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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION Interim / Quarterly Report 2024

Nov 7, 2024

52019_rns_2024-11-07_b6f4338c-dda0-4536-b5e2-30612ccfe8dc.pdf

Interim / Quarterly Report

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2024 Q3 & YTQ Results SYNNEX TECH. INTL. CORP.

November, 2024

Disclaimer

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IMPORTANT NOTICE

Synnex’s statements of its current expectations provided herein are forward-looking. These statements are subject to risks and uncertainties that might cause significant deviations from actual results, including but not limited to changes in business policy, possible fluctuations in economic situations, technology development, competition environment, and other circumstances beyond control. Synnex undertakes no obligation to update the forward-looking statements to reflect events or circumstances after the issuance of the statements.

Nothing contained herein constitutes an investment advice, offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, Synnex makes no representation that it is accurate or complete. Neither Synnex nor any of its officers or employees shall be liable for any direct, indirect or consequential loss, damage, cost or expense incurred or arising from any use of the information contained herein.

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P2

SYNNEX Confidential

Supply Chain Service Provider & Platform

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SYNNEX Confidential
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P3

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SYNNEX Group Business Overview
Group (Y24YTQ $6,331E / +8%)
India/SA (21% / +13%) Taiwan (24% / +15%)
(CAGR ： +7%)
(CAGR ： +7)
(CAGR ： +10%)
METACIS (22% / -1%) China (14% / +1%) SEA (12% / +12%) ANZ (7% / +3%)
(CAGR ： +10%) (CAGR ： +0%) (CAGR ： +16%) (CAGR ： +7%)
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SYNNEX Group Business Overview
Y24YTQ NT$6,331E / YoY +8%
Enterprise Device &
Solution Consumer
 $1,862E  $1,995E
 Y24YTQ :  Y24YTQ :
+7% +4%
29% 32%
19% 20%
Mobile Semicon &
Device IC Module
 $1,225E  $1,249E
 Y24YTQ :  Y24YTQ :
+12% +21%
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Unit : NT$E

Performance – Consolidate

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$687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)		 $687
$759
$896
$999
$867
$966
$1,016
$1,239
$1,009
$1,034
$1,088
$1,115
$886
$949
$982
$1,142
$1,038
(+17%)
$1,002
(+6%)
$1,088
(+11%)
Q1
Q2
Q3
Q4
Y20
Y21
Y22
Y23
Y24
Q1
Q2
Q3
Q4
YTQ
Year
Y20
$687
$759
$896
$999
$2,343
$3,342
Y21
$867
$966
$1,016
$1,239
$2,849
$4,088
Y22
$1,009
$1,034
$1,088
$1,115
$3,130
$4,246
Y23
$886
$949
$982
$1,142
$2,818
$3,960
Y24
$1,038
$1,002
$1,088
$3,128
-
(+11%)
Q1 Q2 Q3 Q4 YTQ Year
Y20
Y21
Y22
Y23
Y24		 $687
$867
$1,009
$886
$1,038		 $759
$966
$1,034
$949
$1,002		 $896
$1,016
$1,088
$982
$1,088		 $999
$1,239
$1,115
$1,142		 $2,343
$2,849
$3,130
$2,818
$3,128
(+11		 $3,342
$4,088
$4,246
$3,960
-
%)
P6 SYNNEX Confidential
: Historical High
: Record High in Same Period

Unit : NT$E

Performance – Consolidate

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Y24Q3 : NT$1,088E / YoY +11%

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$500
$450
$400
$350
$300
$250
$200
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: Historical High
: Record High in Same Period SYNNEX Confidential
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P7

Unit : NT$bn

Performance – By Product

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Revenue
YoY
Revenue
YoY
Y24Q3
Y24YTQ
Product Total 1,109
10%
3,194
11%
Enterprise Solution
Device & Consumer
Mobile Device
Semiconductor		 340
20%
903
8%
338
4%
895
1%
49
3%
148
26%
382
8%
1,249
21%
Adjustment -21
-
-66
-
Consolidated 1,088
11%
3,128
11%

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P8

SYNNEX Confidential

Performance Trend – By Product

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x% Y24Q3 Revenue Share
Unit : NT$E
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31% 31%
4% 34%
: Historical High
: Record High in Same Period SYNNEX Confidential
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P9

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x% Y24Q3 Revenue Share
Performance Trend – By Country
Unit : Local Currency
(YTQ +1%) 27% (YTQ +3%) 13% (YTQ +19%) 12%
(YTQ -7%) 10% (YTQ -2%) 4% (YTQ +21%) 34%
: Historical High
P10 : Record High in Same Period SYNNEX Confidential
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Unit : NT$mn

Consolidated Income Statement – Y24Q3 & YTQ

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Y24Q3 YOY Y23Q3 Y24YTQ YOY Y23YTQ
Revenue $ 108,803 11% $ 98,234 $ 312,763 11% $ 281,784
Gross profit 4,713 4.33% 14% 4,143 4.22% 13,338 4.26% 6% 12,601 4.47%
Operating expenses (2,155) 1.98% -3% (2,227) 2.27% (6,442) 2.06% -2% (6,592) 2.34%
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YOY
108,803
$ 11%
4,713
4.33%
14%
(2,155)
1.98%
-3%
Y24Q3		 YOY
108,803
$ 11%
4,713
4.33%
14%
(2,155)
1.98%
-3%
Y24Q3		 YOY
108,803
$ 11%
4,713
4.33%
14%
(2,155)
1.98%
-3%
Y24Q3		 YOY
312,763
$ 11%
13,338
4.26%
6%
(6,442)
2.06%
-2%
Y24YTQ		 YOY
312,763
$ 11%
13,338
4.26%
6%
(6,442)
2.06%
-2%
Y24YTQ		 YOY
312,763
$ 11%
13,338
4.26%
6%
(6,442)
2.06%
-2%
Y24YTQ
Operating income
Others income/expense
JV Business Income *
Net interest expenses
Others
Pre-tax income & minority interest
Income tax
Minority interest (income) loss
Net income
EPS (NT$)		 2,558
2.35%
33%
733
435
-6%
(177)
0.16%
-38%
475		 1,916
1.95%
510
464
(283)
0.29%
329
2,426
2.47%
(580)
(147)
1,699
$ 1.73%
1.02
$		 6,896
2.20%
15%
1,672
1,203
1%
(623)
0.20%
-36%
1,092		 6,009
2.13%
1,508
1,195
(970)
0.34%
1,283
3,291
3.02%
36%
(830)
(206)		 8,569
2.74%
14%
(1,858)
(433)		 7,517
2.67%
(2,026)
(362)
2,255
$ 2.07%
33%		 6,278
$ 2.01%
22%		 5,129
$ 1.82%
1.35
$		 3.76
$		 3.07
$
  • JV Business in Redington India, Synnex Thailand and Synnex FPT which were accounted under equity method.

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: Historical High : Record Low in Same Period

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P11

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Working Capital

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Unit : NT$E
1,200 WC AR Inventories AP(net) Net days AR days INV days AP days 120
1,000 100
800 80
600 60
400 40
200 20
0 0
Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3 Y23Q4 Y24Q1 Y24Q2 Y24Q3
WC 883 998 1,019 1,109 908 899 847 1,043 830 853 796
AR 734 761 751 792 706 738 728 798 734 726 776
Inventories 513 565 640 573 456 455 462 531 400 452 420
AP(net) 364 328 371 255 254 294 343 287 304 325 400
Net days 81 85 87 90 104 85 83 75 82 77 70
AR days 70 64 64 65 76 68 70 61 67 65 63
INV days 46 50 52 51 56 46 45 43 41 40 37
AP days 35 29 29 26 28 29 32 29 26 28 30
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P12

SYNNEX Confidential

Unit : NT$E

Balance Sheet Key Index

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Y24Q3 Y24Q2 Y23Q3
Debt Ratio 65% 65% 66%
Net Int. bearing Debt / Equity 63% 63% 72%
Net Worth Per Share(NT$) 44.0 44.0 42.2
Free Cash Flow(NT$E) +64 -46 +80

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P13

SYNNEX Confidential

Profitability Trend

Unit : NT$bn / %

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OPI/GP Ratio

  • 10yr average 43% Y24YTQ : 52%

Gross Margin

  • 10yr average 3.97% Y24YTQ : 4.26%

Operating Expense

  • 10yr average 2.26% Y24YTQ : 2.06%

Operating Income

  • 10yr average 1.71% Y24YTQ : 2.20%

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P14

SYNNEX Confidential

Value Creation for Shareholder

Unit : NT$bn / NT$

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Net Income

PAT$ - 10yr avg. NT$81E PAT% - 10yr avg. 2.16% Y24YTQ NT$63E / 2.01%

Book Value

  • 10yr CAGR 5%

  • Y24YTQ NT$744E & NT$44.6 /share

Dividend & Payout ratio

  • 10yr avg. NT$2.75

  • 10yr avg. Payout 61% Y23 NT$3.0, Payout 69%

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P15

SYNNEX Confidential

Environmental, Social & Governance

Milestones

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Sustainable SYNNEX Cherish the Earth

http://www.synnex.com.tw/en/esg-report

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P16

SYNNEX Confidential

Environmental, Social & Governance

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Sustainable SYNNEX Cherish the Earth http://www.synnex.com.tw/en/esg-report

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P17

SYNNEX Confidential

Environmental, Social & Governance

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5.1% (Y22 vs. Y21)
10.5% (Y23 vs. Y22) carbon emission (same boundary)
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Sustainable SYNNEX Cherish the Earth http://www.synnex.com.tw/en/esg-report

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P18

SYNNEX Confidential

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Group website http://www.synnex-grp.com/en ESG http://www.synnex-grp.com/en/esg-report

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P19

SYNNEX Confidential

Appendix

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P20

SYNNEX Confidential

Consolidated Balance Sheet

Unit : NT$mn

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Item / Year Y24Q3 Y24Q2 Y23Q3
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Cash and cash equivalents
Financial Assets(listed stocks, financial
products...etc.)
Notes and accounts receivables - net
Inventories - net
Others
Current Assets
Long-term Investments
Fixed Assets - net
Other Assets
Total Assets
Short-term loans
Notes and accounts payables
Others
Current Liabilities
Other liabilities
Total Liabilities
Common stock
Capital reserve
Retained earnings
Others
Minority interest
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity		 27,693
$ 31,271
77,630
41,986
13,269
191,849
18,390
16,477
3,867
230,582
$
66,538
$ 45,465
14,154
126,158
7,516
153,324
16,679
13,533
50,761
(6,538)
2,822
77,258
230,582
$		 22,987
28,648
$ 29,050
22,238
72,638
72,814
45,171
46,228
13,495
9,349
183,341
179,277
18,347
16,911
13,366
12,383
3,870
4,133
218,925
$
212,704
$
64,523
$ 68,567
$ 38,229
38,037
17,516
12,517
120,268
119,122
7,539
7,655
142,958
139,797
16,679
16,679
13,533
13,506
48,506
47,708
(5,261)
(7,550)
2,509
2,564
75,967
72,907
218,925
$
212,704
$

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P21

SYNNEX Confidential

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