TD SYNNEX CORP 10-K

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 22, 2021, our common stock was held by approximately 4,400 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, 2015, 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, 2015 through November 30, 2020. 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 $160.31 on November 30, 2020. 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 11/30/2015 11/30/2016 11/30/2017 11/30/2018 11/30/2019 11/30/2020 SYNNEX Corporation $ 100.00 $ 125.15 $ 147.08 $ 88.42 $ 136.52 $ 178.70 NYSE Composite Index $ 100.00 $ 107.09 $ 128.06 $ 129.69 $ 144.98 $ 153.61 S&P Midcap 400 Index $ 100.00 $ 113.23 $ 134.21 $ 134.86 $ 146.80 $ 161.04 Computers and Peripheral Equipment $ 100.00 $ 154.69 $ 161.26 $ 161.90 $ 185.91 $ 160.85 Concentrix Peer Group $ 100.00 $ 111.90 $ 143.20 $ 158.34 $ 199.69 $ 246.46 23 Table of Content 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. 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. On March 24, 2020, as a result of the unpredictable economic environment due to the impact of the COVID-19 pandemic, we announced the suspension of our quarterly dividend. Dividends declared per share by fiscal quarter in 2020 and 2019 were as follows: Fiscal Years Ended 2020 2019 First Quarter $ 0.400 $ 0.375 Second Quarter $ — $ 0.375 Third Quarter $ — $ 0.375 Fourth Quarter $ — $ 0.375 On January 11, 2021, we announced the reinstatement of a quarterly cash dividend of $0.20 per share to stockholders of record as of January 22, 2021, payable on January 29, 2021. 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 2020, our Board of Directors authorized a three-year $400 million share repurchase program, effective July 1, 2020, pursuant to which we may repurchase our outstanding common stock from time to time in the open market or through privately negotiated transactions. As of November 30, 2020, we had not repurchased any shares under this program. In June 2017, our Board of Directors authorized a three-year $300 million 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 2020, we repurchased shares of our common stock aggregating 35,000 for an aggregate purchase price of $3.4 million under this program. Through the expiration of this program in June 2020, we had repurchased 874,517 shares of our common stock for a total cost of $84.6 million. The share purchases were made on the open market and the shares repurchased by us are held in treasury for general corporate purposes. 24 Table of Content 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 2020, 2019 and 2018 and the consolidated balance sheet data as of November 30, 2020 and 2019 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 2017 and 2016 and the Consolidated Balance Sheet data as of November 30, 2018, 2017 and 2016 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, 2020 2019 (1) 2018 2017 2016 Statements of Operations Data: (in thousands, except per share amounts) Revenue $ 24,675,563 $ 23,757,293 $ 19,767,945 $ 16,771,128 $ 14,061,837 Gross profit 2,847,604 2,897,917 1,926,899 1,549,312 1,282,965 Operating income 830,103 813,761 550,236 507,337 379,596 Net income 529,160 500,712 299,981 300,240 235,005 Earnings per common share: Basic: $ 10.28 $ 9.79 $ 7.21 $ 7.52 $ 5.91 Diluted: $ 10.21 $ 9.74 $ 7.17 $ 7.48 $ 5.88 Cash dividends declared per share $ 0.40 $ 1.50 $ 1.40 $ 1.05 $ 0.85 ________________________________ (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 from fiscal year 2017. The amounts for fiscal year 2016 has not been adjusted to reflect the adoption of this new revenue standard. As of November 30, 2020 (1) 2019 2018 2017 2016 Balance Sheet Data: (in thousands) Cash and cash equivalents $ 1,564,672 $ 225,529 $ 454,694 $ 550,688 $ 380,717 Working capital 3,139,035 2,845,870 2,209,190 1,703,249 1,518,498 Total assets 13,468,590 11,697,960 11,543,498 7,756,343 5,215,281 Borrowings, current 158,715 298,969 833,216 805,471 362,889 Long-term borrowings 2,608,061 2,718,267 2,622,782 1,136,089 601,095 Total equity 4,338,860 3,788,450 3,435,054 2,287,297 1,975,798 ________________________________ (1) We adopted Accounting Standards Codification Topic 842, Leases effective December 1, 2019, applying the optional transition method, which allows an entity to apply the new standard at the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Fiscal Years Ended November 30, 2020 2019 2018 2017 2016 Other Data: (in thousands) Depreciation and amortization $ 341,637 $ 372,108 $ 225,287 $ 159,886 $ 121,293 25 Table of Content