

10 - 40 years

 

Business Combinations

The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include, direct third-party professional and legal fees, and integration-related costs.

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Goodwill and intangible assets

The values assigned to intangible assets are based on estimates and judgment regarding expectations for the success and life cycle of products and technologies and length of customer relationships acquired in a business combination. Purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method.

The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information.

If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, future economic conditions, and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented.

Intangible assets consist primarily of customer relationships and lists, vendor lists, technology and trade names. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight line basis when the consumption pattern is not apparent over the following useful lives:

 

Customer relationships and lists

 

4 - 15 years

Vendor lists

 

10 years

Technology

 

5 years

Other intangible assets

 

1- 10 years

 

Impairment of long-lived assets

The Company reviews the recoverability of its long-lived assets, such as intangible assets, property and equipment and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.

Concentration of credit risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative instruments.

The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2019, the Company has not experienced any credit losses on such deposits and derivative instruments.

Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks. Through November 30, 2019, such losses have been within management’s expectations.

In fiscal years 2019, 2018 and 2017, one customer accounted for 19%, 17% (as adjusted) and 21% (as adjusted), respectively of the Company’s consolidated revenue. Products purchased from the Company’s largest OEM supplier, HP Inc., accounted for approximately 12%, 13% (as adjusted) and 14% (as adjusted) of the consolidated revenue for fiscal years 2019, 2018 and 2017, respectively.

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As of November 30, 2019 and 2018, one customer comprised 19% and 11% (as adjusted), respectively, of the total accounts receivable balance.

Book overdrafts

Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows.

Revenue recognition

The Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) on December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported.

The Company generates revenue primarily from (i) the sale of various IT products through its Technology Solutions business unit and (ii) the provision of business outsourcing services focused on customer experience through its Concentrix business unit.

Products revenue represents revenue from the Company’s Technology Solutions segment and services revenue represents revenue from the Company’s Concentrix segment.

Technology Solutions

The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the goods. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component.

Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience.

The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements, which are not material to the Company’s consolidated revenue or its “Products” or “Services” revenue, include supplier service contracts, post-contract software support services and extended warranty contracts.

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The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in net sales when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of products sold.

Concentrix

The Company recognizes revenue from services contracts over time as the promised services are delivered to clients for an amount that reflects the consideration to which the Company is entitled in exchange for those services. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer after performance of services or in accordance with specific contractual provisions. Service contracts may be based on a fixed price or on a fixed unit-price per transaction or other objective measure of output. The Company determines whether the services performed during the initial phases of an arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). The Company records deferred revenue attributable to certain process transition, setup activities where such activities do not represent separate performance obligations. Billings related to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. The Company applies a measure of progress (typically time-based) to any fixed consideration and allocates variable consideration to the distinct periods of service based on usage. As a result, revenue is generally recognized over the period the services are provided on a usage basis. This results in revenue recognition that corresponds with the benefit to the client of the services transferred to date relative to the remaining services promised. Revenue on fixed price contracts is recognized on a straight-line basis over the term of the contract as services are provided. Revenue on unit-price transactions is recognized using an objective measure of output including staffing hours or the number of transactions processed by service agents. Client contract terms can range from less than one year to more than five years. The Company generally invoices a customer after performance of services, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component.

Certain client contracts include incentive payments from the customer upon achieving certain agreed-upon service levels and performance metrics or service level agreements that could result in credits or refunds to the client. Revenue relating to such arrangements is accounted for as variable consideration when the likely amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Deferred revenue contract liabilities and deferred costs to obtain or fulfill a contract are not material. Disaggregated revenue disclosure are presented in Note 12.

Cost of Revenue

Cost of products revenue represents cost of the Company’s Technology Solutions segment and cost of services revenue represents cost of the Company’s Concentrix segment.

Technology Solutions

Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities.

Concentrix

Recurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs. Where a contract requires an up-front investment, which typically includes transition and set-up costs related to systems and processes, these amounts are deferred and amortized on a straight-line basis over the expected period of benefit, not to exceed the fixed term of the contract. The Company performs periodic reviews to assess the recoverability of deferred contract transition and setup costs. This review is done by comparing the estimated minimum remaining undiscounted cash flows of a contract to the unamortized contract costs. If such minimum undiscounted cash flows are not sufficient to recover the unamortized costs, an impairment loss is recognized for the difference between the estimated fair value and the carrying value. If a cash flow deficiency remains after reducing the carrying amount of the deferred costs, the Company evaluates any remaining long-lived assets related to that contract for impairment.

Selling, General and Administrative expenses

Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities,

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legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of non-technology related intangible assets.

OEM supplier programs

Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue.

Royalties

The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized.

Warranties

The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources; and (2) its services with regard to products that it assembles for its customers. To date neither warranty expense, nor the accrual for warranty costs has been material to the Company’s Consolidated Financial Statements.

Advertising

Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. To date, net costs related to advertising and promotion expenditures have not been material.

Income taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is includable in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized.

The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provisions for income taxes.

Foreign currency translations

The financial statements of the Company’s foreign subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss).” Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net.”

Comprehensive income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net

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income, foreign currency translation adjustments arising from the consolidation of the Company’s foreign subsidiaries, unrealized gains and losses on the Company’s available-for-sale debt securities, unrealized gains and losses on cash flow hedges and the changes in unrecognized pension and post-retirement benefits.

Share-based compensation

The Company accounts for stock-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Stock-based compensation cost for stock options, restricted stock awards and units, performance restricted stock units and employee stock purchase plans is determined based on the fair value at the measurement date. The Company recognizes stock-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. Effective fiscal year 2018, the Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Prior to fiscal year 2018, the Company estimated forfeitures and only recorded compensation costs for those awards that were expected to vest.

Pension and post-retirement benefits

The funded status of the Company’s pension and other postretirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at November 30, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation ("PBO") and, for the other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation ("APBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement. For active plans, the present value reflects estimated future compensation levels. The APBO represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, inflation, rate of compensation increases, interest crediting rates and mortality rates. The assumptions used are reviewed on an annual basis. The Company records pension expense related to multi-employer plans based on the amount of contributions that are contractually owed during the period based on the service provided by the employee.

Earnings per common share

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.

Treasury Stock

Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets.

Reclassifications

Certain reclassifications have been made to prior period amounts in the Consolidated Balance Sheets, the Consolidated Statements of Cash Flows and the notes thereto to conform to current period presentation. These reclassifications had no effect on total current assets, total assets, total current liabilities, total liabilities or cash flows from operating, investing or financing activities as previously reported. In addition, refer below for the impact of reclassifications made due to adoption of new accounting pronouncements.

Recently adopted accounting pronouncements

In June 2018, the Financial Accounting Standard Board (the “FASB”) issued new guidance which simplifies the accounting for share-based compensation issued to non-employees by making the guidance substantially the same as the accounting for employee share-based compensation. The Company adopted the guidance during its first quarter of fiscal year 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued new guidance which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. With respect to the Company’s consolidated financial statements, the most significant impact relates to the accounting for equity investments (other than those that are consolidated or accounted under the equity method) which are measured at fair value through earnings. The Company adopted the guidance as of December 1, 2018, by means of a cumulative-effect adjustment to the balance sheet, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. This resulted in a reclassification of net unrealized gains of $1,955 from accumulated other

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comprehensive income (loss) to retained earnings. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The adoption of this guidance increases the volatility of other income (expense), net, as a result of the remeasurement of equity securities; however, the adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard for contracts with customers with amendments in 2015 and 2016, codified as Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company adopted the guidance effective December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported, which resulted in an adjustment to retained earnings of $4,536 at the beginning of fiscal year 2017. In addition, the Company elected the one year practical expedient for contract costs.

The primary impact of adoption in the Technology Solutions segment relates to the application of gross versus net criteria in recording revenue. In addition, the Company is recognizing revenue earlier on certain arrangements with acceptance provisions due to the determination of when transfer of control occurs. The Company also reclassified certain amounts on the consolidated balance sheet related to sales returns and allowances, from a reduction of accounts receivable to other accrued liabilities, as these amounts represent refund liabilities to customers. Similarly, the Company reclassified certain amounts for the Company's right to recover assets from customers related to sales returns, from inventories to other current assets. The Company also presented receivables from customers separately from other receivables. The impact of adoption is not material to the Concentrix segment and relates primarily to the capitalization of certain sales commissions that are assessed to be incremental for obtaining new contracts. Such costs are amortized over the period of expected benefit rather than being expensed as incurred as was the Company’s prior practice. Prior periods were not adjusted, as the amounts were not material to the Company’s consolidated financial statements.

The effects of adoption on the Company’s Consolidated Balance Sheet as of November 30, 2018, the Company’s Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for fiscal years 2018 and 2017 were as follows:

 

 

 

As of November 30, 2018

 

Consolidated Balance Sheet Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net(1)

 

$

3,855,431

 

 

$

(215,000

)

 

$

3,640,431

 

Receivables from vendors, net

 

 

—

 

 

 

351,744

 

 

 

351,744

 

Inventories

 

 

2,518,319

 

 

 

(125,760

)

 

 

2,392,559

 

Other current assets(1)

 

 

261,536

 

 

 

52,080

 

 

 

313,616

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Other accrued liabilities

 

$

613,449

 

 

$

59,186

 

 

$

672,635

 

Deferred tax liabilities

 

 

206,024

 

 

 

892

 

 

 

206,916

 

Retained earnings

 

 

2,195,635

 

 

 

2,986

 

 

 

2,198,621

 

 

 

 

 

(1)

Amounts “As adjusted” may not agree to the Consolidated Balance Sheet due to other reclassifications to conform to current period presentation.

 

 

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Year Ended November 30, 2018

 

 

Year Ended November 30, 2017

 

Consolidated Statements of Operations

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

$

17,608,897

 

 

$

(285,819

)

 

$

17,323,078

 

 

$

15,070,871

 

 

$

(274,572

)

 

$

14,796,299

 

    Services

 

 

2,444,867

 

 

 

—

 

 

 

2,444,867

 

 

 

1,974,829

 

 

 

—

 

 

 

1,974,829

 

Total revenue

 

 

20,053,764

 

 

 

(285,819

)

 

 

19,767,945

 

 

 

17,045,700

 

 

 

(274,572

)

 

 

16,771,128

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

 

(16,611,595

)

 

 

285,019

 

 

 

(16,326,576

)

 

 

(14,262,094

)

 

 

272,944

 

 

 

(13,989,150

)

    Services

 

 

(1,514,470

)

 

 

—

 

 

 

(1,514,470

)

 

 

(1,232,666

)

 

 

—

 

 

 

(1,232,666

)

Gross profit

 

 

1,927,699

 

 

 

(800

)

 

 

1,926,899

 

 

 

1,550,940

 

 

 

(1,628

)

 

 

1,549,312

 

Selling, general and administrative expenses

 

 

(1,376,664

)

 

 

—

 

 

 

(1,376,664

)

 

 

(1,041,975

)

 

 

—

 

 

 

(1,041,975

)

Operating income

 

 

551,036

 

 

 

(800

)

 

 

550,236

 

 

 

508,965

 

 

 

(1,628

)

 

 

507,337

 

Interest expense and finance charges, net

 

 

(84,675

)

 

 

—

 

 

 

(84,675

)

 

 

(45,357

)

 

 

—

 

 

 

(45,357

)

Other income (expense), net

 

 

(8,984

)

 

 

—

 

 

 

(8,984

)

 

 

1,123

 

 

 

—

 

 

 

1,123

 

Income before income taxes

 

 

457,377

 

 

 

(800

)

 

 

456,577

 

 

 

464,731

 

 

 

(1,628

)

 

 

463,103

 

Provision for income taxes

 

 

(156,779

)

 

 

183

 

 

 

(156,596

)

 

 

(163,558

)

 

 

695

 

 

 

(162,863

)

Net income

 

$

300,598

 

 

$

(617

)

 

$

299,981

 

 

$

301,173

 

 

$

(933

)

 

$

300,240

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Basic

 

$

7.23

 

 

$

(0.02

)

 

$

7.21

 

 

$

7.54

 

 

$

(0.02

)

 

$

7.52

 

    Diluted

 

$

7.19

 

 

$

(0.02

)

 

$

7.17

 

 

$

7.51

 

 

$

(0.03

)

 

$

7.48

 

 

 

 

Year Ended November 30, 2018

 

Consolidated Statement of Cash Flows Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

300,598

 

 

$

(617

)

 

$

299,981

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(46,888

)

 

 

(184

)

 

 

(47,072

)

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(512,984

)

 

 

61,796

 

 

 

(451,188

)

Receivables from vendors, net

 

 

—

 

 

 

(63,831

)

 

 

(63,831

)

Inventories

 

 

(367,899

)

 

 

1,507

 

 

 

(366,392

)

Other operating assets and liabilities

 

 

94,138

 

 

 

1,329

 

 

 

95,466

 

Net cash provided by operating activities

 

 

100,706

 

 

 

—

 

 

 

100,706

 

 

 

 

Year Ended November 30, 2017

 

Consolidated Statement of Cash Flows Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

 

 

As adjusted

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

301,173

 

 

$

(933

)

 

 

 

$

300,240

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(25,221

)

 

 

(695

)

 

 

 

 

(25,916

)

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(478,273

)

 

 

101,902

 

 

 

 

 

(376,371

)

Receivables from vendors, net

 

 

—

 

 

 

(83,477

)

 

 

 

 

(83,477

)

Inventories

 

 

(243,332

)

 

 

(18,091

)

 

 

 

 

(261,423

)

Other operating assets and liabilities

 

 

99,160

 

 

 

1,294

 

 

 

 

 

100,454

 

Net cash provided by operating activities

 

 

176,764

 

 

 

—

 

 

 

 

 

176,764

 

Recently issued accounting pronouncements

In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments

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should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance.

In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amendment requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets including significant gains and losses affecting the benefit obligation for the period. This standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. The adoption is not expected to have a material impact on the Company's Consolidated Financial Statements.

In August 2018, the FASB issued guidance to improve the effectiveness of fair value measurement disclosures by removing or modifying certain disclosure requirements and adding other requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Certain amendments should be applied prospectively, while all other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance.

In February 2018, the FASB issued guidance that permits the Company to reclassify disproportionate tax effects in accumulated other comprehensive income caused by the Tax Cuts and Jobs Act of 2017 to retained earnings. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of this new guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

In June 2016, the FASB issued a new credit loss standard that replaces the incurred loss impairment methodology in current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption for fiscal years beginning after December 15, 2018 is permitted. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company is currently evaluating the impact of the new guidance.

In February 2016, the FASB issued a new standard which revises various aspects of accounting for leases. The most significant impact to the Company’s Consolidated Financial Statements relates to the recognition by a lessee of a right-of-use asset and a lease liability for virtually all of its leases other than short-term leases. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. For income statement purposes, operating leases will result in a straight-line expense while finance leases will result in a front-loaded expense pattern. This accounting standard, applicable to the Company at the beginning of its first quarter of fiscal year 2020, will be adopted using a modified retrospective approach. The Company is currently evaluating the impact of adoption of this standard and expects that most of its operating lease commitments will be subject to the new standard and be recognized as operating lease liabilities and right-of-use assets upon adoption. The adoption will materially increase total assets and total liabilities relative to such amounts prior to adoption.

NOTE 3—ACQUISITIONS:

Fiscal 2018 acquisition

On October 5, 2018, the Company acquired 100% of Convergys Corporation ("Convergys"), a customer experience outsourcing company, for a purchase price of $2,269,527, pursuant to a merger agreement dated June 28, 2018. The acquisition is related to the Company's Concentrix segment and added scale, diversified the revenue base, expanded the Company's service delivery footprint and strengthened the Company’s leadership position as a top global provider of services to improve customer experience.

The purchase price for the acquisition was allocated to the net tangible and intangible assets based on their fair values at the acquisition date. The excess of the purchase price over the net tangible assets and intangible assets was recorded as goodwill, and was attributed to the assembled workforce and the expected revenue and cost synergies due to the diversified revenue base and comprehensive service portfolio delivery capabilities resulting from the acquisition. During fiscal year 2019, the Company recorded measurement period adjustments of $32,698 to goodwill. These adjustments comprised of an increase of $49,771 in tax liabilities and an increase of $17,073 to the fair value of other acquired net tangible assets, resulting in net tangible liabilities of $51,600, goodwill of $1,394,127, and intangible assets of $927,000, primarily consisting of customer relationships. Goodwill is not deductible for tax purposes.

Acquisition-related and integration expenses related to the Convergys acquisition were $70,473 and $37,490 during the years ended November 30, 2019 and 2018. Substantially all acquisition-related expenses were recorded in “Selling, general and administrative expenses” and comprised of legal and professional services, severance and lease termination payments, accelerated depreciation, bridge financing commitment fees and other costs incurred to complete the acquisition and retention payments to integrate this business.  

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NOTE 4—STOCKHOLDERS’ EQUITY:

2013 Stock Incentive Plan

The Company’s 2013 Stock Incentive Plan was adopted by its Board of Directors and approved by its stockholders in 2013. The 2013 Stock Plan as amended and restated from time to time provides for the direct award or sale of shares of common stock, restricted stock awards, and restricted stock units, the grant of options to purchase shares of common stock and the award of stock appreciation rights to employees and non-employee directors and consultants.

The number of authorized shares under the 2013 Stock Incentive Plan will not exceed the sum of 1,696 shares of common stock, plus any shares under the Amended and Restated 2003 Stock Incentive Plan (the “2003 Stock Incentive Plan”) that are subject to outstanding awards granted to the extent those awards expire, terminate or are canceled for any reason prior to exercise without the issuance or delivery of such shares, any shares subject to vesting restrictions that are subsequently forfeited, and any reserved shares not issued or subject to outstanding awards, up to 2,750 shares. No participant in the 2013 Stock Incentive Plan may receive option grants or stock appreciation rights, restricted shares or restricted stock units of more than 1,500 shares per calendar year, or more than 2,500 shares in the participant’s first calendar year of service. The option price for incentive stock options will not be less than 100% of the fair market value of the stock on the date of grant.

Under the 2013 Stock Incentive Plan, qualified employees are eligible for the grant of incentive stock options to purchase shares of common stock. Qualified employees and outside directors and consultants are eligible for the grant of non-qualified stock options, stock appreciation rights, restricted stock grants and restricted stock units. The outstanding stock options and restricted stock awards generally vest over a five-year period and the stock options have a contractual term of ten years. Certain restricted stock awards and units granted to employees vest over a four year period with 67% of the award scheduled to vest on the third anniversary and remaining 33% scheduled to vest on the fourth anniversary. Stock options granted to qualified non-employee directors vest as to one third of the stock underlying the stock options on the first anniversary date of the grant and the remaining vest monthly over a two-year period starting one month after the first anniversary of the date of grant. Restricted stock granted to qualified non-employee directors vests one fourth on a quarterly basis over a one-year period. The holders of restricted stock awards are entitled to the same voting, dividend and other rights as the Company’s common stockholders. Certain restricted stock units could vest subject to the achievement of individual, divisional or company-wide performance goals. The majority of the performance-based restricted stock units vest at the end of three-year requisite service periods, subject to the achievement of company-wide financial performance goals approved by the Compensation Committee.

Unless terminated sooner, the 2013 Stock Incentive Plan will terminate on March 19, 2023.

2003 Stock Incentive Plan

The Company’s 2003 Stock Incentive Plan terminated in March 2013. The number of authorized shares under the 2003 Stock Incentive Plan was 14,120 shares of common stock. The equity awards outstanding under this plan as of November 30, 2019 continue to be governed by their existing terms. The outstanding stock options granted to qualified employees vested over a five-year period and have a contractual term of ten years. Stock options granted to qualified non-employee directors vested over three years. The exercise price of incentive stock option grants was equal to 100% of the fair market value of those shares on the date of the grant.

2014 Employee Stock Purchase Plan

On January 6, 2014, the Board of Directors approved the adoption of the 2014 Employee Stock Purchase Plan (“2014 ESPP”) to succeed the Company's 2003 Employee Stock Purchase Plan. The 2014 ESPP, as amended, commenced on January 1, 2015 with 750 authorized shares. Under the 2014 ESPP, there are four offering periods of three months each in a calendar year. Eligible employees in the United States can choose to have a fixed percentage deducted from their bi-weekly compensation to purchase the Company’s common stock at a discount of 5%. The maximum number of shares a participant may purchase is 0.625 during a single accumulation period subject to a maximum purchase limit of $10 in a calendar year. Employees at associate vice president level and above are not eligible to participate in the plan.

Share-based compensation expense related to the 2014 ESPP was immaterial during fiscal years 2019, 2018 and 2017.

Share Repurchase Programs

In June 2017, the Board of Directors authorized a three-year $300,000 share repurchase program, effective July 1, 2017, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions. During fiscal year November 30, 2019, the Company repurchased 160 shares for a total cost of $15,184. As of November 30, 2019, the Company repurchased shares aggregating 840 at a total cost of $81,172. The share purchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.

In June 2014, the Board of Directors authorized a three-year $100,000 share repurchase program pursuant to which the Company could repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions. Through the expiration of the program in June 2017, the Company had purchased 207 shares at a total cost of $15,654. The share purchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.

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Dividends

The Company declared cumulative cash dividends of $1.50, $1.40 and $1.05 per share during the years ended November 30, 2019, 2018 and 2017, respectively. On January 9, 2020, the Company announced a cash dividend of $0.40 per share to stockholders of record as of January 24, 2020, payable on January 31, 2020. Dividends are subject to continued capital availability, compliance with the covenants and conditions in some of the Company's credit facilities and the declaration by the Board of Directors in the best interest of the Company’s stockholders.

NOTE 5—SHARE-BASED COMPENSATION:

The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units, performance-based restricted stock units and employee stock purchases, based on estimated fair values.

The Company recorded share-based compensation expense in the Consolidated Statements of Operations for fiscal years 2019, 2018 and 2017 as follows:

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

Total share-based compensation

 

$

28,162

 

 

$

22,767

 

 

$

17,523

 

Tax benefit recorded in the provision for income taxes

 

 

(6,990

)

 

 

(6,156

)

 

 

(6,167

)

Effect on net income

 

$

21,172

 

 

$

16,611

 

 

$

11,356

 

 

Substantially all of the share-based compensation expense was recorded in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

Valuation Assumptions

The Company estimates the fair value of share-based payment awards on the measurement date and recognizes as expense over the requisite service period in the Company’s consolidated financial statements.

The Company uses the Black-Scholes valuation model to estimate fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock.

The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period. For performance-based restricted stock units, the grant-date fair value assumes that the targeted performance goals will be achieved. Over the performance period, the number of awards will be adjusted higher or lower based on the probability of achievement of performance goals.

Through fiscal year 2017, the Company estimated forfeitures and only recorded compensation costs for those awards that were expected to vest. The assumptions for forfeitures were determined based on the type of award and historical experience. Forfeiture assumptions were adjusted at the point in time a significant change was identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. From fiscal year 2018, the Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.

The following assumptions were used in the Black-Scholes valuation model in fiscal years 2019, 2018 and 2017:

 

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

2018

 

 

2017

 

Stock option plan:

 

 

 

 

 

 

 

 

 

 

Expected life (years)

 

6.0 - 6.1

 

 

6.0

 

 

 

5.9

 

Risk free interest rate

 

1.59% - 2.62%

 

 

3.09

%

 

 

2.11

%

Expected volatility

 

32.33% - 33.69%

 

 

30.85

%

 

 

29.41

%

Dividend yield

 

1.36% - 1.54%

 

 

1.84

%

 

 

0.93

%

 

A summary of the activities under the Company’s stock incentive plan is set forth below:

 

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Options Outstanding

 

 

 

Shares available

for grant

 

 

Number of

shares

 

 

Weighted-

average exercise

price per share

 

Balances, November 30, 2018

 

 

889

 

 

 

780

 

 

$

75.62

 

Restricted stock awards granted

 

 

(320

)

 

 

—

 

 

 

—

 

Restricted stock units granted

 

 

(231

)

 

 

—

 

 

 

—

 

Restricted stock cancelled/forfeited

 

 

61

 

 

 

—

 

 

 

—

 

Options granted

 

 

(137

)

 

 

137

 

 

$

108.78

 

Options exercised

 

 

—

 

 

 

(51

)

 

$

37.66

 

Balances, November 30, 2019

 

 

262

 

 

 

866

 

 

$

83.10

 

 

Employee Stock Options

The weighted-average grant-date fair values of the stock options granted during fiscal years 2019, 2018 and 2017 were $32.76, $22.96, and $36.92, respectively. As of November 30, 2019, 866 options were outstanding with a weighted-average life of 6.66 years, a weighted-average exercise price of $83.10 per option and an aggregate pre-tax intrinsic value of $34,890. As of November 30, 2019, 476 options were vested and exercisable with a weighted-average life of 4.98 years, a weighted-average exercise price of $69.49 per share and an aggregate pre-tax intrinsic value of $25,624.

The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2019, 2018 and 2017 were as follows:

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

Intrinsic value of options exercised

 

$

3,782

 

 

$

2,465

 

 

$

3,856

 

Cash received from exercise of options

 

$

1,908

 

 

$

1,561

 

 

$

1,400

 

 

The Company settles employee stock option exercises with newly issued common shares.

As of November 30, 2019, the unamortized share-based compensation expense related to unvested stock options under the 2013 Stock Incentive Plan was $10,990 which will be recognized over an estimated weighted-average amortization period of 3.67 years.

Restricted Stock Awards and Restricted Stock Units

A summary of the changes in the Company’s non-vested restricted stock awards and stock units during fiscal year 2019 is presented below:

 

 

 

Number of

shares

 

 

Weighted-average,

grant-date

fair value per share

 

Non-vested as of November 30, 2018

 

 

764

 

 

$

99.28

 

Awards granted

 

 

320

 

 

 

109.55

 

Units granted(1)

 

 

231

 

 

 

96.80

 

Awards and units vested

 

 

(202

)

 

 

87.28

 

Awards and units cancelled/forfeited(2)

 

 

(61

)

 

 

94.13

 

Non-vested as of November 30, 2019

 

 

1,051

 

 

$

103.51

 

 

 

(1)

For performance-based restricted stock units, the maximum number of shares that can be awarded upon full vesting of the grants is included.

 

(2)

For performance-based restricted stock units, the difference between maximum awards and the actual number of shares issued upon full vesting is included.

As of November 30, 2019, there was $86,120 of total unamortized share-based compensation expense related to non-vested restricted stock awards and stock units granted under the 2013 Stock Incentive Plan. That cost is expected to be recognized over an estimated weighted-average amortization period of 3.63 years.

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NOTE 6—BALANCE SHEET COMPONENTS:

Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:

 

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

Cash and cash equivalents

 

$

225,529

 

 

$

454,694

 

Restricted cash included in other current assets

 

 

5,620

 

 

 

7,126

 

Restricted cash included in other assets

 

 

—

 

 

 

213

 

Cash, cash equivalents and restricted cash

 

$

231,149

 

 

$

462,033

 

 

Restricted cash balances relate primarily to temporary restrictions caused by the timing of lockbox collections under borrowing arrangements, the issuance of bank guarantees and a government grant.

 

     Accounts receivable, net:

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Accounts receivable

 

$

3,956,629

 

 

$

3,648,973

 

Less: Allowance for doubtful accounts

 

 

(29,920

)

 

 

(8,477

)

Accounts receivable, net

 

$

3,926,709

 

 

$

3,640,496

 

 

     Receivables from vendors, net:

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Receivables from vendors

 

$

373,986

 

 

$

357,932

 

Less: Allowance for doubtful accounts

 

 

(5,481

)

 

 

(6,188

)

Receivables from vendors, net

 

$

368,505

 

 

$

351,744

 

 

     Allowance for doubtful trade receivables:

 

 

 

 

 

 

 

Balance at November 30, 2016

$

11,591

 

Additions

 

7,606

 

Write-offs and reclassifications

 

(2,627

)

Balance at November 30, 2017

 

16,570

 

Additions

 

3,055

 

Write-offs and reclassifications

 

(11,148

)

Balance at November 30, 2018

 

8,477

 

Additions

 

31,236

 

Write-offs and reclassifications

 

(9,793

)

Balance at November 30, 2019

$

29,920

 

 

 

 

 

     Allowance for receivables from vendors:

 

 

 

 

 

 

 

Balance at November 30, 2016

$

1,973

 

Additions

 

662

 

Write-offs and reclassifications

 

(12

)

Balance at November 30, 2017

 

2,623

 

Additions

 

4,191

 

Write-offs and reclassifications

 

(626

)

Balance at November 30, 2018

 

6,188

 

Additions

 

3,675

 

Write-offs and reclassifications

 

(4,382

)

Balance at November 30, 2019

$

5,481

 

 

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Table of Content

 

     Property and equipment, net:

 

As of November 30,

 

 

 

2019

 

 

2018

 

Land

 

$

47,494

 

 

$

31,102

 

Equipment, computers and software

 

 

503,240

 

 

 

423,467

 

Furniture and fixtures

 

 

111,408

 

 

 

104,474

 

Buildings, building improvements and leasehold improvements

 

 

428,180

 

 

 

368,107

 

Construction-in-progress

 

 

12,379

 

 

 

29,021

 

Total property and equipment, gross

 

$

1,102,702

 

 

 

956,170

 

Less: Accumulated depreciation

 

 

(532,803

)

 

 

(384,844

)

Property and equipment, net

 

$

569,899

 

 

$

571,326

 

 

 

Depreciation expense for fiscal years 2019, 2018 and 2017, was $161,627, $100,955 and $80,705, respectively.

 

     Goodwill:

 

Fiscal Year Ended November 30, 2019

 

 

Fiscal Year Ended November 30, 2018

 

 

 

Technology

Solutions

 

 

Concentrix

 

 

Total

 

 

Technology

Solutions

 

 

Concentrix

 

 

Total

 

Balance, beginning of year

 

$

427,775

 

 

$

1,775,541

 

 

$

2,203,316

 

 

$

437,225

 

 

$

435,416

 

 

$

872,641

 

Additions/adjustments from acquisitions

 

 

—

 

 

 

34,797

 

 

 

34,797

 

 

 

(960

)

 

 

1,360,795

 

 

 

1,359,835

 

Foreign exchange translation

 

 

(2,699

)

 

 

18,989

 

 

 

16,290

 

 

 

(8,490

)

 

 

(20,671

)

 

 

(29,160

)

Balance, end of year

 

$

425,076

 

 

$

1,829,326

 

 

$

2,254,402

 

 

$

427,775

 

 

$

1,775,541

 

 

$

2,203,316

 

 

 

     Intangible assets, net:

 

As of November 30, 2019

 

 

As of November 30, 2018

 

 

 

Gross

Amounts

 

 

Accumulated

Amortization

 

 

Net

Amounts

 

 

Gross

Amounts

 

 

Accumulated

Amortization

 

 

Net

Amounts

 

Customer relationships and lists

 

$

1,546,349

 

 

$

(522,083

)

 

$

1,024,266

 

 

$

1,552,322

 

 

$

(333,266

)

 

$

1,219,056

 

Vendor lists

 

 

178,444

 

 

 

(66,954

)

 

 

111,490

 

 

 

179,019

 

 

 

(53,318

)

 

 

125,701

 

Technology

 

 

14,720

 

 

 

(8,998

)

 

 

5,721

 

 

 

14,767

 

 

 

(7,064

)

 

 

7,704

 

Other intangible assets

 

 

35,267

 

 

 

(14,532

)

 

 

20,735

 

 

 

35,559

 

 

 

(10,715

)

 

 

24,844

 

 

 

$

1,774,780

 

 

$

(612,567

)

 

$

1,162,212

 

 

$

1,781,667

 

 

$

(404,363

)

 

$

1,377,305

 

 

 

Amortization expense for fiscal years 2019, 2018 and 2017, was $210,481, $124,332 and $79,181, respectively.

Estimated future amortization expense of the Company’s intangible assets is as follows:

 

Fiscal years ending November 30,

 

 

 

 

2020

 

$

188,570

 

2021

 

 

173,532

 

2022

 

 

150,213

 

2023

 

 

131,762

 

2024

 

 

109,475

 

Thereafter

 

 

408,661

 

Total

 

$

1,162,212

 

 

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Table of Content

 

Accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) ("AOCI"), net of taxes, were as follows:

 

 

 

Unrecognized

gains (losses) on

defined benefit

plan, net

of taxes

 

 

Unrealized gains

(losses)

on cash flow

hedges, net of

taxes

 

 

Foreign currency

translation

adjustment and other,

net of taxes

 

 

Total

 

Balance, beginning of year

 

$

(3,263

)

 

$

16,920

 

 

$

(139,945

)

 

$

(126,288

)

Opening balance adjustment for the adoption of new

   accounting guidance

 

 

—

 

 

 

—

 

 

 

(1,955

)

 

 

(1,955

)

Other comprehensive income (loss) before reclassification

 

 

(27,312

)

 

 

(52,714

)

 

 

8,539

 

 

 

(71,487

)

Reclassification of (gains) losses from Other comprehensive

   income (loss)

 

 

1,791

 

 

 

(11,138

)

 

 

—

 

 

 

(9,347

)

Balance, end of year

 

$

(28,784

)

 

$

(46,932

)

 

$

(133,361

)

 

$

(209,077

)

 

Refer to Note 7 for the location of gains and losses reclassified from other comprehensive income (loss) to the Consolidated Statements of Operations.

 

Foreign currency translation adjustment and other, net of taxes, is comprised of foreign currency translation adjustment and unrealized gains and losses on available-for-sale debt securities. Substantially, all of the balance at both November 30, 2018 and 2019 represents foreign currency translation adjustment.

NOTE 7—DERIVATIVE INSTRUMENTS:

In the ordinary course of business, the Company is exposed to foreign currency risk, interest rate risk, equity risk, commodity price changes and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, swaps, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain foreign subsidiaries and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.

All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, or as a component of AOCI in the Consolidated Balance Sheets, as discussed below.

Cash Flow Hedges

To protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s subsidiaries with functional currencies that are not in U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the subsidiaries’ functional currencies. These instruments mature at various dates through November 2021. The Company also uses interest rate derivative contracts to economically convert a portion of its variable-rate debt to fixed-rate debt. The swaps have maturities at various dates through October 31, 2023. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of "Revenue from Services" in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of costs are recognized as a component of "Cost of revenue" for "services" and/or "Selling, general and administrative expenses" in the same period as the related costs are recognized. Deferred gains and losses associated with cash flow hedges of interest payments are recognized in "Interest expense and Finance charges, net" in the same period as the related expense is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.

Non-Designated Derivatives

The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.

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Table of Content

 

Fair Values of Derivative Instruments in the Consolidated Balance Sheets

The fair values of the Company’s derivative instruments are disclosed in Note 8-- Fair Value Measurements and summarized in the table below:

 

 

Value as of

 

Balance Sheet Line Item

 

November 30,

2019

 

 

November 30,

2018

 

Derivative instruments not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange forward contracts (notional value)

 

$

1,192,964

 

 

$

1,008,895

 

Other current assets

 

 

11,757

 

 

 

12,651

 

Other accrued liabilities

 

 

2,637

 

 

 

1,856

 

Interest rate swap (notional value)

 

$

100,000

 

 

$

100,000

 

Other assets

 

 

515

 

 

 

3,519

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Foreign exchange forward contracts (notional value)

 

$

563,654

 

 

$

624,014

 

Other current assets and other assets

 

 

14,523

 

 

 

3,834

 

Other accrued liabilities and other long-term liabilities

 

 

1,633

 

 

 

12,306

 

Interest rate swaps (notional value)

 

$

1,900,000

 

 

$

1,900,000

 

Other current assets and other assets

 

 

—

 

 

 

5,869

 

Other accrued liabilities and other long-term liabilities

 

$

83,428

 

 

$

9,004

 

 

Volume of activity

The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine Peso, the Indian Rupee, the Euro, the Canadian Dollar, the British Pound, the Chinese Yuan, the Brazilian Real and the Colombian Peso that will be bought or sold at maturity. The term and notional amount of interest rate swaps are determined based on management’s assessment of future interest rates and other factors such as debt maturities. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change.

 

 

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Table of Content

 

The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations

The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and not designated as hedging instruments in Other Comprehensive Income (“OCI”), and the Consolidated Statements of Operations for the periods presented:

 

 

Location of Gain (Loss)

 

For the fiscal years ended November 30,

 

 

 

in Income

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for services

 

 

 

$

4,687,327

 

 

$

2,444,867

 

 

$

1,974,829

 

Cost of revenue for services

 

 

 

 

(2,946,664

)

 

 

(1,514,470

)

 

 

(1,232,666

)

Selling, general and administrative expenses

 

 

 

 

(2,084,156

)

 

 

(1,376,664

)

 

 

(1,041,975

)

Interest expense and finance charges, net

 

 

 

 

(166,421

)

 

 

(84,675

)

 

 

(45,357

)

Other income (expense), net

 

 

 

 

30,363

 

 

 

(8,984

)

 

 

1,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) recognized in OCI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

 

$

20,772

 

 

$

27,426

 

 

$

—

 

Interest rate swaps

 

 

 

 

(88,569

)

 

 

(1,256

)

 

 

5,957

 

Total

 

 

 

$

(67,797

)

 

$

26,170

 

 

$

5,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) reclassified from AOCI into income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) reclassified from AOCI into income

 

Revenue for services

 

$

127

 

 

$

—

 

 

$

—

 

Gain (loss) reclassified from AOCI into income

 

Cost of revenue for

services

 

 

16,454

 

 

 

1,021

 

 

 

—

 

Gain (loss) reclassified from AOCI into income

 

Selling, general and

administrative expenses

 

 

6,767

 

 

 

441

 

 

 

—

 

Gain (loss) reclassified from AOCI into income

 

Other income

(expense), net

 

 

36

 

 

 

—

 

 

 

—

 

Interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) reclassified from AOCI into

   income

 

Interest expense and

finance charges, net

 

 

(8,455

)

 

 

2,792

 

 

 

(1,762

)

Total

 

 

 

$

14,929

 

 

$

4,254

 

 

$

(1,762

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) recognized from Foreign exchange

   forward contracts, net(1)

 

Cost of revenue for services and Selling, general and administrative expenses

 

$

—

 

 

$

3,378

 

 

$

—

 

Gains (losses) recognized from foreign exchange forward contracts, net(1)

 

Other income

(expense), net

 

 

20,246

 

 

 

(6,126

)

 

 

(2,217

)

Gains (losses) recognized from interest rate swaps, net

 

Interest expense and

finance charges, net

 

 

(3,004

)

 

 

(318

)

 

 

—

 

Total

 

 

 

$

17,242

 

 

$

(3,066

)

 

$

(2,217

)

 

 

(1)

The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $4,126.

Offsetting of Derivatives

In the Consolidated Balance Sheets, the Company does not offset derivative assets against liabilities in master netting arrangements. If derivative exposures covered by a qualifying master netting agreement had been netted in the Consolidated Balance

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Sheets, the total derivative asset and liability positions would have been reduced by $6,003 each as of November 30, 2019 and $6,850 each as of November 30, 2018.

Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.

NOTE 8—FAIR VALUE MEASUREMENTS:

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:

 

 

 

As of November 30, 2019

 

 

As of November 30, 2018

 

 

 

 

 

 

 

Fair value measurement category

 

 

 

 

 

 

Fair value measurement category

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

37,760

 

 

$

37,760

 

 

$

—

 

 

$

—

 

 

$

108,785

 

 

$

108,785

 

 

$

—

 

 

$

—

 

Marketable equity securities

 

 

2,834

 

 

 

2,834

 

 

 

—

 

 

 

—

 

 

 

5,492

 

 

 

5,492

 

 

 

—

 

 

 

—

 

Foreign government bond

 

 

1,228

 

 

 

1,228

 

 

 

—

 

 

 

—

 

 

 

1,104

 

 

 

1,104

 

 

 

—

 

 

 

—

 

Forward foreign currency exchange contracts

 

 

26,280

 

 

 

—

 

 

 

26,280

 

 

 

—

 

 

 

16,485

 

 

 

—

 

 

 

16,485

 

 

 

—

 

Interest rate swaps

 

 

515

 

 

 

—

 

 

 

515

 

 

 

—

 

 

 

9,388

 

 

 

—

 

 

 

9,388

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration payable

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

33,098

 

 

$

—

 

 

$

—

 

 

$

33,098

 

Forward foreign currency exchange contracts

 

 

4,270

 

 

 

—

 

 

 

4,270

 

 

 

—

 

 

 

14,162

 

 

 

—

 

 

 

14,162

 

 

 

—

 

Interest rate swaps

 

 

83,428

 

 

 

—

 

 

 

83,428

 

 

 

—

 

 

 

9,004

 

 

 

—

 

 

 

9,004

 

 

 

—

 

Convertible debentures conversion option

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

77,238

 

 

 

—

 

 

 

—

 

 

 

77,238

 

 

The Company’s cash equivalents consist primarily of highly liquid investments in money market funds and term deposits with maturity periods of three months or less. The carrying values of cash equivalents approximate fair value since they are near their maturity. Investments in marketable equity securities, primarily comprising investments in other companies’ equity securities as per local customary business practice, are recorded at fair value based on quoted market prices. Investment in foreign government bond classified as available-for-sale debt security is recorded at fair value based on quoted market prices. The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. Fair values of interest rate swaps are measured using standard valuation models using inputs that are readily available in public markets, or can be derived from observable market transactions, including London Interbank Offered Rate (“LIBOR”) spot and forward rates. The effect of nonperformance risk on the fair value of derivative instruments was not material as of November 30, 2019 and 2018.

Contingent consideration payable represented future potential earn-out payments related to the Westcon-Comstor Americas acquisition in fiscal year 2017. The fair value of the contingent consideration liability was based on a probabilistic analysis using an option pricing model as implemented via a Monte Carlo simulation. During fiscal year 2019, the fair value of the contingent consideration liability was remeasured and the resulting decrease of $19,034 was recorded as a benefit to "other income (expense), net" in the Consolidated Statements of Operations. The change in the fair value was due to final settlement of the gross profit related to the achievement of the established earn-out target with the sellers. The settled amount was paid during fiscal year 2019.

The fair value of the Convertible Debentures conversion option was based on a probabilistic analysis using the Monte Carlo simulation approach. The model considered simulated movements in the Company's stock price until the conversion date using

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estimated stock volatility of 35%, a risk free rate of 2.7%, discount and dividend yields of 4.6% and $0.35 per share each quarter, respectively, over the period until September 2019, when the Company would become entitled to redeem the debentures. During fiscal year 2019, the Company settled all the outstanding convertible debentures and recorded a loss of $1,559 upon settlement in other income (expense), net.

The carrying values of term deposits with maturities less than one year, accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. Long-term non-marketable equity securities consist primarily of investments in equity securities of private entities. The fair value of non-marketable equity investments is based on an internal valuation of the investees based on the best available information at the measurement date. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates.

During fiscal years 2019, 2018 and 2017, there were no transfers between the fair value measurement category levels.

NOTE 9—ACCOUNTS RECEIVABLE ARRANGEMENTS:

The Company has an uncommitted supply-chain financing program with a global financial institution under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institution. Available capacity under this program is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institution’s willingness to purchase such receivables. As of November 30, 2019 and 2018, accounts receivable sold to and held by the financial institution under this program were $32,472 and $33,677, respectively. Discount fees related to the sale of trade accounts receivable under this facility are included in “Interest expense and finance charges, net” in the Consolidated Statement of Operations. During the fiscal years ended November 30, 2019, 2018 and 2017, discount fees were $2,281, $1,621 and $1,201, respectively.

SYNNEX Japan, the Company's Japanese Technology Solutions subsidiary, has arrangements with financial institutions for the sale and financing of approved accounts receivable and notes receivable. The amounts outstanding under these arrangements that were sold, but not collected, as of November 30, 2019 and 2018 were $2,856 and $2,848, respectively.

The Company also has other financing agreements in North America with financial institutions (“Flooring Companies”) to allow certain customers of the Company to finance their purchases directly with the Flooring Companies. Under these agreements, the Flooring Companies pay to the Company the selling price of products sold to various customers, less a discount, within approximately 15 to 30 days from the date of sale. The Company is contingently liable to repurchase inventory sold under flooring agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the Flooring Companies. See Note 16 — Commitments and Contingencies for further information.

The following table summarizes the net sales financed through flooring agreements and the flooring fees incurred:

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

Net sales financed

 

$

1,961,379

 

 

$

1,734,860

 

 

$

1,262,325

 

Flooring fees(1)

 

 

13,130

 

 

 

10,698

 

 

 

8,192

 

 

 

(1)

Flooring fees are included within “Interest expense and finance charges, net.”

As of November 30, 2019 and 2018, accounts receivable subject to flooring agreements were $69,637 and $84,668, respectively.

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NOTE 10—BORROWINGS:

Borrowings consist of the following:

 

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

SYNNEX United States accounts receivable securitization arrangement

 

$

108,000

 

 

$

615,000

 

SYNNEX Japan credit facility - revolving line of credit component

 

 

5,936

 

 

 

20,268

 

SYNNEX United States credit agreement - revolving line of credit component

 

 

25,800

 

 

 

—

 

SYNNEX United States credit agreement - current portion

   of term loan component

 

 

60,000

 

 

 

60,000

 

SYNNEX United States term loan credit agreement - current portion

 

 

90,000

 

 

 

58,125

 

Convertible debentures

 

 

—

 

 

 

69,762

 

Other borrowings

 

 

9,233

 

 

 

10,061

 

Borrowings, current

 

$

298,969

 

 

$

833,216

 

 

 

 

 

 

 

 

 

 

SYNNEX Japan credit facility - term loan component

 

$

63,921

 

 

$

61,685

 

SYNNEX United States credit agreement - term loan component

 

 

1,020,000

 

 

 

1,080,000

 

SYNNEX United States term loan credit agreement

 

 

1,642,500

 

 

 

1,491,875

 

Other term debt

 

 

298

 

 

 

541

 

Long-term borrowings, before unamortized debt discount

   and issuance costs

 

$

2,726,719

 

 

$

2,634,101

 

Less: unamortized debt discount and issuance costs

 

 

(8,452

)

 

 

(11,319

)

Long-term borrowings

 

$

2,718,267

 

 

$

2,622,782

 

 

SYNNEX United States accounts receivable securitization arrangement

In the United States, the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, which expires in May 2020, the Company’s subsidiary that is the borrower under this facility can borrow up to a maximum of $850,000 based upon eligible trade accounts receivable. In addition, the U.S. AR Arrangement includes an accordion feature to allow requests for an increase in the lenders' commitment by an additional $150,000. The effective borrowing cost under the U.S. AR Arrangement is a blended rate based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon LIBOR, provided that LIBOR shall not be less than zero. In addition, a program fee of 0.75% per annum based on the used portion of the commitment, and a facility fee of 0.35% per annum, is payable on the adjusted commitment of the lenders.

Under the terms of the U.S. AR Arrangement, the Company and two of its U.S. subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any amounts received under the U.S. AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets.

SYNNEX Canada accounts receivable securitization arrangement

In Canada, the Company has an accounts receivable securitization program with a bank to provide additional capital for its operations. Under the terms of this program, SYNNEX Canada Limited (“SYNNEX Canada”) can borrow up to CAD100,000, or $75,296, in exchange for the transfer of eligible trade accounts receivable, on an ongoing revolving basis through May 2020. The program includes an accordion feature that allows SYNNEX Canada to request an increase in the bank’s commitment by an additional CAD50,000, or $37,648. Any amounts received under this arrangement are recorded as debt on the Company's Consolidated Balance Sheets and are secured by pledging all of the rights, title and interest in the receivables to the bank. The effective borrowing cost is based on the weighted-average of the Canadian Dollar Offered Rate plus a margin of 2.00% per annum and the prevailing lender commercial paper rates. In addition, SYNNEX Canada is obligated to pay a program fee of 0.75% per annum based on the used portion of the commitment. SYNNEX Canada pays a fee of 0.40% per annum for any unused portion of the commitment up to CAD60,000, or $45,177, and when the unused portion exceeds CAD60,000, or $45,177, a fee of 0.40% on the first CAD25,000, or $18,824, of the unused portion and a fee of 0.55% per annum of the remaining unused commitment. As of both November 30, 2019 and 2018, there was no outstanding balance under this arrangement.

SYNNEX Japan credit facility

SYNNEX Japan has a credit agreement with a group of banks for a maximum commitment of JPY15,000,000 or $136,974. The credit agreement is comprised of a JPY7,000,000, or $63,921, term loan and a JPY 8,000,000, or $73,053, revolving credit facility and expires in November 2021. The interest rate for the term loan and revolving credit facility is based on the Tokyo Interbank Offered

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Rate, plus a margin, which is based on the Company’s consolidated leverage ratio, and currently equals 0.70% per annum. The unused line fee on the revolving credit facility is currently 0.10% per annum based on the Company's consolidated current leverage ratio. The term loan can be repaid at any time prior to the expiration date without penalty. The Company has guaranteed the obligations of SYNNEX Japan under this facility.

Latin America revolving line of credit facility

One of the Company’s subsidiaries in Mexico maintains a United States Dollar denominated $40,000 revolving credit facility with a financial institution (the “LATAM facility”). The revolving credit facility matures in February 2020. The Company guarantees the obligations under this credit facility. The interest rate on this facility ranges from 10.12% to 10.85% per annum. There were no borrowings outstanding under the LATAM facility as of either November 30, 2019 or 2018.

Concentrix India revolving lines of credit facilities

The Company's Indian subsidiaries have credit facilities with a financial institution to borrow up to an aggregate amount of $22,000. The interest rate under these facilities is the higher of the bank's minimum lending rate or LIBOR, plus a margin of 0.9% per annum. The Company guarantees the obligations under these credit facilities. These credit facilities can be terminated at any time by the Company’s Indian subsidiaries or the financial institution. There were no borrowings outstanding under these credit facilities as of either November 30, 2019 or 2018.

SYNNEX United States credit agreement

In the United States, the Company has a senior secured credit agreement (as amended, the "U.S. Credit Agreement") with a group of financial institutions. The U.S. Credit Agreement includes a $600,000 commitment for a revolving credit facility and a term loan in the original principal amount of $1,200,000. The Company may request incremental commitments to increase the principal amount of the revolving line of credit or term loan by $500,000, plus an additional amount which is dependent upon the Company's pro forma first lien leverage ratio, as calculated under the U.S. Credit Agreement. The U.S. Credit Agreement matures in September 2022. The outstanding principal amount of the term loan is repayable in quarterly installments of $15,000, with the unpaid balance due in full on the September 2022 maturity date. The term loan can be repaid at any time prior to the maturity date without penalty. Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company's option, plus a margin. The margin for LIBOR loans ranges from 1.25% to 2.00% and the margin for base rate loans ranges from 0.25% to 1.00%, provided that LIBOR shall not be less than zero. The base rate is a variable rate which is the highest of (a) the Federal Funds Rate, plus a margin of 0.5%, (b) the rate of interest announced, from time to time, by the agent, Bank of America, N.A., as its “prime rate,” and (c) the Eurodollar Rate, plus 1.0%. The unused revolving credit facility commitment fee ranges from 0.175% to 0.30% per annum. The margins above the applicable interest rates and the revolving commitment fee for revolving loans are based on the Company’s consolidated leverage ratio, as calculated under the U.S. Credit Agreement. The Company’s obligations under the U.S. Credit Agreement are secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the U.S. Term Loan Credit Agreement (defined below) pursuant to an intercreditor agreement and are guaranteed by certain of the Company's United States domestic subsidiaries.

SYNNEX United States term loan credit agreement

In order to fund the Convergys acquisition (See Note 3), the related refinancing or settlement of Convergys' debt and payment of related fees and expenses, the Company entered into a secured term loan credit agreement on August 9, 2018 (the “U.S. Term Loan Credit Agreement”) with a group of financial institutions, which provided for the extension of one or more term loans in an aggregate principal amount not to exceed $1,800,000. The U.S. Term Loan Credit Agreement matures in October 2023. Until November 30, 2018, the Company had drawn $1,550,000 of term loans. During fiscal year 2019, the Company borrowed the remaining available amount of $250,000 under the facility to settle part of Convergys’ outstanding Convertible Debentures. The outstanding principal amount of the term loans is payable in quarterly installments of $22,500, with the unpaid balance due in full on the maturity date. The term loan can be repaid at any time prior to the expiration date without penalty. Interest on borrowings under the U.S. Term Loan Credit Agreement can be based on LIBOR or a base rate at the Company’s option, plus a margin. The margin for LIBOR loans ranges from 1.25% to 1.75% and the margin for base rate loans ranges from 0.25% to 0.75%, provided that LIBOR shall not be less than zero. The base rate is a variable rate which is the highest of (a) 0.5% plus the greater of (x) the Federal Funds Rate in effect on such day and (y) the overnight bank funding rate in effect on such day, (b) the Eurodollar Rate plus 1.0% per annum, and (c) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. During the period in which the term loans were available to be drawn, the Company paid term loan commitment fees. The margins above the Company's applicable interest rates are, and the term loan commitment fee were, based on the Company's consolidated leverage ratio as calculated under the U.S. Term Loan Credit Agreement. The Company's obligations under the U.S. Term Loan Credit Agreement are secured by substantially all of the Company’s and certain of its domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the existing U.S. Credit Agreement pursuant to an intercreditor agreement, and are guaranteed by certain of its domestic subsidiaries.

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Convertible Debentures

In connection with the Convergys acquisition, Convergys was merged into Concentrix CVG and Concentrix CVG became the obligor under Convergys' $124,963 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due September 2029. The Company determined that the embedded conversion feature included in the convertible debentures required liability treatment because a portion was convertible into a fixed dollar amount based on a variable conversion rate, and was recorded at fair value in other accrued liabilities in the Consolidated Balance Sheets. Subsequent to the acquisition, the Company settled the entire principal amount and conversion obligation in excess of the aggregate principal amount in cash, of which $69,982 of the principal amount was settled in cash for $148,047 during fiscal year 2019.

SYNNEX Canada revolving line of credit

SYNNEX Canada has an uncommitted revolving line of credit with a bank under which it can borrow up to CAD50,000, or $37,648. Borrowings under the facility are secured by eligible inventory and bear interest at a base rate plus a margin ranging from 0.50% to 2.25% depending on the base rate used. The base rate could be a Banker's Acceptance Rate, a Canadian Prime Rate, LIBOR or U.S. Base Rate. As of both November 30, 2019 and 2018, there were no borrowings outstanding under this credit facility.

Other borrowings and term debt

Other borrowings and term debt include lines of credit with financial institutions at certain locations outside the United States, factoring of accounts receivable with recourse provisions, capital leases, a building mortgage and book overdrafts. As of November 30, 2019, commitments for these revolving credit facilities aggregated $27,350. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. Borrowings under these facilities are guaranteed by the Company or secured by accounts receivable.

The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at November 30, 2019 exchange rates.

Future principal payments

As of November 30, 2019, future principal payments under the above loans are as follows:

 

Fiscal Years Ending November 30,

 

 

 

 

2020

 

$

298,969

 

2021

 

 

214,122

 

2022

 

 

1,050,098

 

2023

 

 

1,462,499

 

 

 

$

3,025,688

 

 

Interest expense and finance charges

The total interest expense and finance charges for the Company’s borrowings were $172,777, $92,899 and $47,367 for fiscal years 2019, 2018 and 2017, respectively. The variable interest rates ranged between 0.70% and 11.38%, between 0.58% and 12.74% and between 0.58% and 15.13% in fiscal years 2019, 2018 and 2017, respectively.

Covenant compliance

The Company's credit facilities have a number of covenants and restrictions that, among other things, require the Company to maintain specified financial ratios and satisfy certain financial condition tests. The covenants also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. As of November 30, 2019, the Company was in compliance with all material covenants for the above arrangements.

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NOTE 11—EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Less: net income allocated to participating securities(1)

 

 

(4,593

)

 

 

(2,728

)

 

 

(2,782

)

Net income attributable to common stockholders

 

$

496,119

 

 

$

297,253

 

 

$

297,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares - basic

 

 

50,669

 

 

 

41,215

 

 

 

39,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

9.79

 

 

$

7.21

 

 

$

7.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Less: net income allocated to participating securities(1)

 

 

(4,573

)

 

 

(2,716

)

 

 

(2,770

)

Net income attributable to common stockholders

 

$

496,139

 

 

$

297,265

 

 

$

297,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares - basic

 

 

50,669

 

 

 

41,215

 

 

 

39,556

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock units

 

 

267

 

 

 

236

 

 

 

202

 

Weighted-average number of common shares - diluted

 

 

50,936

 

 

 

41,451

 

 

 

39,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

9.74

 

 

$

7.17

 

 

$

7.48

 

Anti-dilutive shares excluded from diluted earnings per share calculation

 

 

108

 

 

 

97

 

 

 

14

 

 

 

(1)

Restricted stock awards granted to employees by the Company are considered participating securities.

 

NOTE 12—SEGMENT INFORMATION:

Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:

 

 

 

Technology

Solutions

 

 

Concentrix

 

 

Inter-Segment

Elimination

 

 

Consolidated

 

Fiscal Year ended November 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

19,069,970

 

 

$

4,707,912

 

 

$

(20,589

)

 

$

23,757,293

 

External revenue

 

 

19,069,966

 

 

 

4,687,327

 

 

 

 

 

 

 

23,757,293

 

Operating income

 

 

519,429

 

 

 

294,332

 

 

 

—

 

 

 

813,761

 

Depreciation and amortization expense

 

 

66,329

 

 

 

305,779

 

 

 

—

 

 

 

372,108

 

Total assets

 

 

10,312,512

 

 

 

4,645,475

 

 

 

(3,260,027

)

 

 

11,697,960

 

Fiscal Year ended November 30, 2018

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (as adjusted)

 

$

17,323,163

 

 

$

2,463,151

 

 

$

(18,369

)

 

$

19,767,945

 

External revenue (as adjusted)

 

 

17,323,078

 

 

 

2,444,867

 

 

 

 

 

 

 

19,767,945

 

Operating income (as adjusted)

 

 

405,475

 

 

 

144,761

 

 

 

—

 

 

 

550,236

 

Depreciation and amortization expense

 

 

70,688

 

 

 

154,599

 

 

 

—

 

 

 

225,287

 

Total assets (as adjusted)

 

 

10,207,964

 

 

 

4,776,313

 

 

 

(3,440,779

)

 

 

11,543,498

 

Fiscal Year ended November 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (as adjusted)

 

$

14,796,613

 

 

$

1,990,180

 

 

$

(15,665

)

 

$

16,771,128

 

External revenue (as adjusted)

 

 

14,796,299

 

 

 

1,974,829

 

 

 

 

 

 

 

16,771,128

 

Operating income (as adjusted)

 

 

391,242

 

 

 

114,623

 

 

 

1,472

 

 

 

507,337

 

Depreciation and amortization expense

 

 

30,040

 

 

 

129,869

 

 

 

(23

)

 

 

159,886

 

Total assets (as adjusted)

 

 

7,182,701

 

 

 

1,677,728

 

 

 

(1,104,086

)

 

 

7,756,343

 

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Inter-segment elimination represents services and transactions, principally intercompany investments and loans, between the Company’s reportable segments that are eliminated on consolidation.

Geographic information

The Company attributes revenues from external customers to the country from where Technology Solutions products are delivered and the country of domicile of the Concentrix legal entity that is party to the client contract. Shown below are the countries that accounted for 10% or more of the Company’s revenue and property and equipment, net, for the periods presented:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

15,760,749

 

 

$

14,169,619

 

 

$

12,290,001

 

Others

 

 

7,996,544

 

 

 

5,598,326

 

 

 

4,481,127

 

Total

 

$

23,757,293

 

 

$

19,767,945

 

 

$

16,771,128

 

 

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

Property and equipment, net:

 

 

 

 

 

 

 

 

United States

 

$

287,679

 

 

$

287,498

 

Philippines

 

 

63,421

 

 

 

75,770

 

Others

 

 

218,799

 

 

 

208,058

 

Total

 

$

569,899

 

 

$

571,326

 

 

NOTE 13—RELATED PARTY TRANSACTIONS:

The Company has a business relationship with MiTAC Holdings Corporation (“MiTAC Holdings”), a publicly-traded company in Taiwan, which began in 1992 when MiTAC Holdings became the Company’s primary investor through its affiliates. As of both November 30, 2019 and 2018, MiTAC Holdings and its affiliates beneficially owned approximately 18% of the Company's outstanding common stock. Mr. Matthew Miau, Chairman Emeritus of the Company’s Board of Directors and a director, is the Chairman of MiTAC Holdings and a director or officer of MiTAC Holdings’ affiliates.

Beneficial ownership of the Company’s common stock by MiTAC Holdings

As noted above, MiTAC Holdings and its affiliates in the aggregate beneficially owned approximately 18% of the Company’s outstanding common stock as of November 30, 2019. These shares are owned by the following entities:

 

 

 

 

As of November 30, 2019

 

MiTAC Holdings(1)

 

5,240

 

Synnex Technology International Corp.(2)

 

3,860

 

Total

 

9,100

 

 

 

1.

Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC Holdings. Excludes 188 shares held directly by Mr. Miau and 217 shares indirectly held by Mr. Miau through a charitable remainder trust, and 187 shares held by his spouse.

 

2.

Synnex Technology International Corp. (“Synnex Technology International”) is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC Holdings owns a noncontrolling interest of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 14.4% in Synnex Technology International. Neither MiTAC Holdings nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated.

MiTAC Holdings generally has significant influence over the Company regarding matters submitted to stockholders for consideration, including any merger or acquisition of the Company. Among other things, this could have the effect of delaying, deterring or preventing a change of control over the Company.

The following table presents the Company's transactions with MiTAC Holdings and its affiliates for the periods indicated:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

Purchases of inventories and services

 

$

173,390

 

 

$

217,430

 

 

$

232,364

 

Sale of products to MiTAC Holdings and affiliates

 

 

761

 

 

 

2,422

 

 

 

1,202

 

Reimbursements received (payments made) for rent and overhead costs for use of facilities by MiTAC Holdings and affiliates, net

 

 

(41

)

 

 

71

 

 

 

149

 

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The following table presents the Company’s receivable from and payable to MiTAC Holdings and its affiliates for the periods presented:

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

Receivable from related parties (included in Accounts receivable, net)

 

$

4,405

 

 

$

65

 

Payable to related parties (included in Accounts payable)

 

 

23,179

 

 

 

22,905

 

 

The Company’s business relationship with MiTAC Holdings and its affiliates has been informal and is generally not governed by long-term commitments or arrangements with respect to pricing terms, revenue or capacity commitments. The Company negotiates pricing and other material terms on a case-by-case basis with MiTAC Holdings and affiliates. The Company has adopted a policy requiring that material transactions with MiTAC Holdings or its related parties be approved by its Audit Committee, which is composed solely of independent directors. In addition, Mr. Miau’s compensation is approved by the Nominating and Corporate Governance Committee, which is also composed solely of independent directors.

Synnex Technology International is a publicly-traded corporation in Taiwan that currently provides distribution and fulfillment services to various markets in Asia and Australia, and is also a potential competitor of the Company. Neither MiTAC Holdings nor Synnex Technology International is restricted from competing with the Company.

NOTE 14—PENSION AND EMPLOYEE BENEFITS PLANS:

The Company has 401(k) plans in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. Employees in most of the Company's foreign subsidiaries are covered by government mandated defined contribution plans. During fiscal years 2019, 2018 and 2017, the Company contributed $47,441, $38,531 and $33,876, respectively, to defined contribution plans.

The Company has a deferred compensation plan for certain directors and officers. Distributions under the plan are subject to Section 409A of the United States Tax Code. The Company may invest balances in the plan in trading securities reported on recognized exchanges. As of November 30, 2019 and 2018, the deferred compensation liability balance was $5,389 and $6,146, respectively.

Defined Benefit Plans

The Company has defined benefit pension or retirement plans for eligible employees in certain foreign subsidiaries. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans. In addition, as part of the Convergys acquisition, the Company acquired a frozen defined benefit pension plan, which includes both a qualified and non-qualified portion, for all eligible employees in the U.S. (“the cash balance plan”) and unfunded defined benefit plans for certain eligible employees in the Philippines, Malaysia and France. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The plan assumptions are evaluated annually and are updated as deemed necessary. Net benefit costs were $10,308, $3,960 and $2,999, during fiscal years 2019, 2018 and 2017, respectively.

The Company's measurement date for all defined benefit plans and other postretirement benefits is November 30 and the plan assumptions are evaluated annually and are updated as deemed necessary. The status of employee defined benefit plans is summarized below:

 

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Year Ended November 30,

 

 

 

2019

 

 

2018

 

Change in Benefit Obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

247,697

 

 

$

19,413

 

Service cost

 

 

6,439

 

 

 

2,724

 

Interest cost

 

 

10,291

 

 

 

746

 

Actuarial (gain) loss

 

 

32,584

 

 

 

1,166

 

Benefits paid

 

 

(16,274

)

 

 

(2,838

)

Settlements

 

 

(13,140

)

 

 

(208

)

Acquisition

 

 

—

 

 

 

227,073

 

Foreign currency adjustments

 

 

940

 

 

 

(381

)

Projected obligation at end of year

 

$

268,537

 

 

$

247,697

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

164,693

 

 

$

10,719

 

Actual return on assets

 

 

5,438

 

 

 

157

 

Settlement

 

 

(13,140

)

 

 

—

 

Acquisition

 

 

—

 

 

 

157,505

 

Employer contributions

 

 

1,872

 

 

 

1,405

 

Employee contributions

 

 

723

 

 

 

—

 

Benefit paid

 

 

(7,728

)

 

 

(1,079

)

Foreign currency adjustments

 

 

4

 

 

 

(4,015

)

Fair value of plan assets at end of year

 

$

151,862

 

 

$

164,693

 

 

 

 

 

 

 

 

 

 

Funded Status of Plans:

 

 

 

 

 

 

 

 

Unfunded status

 

$

116,675

 

 

$

83,004

 

 

Amounts recognized in the Consolidated Balance Sheet as of November 30, 2019 and 2018 consist of:

 

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

Current liability

 

$

9,189

 

 

$

8,170

 

Non-current liability

 

$

107,486

 

 

$

74,833

 

 

The following weighted-average rates were used in determining the benefit obligations at November 30, 2019 and 2018.

 

 

 

2019

 

2018

Discount rate

 

0.2% - 7.4%

 

0.3% - 8.1%

Expected long-term rate of return on plan assets

 

1.5% - 7.5%

 

1.5% - 7.5%

Expected rate of future compensation growth

 

1.8% - 10.0%

 

1.8% - 10.0%

 

The following weighted-average rates were used in determining the pension costs at November 30, 2019 and 2018. Amounts were not material in fiscal year 2017.

 

 

 

2019

 

2018

Discount rate

 

0.3% - 7.6%

 

0.3% - 8.1%

Expected long-term rate of return on plan assets

 

1.5% - 7.5%

 

1.5% - 7.5%

Expected rate of future compensation growth

 

1.8% - 10.0%

 

1.8% - 10.0%

 

The range of discount rates utilized in determining the pension cost and projected benefit obligation of the Company's defined benefit plans reflects a lower prevalent rate applicable to the frozen cash balance plan for eligible employees in U.S. and a higher applicable rate for the unfunded defined benefit plan for certain eligible employees in the Philippines, France, India, Japan and Malaysia. The plans outside the U.S. represented approximately 24% and 22%, respectively, of the Company's total projected benefit obligation for all plans as of November 30, 2019 and 2018.

Plan Assets

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As of November 30, 2019 and 2018, plan assets for the cash balance plan consisted of common/collective trusts (of which approximately 60% are invested in equity backed funds and approximately 40% are invested in funds in fixed income instruments) and a private equity fund. The Company's targeted allocation was 60% equity and 40% fixed income. The investment objectives for the plan assets are to generate returns that will enable the plan to meet its future obligations. The Company’s expected long-term rate of return was determined based on the asset mix of the plan, projected returns, past performance and other factors. The Company has satisfied its ERISA funding requirements through 2020. The following table sets forth the fair value of those plan assets as of November 30, 2019 and 2018;

 

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

Asset Category:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,474

 

 

$

3,422

 

Fixed income

 

 

61,005

 

 

 

64,938

 

Equity securities:

 

 

 

 

 

 

 

 

     U.S. large cap

 

 

48,293

 

 

 

52,853

 

     U.S. small cap

 

 

9,025

 

 

 

9,754

 

     International equity

 

 

29,271

 

 

 

30,688

 

Investment funds

 

 

374

 

 

 

2,010

 

Limited partnership

 

 

420

 

 

 

1,028

 

Total investments

 

$

151,862

 

 

$

164,693

 

 

The cash balance plan holds level 2 investments in common/collective trust funds that are public investment vehicles valued using a net asset value provided by the manager of each fund based on the underlying net assets owned by the fund, divided by the number of shares outstanding. The Company’s cash balance plan holds Level 3 investments within equity funds that primarily invest in domestic early stage capital funds.

Benefit Payments

The following table details expected benefit payments for the assumed cash balance plan:

 

Fiscal Years Ending November 30,

 

 

 

 

2020

 

$

27,315

 

2021

 

 

25,820

 

2022

 

 

24,422

 

2023

 

 

23,375

 

2024

 

 

23,133

 

Thereafter (2025-2030)

 

 

99,341

 

 

 

$

223,406

 

No plan assets are expected to be returned to the Company during fiscal year 2020. The Company expects to make approximately $7,800 in contributions during fiscal year 2020.  

 

The Company also expects approximately $1,900 of actuarial loss included in AOCI will be recognized during fiscal year 2020.

NOTE 15—INCOME TAXES:

The sources of income before the provision for income taxes are as follows:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

United States

 

$

204,651

 

 

$

195,058

 

 

$

255,830

 

Foreign

 

 

473,052

 

 

 

261,519

 

 

 

207,273

 

 

 

$

677,703

 

 

$

456,577

 

 

$

463,103

 

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Provision for income taxes consists of the following:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Current tax provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

71,376

 

 

$

113,243

 

 

$

105,879

 

State

 

 

14,421

 

 

 

20,263

 

 

 

17,900

 

Foreign

 

 

109,383

 

 

 

70,162

 

 

 

65,000

 

 

 

$

195,180

 

 

$

203,668

 

 

$

188,779

 

Deferred tax provision (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(20,166

)

 

$

(30,334

)

 

$

(17,005

)

State

 

 

(1,389

)

 

 

(4,836

)

 

 

(1,448

)

Foreign

 

 

3,366

 

 

 

(11,902

)

 

 

(7,463

)

 

 

$

(18,189

)

 

$

(47,072

)

 

$

(25,916

)

Total tax provision

 

$

176,991

 

 

$

156,596

 

 

$

162,863

 

On December 22, 2017, Public Law 115-97, informally referred to as the Tax Cuts and Jobs Act (the “TCJA”) was enacted into law. The TCJA provided for significant changes to the U.S. Internal Revenue Code of 1986, as amended, that impacted corporate taxation requirements. The TCJA significantly revised the ongoing U.S. corporate income tax law by lowering the U.S. federal corporate income tax rate from 35% to 21%, implementing a territorial tax system, imposing a one-time tax on foreign unremitted earnings and setting limitations on deductibility of certain costs (e.g., interest expense), among other things. During fiscal year 2018, the Company accounted for the impact of the TCJA resulting in additional income tax expense of $33,109. The significant components of this expense were (i) the one-time deemed repatriation tax on unremitted non-U.S. earnings and profits that were previously tax deferred and other tax impacts of the TCJA, which resulted in an increase in income tax expense, net of deductions and credits, of $59,823 and (ii) the remeasurement of net deferred tax liabilities at the lower enacted U.S. federal corporate tax rate, which resulted in a decrease of $26,714 in income tax expense.

The following presents the breakdown of net deferred tax liabilities:

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Deferred tax assets

 

$

97,539

 

 

$

76,508

 

Deferred tax liabilities

 

 

(222,210

)

 

 

(206,916

)

Total net deferred tax liabilities

 

$

(124,671

)

 

$

(130,408

)

 

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Net deferred tax liabilities consist of the following:

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Assets:

 

 

 

 

 

 

 

 

Net operating losses

 

$

68,582

 

 

$

71,899

 

Accruals and other reserves

 

 

71,513

 

 

 

73,263

 

Unrealized losses on cash flow hedges

 

 

17,870

 

 

 

—

 

Inventory reserves

 

 

17,404

 

 

 

11,041

 

Depreciation and amortization

 

 

12,579

 

 

 

—

 

Share-based compensation expense

 

 

11,856

 

 

 

11,605

 

Allowance for doubtful accounts and sales return reserves

 

 

11,759

 

 

 

15,695

 

Tax credits

 

 

6,810

 

 

 

11,305

 

Deferred revenue

 

 

5,625

 

 

 

6,541

 

Intercompany payables/receivables

 

 

452

 

 

 

39,476

 

Foreign tax credit

 

 

296

 

 

 

15,456

 

Other

 

 

6,611

 

 

 

16,524

 

Gross deferred tax assets

 

 

231,357

 

 

 

272,805

 

Valuation allowance

 

 

(51,118

)

 

 

(61,840

)

Total deferred tax assets

 

$

180,239

 

 

$

210,965

 

Liabilities:

 

 

 

 

 

 

 

 

Intangible assets

 

$

(277,147

)

 

$

(310,092

)

Unremitted non-U.S. earnings

 

 

(27,771

)

 

 

(21,528

)

Depreciation and amortization

 

 

—

 

 

 

(1,669

)

Other

 

 

8

 

 

 

(8,084

)

Total deferred tax liabilities

 

$

(304,910

)

 

$

(341,373

)

Net deferred tax liabilities

 

$

(124,671

)

 

$

(130,408

)

The valuation allowance relates primarily to certain state and foreign net operating loss carry forward, foreign deferred items and state credits. The Company’s assessment is that it is not more likely than not that these deferred tax assets will be realized.

A reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows: 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Federal statutory income tax rate

 

 

21.0

%

 

 

22.2

%

 

 

35.0

%

State taxes, net of federal income tax benefit

 

 

1.5

 

 

 

2.4

 

 

 

2.9

 

Foreign taxes

 

 

(2.3

)

 

 

0.6

 

 

 

(3.2

)

Adjustments related to the TCJA

 

 

—

 

 

 

7.2

 

 

 

—

 

Global intangible low taxed income

 

 

1.6

 

 

 

—

 

 

 

—

 

Uncertain tax benefits

 

 

2.6

 

 

 

—

 

 

 

—

 

Tax on anticipated distributions from subsidiaries

 

 

1.0

 

 

 

—

 

 

 

—

 

Other

 

 

0.7

 

 

 

1.9

 

 

 

0.5

 

Effective income tax rate

 

 

26.1

%

 

 

34.3

%

 

 

35.2

%

The Company’s United States business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested outside of the United States with the exception for earnings of certain previously acquired foreign entities. The Company recorded deferred tax liabilities related to non-U.S. withholding taxes related to the earnings likely to be repatriated in the future.

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As of November 30, 2019, the Company had approximately $1,430,100 of undistributed earnings of its non-U.S. subsidiaries for which it has not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. It is not practicable to determine the amount of applicable taxes that would be due if such earnings were distributed. Accordingly, the Company has not provisioned United States state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested.

As of November 30, 2019, the Company had net operating loss carry forward of approximately $28,900 and $36,700 for federal and state purposes, respectively. The federal net operating loss carry forward will start expiring in fiscal year ending November 30, 2021, if not used, and the state net operating loss carry forward will start expiring in fiscal year ending November 30, 2020, if not used. The Company also had approximately $134,200 of foreign net operating loss carry forward that will also start expiring in fiscal year ending November 30, 2020 if not used. In addition, the Company had approximately $3,000 of various federal and state income tax credit carry forwards that if not used, will begin expiring in fiscal year ending November 30, 2020. Utilization of the acquired loss carry forwards may be limited pursuant to Section 382 of the Internal Revenue Code of 1986.

The Company enjoys tax holidays in certain jurisdictions, primarily, China, Costa Rica, Nicaragua and the Philippines. The tax holidays provide for lower or zero rates of taxation and require various thresholds of investment and business activities in those jurisdictions. Certain tax holidays begin to expire in fiscal year 2020. The estimated range of tax benefits from the above tax holidays on diluted earnings per share for fiscal years 2019, 2018, and 2017 were approximately $0.06 to $0.07, $0.10 to $0.12 and $0.07 to $0.08, respectively.

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2019, 2018, and 2017 were as follows:

Balance as of November 30, 2016

 

$

32,774

 

Additions based on tax positions related to the current year

 

 

9,022

 

Additions for tax positions of prior years

 

 

231

 

Lapse of statute of limitations

 

 

(2,300

)

Changes due to translation of foreign currencies

 

 

179

 

Balance as of November 30, 2017

 

 

38,282

 

Additions based on tax positions related to the current year

 

 

8,173

 

Additions for tax positions of prior years and acquisition

 

 

10,763

 

Lapse of statute of limitations

 

 

(3,641

)

Changes due to translation of foreign currencies

 

 

398

 

Balance as of November 30, 2018

 

 

53,975

 

Additions based on tax positions related to the current year

 

 

15,569

 

Additions for tax positions of prior years and acquisition

 

 

9,067

 

Lapse of statute of limitations

 

 

(7,234

)

Changes due to translation of foreign currencies

 

 

(15

)

Balance as of November 30, 2019

 

$

71,362

 

The Company conducts business globally and files income tax returns in various U.S. and foreign tax jurisdictions. The Company is subject to continuous examination and audits by various tax authorities. Significant audits are underway in the Unites States, Canada and India. The Company is not aware of any material exposures arising from these tax audits or in other jurisdictions not already provided for.

Although timing of the resolution of audits and/or appeals is highly uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2019 will not materially change in the next twelve months. The Company is no longer subject to U.S. federal income tax audit for returns covering years through fiscal 2015. The Company is no longer subject to foreign or state income tax audits for returns covering years through 2003, and fiscal year 2002, respectively.

As of November 30, 2019, $71,362 of the total unrecognized tax benefits, net of federal benefit, would affect the effective tax rate, if realized. The Company’s policy is to include interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. As of November 30, 2019 and 2018, the Company had accrued $15,627 and $13,003, respectively, in income taxes payable related to accrued interest and penalties.

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NOTE 16—COMMITMENTS AND CONTINGENCIES:

The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2034. Future minimum contractually required cash payment obligations under non-cancellable lease agreements as of November 30, 2019 were as follows:

 

Fiscal Years Ending November 30,

 

 

 

 

2020

 

$

213,649

 

2021

 

 

174,611

 

2022

 

 

132,778

 

2023

 

 

96,084

 

2024

 

 

66,753

 

Thereafter

 

 

71,351

 

Total minimum lease payments

 

$

755,226

 

 

Rent expense for the years ended November 30, 2019, 2018 and 2017 amounted to $257,809, $136,870 and $115,480, respectively. Sublease income was immaterial for each of the periods presented and is immaterial for the amounts entitled to be received in future periods under non-cancellable sublease arrangements.

The Company was contingently liable as of November 30, 2019 under agreements to repurchase repossessed inventory acquired by flooring companies as a result of default on floor plan financing arrangements by the Company's customers. These arrangements are described in Note 9 and do not have expiration dates. As the Company does not have access to information regarding the amount of inventory purchased from the Company, still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. There have been no repurchases through November 30, 2019 under these agreements and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote.

From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the ultimate liabilities could differ from the amounts recorded.

The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

 

NOTE 17—SUBSEQUENT EVENT:

On January 9, 2020, the Company announced a plan to separate its Concentrix segment into an independent publicly-traded company, in a transaction expected to be completed in the second half of 2020. The separation is intended to qualify as a tax-free transaction for federal income tax purposes for both the Company and its current stockholders. Immediately following the separation, it is expected that the Company’s stockholders will own shares of both SYNNEX and Concentrix, at the same percentage ownership that they held of SYNNEX prior to the transaction. Completion of the separation will not require a stockholder vote but will be subject to customary closing conditions, including, among others, obtaining final approval from the Company’s Board of Directors, receipt of a favorable opinion with respect to the tax-free nature of the transaction for federal income tax purposes, and the effectiveness of a Form 10 registration statement with the Securities and Exchange Commission.

 

 

 

 

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SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

The following table presents selected unaudited consolidated financial results for each of the eight quarters in the two-year period ended November 30, 2019. In the Company’s opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary to fairly state the financial information for the periods presented.

 

 

 

Fiscal Year 2019

Three Months Ended

 

 

Fiscal Year 2018

Three Months Ended

 

Statements of Operations Data: (currency and share

   amounts in thousands, except per share amounts)

 

Feb. 28,

2019

 

 

May 31,

2019

 

 

Aug. 31,

2019

 

 

Nov. 30,

2019

 

 

Feb. 28,

2018

 

 

May 31,

2018

 

 

Aug. 31,

2018

 

 

Nov. 30,

2018

 

(Amounts may not add due to rounding)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(As adjusted)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

4,080,684

 

 

$

4,567,072

 

 

$

5,047,968

 

 

$

5,374,241

 

 

$

3,989,743

 

 

$

4,422,093

 

 

$

4,334,755

 

 

$

4,576,487

 

Services

 

 

1,168,769

 

 

 

1,155,816

 

 

 

1,155,690

 

 

 

1,207,052

 

 

 

503,607

 

 

 

486,188

 

 

 

487,513

 

 

 

967,559

 

Total revenue

 

 

5,249,453

 

 

 

5,722,889

 

 

 

6,203,659

 

 

 

6,581,293

 

 

 

4,493,350

 

 

 

4,908,281

 

 

 

4,822,268

 

 

 

5,544,046

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

(3,833,117

)

 

 

(4,297,096

)

 

 

(4,746,197

)

 

 

(5,036,301

)

 

 

(3,765,512

)

 

 

(4,174,771

)

 

 

(4,083,829

)

 

 

(4,302,465

)

Services

 

 

(737,415

)

 

 

(727,324

)

 

 

(731,472

)

 

 

(750,453

)

 

 

(314,323

)

 

 

(304,352

)

 

 

(308,322

)

 

 

(587,472

)

Gross profit

 

 

678,921

 

 

 

698,468

 

 

 

725,990

 

 

 

794,539

 

 

 

413,515

 

 

 

429,158

 

 

 

430,117

 

 

 

654,110

 

Selling, general and administrative expenses

 

 

(516,958

)

 

 

(523,813

)

 

 

(517,135

)

 

 

(526,251

)

 

 

(302,019

)

 

 

(305,156

)

 

 

(316,274

)

 

 

(453,215

)

Operating income

 

 

161,963

 

 

 

174,655

 

 

 

208,855

 

 

 

268,288

 

 

 

111,496

 

 

 

124,002

 

 

 

113,843

 

 

 

200,895

 

Interest expense and finance charges, net

 

 

(41,606

)

 

 

(43,144

)

 

 

(42,945

)

 

 

(38,726

)

 

 

(17,451

)

 

 

(16,375

)

 

 

(20,058

)

 

 

(30,791

)

Other income (expense), net

 

 

(695

)

 

 

21,546

 

 

 

(1,087

)

 

 

10,599

 

 

 

(1,178

)

 

 

(1,446

)

 

 

(872

)

 

 

(5,487

)

Income before income taxes

 

 

119,662

 

 

 

153,057

 

 

 

164,823

 

 

 

240,161

 

 

 

92,867

 

 

 

106,181

 

 

 

92,913

 

 

 

164,617

 

Provision for income taxes

 

 

(32,556

)

 

 

(38,584

)

 

 

(41,691

)

 

 

(64,160

)

 

 

(68,769

)

 

 

(12,439

)

 

 

(25,973

)

 

 

(49,415

)

Net income

 

$

87,106

 

 

$

114,473

 

 

$

123,132

 

 

$

176,001

 

 

$

24,098

 

 

$

93,742

 

 

$

66,940

 

 

$

115,201

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.70

 

 

$

2.24

 

 

$

2.41

 

 

$

3.44

 

 

$

0.60

 

 

$

2.35

 

 

$

1.69

 

 

$

2.46

 

Diluted

 

$

1.69

 

 

$

2.23

 

 

$

2.40

 

 

$

3.41

 

 

$

0.60

 

 

$

2.34

 

 

$

1.68

 

 

$

2.45

 

Weighted-average common shares outstanding -

   basic

 

 

50,706

 

 

 

50,675

 

 

 

50,601

 

 

 

50,693

 

 

 

39,695

 

 

 

39,505

 

 

 

39,254

 

 

 

46,429

 

Weighted-average common shares outstanding -

   diluted

 

 

50,927

 

 

 

50,939

 

 

 

50,845

 

 

 

51,032

 

 

 

39,978

 

 

 

39,742

 

 

 

39,475

 

 

 

46,633

 

Cash dividends declared per share

 

$

0.375

 

 

$

0.375

 

 

$

0.375

 

 

$

0.375

 

 

$

0.350

 

 

$

0.350

 

 

$

0.350

 

 

$

0.350

 

 

EPS for each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the fiscal year is computed using the weighted-average number of shares outstanding during the fiscal year. The sum of EPS for each of the four quarters may not equal EPS for the fiscal year.

 

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SYNNEX CORPORATION

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

For the Fiscal Years Ended November 30, 2019, 2018 and 2017

(in thousands)

(Amounts may not add due to rounding)

 

 

 

 

 

 

 

Additions/Deductions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at

Beginning of

Fiscal Year

 

 

Charged to Revenue

and Expense, net

 

 

Additions

from

Acquisitions

 

 

Reclassifications

and

Write-offs

 

 

Balances at

End of

Fiscal Year

 

Fiscal Year Ended

   November 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for sales returns-gross

 

$

49,991

 

 

$

2,595

 

 

$

—

 

 

$

553

 

 

$

53,139

 

Allowance for deferred tax assets

 

 

21,176

 

 

 

(2,385

)

 

 

—

 

 

 

(187

)

 

 

18,604

 

Fiscal Year Ended

   November 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for sales returns-gross

 

$

53,139

 

 

$

7,917

 

 

 

—

 

 

$

(1,869

)

 

$

59,186

 

Allowance for deferred tax assets

 

 

18,604

 

 

 

(2,555

)

 

 

45,791

 

 

 

—

 

 

 

61,840

 

Fiscal Year Ended

   November 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for sales returns-gross

 

$

59,186

 

 

$

20,875

 

 

$

—

 

 

$

(4

)

 

$

80,057

 

Allowance for deferred tax assets

 

 

61,840

 

 

 

5,361

 

 

 

—

 

 

 

(16,083

)

 

 

51,118

 

 

 

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of disclosure controls and procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our disclosure controls and procedures have been designed to meet reasonable assurance standards. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Based on their evaluation as of the end of the period covered by this Report, our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer) have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Management’s Report on internal control over financial reporting

Management’s Report on internal control over financial reporting on page 44 is incorporated herein by reference.

Changes in internal control over financial reporting

In fiscal year 2019, our Concentrix segment adopted the global human resources and payroll system acquired as part of the acquisition of Convergys Corporation in fiscal year 2018. Implementation of this system has necessitated changes in policies and procedures and the related internal controls and their method of application. Additionally, we implemented new controls over financial reporting in our Concentrix segment pursuant to the acquisition of Convergys. However, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the last fiscal year covered by this report that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item (with respect to Directors) is incorporated by reference from the information under the caption “Election of Directors” “Corporate Governance -- Organization of the Board of Directors” contained in our Proxy Statement to be filed with the Securities and Exchange Commission in connection with the solicitation of proxies for our 2020 Annual Meeting of Stockholders to be held on March 17, 2020 (the “Proxy Statement”). Certain information required by this item concerning executive officers is set forth in Part I of this Report under the caption “Information About Our Executive Officers.”

Item 405 of Regulation S-K calls for disclosure of any known late filing or failure by an insider to file a report required by Section 16(a) of the Exchange Act. To the extent disclosure for delinquent reports is being made, it can be found under the caption “Delinquent Section 16(a) Reports” in the Proxy Statement and is incorporated herein by reference.

We have adopted a code of ethics that applies to all of our employees, including our principal executive officer, our principal financial and accounting officer, our controllers and persons performing similar functions. This code of ethics, called a Code of Ethical Business Conduct, is available free of charge on our public website (www.synnex.com) on the investor relations webpage. Future amendments or waivers relating to the code of ethics will be disclosed on the webpage referenced in this paragraph within five (5) business days following the date of such amendment or waiver.

Item 11. Executive Compensation

The information required by this item is incorporated by reference from the information under the captions “Corporate Governance -- 2019 Directors Compensation Table,” “Corporate Governance -- Narrative to Directors Compensation Table,” “Executive Compensation,” and “Corporate Governance -- Compensation Committee Interlocks and Insider Participation” contained in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item with respect to security ownership of certain beneficial owners and management is incorporated by reference from the information under the caption “Security Ownership of Certain Beneficial Owners and Management” contained in the Proxy Statement.

Equity Compensation Plan Information

The following table sets forth certain information regarding our equity compensation plans as of November 30, 2019:

 

Plan Category

 

Number of securities

to be issued upon

exercise of

outstanding

options (a)

 

 

Weighted-average

exercise price

of outstanding

options (b)

 

 

Number of securities

remaining available

for future issuance

under equity

compensation plans

(excluding securities

reflected in column

(a)) (c)

 

 

Equity compensation plan approved by security

   holders

 

 

865,552

 

(1)

$

83.10

 

 

 

870,689

 

(2)(3)

 

 

(1)

Includes the number of shares to be issued under our 2003 Stock Incentive Plan and 2013 Stock Incentive Plan. Please see Note 4 - Stockholders’ Equity of the Notes to the Consolidated Financial Statements for further information regarding the plans.

 

(2)

Includes the number of shares reserved for issuance under our 2013 Stock Incentive Plan. The number of shares authorized for issuance under our 2013 Stock Incentive Plan will not exceed the sum of (1) 1,696,409 shares of common stock plus (2) 117,840 shares of RSA and RSU under the 2003 Stock Incentive Plan that had expired, terminated or been canceled and (3) any shares that are subject to outstanding options under the 2003 Stock Incentive Plan to the extent those options expire, terminate, or are canceled for any reason prior to exercise without the issuance or delivery of such shares, up to a maximum of 2,750,000 shares. Please see Note 4 - Stockholders’ Equity of the Notes to the Consolidated Financial Statements for further information regarding the 2013 Stock Incentive Plan.

 

(3)

Includes 609,625 shares available-for-sale pursuant to our 2014 Employee Stock Purchase Plan. Shares of common stock will be purchased at a price equal to 95% of the fair market value per share of common stock on either the first trading day of the offering period or on the last trading day of the accumulation period, whichever is lower. See Note 4 - Stockholders’ Equity of the Notes to the Consolidated Financial Statements for further information regarding the 2014 Employee Stock Purchase Plan.

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The information required by this item is incorporated by reference from the information contained under the caption “Certain Relationships and Related Party Transactions” and “Election of Directors” contained in the Proxy Statement.

Item 14. Principal Accounting Fees and Services

The information required by this item is incorporated by reference from the information contained under the caption “Ratification of the Appointment of Independent Registered Public Accountants” contained in the Proxy Statement.

 

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PART IV

 

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this report:

 

(1)

Financial Statements

See Index under Item 8.

 

(2)

Financial Statements Schedule

See Index under Item 8.

 

(3)

Exhibits

See Item 15(b) below. Each compensatory plan required to be filed has been identified.

(b) Exhibits.

Exhibit

Number

 

Description of Document

 

 

 

2.1+

 

Share Purchase Agreement, dated as of June 5, 2017, by and among the Company, Datatec Limited and Datatec PLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on June 6, 2017).

 

 

 

2.2+

 

Amendment No. 1 to Share Purchase Agreement, dated as of July 22, 2017, by and among the Company, Datatec Limited and Datatec PLC (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed on September 7, 2017).

 

 

 

2.3+

 

Amendment No. 2 to Share Purchase Agreement, dated as of August 30, 2017, by and among the Company, Datatec Limited and Datatec PLC (incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K filed on September 7, 2017).

 

 

 

2.4+

 

Agreement and Plan of Merger, dated as of June 28, 2018, by and among the Company, Delta Merger Sub I, Inc., Delta Merger Sub II, LLC, and Convergys Corporation (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on July 2, 2018).

 

 

 

2.5

 

Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 22, 2018, by and among the Company, Delta Merger Sub I, Inc., Delta Merger Sub II, LLC, and Convergys Corporation (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed on October 5, 2018).

 

 

 

3(i).1

 

Restated Certificate of Incorporation (incorporated by reference to Exhibit 3(i).3 to Amendment No. 1 to the Company’s Registration Statement on Form S-1 (File No. 333-108543)).

 

 

3(ii).2

 

Amended and Restated Bylaws (incorporated by reference to Exhibit 3(ii).1 to the Company’s Current Report on Form 8-K filed on April 2, 2008).

 

 

4.1

 

Form of Common Stock Certificate (incorporated by reference to the exhibit of the same number to Amendment No. 2 to the Company’s Registration Statement on Form S-1 (File No. 333-108543)).

 

 

4.2

 

Description of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

10.1#

 

Amended and Restated 2003 Stock Incentive Plan and form of agreements thereunder (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2008).

 

 

10.2#

 

Amended and Restated 2003 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2008).

 

 

 

10.3#

 

Amendment to Amended and Restated 2003 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2008).

 

10.4

 

Form of Indemnification Agreement between the Company and its officers and directors (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-1 (File No. 333-108543)).

 

 

 

10.5#

 

Form of Change of Control Severance Plan (incorporated by reference to Exhibit 10.13 to Amendment No. 1 to the Company’s Registration Statement on Form S-1 (File No. 333-108543)).

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Exhibit

Number

 

Description of Document

 

 

 

10.6

 

Joint Sales and Marketing Agreement, dated as of May 6, 2002, by and between the Company and MiTAC International Corporation (incorporated by reference to Exhibit 10.16 to Amendment No. 2 to the Company’s Registration Statement on Form S-1 (File No. 333-108543)).

 

 

 

10.7

 

Credit Agreement, dated as of November 27, 2013, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report in Form 8-K filed on November 27, 2013).

 

 

 

10.8

 

Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of January 23, 2009, by and among the Originator, the Servicer and SIT Funding Corporation (incorporated by reference to Exhibit 10.34 to the Company’s Annual Report in Form 10-K for the year ended November 30, 2008).

 

 

 

10.9

 

Fourth Amended and Restated Receivables Funding and Administration Agreement, dated as of November 12, 2010, by and among SIT Funding Corporation, the lenders party thereto and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.3 to the Company’s Current Report in Form 8-K filed on November 18, 2010).

 

 

 

10.10#

 

Amendment to SYNNEX Corporation Change of Control Severance Plan (incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007).

 

 

 

10.11#

 

SYNNEX Corporation Deferred Compensation Plan, as amended and restated effective January 1, 2005 (incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007).

 

 

 

10.12#

 

Offer Letter, dated as of March 27, 2008, by and between the Company and Kevin Murai (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 2, 2008).

 

 

 

10.13#

 

Offer Letter, dated as of April 1, 2013, by and between the Company and Marshall Witt (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 3, 2013).

 

 

 

10.14#

 

Amendment to the Amended and Restated 2003 Stock Incentive Plan, dated November 21, 2008 (incorporated by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K for the year ended November 30, 2008).

 

 

 

10.15#

 

Form of Notice of Stock Option Grant (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2009).

 

 

 

10.16#

 

Amendment to Amended and Restated 2003 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2009).

 

 

 

10.17#

 

2009 Executive Profit Sharing Plan (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2009).

 

 

 

10.18#

 

Form of Restricted Stock Award (Directors) (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2009).

 

 

 

10.19#

 

Form of Notice of Restricted Stock Unit Award (Performance Vesting) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 4, 2010).

 

 

 

10.20

 

Fourth Omnibus Amendment, dated as of January 11, 2010 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 15, 2010).

 

 

 

10.21#

 

Amendment to Amended and Restated 2003 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K for the year ended November 30, 2011).

 

 

 

10.22#

 

Amendment to SYNNEX Corporation Deferred Compensation Plan (incorporated by reference to Exhibit 10.25 to the Company's Annual Report on Form 10-K for the year ended November 30, 2011).

 

 

 

10.23#

 

Amendment to SYNNEX Corporation 2009 Executive Profit Sharing Plan (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K for the year ended November 30, 2011).

 

 

 

10.24

 

Master HP Partner Agreement, dated as of March 1, 2011, by and between the Company and Hewlett-Packard Company (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 7, 2011).

 

 

 

10.25#

 

SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to the Company’s 2013 Proxy Statement on Schedule 14A (File No. 001-31892) filed on February 22, 2013).

 

 

 

10.26

 

Amendment to Amended and Restated 2003 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2013).

 

 

 

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Table of Content

 

Exhibit

Number

 

Description of Document

10.27#

 

Promotion Letter to Christopher Caldwell, dated as of February 1, 2014 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 2014).

 

 

 

10.28#

 

Form of incentive award agreements related to the SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 2014).

 

 

 

10.29

 

First Amendment to Credit Agreement, dated as of May 28, 2014, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 2014).

 

 

 

10.30#

 

SYNNEX Corporation 2014 Employee Stock Purchase Plan (incorporated by reference to the Company’s 2014 Proxy Statement on Schedule 14A (File No. 001-31892) filed on March 3, 2014).

 

 

 

10.31#

 

Amendment No. 1 to SYNNEX Corporation 2014 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended August 31, 2014).

 

 

 

10.32#

 

Amendment No. 2 to the SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended August 31, 2014).

 

 

 

10.33

 

Joinder Agreement, dated as of November 29, 2014, by Hyve Solutions Corporation (incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K for the year ended November 30, 2014).

 

 

 

10.34

 

Second Amendment to Credit Agreement, dated as of May 21, 2015, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A., as agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 22, 2015).

 

 

 

10.35

 

Third Amendment to Credit Agreement, dated as of January 12, 2016, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended February 29, 2016).

 

 

 

10.36†

 

Seventh Omnibus Amendment to Fourth Amended and Restated Receivables Funding and Administration Agreement and Third Amended and Restated Receivables Sane and Servicing Agreement, dated as of November 3, 2016, by and among SIT Funding Corporation, the Company, Hyve Solutions Corporation, the lenders party thereto and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 9, 2016).

 

 

 

10.37

 

Amendment Agreement, dated as of August 26, 2016, by and among SYNNEX Infotec Corporation, the Company, the financial institutions party thereto, and The Bank of Tokyo-Mitsubishi, UFJ, Ltd, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2016).

 

 

 

10.38#

 

Amendment to Offer Letter, dated as of September 26, 2016, by and between the Company and Kevin Murai (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 26, 2016).

 

 

 

10.39#

 

Amendment No. 3 to SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to Exhibit 10.53 to the Company’s Annual Report on Form 10-K for the year ended November 30, 2016).

 

 

 

10.40#

 

Amendment No. 4 to SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended February 28, 2017).

 

 

 

10.41#

 

Amendment No. 5 to SYNNEX Corporation 2013 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2018).

 

 

 

10.42

 

Fourth Amendment to Credit Agreement, dated as of May 5, 2017, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto, and Bank of America, N.A., in its capacity as Administrative Agent and L/C Issuer (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 2017).

 

 

 

10.43

 

Fifth Amendment to Credit Agreement, dated as of July 7, 2017, by and among the Company, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., in its capacity as Administrative Agent, an L/C Issuer and the Swing Line Lender (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended August 31, 2017).

 

 

 

91

Table of Content

 

Exhibit

Number

 

Description of Document

10.44

 

Sixth Amendment to Credit Agreement, dated as of September 1, 2017, by and among the Company, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., in its capacity as Administrative Agent, an L/C Issuer and the Swing Line Lender (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 7, 2017).

 

 

 

10.45

 

Seventh Amendment to Credit Agreement, dated as of October 3, 2017, by and among the Company, the guarantors party thereto, the lenders party thereto, and Bank of America, N.A., in its capacity as Administrative Agent, an L/C Issuer and the Swing Line Lender (incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K for the year ended November 30, 2017).

 

 

 

10.46

 

Eighth Amendment to Credit Agreement, dated as of January 19, 2018, by and among the Company, the guarantors party thereto, the lenders party thereto, and Bank of America, N.A., in its capacity as Administrative Agent, an L/C Issuer and the Swing Line Lender (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended February 28, 2018).

 

 

 

10.47

 

Ninth Amendment to Credit Agreement, dated as of May 7, 2018, by and among the Company, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., in its capacity as Administrative Agent, an L/C Issuer and the Swing Line Lender (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 2018).

 

 

 

10.48

 

Tenth Amendment to Credit Agreement, dated as of August 7, 2018, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 7, 2018).

 

 

 

10.49

 

Eleventh Amendment to Credit Agreement, dated as of October 16, 2018, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.49 to the Company’s Annual Report on Form 10-K filed on January 28, 2019).

 

 

 

 

10.50

 

Seventh Amendment to Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of September 1, 2017, by and among the Company, SIT Funding Corporation, Hyve Solutions Corporation, the lenders party thereto and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended August 31, 2017).

 

 

 

10.51†

 

Eighth Omnibus Amendment to Fourth Amended and Restated Receivables Funding and Administration Agreement and Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of May 7, 2018, by and among SIT Funding Corporation, the Company, the lenders party thereto and The Bank of Tokyo-Mitsubishi UFJ, LTD, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 11, 2018).

 

 

 

10.52

 

Ninth Omnibus Amendment to Fourth Amended and Restated Receivables Funding and Administration Agreement and Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of September 21, 2018, by and among SIT Funding Corporation, the Company, the lenders party thereto and The Bank of Tokyo-Mitsubishi UFJ, LTD, as agent (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2018).

 

 

 

10.53

 

Credit Agreement, dated as of August 9, 2018, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and JPMorgan Chase Bank., N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 10, 2018).

 

 

 

10.54

 

First Amendment to Credit Agreement, dated as of October 16, 2018, by and among the Company, the subsidiaries of the Company named therein, the lenders signatories thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.54 to the Company’s Annual Report on Form 10-K filed on January 28, 2019).

 

 

 

 

10.55#

 

Employment Agreement, dated as of January 4, 2018, by and between the Company and Dennis Polk (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 9, 2018).

 

 

 

10.56#

 

Employment Agreement, dated as of March 1, 2018, by and between the Company and Kevin Murai (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2018).

 

 

 

10.57**

 

Commitment Letter, dated as of June 28, 2018, by and among SYNNEX, JPMorgan Chase Bank, N.A., Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on June 29, 2018.)

 

 

 

92

Table of Content

 

Exhibit

Number

 

Description of Document

10.58

 

Consent Letter, dated October 10, 2019, by and among SIT Funding Corporation, the lenders party thereto, and MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd., in connection with that certain Fourth Amended and Restated Receivables Funding and Administration Agreement, dated as of November 12, 2010, by and among SIT Funding Corporation, the lenders party thereto and The Bank of Nova Scotia.

 

 

 

10.59#

 

Offer Letter, dated as of January 1, 2019, by and between the Company and Michael Urban (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on April 9, 2019).

 

 

 

21.1

 

Subsidiaries of the Company.

 

 

 

23.1

 

Consent of KPMG LLP, Independent Registered Public Accounting Firm.

 

 

 

24.1

 

Power of Attorney (see the signature page of this Report).

 

 

 

31.1

 

Rule 13a-14(a) Certification of Chief Executive Officer.

 

 

 

31.2

 

Rule 13a-14(a) Certification of Chief Financial Officer.

 

 

 

32.1*

 

Statement of the Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).

 

 

 

101.INS

 

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

 

 

 

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document.

 

 

 

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

 

 

 

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document.

 

 

 

101.LAB

 

Inline XBRL Taxonomy Extension Label Linkbase Document.

 

 

 

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

 

 

 

104

 

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

 

 

 

 

#

Indicates management contract or compensatory plan or arrangement.

*

In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management’s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Form 10-K and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

†

Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

+

The schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the Securities and Exchange Commission upon request.

**

On August 9, 2018, the $1.80 billion commitment with respect to "Tranche A of the Bridge Facility" under the Commitment Letter was reduced to zero and the Commitment Letter terminated in its entirety as a result of the Company entering into a new Credit Agreement, dated August 9, 2018, by and among SYNNEX, the subsidiaries of SYNNEX named therein, the lenders signatories thereto from time to time, and JP Morgan Chase Bank., N.A., as administrative agent.

 

(c) Financial Statement Schedules.

See Index under Item 8.

Item 16. Form 10-K Summary

None.

93

Table of Content

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: January 29, 2020

 

SYNNEX CORPORATION

 

By:

 

/s/ Dennis Polk

 

 

Dennis Polk

President and Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dennis Polk and Marshall W. Witt, and each of them, his true and lawful attorneys-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any amendments to this report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact or their substitute or substitutes may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Name

 

Title

 

Date

/s/ Dennis Polk

 

President and Chief Executive Officer (Principal Executive Officer) and Director

 

January 29, 2020

Dennis Polk

 

 

 

 

 

 

 

 

 

/s/ Marshall W. Witt

 

Chief Financial Officer (Principal Financial and Principal Accounting Officer)

 

January 29, 2020

Marshall W. Witt

 

 

 

 

 

 

 

 

 

/s/ Kevin Murai

 

Chairman of the Board

January 29, 2020

Kevin Murai

 

 

 

 

 

 

 

 

 

/s/ Dwight A. Steffensen

 

Lead Independent Director

January 29, 2020

Dwight A. Steffensen

 

 

 

 

 

 

 

 

 

/s/ Matthew F.C. Miau

 

Chairman Emeritus of the Board

January 29, 2020

Matthew F.C. Miau

 

 

 

 

 

 

 

 

 

/s/ Fred A. Breidenbach

 

Director

January 29, 2020

Fred A. Breidenbach

 

 

 

 

 

 

 

 

 

/s/ Hau Lee

 

Director

January 29, 2020

Hau Lee

 

 

 

 

 

 

 

 

 

/s/ Gregory L. Quesnel

 

Director

January 29, 2020

Gregory L. Quesnel

 

 

 

 

 

 

 

 

 

/s/ Thomas S. Wurster

 

Director

January 29, 2020

Thomas S. Wurster

 

 

 

 

 

 

 

/s/ Duane E. Zitzner

 

Director

January 29, 2020

Duane E. Zitzner

 

 

 

 

 

 

 

/s/ Andrea M. Zulberti

 

Director

January 29, 2020

Andrea M. Zulberti

 

 

 

 

 

 

 

 

 

/s/ Ann F. Vezina

 

Director

January 29, 2020

Ann F. Vezina

 

 

 

 

/s/ Laurie S. Hodrick

 

Director

January 29, 2020

Laurie S. Hodrick

 

 

 

 

 

 

 

 

 

 

94

 EX-4 2 snx-ex42_998.htm EX-4.2 snx-ex42_998.htm

 

Exhibit 4.2

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

The following description sets forth certain material terms and provisions of our securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of our certificate of incorporation and our bylaws, copies of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2  is a part. We encourage you to read our certificate of incorporation and our bylaws for additional information.

Authorized Common Stock

Our certificate of incorporation authorizes us to issue up to 100,000,000 shares of common stock, par value $0.001 per share and 5,000,000 shares of preferred stock, par value $0.001 per share.  All of the outstanding shares of our common stock are fully paid and non-assessable. Except as otherwise provided in our certificate of incorporation or in a board resolution, shares purchased, redeemed by, surrendered to or otherwise acquired by SYNNEX assume the status of authorized but unissued shares, undesignated as to class or series, and may thereafter be reissued in the same manner as other authorized but unissued shares.

Dividends

The holders of shares of our common stock are entitled to dividends as our board of directors may declare from time to time from legally available funds subject to the preferential rights of the holders of any shares of SYNNEX preferred stock that may be issued in the future.

Voting Rights

The holders of shares of our common stock are entitled to one vote per share on any matter to be voted upon by SYNNEX stockholders. Our certificate of incorporation does not provide for cumulative voting in connection with the election of directors. Accordingly, directors are elected by a plurality of the shares of common stock voting once a quorum is present.

Preemptive Rights

No holder of shares of our common stock has any preemptive right to subscribe for any shares of SYNNEX capital stock issued in the future.

Liquidation Rights

Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of shares of common stock are entitled to share, on a pro rata basis, all assets remaining after payment to creditors and subject to prior distribution rights of any shares of preferred stock that may be issued in the future.  

Preferred Stock

Under our certificate of incorporation, our board of directors, without further action by our stockholders, will be authorized to issue shares of preferred stock in one or more classes or series. Our board of directors may fix the rights, preferences and privileges of the preferred stock, along with any limitations or restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each class or series of preferred stock. The shares of preferred stock could have voting or conversion rights that could adversely affect the voting power or other rights of holders of shares of common stock. The issuance of shares of preferred stock could also have the effect, under certain circumstances, of delaying, deferring or preventing a takeover or other transaction

 

 

that holders of some or a majority of shares of common stock might believe to be in their best interests or in which holders might receive a premium for their shares over the then-market price of the shares.

 

Certain Anti-Takeover Provisions

Certain provisions of our certificate of incorporation and bylaws may have the effect of delaying, deferring or discouraging another person from acquiring control of SYNNEX, including the following:

 

•

Supermajority Voting. Our certificate of incorporation requires the approval of the holders of at least 66 2/3% of our combined voting power to effect certain amendments to our certificate of incorporation. Our bylaws may be amended by either directors comprising 66 2/3% of the total number of authorized directors, or the holders of 66 2/3% of our voting stock.

 

 

•

Authorized but Unissued or Undesignated Capital Stock. Our certificate of incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued preferred stock. The issuance of shares of preferred stock pursuant to our board of directors’ authority described above could decrease the amount of earnings and assets available for distribution to holders of shares of our common stock and adversely affect the rights and powers, including voting rights, of such holders and may have the effect of delaying, deferring or preventing a change in control.

 

 

•

Special Meetings of Stockholders. Our certificate of incorporation and bylaws provide that special meetings of SYNNEX stockholders may be called by the chairman of our board of directors or by a majority of our board of directors.

 

 

•

No Stockholder Action by Written Consent. Our bylaws provide that an action required or permitted to be taken at any annual or special meeting of SYNNEX stockholders may only be taken at a duly called annual or special meeting of stockholders. This provision prevents SYNNEX stockholders from initiating or effecting any action by written consent, and thereby taking actions opposed by our board of directors.

 

 

•

Notice Procedures. Our bylaws establish advance notice procedures with regard to all stockholder proposals to be brought before meetings of SYNNEX stockholders, including proposals relating to the nomination of candidates for election as directors, the removal of directors and amendments to our certificate of incorporation and bylaws. These procedures provide that notice of such stockholder proposals must be timely given in writing to the SYNNEX Secretary prior to the meeting. The notice must contain certain information specified in our bylaws.

 

Transfer Agent

 

Our transfer agent for the common stock is Computershare Inc.

 

Listing

 

Our common stock is listed on the New York Stock Exchange under the trading symbol “SNX.”

 

2

 EX-10 3 snx-ex1058_1216.htm EX-10.58 snx-ex1058_1216.htm

 

Exhibit 10.58

CONSENT LETTER

October 10, 2019

 

MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1221 Avenue of the Americas

New York, New York 10020

Attention: Greg Hurst

 

Gotham Funding Corporation

c/o Global Securitization Services, LLC

68 South Service Road, Suite 120

Melville, New York 11747

Attention: David V. DeAngelis

 

with a copy to:

 

MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1221 Avenue of the Americas

New York, New York 10020

Attention: Securitization Group

 

SMBC Nikko Securities America, Inc.

277 Park Avenue, 5th Floor
New York, New York 10172

Attention: Structured Finance Group

 

Manhattan Asset Funding Company LLC
c/o SMBC Nikko Securities America, Inc.
277 Park Avenue, 5th Floor
New York, New York 10172

Attention: Structured Finance Group

 

Sumitomo Mitsui Banking Corporation
277 Park Avenue
New York, New York 10172

Attention: Structured Finance Group

 

 

 

The Bank of Nova Scotia
250 Vesey Street, 23rd Floor
New York, New York 10281
Attention: Tim Johnston

Attention: Peter Gartland

Liberty Street Funding LLC
c/o Global Securitization Services, LLC
114 West 47th Street Suite 2310
New York, New York 10036
Attention: Jill A. Russo

Bank of America, N.A.

NC2-109-02-02

13510 Ballantyne Corporate Place

Charlotte, NC 28277

Attention: Chris Haynes

Telephone: 980-683-4585

Email: christopher.haynes@baml.com

Attention: Willem van Beek

Telephone: 980-683-4724

Email: willem.van_beek@bofa.com

 

Wells Fargo Bank, National Association

1100 Abernathy Road, Suite 1600

Atlanta, Georgia 30328

Telephone: 770-508-2115

Facsimile No.: 877-660-5109

Attn: Dale Abernathy

Email: dale.abernathy@wellsfargo.com

 

 

Ladies and Gentlemen:

Reference is made to the Fourth Amended and Restated Receivables Funding and Administration Agreement, dated as of November 12, 2010 (as the same may from time to time be amended, supplemented or otherwise modified, the “Agreement”), by and among SIT Funding Corporation (the “Borrower”), the Conduit Lenders, Discretionary Lenders, and Managing Agents party thereto, and MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“MUFG”), as the Administrative Agent.  Capitalized terms used herein and not otherwise defined shall have their respective meanings as set forth in Annex X to the Agreement.  

 

Clause (bb) of the definition of “Eligible Receivable” in Annex X to the Agreement provides that, unless expressly permitted in writing by all Lenders, no Receivable the Obligor of which is Iron Bow Technologies, LLC may constitute an Eligible Receivable under the Agreement and the other Related Documents.  The Borrower hereby requests, and by its signature below each of the Lenders and the other parties hereto hereby agrees, that, on and after the date hereof, each Receivable owing by Iron Bow Technologies, LLC shall constitute an Eligible Receivable to the extent such Receivable satisfies each clause of the definition of “Eligible Receivable” (other than clause (bb)).

This consent letter (this “Consent Letter”) may be executed in counterparts, all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Consent Letter by facsimile or electronic format shall be effective as delivery of a manually executed counterpart of this Consent Letter.

This Consent Letter and the Agreement contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and together shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

Any provisions of this Consent Letter may be amended if, but only if, such amendment is in writing and is signed by each of the parties hereto.

This Consent Letter shall be governed by, and construed in accordance with, the internal laws (as opposed to conflicts of law provisions) of the State of New York.

 

 

Sincerely,

 

SYNNEX CORPORATION

 

 

By:_/s/ Simon Y. Leung____________________

Name:Simon Y. Leung

Title:Corporate Secretary

 

 

SIT FUNDING CORPORATION

 

 

By:_/s/ Simon Y. Leung____________________

Name:Simon Y. Leung

Title:Corporate Secretary


 

Accepted as of the date first above written:

 

MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as an Administrator, as a Managing Agent and as a Committed Lender

 

 

By:_/s/ Eric Williams____________________
Name: Eric Williams
Title: Managing Director

 

GOTHAM FUNDING CORPORATION, as a Discretionary Lender

 

 

By:_/s/ Kevin J. Corrigan ____________________
Name: Kevin J. Corrigan
Title: Vice President

 

MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Administrative Agent

 

 

By:_/s/ Eric Williams____________________
Name: Eric Williams
Title: Managing Director

 

 

 

)

 

 

 

LIBERTY STREET FUNDING LLC, as a

Discretionary Lender

 

 

By:_/s/ Jill A. Russo_______________________

Name: Jill A. Russo

Title: Vice President

 

 

THE BANK OF NOVA SCOTIA, as an Administrator, as a Managing Agent and as a Committed Lender

 

 

By: /s/ Douglas Noe _______________________

Name: Douglas Noe

Title:  Managing Director

 

 

 

 

SMBC NIKKO SECURITIES AMERICA, INC.,
as an Administrator and as a Managing Agent

 

 

By: /s/ Yukimi Konno_______________________

Name:Yukimi Konno

Title:Managing Director

 

 

SUMITOMO MITSUI BANKING CORPORATION,
as a Committed Lender

 

 

By:_/s/ Masanori Yoshimura___________________

Name:Masanori Yoshimura

Title:Executive Director

 

 

MANHATTAN ASSET FUNDING COMPANY LLC,

as a Discretionary Lender

By:MAF Receivables Corp., its sole member

 

By:__/s/ Irina Khaimova ______________________

Name:Irina Khaimova

Title:Vice President


)

 

BANK OF AMERICA, N.A., as a Managing Agent and as a Committed Lender

 

 

By:_/s/ Chris Haynes _____________________________
Name: Chris Haynes
Title:   Senior Vice President

)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Managing Agent and as a Committed Lender

 

 

By:_/s/ Dale Abernathy _______________________
Name: Dale Abernathy
Title:   Director

 

 

)

 EX-21 4 snx-ex211_8.htm EX-21.1 snx-ex211_8.htm

Exhibit 21.1

 

SUBSIDIARIES OF THE COMPANY

As of November 30, 2019

 

Name of the Subsidiary

 

State or Country in Which Organized

 

 

 

2117974 Ontario Inc.

 

Canada

Afina Peru, S.A.C.

 

Peru

Afina Sistemas Informaticos Limitada

 

Chile

Afina Sistemas Informaticos, S.L

 

Spain

Afina Sistemas, Sociedade Ltda.

 

Brazil

Afina Venezuela, C.A.

 

Venezuela

Afina, S.R.L.

 

Argentina

Afinasis, S.A. de C.V.

 

Mexico

Asset Ohio Fourth Street LLC

 

Ohio, U.S.A.

Beijing Jumeng Technology Development Ltd.

 

China

BPO Holdco Coöperatief U.A.

 

Netherlands

Brazil HoldCo Limited

 

United Kingdom

Chongqing Jumeng Technologies Development Ltd.

 

China

CNX Services Jamaica Limited

 

Jamaica

ComputerLand Corporation

 

California, U.S.A.

Comstor Colombia S.A.S.

 

Colombia

Concentrix Service Hungary KFT

 

Hungary

Concentrix (Canada) Limited

 

Canada

Concentrix Brazil Outsourcing of Processes,

 

 

Administrative Services and Technologies to Enterprises Ltda.

 

Brazil

Concentrix Business Services UK Limited

 

United Kingdom

Concentrix Coop Holdco Limited

 

Bermuda

Concentrix Corporation

 

New York, U.S.A.

Concentrix Costa Rica, S.A.

 

Costa Rica

Concentrix CRM Services Germany GmbH

 

Germany

Concentrix CRM Services Germany GmbH Spółka z ograniczoną odpowiedzialnością Oddział w Polsce

 

Poland

Concentrix CRM Services Germany GmbH Belgium Branch

 

Belgium

Concentrix CRM Services Germany GmbH Greece Branch

 

Greece

Concentrix CRM Services Germany GmbH Merkezi Almanya Istanbul Merkez Şubesi

 

Turkey

Concentrix CRM Services Germany GmbH Netherlands Branch  

 

Netherlands

Name of the Subsidiary

 

State or Country in Which Organized

Concentrix CRM Services Germany GmbH, Russelsheim, Switzerland Branch, Zug

 

Switzerland

Concentrix CRM Services Germany GmbH, Sucursal en España

 

Spain

Concentrix CRM Services Hungary Kft

 

Hungary

Concentrix CRM Services RO S.R.L.

 

Romania

Concentrix CRM Services UK Limited

 

United Kingdom

Concentrix CVG Brite Voice Systems, LLC

 

Kansas, U.S.A.

Concentrix CVG Corporation

 

Delaware, U.S.A.

Concentrix CVG Customer Management Delaware LLC

 

Delaware, U.S.A.

Concentrix CVG Delaware Inc.

 

Delaware, U.S.A.

Concentrix CVG Delaware International Inc.

 

Delaware, U.S.A.

Concentrix CVG Delaware International Inc. French Branch

 

France

Concentrix CVG France S.A.R.L.

 

France

Concentrix CVG Global Services AZ, Inc.

 

Arizona, U.S.A.

Concentrix CVG Holding LLC

 

Delaware, U.S.A.

Concentrix CVG LLC

 

Texas, U.S.A.

Concentrix CVG Pte. Ltd.

 

Singapore

Concentrix CVG International Holding Ltd. Dominican Republic Branch

 

Dominican Republic

Concentrix CVG Tunisie S.A.R.L.

 

Tunisia

Concentrix CVG Tunisie BPO S.A.R.L.

 

Tunisia

Concentrix CVG Customer Management Group Inc. Costa Rica Branch

 

Costa Rica

Concentrix CVG Malaysia (Philippines) SDN. BHD. Philippine Branch

 

Philippines

Concentrix CVG Services Singapore Pte. Ltd. ROHQ

 

Philippines

Concentrix CVG Singapore Holdings Pte. Ltd. ROHQ

 

Philippines

Concentrix Daksh Services India Private Limited

 

India

Concentrix Daksh Services Philippines Corporation

 

Philippines

Concentrix Digital Services Limited

 

United Kingdom

Concentrix Europe Limited

 

United Kingdom

Concentrix Free Trade Zone, S.A.

 

Costa Rica

Concentrix GBS Limited

 

Bermuda

Concentrix Global Holdings, Inc.

 

Delaware, U.S.A.

Concentrix Gmbh

 

Austria

Concentrix HK Limited

 

Hong Kong, China

Concentrix Insurance Administration Solutions Corporation

 

South Carolina, U.S.A.

Concentrix Investments Europe B.V.

 

Netherlands

Concentrix Investment Holdings Corporation

 

British Virgin Islands

Concentrix Investment Holdings Singapore 1 Pte. Ltd

 

Singapore

Name of the Subsidiary

 

State or Country in Which Organized

Concentrix Investment Holdings Singapore 2 Pte. Ltd

 

Singapore

Concentrix Investment Holdings Singapore 3 Pte. Ltd

 

Singapore

Concentrix Logistics Corporation

 

British Virgin Islands

Concentrix Management Holding GmbH & Co. KG

 

Germany

Concentrix México, S. de R.L. de C.V

 

Mexico

Concentrix New (BVI) Corporation

 

British Virgin Islands

Concentrix NewHK Limited

 

Hong Kong, China

Concentrix Nicaragua S.A.

 

Nicaragua

Concentrix Services (Colombia) S.A.S.

 

Colombia

Concentrix Services (Dalian) Co., Ltd.

 

China

Concentrix Services (Dalian) Co., Ltd. Beijing Branch

 

China

Concentrix Services (Dalian) Co., Ltd. Shanghai Branch

 

China

Concentrix Services (Germany) GmbH

 

Germany

Concentrix Services (Ireland) Limited

 

Ireland

Concentrix Services (Netherlands) B.V.

 

Netherlands

Concentrix Services (New Zealand) Limited

 

New Zealand

Concentrix Services (Poland) spólka z o.o.

 

Poland

Concentrix Services (Saudi Arabia) Corporation LLC

 

Saudi Arabia

Concentrix Services (Singapore) Pte. Ltd.

 

Singapore

Concentrix Services (Thailand) Co., Ltd

 

Thailand

Concentrix Services (Uruguay) S.A.

 

Uruguay

Concentrix Services Bulgaria EOOD

 

Bulgaria

Concentrix Services Corporation

 

British Virgin Islands

Concentrix Services Corporation Philippines Branch

 

Philippines

Concentrix Services Germany GmbH Sverige filial

 

Sweden

Concentrix Services Holdco (Netherlands) B.V.

 

Netherlands

Concentrix Services India Private Limited

 

India

Concentrix Services Korea Limited

 

South Korea

Concentrix Services Mexico, S.A. de C.V.

 

Mexico

Concentrix Services Philippines, Inc.

 

Philippines

Concentrix Services Portugal, Sociedade Unipessoal, LDA

 

Portugal

Concentrix Services Pty Ltd

 

Australia

Concentrix Services Pty Ltd ROHQ

 

Philippines

Concentrix Services Slovakia s.r.o.

 

Slovakia

Concentrix Services Spain, S.L.U.

 

Spain

Concentrix Services UK Limited

 

United Kingdom

Concentrix Services US, Inc.

 

Delaware, U.S.A.

Concentrix Technologies (India) Private Limited

 

India

Concentrix Technologies Limited

 

United Kingdom

Concentrix Technologies Services (Canada) Limited

 

Canada

Concentrix Technology FZ-LLC

 

United Arab Emirates

Name of the Subsidiary

 

State or Country in Which Organized

Concentrix VN Technologies Services Company Limited

 

Vietnam

Concentrix CVG (Mauritius) Ltd

 

Mauritius

Concentrix (Suzhou) Information Consulting Co., Limited

 

China

Concentrix Beteiligungen GmbH

 

Germany

Concentrix CMG Canada ULC

 

Canada

Concentrix CMG Insurance Services LLC

 

Ohio, U.S.A.

Concentrix CVG CMG UK Limited

 

United Kingdom

Concentrix CVG Customer Management Australia Pty. Ltd.

 

Australia

Convergys Customer Management Colombia S.A.S.

 

Colombia

Convergys Customer Management Group Canada Holding Inc.

 

Delaware, U.S.A.

Convergys Customer Management International Inc.

 

Ohio, U.S.A.

Convergys Customer Management International Inc. - Regional Operating Headquarters

 

Philippines

Convergys Customer Management Mexico S. de R.L. de C.V.

 

Mexico

Convergys Customer Management Group, Inc. Philippines Branch

 

Philippines

Concentrix CVG Customer Management Group Inc.

 

Ohio, U.S.A.

Concentrix Duisburg GmbH

 

Germany

Concentrix Düsseldorf GmbH

 

Germany

Concentrix CVG Egypt Limited Liability Company

 

Egypt

Convergys France S.A.R.L. (Mauritius Branch)

 

Mauritius

Concentrix Frankfurt a. M. GmbH

 

Germany

Concentrix CVG Funding Inc.

 

Kentucky, U.S.A.

Concentrix Gera GmbH

 

Germany

Concentrix CVG Global Services El Salvador, S.A. de C.V.

 

El Salvador

Concentrix Global Services GmbH

 

Germany

Concentrix CVG Global Services Honduras, S.A.

 

Honduras

Concentrix CVG Global Services Hong Kong Limited

 

Hong Kong, China

Concentrix CVG Government Solutions LLC

 

Ohio, U.S.A.

Concentrix CVG Group Limited

 

United Kingdom

Concentrix CVG Group Servicios de Apoyo Informatico, S.L.

 

Spain

Concentrix Halle GmbH

 

Germany

Convergys Holdings (GB) Limited

 

United Kingdom

Convergys Holdings (UK) Limited

 

United Kingdom

Convergys Hungary Kft.

 

Hungary

Convergys India Services Private Limited

 

India

Concentrix CVG Intelligent Contact Limited

 

United Kingdom

Concentrix CVG International Bulgaria EOOD

 

Bulgaria

Concentrix International Europe B.V.

 

Netherlands

Concentrix International GmbH

 

Germany

Concentrix CVG International Holding Ltd.

 

Bermuda

Name of the Subsidiary

 

State or Country in Which Organized

Convergys International Inc.

 

Delaware, U.S.A.

Convergys International Nordic AB

 

Sweden

Concentrix International Services Europe B.V.

 

Netherlands

Concentrix CVG International Sp. Z.o.o.

 

Poland

Concentrix Ireland Contact Services Limited

 

Ireland

Concentrix Ireland Limited

 

Ireland

Concentrix CVG Italy S.R.L.

 

Italy

Concentrix CVG Learning Solutions LLC

 

Delaware, U.S.A.

Concentrix Leipzig GmbH

 

Germany

Concentrix CVG Malaysia (Phillipines) Sdn. Bhd.

 

Malaysia

Concentrix CVG Malaysia Sdn. Bhd.

 

Malaysia

Concentrix Münster GmbH

 

Germany

Convergys Netherlands Investments B.V.

 

Netherlands

Concentrix CVG Nicaragua, S.A.

 

Nicaragua

Concentrix Osnabrück GmbH

 

Germany

Concentrix CVG Philippines, Inc.

 

Philippines

Concentrix Rechenzentrum GmbH

 

Germany

Concentrix Romania S.R.L.

 

Romania

Concentrix Schwerin GmbH

 

Germany

Convergys Services Denmark ApS

 

Denmark

Concentrix Services GmbH

 

Germany

Concentrix CVG Services Singapore Pte. Ltd.

 

Singapore

Concentrix CVG Singapore Holdings Pte. Ltd.

 

Singapore

Convergys Software Service (Beijing) Ltd.

 

China

Convergys South Africa (Pty) Ltd.

 

South Africa

Concentrix Verwaltungs GmbH

 

Austria

Concentrix Wismar GmbH

 

Germany

Concentrix Wuppertal GmbH

 

Germany

CyberLogistics Corporation

 

Japan

Dalian Jumeng Technology Development Ltd.

 

China

Dalian Jumeng Information Services Ltd.

 

China

EMJ America, Inc.

 

North Carolina, U.S.A.

Encore Receivable Management, Inc.

 

Kansas, U.S.A.

Encore Receivable Management, Inc. Philippines Branch

 

Philippines

eTelecare Philippines, Inc.

 

Philippines

Foshan Jumeng Information Technology Service Co., Ltd

 

China

GLS Software S. de R.L.

 

Panama

Guiyang Jumeng Technology Development Ltd.

 

China

Hyve IT Solutions Israel Ltd

 

Israel

Hyve IT Solutions South Africa (PTY) Ltd.

 

South Africa

Hyve Solutions (Taiwan) Corporation

 

Taiwan

Name of the Subsidiary

 

State or Country in Which Organized

Hyve SNX Solutions Ireland Limited

 

Ireland

SYNNEX Information Technologies (Beijing) Ltd.

 

China

Hyve Solutions Canada Limited

 

Canada

Hyve Solutions China Limited

 

China

Hyve Solutions Corporation

 

California, U.S.A.

Hyve Solutions Europe Limited

 

United Kingdom

Hyve Solutions HK Limited

 

Hong Kong, China

Hyve Solutions Holding Company Limited

 

United Kingdom

Hyve Solutions India LLP

 

India

Hyve Solutions Japan K.K.

 

Japan

Hyve Solutions Korea Limited

 

South Korea

Hyve Solutions Malaysia SDN.BHD.

 

Malaysia

Hyve Solutions New Zealand Limited

 

New Zealand

Hyve Solutions Singapore Pte. Ltd

 

Singapore

Hyve Solutions US Global Holding Corporation

 

Delaware, U.S.A.

SYNNEX Japan Holdings K.K.

 

Japan

Intervoice Acquisition Subsidiary, Inc.

 

Nevada, U.S.A.

Intervoice Colombia Ltda.

 

Colombia

Intervoice, LLC Canada Branch

 

Canada

Intervoice do Brasil Comércio Serviços e Participações Ltda.

 

Brazil

Intervoice GmbH

 

Germany

Intervoice GP, Inc.

 

Nevada, U.S.A.

Intervoice Limited

 

United Kingdom

Intervoice Limited Partnership

 

Nevada, U.S.A.

Intervoice LP, Inc.

 

Nevada, U.S.A.

Japan Concentrix KK

 

Japan

Lasting Holdings Corporation

 

California, U.S.A.

LATAM HoldCo Limited

 

United Kingdom

License Online, Inc

 

California, U.S.A.

Minacs Mexico S. de R.L. de C.V.

 

Mexico

Pegasus Telecom LLC

 

Delaware, U.S.A.

PT Concentrix Services Indonesia

 

Indonesia

PT Convergys Customer Management Indonesia

 

Indonesia

SCGS (Malaysia) SDN. BHD.

 

Malaysia

Sennex Enterprises Limited

 

Hong Kong, China

Servicios Afinasis S.A. de C.V.

 

Mexico

SGS Holdings, Inc.

 

Delaware, U.S.A.

SGS Tunisie S.A.R.L.

 

Tunisia

Shenzhen Shunrong Telecommunication Technologies Ltd.

 

China

Shenzhen Shunrong Telecommunication Technologies Ltd. Foshan Branch

 

China

Name of the Subsidiary

 

State or Country in Which Organized

Sichuan 86Bridge Information Technology Ltd.

 

China

SIT Funding Corporation

 

Delaware, U.S.A.

Stream Business Process Outsourcing South Africa (Proprietary) Ltd.

 

South Africa

Concentrix CVG Contact Tunisie S.A.R.L.

 

Tunisia

Stream Florida Inc.

 

Delaware, U.S.A.

Stream Global Services - US, Inc.

 

Delaware, U.S.A.

Stream Global Services Danmark ApS

 

Denmark

Stream Global Services, Inc.

 

Delaware, U.S.A.

Stream Holdings Corporation

 

Delaware, U.S.A.

Suzhou Ke Wei Xun Information Services Co. Ltd.

 

China

SYNNEX Canada Limited

 

Canada

SYNNEX de México, S.A. de C.V.

 

Mexico

SYNNEX Finance Hybrid II, LLC

 

California, U.S.A.

SYNNEX Information Technologies (Beijing) Ltd.

 

China

SYNNEX Information Technologies (Chengdu) Ltd.

 

China

SYNNEX Information Technologies (China) Ltd.

 

China

SYNNEX Japan Corporation

 

Japan

SYNNEX Servicios, S.A. de C.V.

 

Mexico

SYNNEX Software Technologies (HK) Limited

 

Hong Kong, China

SYNNEX-Concentrix UK Limited

 

United Kingdom

The Global Email Trustee Limited

 

United Kingdom

Tigerspike FZ-LLC

 

United Arab Emirates

Tigerspike FZ LLC Rep. Office

 

United Arab Emirates

Tigerspike Holdings Pty Ltd

 

Australia

Tigerspike Co., Ltd

 

Japan

Tigerspike Ltd

 

United Kingdom

Tigerspike Products Pte. Ltd.

 

Singapore

Tigerspike Pte. Ltd.

 

Singapore

Tigerspike Pty Ltd

 

Australia

Tigerspike, Inc.

 

Delaware, U.S.A.

Velami Holdings Corporation

 

Philippines

Vietnam Concentrix Services Company Limited

 

Vietnam

Westcon Brasil, Ltda.

 

Brazil

Westcon CALA, Inc.

 

Delaware, U.S.A.

Westcon Canada Systems (WCSI) Inc.

 

Canada

Westcon Corporation Ecuador WCE Cia. Ltda

 

Ecuador

Westcon Group Colombia Limitada

 

Colombia

Westcon Group Costa Rica S.A.

 

Costa Rica

Westcon Group El Salvador, S.A. de C.V.

 

El Salvador

Westcon Group Inc.

 

Delaware, U.S.A.

Westcon Group North America, Inc.

 

New York, U.S.A.

Name of the Subsidiary

 

State or Country in Which Organized

Westcon Group Panama S.A.

 

Panama

Westcon Mexico, S.A. de C.V.

 

Mexico

WG-UK Holding Company Limited

 

United Kingdom

WG-US HoldCo Inc

 

Delaware, U.S.A.

Xi'an Jumeng Technologies Development Ltd

 

China

 

 EX-23 5 snx-ex231_11.htm EX-23.1 snx-ex231_11.htm

EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors

SYNNEX Corporation:

We consent to the incorporation by reference in the registration statements (Nos. 333-111799, 333-158571, 333-191442, and 333-201755) on Form S-8 and the registration statement (No. 333-226708) on Form S-4 of SYNNEX Corporation of our report dated January 29, 2020, with respect to the consolidated balance sheets of SYNNEX Corporation as of November 30, 2019 and 2018, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended November 30, 2019, and the related notes and financial statement Schedule II: Valuation and Qualifying Accounts (collectively, the consolidated financial statements), and the effectiveness of internal control over financial reporting as of November 30, 2019, which report appears in the November 30, 2019 annual report on Form 10-K of SYNNEX Corporation.

/s/ KPMG LLP

Santa Clara, California

January 29, 2020

 

 EX-31 6 snx-ex311_10.htm EX-31.1 snx-ex311_10.htm

 

EXHIBIT 31.1

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

 

I, Dennis Polk, certify that:

 

1. I have reviewed this Form 10-K of SYNNEX Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 29, 2020

 

 

/s/ Dennis Polk

 

Dennis Polk

 

President and Chief Executive Officer

 

(Principal Executive Officer)

 

 

 

 EX-31 7 snx-ex312_6.htm EX-31.2 snx-ex312_6.htm

 

EXHIBIT 31.2

 

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

 

I, Marshall W. Witt, certify that:

 

1. I have reviewed this Form 10-K of SYNNEX Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 29, 2020

 

 

/s/ Marshall W. Witt

 

Marshall W. Witt

 

Chief Financial Officer

 

(Principal Financial Officer)

 

 

 EX-32 8 snx-ex321_7.htm EX-32.1 snx-ex321_7.htm

 

EXHIBIT 32.1

 

STATEMENT OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

UNDER 18 U.S.C. § 1350

 

We, Dennis Polk, the president and chief executive officer of SYNNEX Corporation (the “Company”), and Marshall W. Witt, the chief financial officer of the Company, certify for the purposes of section 1350 of chapter 63 of title 18 of the United States Code that, to the best of our knowledge,

 

(i) the Annual Report of the Company on Form 10-K for the period ended November 30, 2019 (the “Report”), fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, and

 

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: January 29, 2020

 

 

/s/ Dennis Polk

 

Dennis Polk

 

(Principal Executive Officer)

 

 

 

/s/ Marshall W. Witt

 

Marshall W. Witt

 

(Principal Financial Officer)

 

 

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Summary of Weighted-Average Rates Used in Determining the Benefit Obligations and Pension Costs Schedule Of Defined Benefit Plan Weighted Average Rates Used In Determining Benefit Obligations And Pension Costs Table [Text Block] Summary of Fair Value Hierarchy, Plans Assets Fair Value Determined to Level 2 Schedule Of Allocation Of Plan Assets Table [Text Block] Summary of Estimated Future Benefit Payments Schedule Of Expected Benefit Payments Table [Text Block] Schedule of Sources of Income from Continuing Operations Before Provision for Income Taxes Schedule Of Income Before Income Tax Domestic And Foreign Table [Text Block] Schedule of Provisions for Income Taxes Schedule Of Components Of Income Tax Expense Benefit Table [Text Block] Schedules of Deferred Tax Assets and Liabilities Schedule Of Deferred Tax Assets And Liabilities Table [Text Block] Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate Schedule Of Effective Income Tax Rate Reconciliation Table [Text Block] Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits Summary Of Income Tax Contingencies [Text Block] Schedule of Future Minimum Rental Payments for Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases Table [Text Block] Number Of Identified Vertical Markets Schedule Of Segment Reporting Information By Segment [Table] Schedule Of Segment Reporting Information By Segment [Table] Segments Statement Business Segments [Axis] Segments Segment [Domain] Concentrix. Concentrix Concentrix [Member] Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Number of reportable segments Number Of Reportable Segments Number of identified vertical markets Number Of Identified Vertical Markets Majority owned subsidiary assets and liabilities percentage included in consolidated financial statements of parent. Equity method investment percentage for treatment. Cost or fair value method investment percentage for treatment. Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Table] Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Table] Statistical Measurement Range [Axis] Statistical Measurement Range [Member] Minimum Minimum [Member] Maximum Maximum [Member] Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items] Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] Percentage of assets and liabilities of majority-owned subsidiaries included in consolidated financial statements Majority Owned Subsidiary Assets And Liabilities Percentage Included In Consolidated Financial Statements Of Parent Equity method investment, percentage of ownership Equity Method Investment Percentage For Treatment Cost or fair value method investment, percentage of ownership Cost Or Fair Value Method Investment Percentage For Treatment Cash equivalents maximum maturity period new. Cash equivalents, maximum maturity period Cash Equivalents Maximum Maturity Period New Schedule Of Property Plant And Equipment [Table] Schedule Of Property Plant And Equipment [Table] Property, Plant and Equipment, Type Property Plant And Equipment By Type [Axis] Property, Plant and Equipment, Type Property Plant And Equipment Type [Domain] Equipment and Furniture [Member] Equipment and Furniture Equipment And Furniture [Member] Software Computer Software Intangible Asset [Member] Leasehold Improvements Leasehold Improvements [Member] Buildings and Building Improvements Building [Member] Property, Plant and Equipment [Line Items] Property Plant And Equipment [Line Items] Property, Plant and Equipment, Useful Life Property Plant And Equipment Useful Life Goodwill And Intangible Assets Disclosure [Abstract] Goodwill impairment Goodwill Impairment Loss Schedule Of Finite Lived Intangible Assets [Table] Schedule Of Finite Lived Intangible Assets [Table] Finite-Lived Intangible Assets by Major Class Finite Lived Intangible Assets By Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name Finite Lived Intangible Assets Major Class Name [Domain] Customer Relationships and Lists Customer Related Intangible Assets [Member] Vendor Lists [Member] Vendor Lists Vendor Lists [Member] Technology Technology Based Intangible Assets [Member] Other Intangible Assets Other Intangible Assets [Member] Finite-Lived Intangible Assets [Line Items] Finite Lived Intangible Assets [Line Items] Intangible assets amortization period Finite Lived Intangible Asset Useful Life Number of customers accounted for 10% or more of consolidated revenue. Number of customers exceeded 10 percent of total consolidated accounts receivable. Concentration Risk [Table] Concentration Risk [Table] Customer Major Customers [Axis] Customer Name Of Major Customer [Domain] Top Customer [Member] Top Customer Top Customer [Member] Supplier Share Based Goods And Nonemployee Services Transaction By Supplier [Axis] Supplier Share Based Goods And Nonemployee Services Transaction Supplier [Domain] HP Inc [Member] HP Inc H P Inc [Member] Concentration Risk Benchmark Concentration Risk By Benchmark [Axis] Concentration Risk Benchmark Concentration Risk Benchmark [Domain] Sales Revenue, Net Sales Revenue Net [Member] Accounts Receivable Accounts Receivable [Member] Concentration Risk Type Concentration Risk By Type [Axis] Concentration Risk Type Concentration Risk Type [Domain] Customer Concentration Risk Customer Concentration Risk [Member] Supplier Concentration Risk Supplier Concentration Risk [Member] Concentration Risk [Line Items] Concentration Risk [Line Items] Number of customers accounted for 10% or more of consolidated revenue Number Of Customers Accounted For Ten Percent Or More Of Consolidated Revenue Concentration risk, percentage Concentration Risk Percentage1 Number of customers exceeded 10 percent of total consolidated accounts receivable Number Of Customers Exceeded10 Percent Of Total Consolidated Accounts Receivable Accounting Standards Update 2016-01 Accounting Standards Update201601 [Member] Reclassification out of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income [Axis] Reclassification out of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income [Domain] Reclassification out of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income [Member] Reclassification of net unrealized gains from accumulated other comprehensive income (loss) Adjustment to retained earnings Cumulative Effect On Retained Earnings Net Of Tax1 Accounts receivable current net of adjustments. Other assets current net of adjustments. Initial Application Period Cumulative Effect Transition Initial Application Period Cumulative Effect Transition [Axis] Initial Application Period Cumulative Effect Transition Initial Application Period Cumulative Effect Transition [Domain] As Reported Calculated Under Revenue Guidance In Effect Before Topic606 [Member] Adjustments for ASC Topic 606 Difference Between Revenue Guidance In Effect Before And After Topic606 [Member] Accounts receivable, net Accounts Receivable Current Net Of Adjustments Receivables from vendors, net Other current assets Other Assets Current Net Of Adjustments Adjustments to reconcile net income to cash provided by operating activities: Changes in operating assets and liabilities, net of acquisition of businesses: Accounts receivables, net Receivables from vendors, net Other operating assets and liabilities Net cash provided by operating activities Schedule Of Business Acquisitions By Acquisition [Table] Schedule Of Business Acquisitions By Acquisition [Table] Business Agreement [Axis] Business Agreement Business Agreement [Axis] [Domain] for Business Agreement [Axis] Business Agreement Business Agreement [Domain] Merger Agreement [Member] Merger Agreement Merger Agreement [Member] Business Acquisition Business Acquisition [Axis] Business Acquisition, Acquiree Business Acquisition Acquiree [Domain] Convergys [Member] Convergys Convergys [Member] Business Acquisition [Line Items] Business Acquisition [Line Items] Percentage of interest acquired Business Acquisition Percentage Of Voting Interests Acquired Purchase price Business Combination Consideration Transferred1 Agreement date Business Acquisition Date Of Acquisition Agreement1 Goodwill measurement period adjustments Goodwill Purchase Accounting Adjustments Business combination, increase in tax liabilities Business Combination Provisional Information Initial Accounting Incomplete Adjustment Financial Liabilities Business combination, increase in fair value of other acquired net tangible assets Business Combination Provisional Information Initial Accounting Incomplete Adjustment Financial Assets Business combination, recognized identifiable assets acquired and liabilities assumed, net Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net Goodwill acquired during period Total intangibles acquired Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles Acquisition-related and integration expenses Business Combination Acquisition Related Costs Stockholders' equity. Stockholders' equity. Stockholders Equity [Table] Stockholders Equity [Table] Plan Name Plan Name [Axis] Plan Name Plan Name [Domain] 2013 Stock Incentive Plan [Member] 2013 Stock Incentive Plan A2013 Stock Incentive Plan [Member] Award Date Award Date [Axis] Award Date Award Date [Domain] Calendar Year [Member] Calendar Year Calendar Year [Member] Calendar year, first year of service. First Calendar Year of Service Calendar Year First Year Of Service [Member] Title of Individual Title Of Individual [Axis] Title of Individual Title Of Individual With Relationship To Entity [Domain] Qualified Employees [Member] Qualified Employees Qualified Employees [Member] Qualified Nonemployee [Member] Qualified Nonemployee Qualified Nonemployee [Member] Award Type Award Type [Axis] Award Type Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] Restricted stock units and awards. Restricted Stock Units and Awards Restricted Stock Units And Awards [Member] Employee stock options and restricted stock. Employee Stock Options and Restricted Stock Employee Stock Options And Restricted Stock [Member] Employee Stock Options Employee Stock Option [Member] Restricted Stock Restricted Stock [Member] Restricted Stock Units (RSUs) Restricted Stock Units R S U [Member] Vesting Vesting [Axis] Vesting Vesting [Domain] Third Anniversary Share Based Compensation Award Tranche Three [Member] Share based compensation award tranche four. Fourth Anniversary Share Based Compensation Award Tranche Four [Member] First Anniversary of the Grant Share Based Compensation Award Tranche One [Member] Periodic Vesting Share Based Compensation Award Tranche Two [Member] Stock Incentive Plan 2003 [Member] 2003 Stock Incentive Plan Stock Incentive Plan2003 [Member] Employee stock options, restricted stock, and restricted stock units. Employee Stock Options, Restricted Stock, and Restricted Stock Units Employee Stock Options Restricted Stock And Restricted Stock Units [Member] 2014 Employee Stock Purchase Plan [Member] 2014 ESPP A2014 E S P P [Member] Stockholders Equity [Line Items] Stockholders Equity [Line Items] Incremental Shares Authorized Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized Maximum number of shares authorized Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized Exercise price as percentage of fair market value on grant date Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent Maximum number of shares per employee (in units) Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee Award vesting period Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1 Award vesting percentage Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage Award expiration period Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period Requisite service period Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1 Share-based Compensation Arrangement by Share-based Payment Award, Number of Offering Periods, Annual Share-based compensation arrangement by share-based payment award, duration of offering periods. Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee Number of offering periods in calendar year Share Based Compensation Arrangement By Share Based Payment Award Number Of Offering Periods Annual Duration of offering periods (in months) Sharebased Compensation Arrangement By Sharebased Payment Award Duration Of Offering Periods Maximum purchase limit Share Based Compensation Arrangement By Share Based Payment Award Maximum Amount Per Employee Participant purchase price discount Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date Class Of Treasury Stock [Table] Class Of Treasury Stock [Table] 2017 Share Repurchase Program [Member] 2017 Share Repurchase Program A2017 Share Repurchase Program [Member] 2014 Share Repurchase Program. 2014 Share Repurchase Program A2014 Repurchase Program [Member] Equity Class Of Treasury Stock [Line Items] Equity Class Of Treasury Stock [Line Items] Share repurchase program, period in force Stock Repurchase Program Period In Force1 Share repurchase program, authorized amount Stock Repurchase Program Authorized Amount1 Stock repurchase program, value of shares repurchased Dividends Payable [Table] Dividends Payable [Table] Subsequent Event Type Subsequent Event Type [Axis] Subsequent Event Type Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Dividends [Line Items] Dividends Payable [Line Items] Cumulative cash dividends declared per share Common Stock Dividends Per Share Declared Dividends declared date Dividends Payable Date Declared Day Month And Year Dividends record date Dividends Payable Date Of Record Day Month And Year Dividends payable date Dividend Payable Date To Be Paid Day Month And Year Total share-based compensation Allocated Share Based Compensation Expense Tax benefit recorded in the provision for income taxes Employee Service Share Based Compensation Tax Benefit From Compensation Expense Effect on net income Allocated Share Based Compensation Expense Net Of Tax Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] Share Based Compensation Arrangement By Share Based Payment Award [Line Items] Share Based Compensation Arrangement By Share Based Payment Award [Line Items] Expected life (years) Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 Risk free interest rate Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Risk free interest rate, minimum Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum Risk free interest rate, maximum Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum Expected volatility Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Expected volatility, minimum Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum Expected volatility, maximum Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum Dividend yield Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate Restricted Stock Awards and Units (RSUs) [Member] Restricted Stock Awards and Units (RSUs) [Member] Restricted Stock Awards And Units Rsus [Member] Shares available for grant roll forward Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Roll Forward Number of shares available for grant, beginning Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Restricted stock awards/ units granted Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Restricted stock cancelled/forfeited Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Number of options granted Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross Options exercised Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised Number of shares available for grant, ending Options Outstanding Roll Forward Number of Shares Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward Beginning options outstanding Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Number of options granted Options exercised Stock Issued During Period Shares Stock Options Exercised Ending options outstanding Options outstanding, weighted average exercise price, beginning Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Options granted, weighted average exercise price Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price Options exercised, weighted average exercise price Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price Options outstanding, weighted average exercise price, ending Share based compensation arrangement by share based payment award options vested aggregate intrinsic value. Weighted-average grant-date fair value per option Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value Outstanding options, shares Outstanding options, remaining contractual term Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2 Outstanding options, weighted-average exercise price Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1 Outstanding options, intrinsic value Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value Vested and exercisable options, shares Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options Vested and exercisable options, remaining contractual term Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2 Options vested and exercisable, weighted average exercise price Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1 Vested options, intrinsic value Share Based Compensation Arrangement By Share Based Payment Award Options Vested Aggregate Intrinsic Value Intrinsic value of options exercised Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value Cash received from exercise of options Proceeds From Stock Options Exercised Unamortized share-based compensation related to non-vested share-based awards Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Estimated weighted-average amortization period (in years) Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward] Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward Non-vested shares, beginning Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number Awards granted, shares Awards and units vested, shares Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Awards canceled/forfeited, shares Non-vested shares, ending Non-vested, weighted-average, grant-date fair value per share, beginning Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value Awards/Units granted, weighted-average, grant-date fair value per share Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value Awards and units vested, weighted-average, grant-date fair value per share Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value Weighted-average fair value per share at grant date Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value Non-vested, weighted-average, grant-date fair value per share, ending Restricted cash included in other current assets Restricted Cash Current Restricted cash included in other assets Restricted Cash Noncurrent Cash, cash equivalents and restricted cash Balance sheet components. Balance Sheet Components [Abstract] Accounts receivable Accounts Receivable Gross Current Less: Allowance for doubtful accounts Allowance For Doubtful Accounts Receivable Current Accounts receivable, net Accounts and other receivables gross current. Allowance for doubtful accounts and other receivables current. Receivables from vendors Accounts And Other Receivables Gross Current Less: Allowance for doubtful accounts Allowance For Doubtful Accounts And Other Receivables Current Receivables from vendors, net Valuation And Qualifying Accounts Disclosure [Table] Valuation And Qualifying Accounts Disclosure [Table] SEC Schedule, 12-09, Valuation Allowances and Reserves Type Valuation Allowances And Reserves Type [Axis] SEC Schedule, 12-09, Valuation Allowances and Reserves Valuation Allowances And Reserves [Domain] Allowance for doubtful trade receivables. Allowance for Doubtful Trade Receivables Allowance For Doubtful Trade Receivables [Member] Allowance for receivables from vendors. Allowance for Receivables from Vendors Allowance For Receivables From Vendors [Member] Valuation And Qualifying Accounts Disclosure [Line Items] Valuation And Qualifying Accounts Disclosure [Line Items] Allowance for doubtful trade receivables, beginning balance Additions Valuation Allowances And Reserves Charged To Cost And Expense Write-offs and reclassifications Valuation Allowances And Reserves Deductions Allowance for doubtful trade receivables, ending balance Land Land [Member] Equipment, Computers and Software Machinery And Equipment [Member] Furniture and Fixtures Furniture And Fixtures [Member] Buildings, Building Improvements and Leasehold Improvements Building And Building Improvements [Member] Construction-in-progress Construction In Progress [Member] Total property and equipment, gross Property Plant And Equipment Gross Less: Accumulated depreciation Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Property and equipment, net Depreciation Depreciation Schedule Of Goodwill [Table] Schedule Of Goodwill [Table] Technology Solutions [Member] Technology Solutions Technology Solutions [Member] Goodwill [Line Items] Goodwill [Line Items] Goodwill [Roll Forward] Goodwill Roll Forward Balance, beginning of year Additions/adjustments from acquisitions Goodwill Other Increase Decrease Foreign exchange translation Goodwill Foreign Currency Translation Gain Loss Balance, end of year Finite-Lived Intangible Assets, Net [Abstract] Finite Lived Intangible Assets Net [Abstract] Gross Intangible Assets Finite Lived Intangible Assets Gross Accumulated Amortization Finite Lived Intangible Assets Accumulated Amortization Net Intangible Assets Amortization of Intangible Assets Amortization Of Intangible Assets Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] 2020 Finite Lived Intangible Assets Amortization Expense Next Twelve Months 2021 Finite Lived Intangible Assets Amortization Expense Year Two 2022 Finite Lived Intangible Assets Amortization Expense Year Three 2023 Finite Lived Intangible Assets Amortization Expense Year Four 2024 Finite Lived Intangible Assets Amortization Expense Year Five Thereafter Finite Lived Intangible Assets Amortization Expense After Year Five Total Finite Lived Intangible Assets Net Accumulated Other Comprehensive Income Loss [Table] Accumulated Other Comprehensive Income Loss [Table] Unrecognized Gains (Losses) on Defined Benefit Plan, Net of Taxes Accumulated Defined Benefit Plans Adjustment Including Portion Attributable To Noncontrolling Interest [Member] Unrealized Gains (Losses) on Cash Flow Hedges, Net of Taxes Accumulated Net Gain Loss From Cash Flow Hedges Including Portion Attributable To Noncontrolling Interest [Member] Accumulated foreign currency adjustment including portion attributable to noncontrolling interest and other. Foreign Currency Translation Adjustment and Other, Net of Taxes Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest And Other [Member] Accumulated Other Comprehensive Income Loss [Line Items] Accumulated Other Comprehensive Income Loss [Line Items] Accumulated Other Comprehensive Income (Loss), net of taxes A O C I Attributable To Parent Net Of Tax Roll Forward Accumulated other comprehensive income (loss), beginning balance Opening balance adjustment for the adoption of new accounting guidance Other comprehensive income (loss) before reclassification Other Comprehensive Income Loss Before Reclassifications Net Of Tax Reclassification of (gains) losses from Other comprehensive income (loss) Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax Accumulated other comprehensive income (loss), ending balance Derivative maturity date in month and year. Derivative [Table] Derivative [Table] Hedging Relationship Derivative Instruments Gain Loss By Hedging Relationship [Axis] Hedging Relationship Hedging Relationship [Domain] Cash Flow Hedging Cash Flow Hedging [Member] Derivative Instrument Derivative Instrument Risk [Axis] Derivative Contract Derivative Contract Type [Domain] Foreign Exchange Forward Contracts Foreign Exchange Forward [Member] Interest Rate Swap Interest Rate Swap [Member] Hedging Designation Hedging Designation [Axis] Hedging Designation Hedging Designation [Domain] Not Designated as Hedging Instrument Nondesignated [Member] Derivative [Line Items] Derivative [Line Items] Derivative maturity date Derivative Maturity Date In Month And Year Derivative maturity date Derivative Maturity Dates Foreign exchange forward contracts, maturity Derivative Term Of Contract Derivative Instrument Detail [Abstract] Designated as Hedging Instrument Designated As Hedging Instrument [Member] Balance Sheet Location Balance Sheet Location [Axis] Balance Sheet Location Balance Sheet Location [Domain] Other Current Assets Other Current Assets [Member] Other Assets Other Assets [Member] Other accrued liabilities. Other Accrued Liabilities Other Accrued Liabilities [Member] Other current assets and other assets. Other Current Assets and Other Assets Other Current Assets And Other Assets [Member] Other accrued liabilities and other long-term liabilities Other Accrued Liabilities and Other Long-term Liabilities Other Accrued Liabilities And Other Long Term Liabilities [Member] Notional value Derivative Notional Amount Assets, Fair Value Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value Assets, Fair Value Cash Flow Hedge Derivative Instrument Assets At Fair Value Liabilities, Fair Value Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value Assets, Fair Value Interest Rate Derivative Instruments Not Designated As Hedging Instruments At Fair Value Net Liabilities, Fair Value Cash Flow Hedge Derivative Instrument Liabilities At Fair Value Assets, Fair Value Interest Rate Cash Flow Hedge Asset At Fair Value Liabilities, Fair Value Interest Rate Cash Flow Hedge Liability At Fair Value Derivative Instruments Gain Loss By Hedging Relationship By Income Statement Location By Derivative Instrument Risk [Table] Derivative Instruments Gain Loss By Hedging Relationship By Income Statement Location By Derivative Instrument Risk [Table] Income Statement Location Income Statement Location [Axis] Income Statement Location Income Statement Location [Domain] Revenue for services. Revenue for Services Revenue For Services [Member] Cost of revenue for service. Cost of Revenue for Services Cost Of Revenue For Service [Member] Selling, General and Administrative Expenses Selling General And Administrative Expenses [Member] Other Income (Expense), Net Other Nonoperating Income Expense [Member] Interest Expense and Finance Charges, Net Interest Expense [Member] Cost of revenue for services and Selling, general and administrative expenses. Cost of Revenue for Services and Selling, General and Administrative Expenses Cost Of Revenue For Services And Selling General And Administrative Expenses [Member] Interest Expense and Finance Charges, Net Other Income [Member] Derivative Instruments Gain Loss [Line Items] Derivative Instruments Gain Loss [Line Items] Revenues Gains (Losses) recognized in OCI Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax Gains (Losses) reclassified from "AOCI" into income Derivative Instruments Gain Loss Reclassified From Accumulated O C I Into Income Effective Portion Net Gains (losses) recognized from foreign exchange forward contracts, net Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Gains (losses) recognized from interest rate swaps, net Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments Derivative Instruments not designated as hedging instruments Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net Existing net losses in accumulated other comprehensive loss expected to be reclassified to earnings Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months Decrease in derivative assets and liability if amounts were offset under a master netting agreement. Decrease in derivative asset and liability, offsetting Decrease In Derivative Assets And Liability Due To Offsetting Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table] Fair Value Hierarchy and NAV Fair Value By Fair Value Hierarchy Level [Axis] Fair Value Hierarchy and NAV Fair Value Measurements Fair Value Hierarchy [Domain] Level 1 Fair Value Inputs Level1 [Member] Level 2 Fair Value Inputs Level2 [Member] Level 3 Fair Value Inputs Level3 [Member] Measurement Frequency Fair Value By Measurement Frequency [Axis] Measurement Frequency Fair Value Measurement Frequency [Domain] Fair Value, Measurements, Recurring Fair Value Measurements Recurring [Member] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] Assets: Assets Fair Value Disclosure [Abstract] Cash equivalents Cash And Cash Equivalents Fair Value Disclosure Marketable equity securities Equity Securities Fv Ni Foreign government bond Available For Sale Securities Debt Securities Forward foreign currency exchange contracts Foreign Currency Contract Asset Fair Value Disclosure Interest Rate Derivative Assets, at Fair Value Interest Rate Derivative Assets At Fair Value Liabilities: Liabilities Fair Value Disclosure [Abstract] Contingent consideration payable Business Combination Contingent Consideration Liability Forward foreign currency exchange contracts Foreign Currency Contracts Liability Fair Value Disclosure Interest Rate Derivative Liabilities, at Fair Value Interest Rate Derivative Liabilities At Fair Value Convertible debentures conversion option Convertible Debt Fair Value Disclosures Measurement Input Type Measurement Input Type [Axis] Measurement Input Type Measurement Input Type [Domain] Stock Volatility Measurement Input Option Volatility [Member] Risk Free Rate Measurement Input Risk Free Interest Rate [Member] Discount Rate Measurement Input Discount Rate [Member] Dividend Yields Measurement Input Expected Dividend Rate [Member] Cash equivalents maximum maturity period Gain (loss) on settlement of convertible debentures. Change in fair value remeasurement of contingent consideration liability Convertible debentures conversion option measurement input Debt Instrument Measurement Input Loss on settlement of outstanding convertible debentures Gain Loss On Settlement Of Convertible Debentures Held-to-maturity securities, maturity period. Held-to-maturity securities, maturity period Held To Maturity Securities Maturity Period Transfers between fair value measurement category levels. Transfers between fair value measurement category levels Transfers Between Fair Value Measurement Category Levels Accounts receivable sold to and held by financial institution. The approximate minimum days the entity receives cash from Flooring Companies for sale to customers. The approximate maximum days the entity receives cash from Flooring Companies for sale to customers. Schedule Of Accounts Notes Loans And Financing Receivable [Table] Schedule Of Accounts Notes Loans And Financing Receivable [Table] Legal Entity Legal Entity [Axis] Entity Entity [Domain] SYNNEX Japan [Member] SYNNEX Japan S Y N N E X Japan [Member] Financial Instrument Financial Instrument [Axis] Financial Instruments Transfers And Servicing Of Financial Instruments Types Of Financial Instruments [Domain] Supply-chain financing program. Supply-chain Financing Program Supply Chain Financing Program [Member] Counterparty Name Counterparty Name [Axis] Counterparty Name Repurchase Agreement Counterparty Name [Domain] Flooring companies. Flooring Companies Flooring Companies [Member] Accounts, Notes, Loans and Financing Receivable [Line Items] Accounts Notes And Loans Receivable [Line Items] Accounts receivable sold to and held by financial institution Accounts Receivable Sold To And Held By Financial Institution Discount fees Gain Loss On Sale Of Accounts Receivable Accounts receivable transferred, subject to collection Derecognized Assets Securitized Or Assetbacked Financing Arrangement Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding Approximate minimum days from sale to cash collection from Flooring Companies Accounts Receivable Minimum Collection Period Approximate maximum days from sale to cash collection from Flooring Companies Accounts Receivable Maximum Collection Period Net sales financed Flooring fees Interest Expense Debt Instrument [Table] Debt Instrument [Table] Credit Facility Credit Facility [Axis] Credit Facility Credit Facility [Domain] Accounts receivable securitization arrangement [Member] AR Arrangement A R Arrangement [Member] Revolving Credit Facility Revolving Credit Facility [Member] U.S. Credit Agreement [Member] U.S. Credit Agreement U S Credit Agreement [Member] U.S. Term Loan Credit Agreement [Member] U.S. Term Loan Credit Agreement U S Term Loan Credit Agreement [Member] Other borrowings not mentioned elsewhere. Other Borrowings Other Borrowings [Member] Term Loan [Member] Term Loan Term Loan [Member] SYNNEX U.S. [Member] SYNNEX U.S. S Y N N E X U S [Member] Other entities. Other Entities Other Entities [Member] Short-term Debt, Type Short Term Debt Type [Axis] Short-term Debt, Type Short Term Debt Type [Domain] Convertible Debentures Convertible Debt [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Long-term borrowings, before unamortized debt discount and issuance costs Debt Instrument Carrying Amount Less: unamortized debt discount and issuance costs Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net Long-term borrowings Line of Credit Facility, Accordion Feature Amount Debt Instrument, Variable Rate, Minimum Debt instrument maturity month and year. Receivable Type Accounts Notes Loans And Financing Receivable By Receivable Type [Axis] Receivable Receivable Type [Domain] Trade Accounts Receivable Trade Accounts Receivable [Member] Line of Credit Facility [Line Items] Line Of Credit Facility [Line Items] Line of credit facility, maximum borrowing capacity Line Of Credit Facility Maximum Borrowing Capacity Line of credit facility, accordion feature amount Line Of Credit Facility Accordion Feature Amount Minimum LIBOR rate Debt Instrument Variable Rate Minimum Program fee Debt Instrument Interest Rate Stated Percentage Unused line fees or commitment fees Line Of Credit Facility Unused Capacity Commitment Fee Percentage Debt instrument maturity period Debt Instrument Maturity Month And Year Unused portion of the commitment that exceeded the threshold. SYNNEX Canada Limited [Member] SYNNEX Canada Synnex Canada Limited [Member] Variable Rate Variable Rate [Axis] Variable Rate Variable Rate [Domain] Canadian Dollar Offered Rate [Member] Canadian Dollar Offered Rate Canadian Dollar Offered Rate [Member] Used portion. Used Portion Used Portion [Axis] Used portion. Used Portion Used Portion [Domain] Program fee charged based on the used portion of the commitment. ProgramFee Program Fee [Member] Unused portion. Unused Portion Unused Portion [Axis] Unused portion. Unused Portion Unused Portion [Domain] Unused portion of the commitment up to CAD60,000. Unused Portion of Commitment up to CAD60,000 Unused Portion Of Commitment Up To C A D60000 [Member] Unused portion of commitment in excess of CAD60,000. Unused Portion of Commitment in Excess of CAD60,000 Unused Portion Of Commitment In Excess Of C A D60000 [Member] Unused portion of commitment in excess of CAD60,000. Unused Portion Of Commitment In Excess Of C A D60000 Unused Portion Of Commitment In Excess Of C A D60000 [Axis] Unused portion of commitment in excess of CAD60,000. Unused Portion Of Commitment In Excess Of C A D60000 Unused Portion Of Commitment In Excess Of C A D60000 [Domain] First CAD25,000 of the unused portion. First CAD25,000 of the Unused Portion First C A D25000 Of Unused Portion [Member] Remaining unused portion. Remaining Unused Portion Remaining Unused Portion [Member] Line of credit facility, borrowing capacity Line Of Credit Facility Current Borrowing Capacity Interest rate Debt Instrument Basis Spread On Variable Rate1 Threshold to collect additional unused line fee Line Of Credit Facility Remaining Borrowing Capacity Unused portion exceeded threshold Unused Portion Exceeded Threshold Credit facility, outstanding borrowings Line Of Credit Line of credit facility expiration month and year. Term loan and line of credit. Term Loan and Line of Credit Term Loan And Line Of Credit [Member] New term loan. New Term Loan New Term Loan [Member] Maximum borrowing capacity Line of credit facility, expiration month and year Line Of Credit Facility Expiration Month And Year Line of credit, debt maturities, term. Line Of Credit Facility [Table] Line Of Credit Facility [Table] Debt Instrument Debt Instrument [Axis] Debt Instrument, Name Debt Instrument Name [Domain] LATAM facilities. LATAM Facility L A T A M Facilities [Member] Line of credit, debt maturities, Term Line Of Credit Debt Maturities Term Line of credit facility, interest rate at period end Line Of Credit Facility Interest Rate At Period End Outstanding borrowings Lines Of Credit Current Line of Credit Line Of Credit [Member] Geographical Statement Geographical [Axis] Geographical Segment Geographical [Domain] India, Rupees INDIA London Interbank Offered Rate (LIBOR) London Interbank Offered Rate L I B O R [Member] Line Of Credit Facility [Abstract] Base Rate Base Rate [Member] Federal Funds Rate [Member] Federal Funds Rate Federal Funds Rate [Member] Eurodollar Rate [Member] Eurodollar Eurodollar Rate [Member] Term loan borrowing amount Debt Instrument Face Amount Term loan quarterly principal payment Debt Instrument Periodic Payment Principal The aggregate principal amount of the term-loan available under the credit agreement. Amount drawn under term loan commitment. Remaining borrowing amount drawn under term loan commitment. SYNNEX United States term loan credit agreement. S Y N N E X United States Term Loan Credit Agreement [Abstract] The greater of the Federal Funds Rate and the over night bank funding rate. The Greater of The Federal Funds Rate and The Overnight Bank Funding Rate The Greater Of Federal Funds Rate And Over Night Bank Funding Rate [Member] Term loan, maximum borrowing amount Term Loan Maximum Borrowing Amount Amount drawn under term loan commitment Amount Drawn Under Term Loan Commitment Remaining borrowing drawn to settle outstanding convertible debentures Remaining Borrowing Amount Drawn Under Term Loan Commitment Quarterly installment amount Principal amount of convertible debentures settled. settlement amount of convertible debentures. Five point seven five junior subordinated convertible debentures due on September two thousand twenty nine. 5.75% Junior Subordinated Convertible Debentures due September 2029 Five Point Seven Five Junior Subordinated Convertible Debentures Due On September Two Thousand Twenty Nine [Member] Aggregate principal amount of debentures Debenture interest rate percentage Debt Instrument, Maturity date Principal amount of the convertible debentures settled Principal Amount Of Convertible Debentures Settled Amount of convertible debentures settled Settlement Amount Of Convertible Debentures Credit facility, outstanding borrowings Short Term Borrowings Long-term Debt, Fiscal Year Maturity [Abstract] Long Term Debt By Maturity [Abstract] 2020 Long Term Debt Maturities Repayments Of Principal In Next Twelve Months 2021 Long Term Debt Maturities Repayments Of Principal In Year Two 2022 Long Term Debt Maturities Repayments Of Principal In Year Three 2023 Long Term Debt Maturities Repayments Of Principal In Year Four Total borrowings Debt Longterm And Shortterm Combined Amount Interest Expense, Debt [Abstract] Interest Expense Debt [Abstract] Interest expense and finance charge Interest Expense Debt Interest rate Debt Instrument Interest Rate During Period Basic earnings per common share: Earnings Per Share Basic Two Class Method [Abstract] Less: net income allocated to participating securities Participating Securities Distributed And Undistributed Earnings Loss Basic Net income attributable to common stockholders Net Income Loss Available To Common Stockholders Basic Weighted-average common share - basic (shares) Basic earnings per common share Diluted earnings per common share: Earnings Per Share Diluted Two Class Method [Abstract] Less: net income allocated to participating securities Participating Securities Distributed And Undistributed Earnings Loss Diluted Net income attributable to common stockholders Net Income Loss Available To Common Stockholders Diluted Weighted-average common share - basic (shares) Stock options and restricted stock units (shares) Incremental Common Shares Attributable To Share Based Payment Arrangements Weighted-average common shares-diluted (shares) Diluted earnings per common share Anti-dilutive shares excluded from diluted earnings per share calculation (shares) Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Consolidation Items Consolidation Items [Axis] Consolidation Items Consolidation Items [Domain] Operating Segments Operating Segments [Member] Intersegment Eliminations Intersegment Elimination [Member] Operating income Depreciation and amortization expense Total assets Schedule Of Revenues From External Customers And Long Lived Assets [Table] Schedule Of Revenues From External Customers And Long Lived Assets [Table] Geographic Concentration Risk Geographic Concentration Risk [Member] United States UNITED STATES Philippines PHILIPPINES Segment, Geographical, Groups of Countries, Group Three [Member] Other Segment Geographical Groups Of Countries Group Three [Member] Sales Sales [Member] Property and Equipment Property Plant And Equipment [Member] Revenues From External Customers And Long Lived Assets [Line Items] Revenues From External Customers And Long Lived Assets [Line Items] Percentage of consolidated entity shares held by related party. Schedule Of Related Party Transactions By Related Party [Table] Schedule Of Related Party Transactions By Related Party [Table] MiTAC Holdings. MiTAC Holdings Mi T A C Holdings [Member] Related Party Related Party Transactions By Related Party [Axis] Related Party Related Party [Domain] Chairman Emeritus, Board of Directors Board Of Directors Chairman [Member] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Ownership percentage of company's common stock Related Party Ownership Percentage Of Entity Related party transaction ownership number of shares. Synnex Technology International Corp. Synnex Technology International Corp. Synnex Technology International Corp [Member] Principal Owner Principal Owner [Member] Beneficial ownership of company's common stock (shares) Related Party Transaction Ownership Number Of Shares Charitable remainder trust of Board of Directors. Chairman Emeritus through Charitable Remainder Trust Chairman Emeritus Through Charitable Remainder Trust [Member] Matthew Miau Spouse. Shares held by Matthew Miau's Spouse Matthew Miau Spouse [Member] MiTAC Incorporated. MiTAC Incorporated Mi T A C Incorporated [Member] Ownership Ownership [Axis] Ownership Ownership [Domain] MiTAC ownership Minority Interest Ownership Percentage By Noncontrolling Owners Purchases of inventories and services Related Party Transaction Purchases From Related Party Sale of products Revenue From Related Parties Reimbursements received (payments made) for rent and overhead costs for use of facilities by MiTAC Holdings and affiliates, net Related Party Transaction Amounts Of Transaction Receivable from related parties/joint venture (included in Accounts receivable, net) Due From Related Parties Current Payable to related parties/joint venture(included in Accounts payable) Due To Related Parties Current Employer contribution to defined contribution plan Defined Contribution Plan Employer Discretionary Contribution Amount Deferred compensation liability Deferred Compensation Liability Current And Noncurrent Schedule Of Defined Benefit Plans Disclosures [Table] Schedule Of Defined Benefit Plans Disclosures [Table] Retirement Plan Sponsor Location Retirement Plan Sponsor Location [Axis] Retirement Plan Sponsor Location Retirement Plan Sponsor Location [Domain] Non-US Foreign Plan [Member] Defined Benefit Plan Disclosure [Line Items] Defined Benefit Plan Disclosure [Line Items] Defined benefit and postemployment plans, net pension cost Defined Benefit Plan Net Periodic Benefit Cost Retirement Plan Type Retirement Plan Type [Axis] Retirement Plan Type Retirement Plan Type [Domain] Defined benefit plans Pension Plans Defined Benefit [Member] Change in Benefit Obligation: Defined Benefit Plan Change In Benefit Obligation Roll Forward Benefit obligation at beginning of year Defined Benefit Plan Benefit Obligation Service cost Defined Benefit Plan Service Cost Interest cost Defined Benefit Plan Interest Cost Actuarial (gain) loss Defined Benefit Plan Actuarial Gain Loss Benefits paid Defined Benefit Plan Benefit Obligation Benefits Paid Settlements Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1 Acquisition Defined Benefit Plan Business Combinations And Acquisitions Benefit Obligation Foreign currency adjustments Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation Projected obligation at end of year Change in Plan Assets: Defined Benefit Plan Change In Fair Value Of Plan Assets Roll Forward Fair value of plan assets at beginning of year Defined Benefit Plan Fair Value Of Plan Assets Actual return on assets Defined Benefit Plan Actual Return On Plan Assets Settlement Defined Benefit Plan Settlements Plan Assets Acquisition Defined Benefit Plan Business Combinations And Acquisitions Plan Assets Employer contributions Defined Benefit Plan Contributions By Employer Employee contributions Defined Benefit Plan Plan Assets Contributions By Plan Participant Benefit paid Defined Benefit Plan Plan Assets Benefits Paid Foreign currency adjustments Defined Benefit Plan Plan Assets Foreign Currency Translation Gain Loss Fair value of plan assets at end of year Funded Status of Plans: Defined Benefit Plan Funded Status Of Plan [Abstract] Unfunded status Defined Benefit Plan Funded Status Of Plan Pension Plan Current liability Pension And Other Postretirement Defined Benefit Plans Current Liabilities Non-current liability Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent Defined benefit plan assumptions used calculating benefit obligation expected long term return on plan assets. Discount rate Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Expected long-term rate of return on plan assets Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return On Plan Assets Expected rate of future compensation growth Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase Discount rate Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate Expected long-term rate of return on plan assets Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets Expected rate of future compensation growth Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase Defined Benefit Plan, Benefit Obligation, percentage. Percentage of funded benefit obligation Defined Benefit Plan Benefit Obligation Percentage Defined Benefit Plan, Plan Assets, Category Defined Benefit Plan By Plan Asset Categories [Axis] Defined Benefit Plan, Plan Assets, Category Plan Asset Categories [Domain] Equity Securities Defined Benefit Plan Equity Securities [Member] Fixed Income Securities Fixed Income Securities [Member] Plan assets and investment strategy percentage Defined Benefit Plan Plan Assets Investment Within Plan Asset Category Percentage Target allocation percentage Defined Benefit Plan Plan Assets Target Allocation Percentage Cash and Cash Equivalents Defined Benefit Plan Cash And Cash Equivalents [Member] Fixed Income U.S. Large Cap Defined Benefit Plan Equity Securities Us Large Cap [Member] U.S. Small Cap Defined Benefit Plan Equity Securities Us Small Cap [Member] International Equity Defined Benefit Plan Equity Securities Non Us [Member] Defined benefit plan investment funds. Investment Funds Defined Benefit Plan Investment Funds [Member] Limited partnership. Limited Partnership Limited Partnership [Member] Total investments Defined benefit plan expected future benefit payments. 2020 Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months 2021 Defined Benefit Plan Expected Future Benefit Payments Year Two 2022 Defined Benefit Plan Expected Future Benefit Payments Year Three 2023 Defined Benefit Plan Expected Future Benefit Payments Year Four 2024 Defined Benefit Plan Expected Future Benefit Payments Year Five Thereafter (2025-2030) Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter Total Defined Benefit Plan Expected Future Benefit Payments Expected to be returned to the company Defined Benefit Plan Assets Expected To Be Returned To Employer Amount Company expected contributions during fiscal year 2020 Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year Actuarial loss included in AOCI Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest [Abstract] United States Income Loss From Continuing Operations Before Income Taxes Domestic Foreign Income Loss From Continuing Operations Before Income Taxes Foreign Current tax provision: Current Income Tax Expense Benefit Continuing Operations [Abstract] Federal Current Federal Tax Expense Benefit State Current State And Local Tax Expense Benefit Foreign Current Foreign Tax Expense Benefit Current tax provision Current Income Tax Expense Benefit Deferred tax provision (benefit): Deferred Income Tax Expense Benefit Continuing Operations [Abstract] Federal Deferred Federal Income Tax Expense Benefit State Deferred State And Local Income Tax Expense Benefit Foreign Deferred Foreign Income Tax Expense Benefit Deferred tax provision (benefit) Deferred Income Tax Expense Benefit Total tax provision Income tax. Income tax disclosure. Income Tax Disclosure [Table] Income Tax Disclosure [Table] Income Tax Authority Income Tax Authority [Axis] Income Tax Authority Income Tax Authority [Domain] State Tax Authority State And Local Jurisdiction [Member] Federal and state jurisdiction. Federal and State Tax Authority Federal And State Jurisdiction [Member] Foreign Tax Authority Foreign Country [Member] Income Tax Authority, Name Income Tax Authority Name [Axis] Income Tax Authority, Name Income Tax Authority Name [Domain] Federal Tax Authority Internal Revenue Service I R S [Member] Income Tax [Line Items] Income Tax [Line Items] U.S. federal corporate income tax rate Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate Tax Cuts and Jobs Act of 2017 increase in income tax expense. Tax Cuts and Jobs Act of 2017 decrease in income tax expense for re-measurement of net deferred tax liabilities. Tax Cuts and Jobs Act of 2017 repatriation tax impact and other tax impacts increase in income tax expense net of deductions and credits. Increase in income tax expense with effect of TCJA Tax Cuts And Jobs Act Of2017 Increase In Income Tax Expense Decrease in income tax expense with effect of remeasurement of net deferred tax liabilities pursuant to TCJA Tax Cuts And Jobs Act Of2017 Decrease In Income Tax Expense For Re Measurement Of Net Deferred Tax Liabilities Increase in income tax expense, net of deductions and credits due to repatriation tax and other tax impacts of TCJA Tax Cuts And Jobs Act Of2017 Repatriation Tax Impact And Other Tax Impacts Increase In Income Tax Expense Net Of Deductions And Credits Deferred tax assets unrealized losses on cash flow hedges. Deferred tax assets intercompany payables or receivables. Deferred Tax Assets, Net, Classification [Abstract] Deferred Tax Assets Liabilities Net [Abstract] Deferred tax assets- noncurrent Deferred tax liabilities- noncurrent Deferred Tax Liabilities Noncurrent Total net deferred tax liabilities Deferred Tax Liabilities Assets: Deferred Tax Assets Net [Abstract] Net operating losses Deferred Tax Assets Operating Loss Carryforwards Accruals and other reserves Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other Unrealized losses on cash flow hedges Deferred Tax Assets Unrealized Losses On Cash Flow Hedges Inventory reserves Deferred Tax Assets Inventory Depreciation and amortization Deferred Tax Assets Property Plant And Equipment Share-based compensation expense Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost Allowance for doubtful accounts and sales return reserves Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances Tax credits Deferred Tax Assets State Taxes Deferred revenue Deferred Tax Assets Deferred Income Intercompany payables/receivables Deferred Tax Assets Intercompany Payables Or Receivables Foreign tax credit Deferred Tax Assets Tax Credit Carryforwards Foreign Other Deferred Tax Assets Other Gross deferred tax assets Deferred Tax Assets Gross Valuation allowance Deferred Tax Assets Valuation Allowance Total deferred tax assets Deferred Tax Assets Net Liabilities: Deferred Tax Liabilities [Abstract] Intangible assets Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets Unremitted non-U.S. earnings Deferred Tax Liabilities Undistributed Foreign Earnings Depreciation and amortization Deferred Tax Liabilities Property Plant And Equipment Other Deferred Tax Liabilities Other Total deferred tax liabilities Deferred Income Tax Liabilities Effective income tax rate reconciliation adjustments related to Tax Cuts and Jobs Act of 2017. Effective income tax rate reconciliation global intangible low taxed income. Effective income tax rate reconciliation uncertain tax benefits. Effective income tax rate reconciliation tax on anticipated distributions from consolidated subsidiaries. Effective Income Tax Rate Reconciliation, Percent [Abstract] Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] Federal statutory income tax rate State taxes, net of federal income tax benefit Effective Income Tax Rate Reconciliation State And Local Income Taxes Foreign taxes Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential Adjustments related to the TCJA Effective Income Tax Rate Reconciliation Adjustments Related To Tax Cuts And Jobs Act Of2017 Global intangible low taxed income Effective Income Tax Rate Reconciliation Global Intangible Low Taxed Income Uncertain tax benefits Effective Income Tax Rate Reconciliation Uncertain Tax Benefits Tax on anticipated distributions from subsidiaries Effective Income Tax Rate Reconciliation Tax On Anticipated Distributions From Consolidated Subsidiaries Other Effective Income Tax Rate Reconciliation Other Adjustments Effective income tax rate Effective Income Tax Rate Continuing Operations Undistributed earnings of its non-U.S. subsidiaries Undistributed Earnings Of Foreign Subsidiaries Net operating loss carry forwards Operating Loss Carryforwards Tax credit carry forwards Tax Credit Carryforward Amount Net operating loss carry forwards expiration date Operating Loss Carryforwards Expiration Date Tax credit carry forwards expiration date Tax Credit Carryforward Expiration Date Income tax holiday expiration period. Estimated tax benefits from tax holidays on diluted earnings per share Income Tax Holiday Income Tax Benefits Per Share Income tax holidays begin to expire in period Income Tax Holiday Expiration Period Amount of increase in unrecognized tax benefits resulting from tax positions taken in prior period tax returns and acquisitions. Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward Unrecognized tax benefits, beginning balance Unrecognized Tax Benefits Additions based on tax positions related to the current year Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions Additions for tax positions of prior years and acquisition Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions And Acquisition Lapse of statute of limitations Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations Increase due to translation of foreign currency Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation Decrease due to translation of foreign currency Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation Unrecognized tax benefits, ending balance Unrecognized tax benefit related to uncertain tax position. Uncertain tax position Unrecognized Tax Benefit Related To Uncertain Tax Position Unrecognized tax benefits that would affect effective tax rate if realized Unrecognized Tax Benefits That Would Impact Effective Tax Rate Unrecognized tax benefits, accrual for interest and penalties Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Operating Leases Future Minimum Payments Due [Abstract] 2020 Operating Leases Future Minimum Payments Due Current 2021 Operating Leases Future Minimum Payments Due In Two Years 2022 Operating Leases Future Minimum Payments Due In Three Years 2023 Operating Leases Future Minimum Payments Due In Four Years 2024 Operating Leases Future Minimum Payments Due In Five Years Thereafter Operating Leases Future Minimum Payments Due Thereafter Total minimum lease payments Operating Leases Future Minimum Payments Due Rent expenses Lease And Rental Expense Valuation allowance for sales returns. Allowance for Sales Returns Valuation Allowance For Sales Returns [Member] Allowance of Deferred Tax Assets Valuation Allowance Of Deferred Tax Assets [Member] Beginning balance Valuation Allowances And Reserves Balance Additions/deductions charged to revenue and expense Additions from Acquisitions Valuation Allowances And Reserves Reserves Of Businesses Acquired Reclassifications and write-offs Valuation Allowances And Reserves Period Increase Decrease Ending balance EX-101.PRE 15 snx-20191130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 16 R49.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 01, 2018
Nov. 30, 2019
Nov. 30, 2017
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reclassification of net unrealized gains from accumulated other comprehensive income (loss)   $ (1,955) $ 4,536
Accounting Standards Update 2016-01 | Reclassification out of Accumulated Other Comprehensive Income      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reclassification of net unrealized gains from accumulated other comprehensive income (loss) $ (1,955)    
Accounting Standards Update 2014-09      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Adjustment to retained earnings     $ 4,536
XML 17 R45.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Significant Accounting Policies - Schedule of Range of Estimated Useful Lives for Property and Equipment (Details)
 12 Months Ended
Nov. 30, 2019
Equipment and Furniture | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Equipment and Furniture | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Software | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Software | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
Leasehold Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 2 years
Leasehold Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Buildings and Building Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Buildings and Building Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
XML 18 R41.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Commitments and Contingencies (Tables)
 12 Months Ended
Nov. 30, 2019
Commitments And Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases Future minimum contractually required cash payment obligations under non-cancellable lease agreements as of November 30, 2019 were as follows:

 

Fiscal Years Ending November 30,

 

 

 

 

2020

 

$

213,649

 

2021

 

 

174,611

 

2022

 

 

132,778

 

2023

 

 

96,084

 

2024

 

 

66,753

 

Thereafter

 

 

71,351

 

Total minimum lease payments

 

$

755,226

 

 
XML 19 R62.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Share-Based Compensation - Summary Changes in Non-vested Restricted Stock Awards and Stock Units (Details)
shares in Thousands
 12 Months Ended
Nov. 30, 2019
$ / shares
shares
Restricted Stock Awards and Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward]  
Non-vested shares, beginning | shares 764
Awards and units vested, shares | shares (202)
Awards canceled/forfeited, shares | shares (61) [1]
Non-vested shares, ending | shares 1,051
Non-vested, weighted-average, grant-date fair value per share, beginning | $ / shares $ 99.28
Awards and units vested, weighted-average, grant-date fair value per share | $ / shares 87.28
Weighted-average fair value per share at grant date | $ / shares 94.13
Non-vested, weighted-average, grant-date fair value per share, ending | $ / shares $ 103.51
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward]  
Awards granted, shares | shares 320
Awards/Units granted, weighted-average, grant-date fair value per share | $ / shares $ 109.55
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward]  
Awards granted, shares | shares 231 [2]
Awards/Units granted, weighted-average, grant-date fair value per share | $ / shares $ 96.80
[1] For performance-based restricted stock units, the difference between maximum awards and the actual number of shares issued upon full vesting is included.
[2] For performance-based restricted stock units, the maximum number of shares that can be awarded upon full vesting of the grants is included.
XML 20 R92.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Borrowings - Interest Expense and Finance Charges - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Interest Expense, Debt [Abstract]      
Interest expense and finance charge $ 172,777 $ 92,899 $ 47,367
Minimum      
Interest Expense, Debt [Abstract]      
Interest rate 0.70% 0.58% 0.58%
Maximum      
Interest Expense, Debt [Abstract]      
Interest rate 11.38% 12.74% 15.13%
XML 21 R96.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Related Party Transactions - Additional Information (Details)
Nov. 30, 2019
Nov. 30, 2018
MiTAC Holdings | Chairman Emeritus, Board of Directors    
Related Party Transaction [Line Items]    
Ownership percentage of company's common stock 18.00% 18.00%
XML 22 R66.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Balance Sheet Components - Allowance for Doubtful Accounts Receivables and Allowance for Receivables from Vendors (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Valuation And Qualifying Accounts Disclosure [Line Items]      
Allowance for doubtful trade receivables, beginning balance $ 8,477    
Allowance for doubtful trade receivables, ending balance 29,920 $ 8,477  
Allowance for Doubtful Trade Receivables      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Allowance for doubtful trade receivables, beginning balance 8,477 16,570 $ 11,591
Additions 31,236 3,055 7,606
Write-offs and reclassifications (9,793) (11,148) (2,627)
Allowance for doubtful trade receivables, ending balance 29,920 8,477 16,570
Allowance for Receivables from Vendors      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Allowance for doubtful trade receivables, beginning balance 6,188 2,623 1,973
Additions 3,675 4,191 662
Write-offs and reclassifications (4,382) (626) (12)
Allowance for doubtful trade receivables, ending balance $ 5,481 $ 6,188 $ 2,623
XML 23 R110.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Income Taxes - Schedule of Sources of Income from Continuing Operations Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]      
United States $ 204,651 $ 195,058 $ 255,830
Foreign 473,052 261,519 207,273
Income before income taxes $ 677,703 $ 456,577 $ 463,103
XML 24 R114.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Income Taxes - Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate (Details)
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Federal statutory income tax rate 21.00% 22.20% 35.00%
State taxes, net of federal income tax benefit 1.50% 2.40% 2.90%
Foreign taxes (2.30%) 0.60% (3.20%)
Adjustments related to the TCJA   7.20%  
Global intangible low taxed income 1.60%    
Uncertain tax benefits 2.60%    
Tax on anticipated distributions from subsidiaries 1.00%    
Other 0.70% 1.90% 0.50%
Effective income tax rate 26.10% 34.30% 35.20%
XML 25 R118.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Schedule II-Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Allowance for Sales Returns      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Beginning balance $ 59,186 $ 53,139 $ 49,991
Additions/deductions charged to revenue and expense 20,875 7,917 2,595
Reclassifications and write-offs (4) (1,869) 553
Ending balance 80,057 59,186 53,139
Allowance of Deferred Tax Assets      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Beginning balance 61,840 18,604 21,176
Additions/deductions charged to revenue and expense 5,361 (2,555) (2,385)
Additions from Acquisitions   45,791  
Reclassifications and write-offs (16,083)   (187)
Ending balance $ 51,118 $ 61,840 $ 18,604
XML 26 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Earnings Per Common Share
 12 Months Ended
Nov. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share

NOTE 11—EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:

 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Less: net income allocated to participating securities(1)

 

 

(4,593

)

 

 

(2,728

)

 

 

(2,782

)

Net income attributable to common stockholders

 

$

496,119

 

 

$

297,253

 

 

$

297,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares - basic

 

 

50,669

 

 

 

41,215

 

 

 

39,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

9.79

 

 

$

7.21

 

 

$

7.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

500,712

 

 

$

299,981

 

 

$

300,240

 

Less: net income allocated to participating securities(1)

 

 

(4,573

)

 

 

(2,716

)

 

 

(2,770

)

Net income attributable to common stockholders

 

$

496,139

 

 

$

297,265

 

 

$

297,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares - basic

 

 

50,669

 

 

 

41,215

 

 

 

39,556

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock units

 

 

267

 

 

 

236

 

 

 

202

 

Weighted-average number of common shares - diluted

 

 

50,936

 

 

 

41,451

 

 

 

39,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

9.74

 

 

$

7.17

 

 

$

7.48

 

Anti-dilutive shares excluded from diluted earnings per share calculation

 

 

108

 

 

 

97

 

 

 

14

 

 

 

(1)

Restricted stock awards granted to employees by the Company are considered participating securities.
XML 27 R24.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Income Taxes
 12 Months Ended
Nov. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 15—INCOME TAXES:

The sources of income before the provision for income taxes are as follows:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

United States

 

$

204,651

 

 

$

195,058

 

 

$

255,830

 

Foreign

 

 

473,052

 

 

 

261,519

 

 

 

207,273

 

 

 

$

677,703

 

 

$

456,577

 

 

$

463,103

 

 

Provision for income taxes consists of the following:

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Current tax provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

71,376

 

 

$

113,243

 

 

$

105,879

 

State

 

 

14,421

 

 

 

20,263

 

 

 

17,900

 

Foreign

 

 

109,383

 

 

 

70,162

 

 

 

65,000

 

 

 

$

195,180

 

 

$

203,668

 

 

$

188,779

 

Deferred tax provision (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(20,166

)

 

$

(30,334

)

 

$

(17,005

)

State

 

 

(1,389

)

 

 

(4,836

)

 

 

(1,448

)

Foreign

 

 

3,366

 

 

 

(11,902

)

 

 

(7,463

)

 

 

$

(18,189

)

 

$

(47,072

)

 

$

(25,916

)

Total tax provision

 

$

176,991

 

 

$

156,596

 

 

$

162,863

 

On December 22, 2017, Public Law 115-97, informally referred to as the Tax Cuts and Jobs Act (the “TCJA”) was enacted into law. The TCJA provided for significant changes to the U.S. Internal Revenue Code of 1986, as amended, that impacted corporate taxation requirements. The TCJA significantly revised the ongoing U.S. corporate income tax law by lowering the U.S. federal corporate income tax rate from 35% to 21%, implementing a territorial tax system, imposing a one-time tax on foreign unremitted earnings and setting limitations on deductibility of certain costs (e.g., interest expense), among other things. During fiscal year 2018, the Company accounted for the impact of the TCJA resulting in additional income tax expense of $33,109. The significant components of this expense were (i) the one-time deemed repatriation tax on unremitted non-U.S. earnings and profits that were previously tax deferred and other tax impacts of the TCJA, which resulted in an increase in income tax expense, net of deductions and credits, of $59,823 and (ii) the remeasurement of net deferred tax liabilities at the lower enacted U.S. federal corporate tax rate, which resulted in a decrease of $26,714 in income tax expense.

The following presents the breakdown of net deferred tax liabilities:

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Deferred tax assets

 

$

97,539

 

 

$

76,508

 

Deferred tax liabilities

 

 

(222,210

)

 

 

(206,916

)

Total net deferred tax liabilities

 

$

(124,671

)

 

$

(130,408

)

 

Net deferred tax liabilities consist of the following:

 

 

As of November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(As adjusted)

 

Assets:

 

 

 

 

 

 

 

 

Net operating losses

 

$

68,582

 

 

$

71,899

 

Accruals and other reserves

 

 

71,513

 

 

 

73,263

 

Unrealized losses on cash flow hedges

 

 

17,870

 

 

 

—

 

Inventory reserves

 

 

17,404

 

 

 

11,041

 

Depreciation and amortization

 

 

12,579

 

 

 

—

 

Share-based compensation expense

 

 

11,856

 

 

 

11,605

 

Allowance for doubtful accounts and sales return reserves

 

 

11,759

 

 

 

15,695

 

Tax credits

 

 

6,810

 

 

 

11,305

 

Deferred revenue

 

 

5,625

 

 

 

6,541

 

Intercompany payables/receivables

 

 

452

 

 

 

39,476

 

Foreign tax credit

 

 

296

 

 

 

15,456

 

Other

 

 

6,611

 

 

 

16,524

 

Gross deferred tax assets

 

 

231,357

 

 

 

272,805

 

Valuation allowance

 

 

(51,118

)

 

 

(61,840

)

Total deferred tax assets

 

$

180,239

 

 

$

210,965

 

Liabilities:

 

 

 

 

 

 

 

 

Intangible assets

 

$

(277,147

)

 

$

(310,092

)

Unremitted non-U.S. earnings

 

 

(27,771

)

 

 

(21,528

)

Depreciation and amortization

 

 

—

 

 

 

(1,669

)

Other

 

 

8

 

 

 

(8,084

)

Total deferred tax liabilities

 

$

(304,910

)

 

$

(341,373

)

Net deferred tax liabilities

 

$

(124,671

)

 

$

(130,408

)

The valuation allowance relates primarily to certain state and foreign net operating loss carry forward, foreign deferred items and state credits. The Company’s assessment is that it is not more likely than not that these deferred tax assets will be realized.

A reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows: 

 

 

Fiscal Years Ended November 30,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

(As adjusted)

 

 

(As adjusted)

 

Federal statutory income tax rate

 

 

21.0

%

 

 

22.2

%

 

 

35.0

%

State taxes, net of federal income tax benefit

 

 

1.5

 

 

 

2.4

 

 

 

2.9

 

Foreign taxes

 

 

(2.3

)

 

 

0.6

 

 

 

(3.2

)

Adjustments related to the TCJA

 

 

—

 

 

 

7.2

 

 

 

—

 

Global intangible low taxed income

 

 

1.6

 

 

 

—

 

 

 

—

 

Uncertain tax benefits

 

 

2.6

 

 

 

—

 

 

 

—

 

Tax on anticipated distributions from subsidiaries

 

 

1.0

 

 

 

—

 

 

 

—

 

Other

 

 

0.7

 

 

 

1.9

 

 

 

0.5

 

Effective income tax rate

 

 

26.1

%

 

 

34.3

%

 

 

35.2

%

The Company’s United States business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested outside of the United States with the exception for earnings of certain previously acquired foreign entities. The Company recorded deferred tax liabilities related to non-U.S. withholding taxes related to the earnings likely to be repatriated in the future.

As of November 30, 2019, the Company had approximately $1,430,100 of undistributed earnings of its non-U.S. subsidiaries for which it has not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. It is not practicable to determine the amount of applicable taxes that would be due if such earnings were distributed. Accordingly, the Company has not provisioned United States state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested.

As of November 30, 2019, the Company had net operating loss carry forward of approximately $28,900 and $36,700 for federal and state purposes, respectively. The federal net operating loss carry forward will start expiring in fiscal year ending November 30, 2021, if not used, and the state net operating loss carry forward will start expiring in fiscal year ending November 30, 2020, if not used. The Company also had approximately $134,200 of foreign net operating loss carry forward that will also start expiring in fiscal year ending November 30, 2020 if not used. In addition, the Company had approximately $3,000 of various federal and state income tax credit carry forwards that if not used, will begin expiring in fiscal year ending November 30, 2020. Utilization of the acquired loss carry forwards may be limited pursuant to Section 382 of the Internal Revenue Code of 1986.

The Company enjoys tax holidays in certain jurisdictions, primarily, China, Costa Rica, Nicaragua and the Philippines. The tax holidays provide for lower or zero rates of taxation and require various thresholds of investment and business activities in those jurisdictions. Certain tax holidays begin to expire in fiscal year 2020. The estimated range of tax benefits from the above tax holidays on diluted earnings per share for fiscal years 2019, 2018, and 2017 were approximately $0.06 to $0.07, $0.10 to $0.12 and $0.07 to $0.08, respectively.

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2019, 2018, and 2017 were as follows:

Balance as of November 30, 2016

 

$

32,774

 

Additions based on tax positions related to the current year

 

 

9,022

 

Additions for tax positions of prior years

 

 

231

 

Lapse of statute of limitations

 

 

(2,300

)

Changes due to translation of foreign currencies

 

 

179

 

Balance as of November 30, 2017

 

 

38,282

 

Additions based on tax positions related to the current year

 

 

8,173

 

Additions for tax positions of prior years and acquisition

 

 

10,763

 

Lapse of statute of limitations

 

 

(3,641

)

Changes due to translation of foreign currencies

 

 

398

 

Balance as of November 30, 2018

 

 

53,975

 

Additions based on tax positions related to the current year

 

 

15,569

 

Additions for tax positions of prior years and acquisition

 

 

9,067

 

Lapse of statute of limitations

 

 

(7,234

)

Changes due to translation of foreign currencies

 

 

(15

)

Balance as of November 30, 2019

 

$

71,362

 

The Company conducts business globally and files income tax returns in various U.S. and foreign tax jurisdictions. The Company is subject to continuous examination and audits by various tax authorities. Significant audits are underway in the Unites States, Canada and India. The Company is not aware of any material exposures arising from these tax audits or in other jurisdictions not already provided for.

Although timing of the resolution of audits and/or appeals is highly uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2019 will not materially change in the next twelve months. The Company is no longer subject to U.S. federal income tax audit for returns covering years through fiscal 2015. The Company is no longer subject to foreign or state income tax audits for returns covering years through 2003, and fiscal year 2002, respectively.

As of November 30, 2019, $71,362 of the total unrecognized tax benefits, net of federal benefit, would affect the effective tax rate, if realized. The Company’s policy is to include interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. As of November 30, 2019 and 2018, the Company had accrued $15,627 and $13,003, respectively, in income taxes payable related to accrued interest and penalties.
XML 28 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Nov. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Use of estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
Principles of consolidation

Principles of consolidation

The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated.

The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values.
Segment reporting

Segment reporting

Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company has two reportable segments: Technology Solutions and Concentrix. The Technology Solutions segment represents an aggregation of the Technology Solutions United States, Canada, Japan and Latin America operating segments.

The Technology Solutions segment distributes peripherals, IT systems, including data center servers, system components, software, networking, communications and security equipment, consumer electronics (“CE”) and complementary products to a variety of customers, including value-added resellers, system integrators and retailers. The segment also designs and integrates data center equipment built specific to the customers' data center environment.

The Concentrix segment offers a range of technology-infused global business outsourcing services focused on customer experience, process optimization and front and back-office automation to clients in eight industry verticals. The portfolio of services offered comprises end-to-end process outsourcing services that are delivered through omni-channels including both voice and non-voice.
Cash and cash equivalents

Cash and cash equivalents

The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.
Allowance for doubtful accounts

Allowance for doubtful accounts

The allowance for doubtful accounts is an estimate to cover the losses resulting from uncertainty regarding collections from customers or original equipment manufacturer (“OEM”) vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the accounts receivable, credit evaluations of customers’ financial condition and existence of credit insurance. The Company also evaluates the collectability of accounts receivable based on specific customer or OEM vendor circumstances, current economic trends, historical experience with collections and any value and adequacy of collateral received from customers.
Inventories

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business, and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements.
Derivatives Financial Instruments

Derivative Financial Instruments

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss),” in stockholders’ equity and reclassified into earnings in the same line associated with the forecasted transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

For derivative instruments that are not designated as hedges, gains and losses on derivative instruments are reported in the Consolidated Statements of Operations in the current period.
Property and equipment

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The ranges of estimated useful lives for property and equipment categories are as follows:

 

Equipment and Furniture

 

3 - 10 years

Software

 

3 - 7 years

Leasehold improvements

 

2 - 15 years

Buildings and building improvements

 

10 - 40 years

 
Business Combinations

Business Combinations

The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include, direct third-party professional and legal fees, and integration-related costs.
Goodwill and intangible assets

Goodwill and intangible assets

The values assigned to intangible assets are based on estimates and judgment regarding expectations for the success and life cycle of products and technologies and length of customer relationships acquired in a business combination. Purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method.

The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information.

If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, future economic conditions, and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented.

Intangible assets consist primarily of customer relationships and lists, vendor lists, technology and trade names. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight line basis when the consumption pattern is not apparent over the following useful lives:

 

Customer relationships and lists

 

4 - 15 years

Vendor lists

 

10 years

Technology

 

5 years

Other intangible assets

 

1- 10 years

 
Impairment of long-lived assets

Impairment of long-lived assets

The Company reviews the recoverability of its long-lived assets, such as intangible assets, property and equipment and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.
Concentration of credit risk

Concentration of credit risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative instruments.

The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2019, the Company has not experienced any credit losses on such deposits and derivative instruments.

Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks. Through November 30, 2019, such losses have been within management’s expectations.

In fiscal years 2019, 2018 and 2017, one customer accounted for 19%, 17% (as adjusted) and 21% (as adjusted), respectively of the Company’s consolidated revenue. Products purchased from the Company’s largest OEM supplier, HP Inc., accounted for approximately 12%, 13% (as adjusted) and 14% (as adjusted) of the consolidated revenue for fiscal years 2019, 2018 and 2017, respectively.

As of November 30, 2019 and 2018, one customer comprised 19% and 11% (as adjusted), respectively, of the total accounts receivable balance.

Book overdrafts

Book overdrafts

Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows.
Revenue recognition

Revenue recognition

The Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) on December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported.

The Company generates revenue primarily from (i) the sale of various IT products through its Technology Solutions business unit and (ii) the provision of business outsourcing services focused on customer experience through its Concentrix business unit.

Products revenue represents revenue from the Company’s Technology Solutions segment and services revenue represents revenue from the Company’s Concentrix segment.

Technology Solutions

The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the goods. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component.

Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience.

The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements, which are not material to the Company’s consolidated revenue or its “Products” or “Services” revenue, include supplier service contracts, post-contract software support services and extended warranty contracts.

The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in net sales when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of products sold.

Concentrix

The Company recognizes revenue from services contracts over time as the promised services are delivered to clients for an amount that reflects the consideration to which the Company is entitled in exchange for those services. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer after performance of services or in accordance with specific contractual provisions. Service contracts may be based on a fixed price or on a fixed unit-price per transaction or other objective measure of output. The Company determines whether the services performed during the initial phases of an arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). The Company records deferred revenue attributable to certain process transition, setup activities where such activities do not represent separate performance obligations. Billings related to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. The Company applies a measure of progress (typically time-based) to any fixed consideration and allocates variable consideration to the distinct periods of service based on usage. As a result, revenue is generally recognized over the period the services are provided on a usage basis. This results in revenue recognition that corresponds with the benefit to the client of the services transferred to date relative to the remaining services promised. Revenue on fixed price contracts is recognized on a straight-line basis over the term of the contract as services are provided. Revenue on unit-price transactions is recognized using an objective measure of output including staffing hours or the number of transactions processed by service agents. Client contract terms can range from less than one year to more than five years. The Company generally invoices a customer after performance of services, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component.

Certain client contracts include incentive payments from the customer upon achieving certain agreed-upon service levels and performance metrics or service level agreements that could result in credits or refunds to the client. Revenue relating to such arrangements is accounted for as variable consideration when the likely amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Deferred revenue contract liabilities and deferred costs to obtain or fulfill a contract are not material. Disaggregated revenue disclosure are presented in Note 12.
Cost of revenue

Cost of Revenue

Cost of products revenue represents cost of the Company’s Technology Solutions segment and cost of services revenue represents cost of the Company’s Concentrix segment.

Technology Solutions

Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities.

Concentrix

Recurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs. Where a contract requires an up-front investment, which typically includes transition and set-up costs related to systems and processes, these amounts are deferred and amortized on a straight-line basis over the expected period of benefit, not to exceed the fixed term of the contract. The Company performs periodic reviews to assess the recoverability of deferred contract transition and setup costs. This review is done by comparing the estimated minimum remaining undiscounted cash flows of a contract to the unamortized contract costs. If such minimum undiscounted cash flows are not sufficient to recover the unamortized costs, an impairment loss is recognized for the difference between the estimated fair value and the carrying value. If a cash flow deficiency remains after reducing the carrying amount of the deferred costs, the Company evaluates any remaining long-lived assets related to that contract for impairment.
Selling, General and Administrative expenses

Selling, General and Administrative expenses

Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities,

legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of non-technology related intangible assets.
OEM supplier programs

OEM supplier programs

Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue.
Royalties

Royalties

The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized.
Warranties

Warranties

The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources; and (2) its services with regard to products that it assembles for its customers. To date neither warranty expense, nor the accrual for warranty costs has been material to the Company’s Consolidated Financial Statements.
Advertising

Advertising

Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. To date, net costs related to advertising and promotion expenditures have not been material.
Income taxes

Income taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is includable in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized.

The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provisions for income taxes.
Foreign currency translations

Foreign currency translations

The financial statements of the Company’s foreign subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss).” Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net.”
Comprehensive income

Comprehensive income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net

income, foreign currency translation adjustments arising from the consolidation of the Company’s foreign subsidiaries, unrealized gains and losses on the Company’s available-for-sale debt securities, unrealized gains and losses on cash flow hedges and the changes in unrecognized pension and post-retirement benefits.
Share-based compensation

Share-based compensation

The Company accounts for stock-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Stock-based compensation cost for stock options, restricted stock awards and units, performance restricted stock units and employee stock purchase plans is determined based on the fair value at the measurement date. The Company recognizes stock-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. Effective fiscal year 2018, the Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Prior to fiscal year 2018, the Company estimated forfeitures and only recorded compensation costs for those awards that were expected to vest.
Pension and post-retirement benefits

Pension and post-retirement benefits

The funded status of the Company’s pension and other postretirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at November 30, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation ("PBO") and, for the other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation ("APBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement. For active plans, the present value reflects estimated future compensation levels. The APBO represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, inflation, rate of compensation increases, interest crediting rates and mortality rates. The assumptions used are reviewed on an annual basis. The Company records pension expense related to multi-employer plans based on the amount of contributions that are contractually owed during the period based on the service provided by the employee.
Earnings per common share

Earnings per common share

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.
Treasury Stock

Treasury Stock

Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets.
Reclassifications

Reclassifications

Certain reclassifications have been made to prior period amounts in the Consolidated Balance Sheets, the Consolidated Statements of Cash Flows and the notes thereto to conform to current period presentation. These reclassifications had no effect on total current assets, total assets, total current liabilities, total liabilities or cash flows from operating, investing or financing activities as previously reported. In addition, refer below for the impact of reclassifications made due to adoption of new accounting pronouncements.
Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

In June 2018, the Financial Accounting Standard Board (the “FASB”) issued new guidance which simplifies the accounting for share-based compensation issued to non-employees by making the guidance substantially the same as the accounting for employee share-based compensation. The Company adopted the guidance during its first quarter of fiscal year 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued new guidance which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. With respect to the Company’s consolidated financial statements, the most significant impact relates to the accounting for equity investments (other than those that are consolidated or accounted under the equity method) which are measured at fair value through earnings. The Company adopted the guidance as of December 1, 2018, by means of a cumulative-effect adjustment to the balance sheet, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. This resulted in a reclassification of net unrealized gains of $1,955 from accumulated other

comprehensive income (loss) to retained earnings. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The adoption of this guidance increases the volatility of other income (expense), net, as a result of the remeasurement of equity securities; however, the adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard for contracts with customers with amendments in 2015 and 2016, codified as Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company adopted the guidance effective December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported, which resulted in an adjustment to retained earnings of $4,536 at the beginning of fiscal year 2017. In addition, the Company elected the one year practical expedient for contract costs.

The primary impact of adoption in the Technology Solutions segment relates to the application of gross versus net criteria in recording revenue. In addition, the Company is recognizing revenue earlier on certain arrangements with acceptance provisions due to the determination of when transfer of control occurs. The Company also reclassified certain amounts on the consolidated balance sheet related to sales returns and allowances, from a reduction of accounts receivable to other accrued liabilities, as these amounts represent refund liabilities to customers. Similarly, the Company reclassified certain amounts for the Company's right to recover assets from customers related to sales returns, from inventories to other current assets. The Company also presented receivables from customers separately from other receivables. The impact of adoption is not material to the Concentrix segment and relates primarily to the capitalization of certain sales commissions that are assessed to be incremental for obtaining new contracts. Such costs are amortized over the period of expected benefit rather than being expensed as incurred as was the Company’s prior practice. Prior periods were not adjusted, as the amounts were not material to the Company’s consolidated financial statements.

The effects of adoption on the Company’s Consolidated Balance Sheet as of November 30, 2018, the Company’s Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for fiscal years 2018 and 2017 were as follows:

 

 

 

As of November 30, 2018

 

Consolidated Balance Sheet Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net(1)

 

$

3,855,431

 

 

$

(215,000

)

 

$

3,640,431

 

Receivables from vendors, net

 

 

—

 

 

 

351,744

 

 

 

351,744

 

Inventories

 

 

2,518,319

 

 

 

(125,760

)

 

 

2,392,559

 

Other current assets(1)

 

 

261,536

 

 

 

52,080

 

 

 

313,616

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Other accrued liabilities

 

$

613,449

 

 

$

59,186

 

 

$

672,635

 

Deferred tax liabilities

 

 

206,024

 

 

 

892

 

 

 

206,916

 

Retained earnings

 

 

2,195,635

 

 

 

2,986

 

 

 

2,198,621

 

 

 

 

 

(1)

Amounts “As adjusted” may not agree to the Consolidated Balance Sheet due to other reclassifications to conform to current period presentation.

 

 

 

 

Year Ended November 30, 2018

 

 

Year Ended November 30, 2017

 

Consolidated Statements of Operations

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

$

17,608,897

 

 

$

(285,819

)

 

$

17,323,078

 

 

$

15,070,871

 

 

$

(274,572

)

 

$

14,796,299

 

    Services

 

 

2,444,867

 

 

 

—

 

 

 

2,444,867

 

 

 

1,974,829

 

 

 

—

 

 

 

1,974,829

 

Total revenue

 

 

20,053,764

 

 

 

(285,819

)

 

 

19,767,945

 

 

 

17,045,700

 

 

 

(274,572

)

 

 

16,771,128

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

 

(16,611,595

)

 

 

285,019

 

 

 

(16,326,576

)

 

 

(14,262,094

)

 

 

272,944

 

 

 

(13,989,150

)

    Services

 

 

(1,514,470

)

 

 

—

 

 

 

(1,514,470

)

 

 

(1,232,666

)

 

 

—

 

 

 

(1,232,666

)

Gross profit

 

 

1,927,699

 

 

 

(800

)

 

 

1,926,899

 

 

 

1,550,940

 

 

 

(1,628

)

 

 

1,549,312

 

Selling, general and administrative expenses

 

 

(1,376,664

)

 

 

—

 

 

 

(1,376,664

)

 

 

(1,041,975

)

 

 

—

 

 

 

(1,041,975

)

Operating income

 

 

551,036

 

 

 

(800

)

 

 

550,236

 

 

 

508,965

 

 

 

(1,628

)

 

 

507,337

 

Interest expense and finance charges, net

 

 

(84,675

)

 

 

—

 

 

 

(84,675

)

 

 

(45,357

)

 

 

—

 

 

 

(45,357

)

Other income (expense), net

 

 

(8,984

)

 

 

—

 

 

 

(8,984

)

 

 

1,123

 

 

 

—

 

 

 

1,123

 

Income before income taxes

 

 

457,377

 

 

 

(800

)

 

 

456,577

 

 

 

464,731

 

 

 

(1,628

)

 

 

463,103

 

Provision for income taxes

 

 

(156,779

)

 

 

183

 

 

 

(156,596

)

 

 

(163,558

)

 

 

695

 

 

 

(162,863

)

Net income

 

$

300,598

 

 

$

(617

)

 

$

299,981

 

 

$

301,173

 

 

$

(933

)

 

$

300,240

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Basic

 

$

7.23

 

 

$

(0.02

)

 

$

7.21

 

 

$

7.54

 

 

$

(0.02

)

 

$

7.52

 

    Diluted

 

$

7.19

 

 

$

(0.02

)

 

$

7.17

 

 

$

7.51

 

 

$

(0.03

)

 

$

7.48

 

 

 

 

Year Ended November 30, 2018

 

Consolidated Statement of Cash Flows Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

300,598

 

 

$

(617

)

 

$

299,981

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(46,888

)

 

 

(184

)

 

 

(47,072

)

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(512,984

)

 

 

61,796

 

 

 

(451,188

)

Receivables from vendors, net

 

 

—

 

 

 

(63,831

)

 

 

(63,831

)

Inventories

 

 

(367,899

)

 

 

1,507

 

 

 

(366,392

)

Other operating assets and liabilities

 

 

94,138

 

 

 

1,329

 

 

 

95,466

 

Net cash provided by operating activities

 

 

100,706

 

 

 

—

 

 

 

100,706

 

 

 

 

Year Ended November 30, 2017

 

Consolidated Statement of Cash Flows Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

 

 

As adjusted

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

301,173

 

 

$

(933

)

 

 

 

$

300,240

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(25,221

)

 

 

(695

)

 

 

 

 

(25,916

)

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(478,273

)

 

 

101,902

 

 

 

 

 

(376,371

)

Receivables from vendors, net

 

 

—

 

 

 

(83,477

)

 

 

 

 

(83,477

)

Inventories

 

 

(243,332

)

 

 

(18,091

)

 

 

 

 

(261,423

)

Other operating assets and liabilities

 

 

99,160

 

 

 

1,294

 

 

 

 

 

100,454

 

Net cash provided by operating activities

 

 

176,764

 

 

 

—

 

 

 

 

 

176,764

 

Recently issued accounting pronouncements

In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments

should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance.

In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amendment requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets including significant gains and losses affecting the benefit obligation for the period. This standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. The adoption is not expected to have a material impact on the Company's Consolidated Financial Statements.

In August 2018, the FASB issued guidance to improve the effectiveness of fair value measurement disclosures by removing or modifying certain disclosure requirements and adding other requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Certain amendments should be applied prospectively, while all other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance.

In February 2018, the FASB issued guidance that permits the Company to reclassify disproportionate tax effects in accumulated other comprehensive income caused by the Tax Cuts and Jobs Act of 2017 to retained earnings. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of this new guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

In June 2016, the FASB issued a new credit loss standard that replaces the incurred loss impairment methodology in current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption for fiscal years beginning after December 15, 2018 is permitted. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company is currently evaluating the impact of the new guidance.

In February 2016, the FASB issued a new standard which revises various aspects of accounting for leases. The most significant impact to the Company’s Consolidated Financial Statements relates to the recognition by a lessee of a right-of-use asset and a lease liability for virtually all of its leases other than short-term leases. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. For income statement purposes, operating leases will result in a straight-line expense while finance leases will result in a front-loaded expense pattern. This accounting standard, applicable to the Company at the beginning of its first quarter of fiscal year 2020, will be adopted using a modified retrospective approach. The Company is currently evaluating the impact of adoption of this standard and expects that most of its operating lease commitments will be subject to the new standard and be recognized as operating lease liabilities and right-of-use assets upon adoption. The adoption will materially increase total assets and total liabilities relative to such amounts prior to adoption.
XML 29 R109.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Pension and Employee Benefits Plans - Summary of Estimated Future Benefit Payments (Details)
$ in Thousands
Nov. 30, 2019
USD ($)
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
2020 $ 27,315
2021 25,820
2022 24,422
2023 23,375
2024 23,133
Thereafter (2025-2030) 99,341
Total $ 223,406
XML 30 R105.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Pension and Employee Benefits Plans - Summary of Weighted-Average Rates Used in Determining the Benefit Obligations (Details) - Pension Plan
Nov. 30, 2019
Nov. 30, 2018
Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 0.20% 0.30%
Expected long-term rate of return on plan assets 1.50% 1.50%
Expected rate of future compensation growth 1.80% 1.80%
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 7.40% 8.10%
Expected long-term rate of return on plan assets 7.50% 7.50%
Expected rate of future compensation growth 10.00% 10.00%
XML 31 R12.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Acquisitions
 12 Months Ended
Nov. 30, 2019
Business Combinations [Abstract]  
Acquisitions

NOTE 3—ACQUISITIONS:

Fiscal 2018 acquisition

On October 5, 2018, the Company acquired 100% of Convergys Corporation ("Convergys"), a customer experience outsourcing company, for a purchase price of $2,269,527, pursuant to a merger agreement dated June 28, 2018. The acquisition is related to the Company's Concentrix segment and added scale, diversified the revenue base, expanded the Company's service delivery footprint and strengthened the Company’s leadership position as a top global provider of services to improve customer experience.

The purchase price for the acquisition was allocated to the net tangible and intangible assets based on their fair values at the acquisition date. The excess of the purchase price over the net tangible assets and intangible assets was recorded as goodwill, and was attributed to the assembled workforce and the expected revenue and cost synergies due to the diversified revenue base and comprehensive service portfolio delivery capabilities resulting from the acquisition. During fiscal year 2019, the Company recorded measurement period adjustments of $32,698 to goodwill. These adjustments comprised of an increase of $49,771 in tax liabilities and an increase of $17,073 to the fair value of other acquired net tangible assets, resulting in net tangible liabilities of $51,600, goodwill of $1,394,127, and intangible assets of $927,000, primarily consisting of customer relationships. Goodwill is not deductible for tax purposes.

Acquisition-related and integration expenses related to the Convergys acquisition were $70,473 and $37,490 during the years ended November 30, 2019 and 2018. Substantially all acquisition-related expenses were recorded in “Selling, general and administrative expenses” and comprised of legal and professional services, severance and lease termination payments, accelerated depreciation, bridge financing commitment fees and other costs incurred to complete the acquisition and retention payments to integrate this business.  

XML 32 R16.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Derivative Instruments
 12 Months Ended
Nov. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Instruments

NOTE 7—DERIVATIVE INSTRUMENTS:

In the ordinary course of business, the Company is exposed to foreign currency risk, interest rate risk, equity risk, commodity price changes and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, swaps, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain foreign subsidiaries and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.

All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, or as a component of AOCI in the Consolidated Balance Sheets, as discussed below.

Cash Flow Hedges

To protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s subsidiaries with functional currencies that are not in U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the subsidiaries’ functional currencies. These instruments mature at various dates through November 2021. The Company also uses interest rate derivative contracts to economically convert a portion of its variable-rate debt to fixed-rate debt. The swaps have maturities at various dates through October 31, 2023. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of "Revenue from Services" in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of costs are recognized as a component of "Cost of revenue" for "services" and/or "Selling, general and administrative expenses" in the same period as the related costs are recognized. Deferred gains and losses associated with cash flow hedges of interest payments are recognized in "Interest expense and Finance charges, net" in the same period as the related expense is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.

Non-Designated Derivatives

The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.

Fair Values of Derivative Instruments in the Consolidated Balance Sheets

The fair values of the Company’s derivative instruments are disclosed in Note 8-- Fair Value Measurements and summarized in the table below:

 

 

Value as of

 

Balance Sheet Line Item

 

November 30,

2019

 

 

November 30,

2018

 

Derivative instruments not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange forward contracts (notional value)

 

$

1,192,964

 

 

$

1,008,895

 

Other current assets

 

 

11,757

 

 

 

12,651

 

Other accrued liabilities

 

 

2,637

 

 

 

1,856

 

Interest rate swap (notional value)

 

$

100,000

 

 

$

100,000

 

Other assets

 

 

515

 

 

 

3,519

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Foreign exchange forward contracts (notional value)

 

$

563,654

 

 

$

624,014

 

Other current assets and other assets

 

 

14,523

 

 

 

3,834

 

Other accrued liabilities and other long-term liabilities

 

 

1,633

 

 

 

12,306

 

Interest rate swaps (notional value)

 

$

1,900,000

 

 

$

1,900,000

 

Other current assets and other assets

 

 

—

 

 

 

5,869

 

Other accrued liabilities and other long-term liabilities

 

$

83,428

 

 

$

9,004

 

 

Volume of activity

The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine Peso, the Indian Rupee, the Euro, the Canadian Dollar, the British Pound, the Chinese Yuan, the Brazilian Real and the Colombian Peso that will be bought or sold at maturity. The term and notional amount of interest rate swaps are determined based on management’s assessment of future interest rates and other factors such as debt maturities. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change.

 

 

The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations

The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and not designated as hedging instruments in Other Comprehensive Income (“OCI”), and the Consolidated Statements of Operations for the periods presented:

 

 

Location of Gain (Loss)

 

For the fiscal years ended November 30,

 

 

 

in Income

 

2019

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for services

 

 

 

$

4,687,327

 

 

$

2,444,867

 

 

$

1,974,829

 

Cost of revenue for services

 

 

 

 

(2,946,664

)

 

 

(1,514,470

)

 

 

(1,232,666

)

Selling, general and administrative expenses

 

 

 

 

(2,084,156

)

 

 

(1,376,664

)

 

 

(1,041,975

)

Interest expense and finance charges, net

 

 

 

 

(166,421

)

 

 

(84,675

)

 

 

(45,357

)

Other income (expense), net

 

 

 

 

30,363

 

 

 

(8,984

)

 

 

1,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) recognized in OCI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

 

$

20,772

 

 

$

27,426

 

 

$

—

 

Interest rate swaps

 

 

 

 

(88,569

)

 

 

(1,256

)

 

 

5,957

 

Total

 

 

 

$

(67,797

)

 

$

26,170

 

 

$

5,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) reclassified from AOCI into income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) reclassified from AOCI into income

 

Revenue for services

 

$

127

 

 

$

—

 

 

$

—

 

Gain (loss) reclassified from AOCI into income

 

Cost of revenue for

services

 

 

16,454

 

 

 

1,021

 

 

 

—

 

Gain (loss) reclassified from AOCI into income

 

Selling, general and

administrative expenses

 

 

6,767

 

 

 

441

 

 

 

—

 

Gain (loss) reclassified from AOCI into income

 

Other income

(expense), net

 

 

36

 

 

 

—

 

 

 

—

 

Interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) reclassified from AOCI into

   income

 

Interest expense and

finance charges, net

 

 

(8,455

)

 

 

2,792

 

 

 

(1,762

)

Total

 

 

 

$

14,929

 

 

$

4,254

 

 

$

(1,762

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) recognized from Foreign exchange

   forward contracts, net(1)

 

Cost of revenue for services and Selling, general and administrative expenses

 

$

—

 

 

$

3,378

 

 

$

—

 

Gains (losses) recognized from foreign exchange forward contracts, net(1)

 

Other income

(expense), net

 

 

20,246

 

 

 

(6,126

)

 

 

(2,217

)

Gains (losses) recognized from interest rate swaps, net

 

Interest expense and

finance charges, net

 

 

(3,004

)

 

 

(318

)

 

 

—

 

Total

 

 

 

$

17,242

 

 

$

(3,066

)

 

$

(2,217

)

 

 

(1)

The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $4,126.

Offsetting of Derivatives

In the Consolidated Balance Sheets, the Company does not offset derivative assets against liabilities in master netting arrangements. If derivative exposures covered by a qualifying master netting agreement had been netted in the Consolidated Balance

Sheets, the total derivative asset and liability positions would have been reduced by $6,003 each as of November 30, 2019 and $6,850 each as of November 30, 2018.

Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.
XML 33 R101.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Pension and Employee Benefits Plans - Defined Contribution Plan - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Compensation And Retirement Disclosure [Abstract]      
Employer contribution to defined contribution plan $ 47,441 $ 38,531 $ 33,876
Deferred compensation liability $ 5,389 $ 6,146  
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