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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION Interim / Quarterly Report 2024

Aug 14, 2024

52019_rns_2024-08-14_56e55dd0-26ee-489f-b520-1a05ded18880.pdf

Interim / Quarterly Report

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2024 Q2 & H1 Results SYNNEX TECH. INTL. CORP.

August, 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
Y24H1 NT$4,072E / YoY +8.4%
Technology Device &
Solution Lifestyle
 $1,179E  $1,245E
 Y24H1 : +2%  Y24H1: +3%
29% 31%
19% 21%
Smartphone Semicon &
& Adjacency IC Module
 $780E  $867E
 Y24H1 : +10%  Y24H1 : +28%
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Unit : NT$bn

Performance – Consolidate

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Y20 Y21 Y22 Y23 Y24 $124
$114
$112
$104 $109
$100
(+17%) $103
$101 $102
(+6%) $100
$98
$97
$95
$90
$89
$87
$76
$69
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 H1 Year
Y20 $69 $76 $90 $100 $145 $334
Y21 $87 $97 $102 $124 $183 $409
Y22 $101 $103 $109 $112 $204 $425
Y23 $89 $95 $98 $114 $184 $396
Y24 $104 $100 $204 -
: Historical High
: Record High in Same Period SYNNEX Confidential
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P5

Unit : NT$bn

Performance – Consolidate

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Y24Q2 : NT$100.2bn / YoY +6%

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$50.0
$46.0
$42.0
$38.0
$34.0
$30.0
$26.0
$22.0
$18.0
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: Historical High : Record High in Same Period

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P6

SYNNEX Confidential

Unit : NT$bn

Performance – By Product

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Y24Q2 Y24H1
Revenue YoY Revenue YoY
Product Total $102.4 6% $208.5 12%
IT Commercial 31.6 11% 56.3 2%
IT Consumer 28.9 -2% 55.6 -1%
Telecom 4.5 44% 9.8 42%
Semiconductor 37.3 6% 86.7 28%
Adjustment -2.2 - -4.5 -
Consolidated $100.2 6% $204.0 11%
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P7

SYNNEX Confidential

Performance Trend – By Product

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x% Y24Q2 Revenue Share
Unit : NT$bn
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31% 28%
4% 37%
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: Historical High
: Record High in Same Period SYNNEX Confidential
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P8

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x% Y24Q2 Revenue Share
Performance Trend – By Country
Unit : Local Currency
(H1 : -4%) 26% (H1 : +5%) 14% (H1 : -6%) 10%
(H1 : +17%) 8% (H1 : -2%) 4% (H1 : +32%) 37%
: Historical High
P9 : Record High in Same Period SYNNEX Confidential
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Consolidated Income Statement – Y24Q2 & H1

Unit : NT$mn

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Y24Q2 YOY Y23Q2 Y24H1 YOY Y23H1
Revenue $ 100,209 6% $ 94,950 $ 203,960 11% $ 183,550
Gross profit 4,207 4.20% 1% 4,181 4.40% 8,626 4.23% 2% 8,457 4.61%
Operating expenses (2,202) 2.20% 2% (2,153) 2.27% (4,287) 2.10% -2% (4,365) 2.38%
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YOY
100,209
$ 6%
4,207
4.20%
1%
(2,202)
2.20%
2%
Y24Q2		 YOY
100,209
$ 6%
4,207
4.20%
1%
(2,202)
2.20%
2%
Y24Q2		 YOY
100,209
$ 6%
4,207
4.20%
1%
(2,202)
2.20%
2%
Y24Q2		 YOY
203,960
$ 11%
8,626
4.23%
2%
(4,287)
2.10%
-2%
Y24H1		 YOY
203,960
$ 11%
8,626
4.23%
2%
(4,287)
2.10%
-2%
Y24H1		 YOY
203,960
$ 11%
8,626
4.23%
2%
(4,287)
2.10%
-2%
Y24H1
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$)		 2,004
2.00%
-1%
526
347
-9%
(122)
0.12%
-32%
301		 2,027
2.14%
668
380
(179)
0.19%
466
2,695
2.84%
(887)
(110)
1,698
$ 1.79%
1.02
$		 4,339
2.13%
6%
939
768
5%
(446)
0.22%
-35%
617		 4,093
2.23%
998
730
(686)
0.37%
954
2,531
2.53%
-6%
(588)
(117)		 5,278
2.59%
4%
(1,028)
(227)		 5,091
2.77%
(1,446)
(215)
1,826
$ 1.82%
7%		 4,022
$ 1.97%
17%		 3,430
$ 1.87%
1.09
$		 2.41
$		 2.06
$
  • 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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P10

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Working Capital


0.0
20.0
40.0
60.0
80.0
100.0
120.0
Unit : NT$bn
0
20
40
60
80
100
120
WC
AR
Inventories
AP(net)
Net days
AR days
INV days
AP days
Y22Q1
Y22Q2
Y22Q3
Y22Q4
Y23Q1
Y23Q2
Y23Q3
Y23Q4
Y24Q1
Y24Q2
88.3
99.8
101.9
110.9
90.8
89.9
84.7
104.3
83.0
85.3
73.4
76.1
75.1
79.2
70.6
73.8
72.8
79.8
73.4
72.6
51.3
56.5
64.0
57.3
45.6
45.5
46.2
53.1
40.0
45.2
36.4
32.8
37.1
25.5
25.4
29.4
34.3
28.7
30.4
32.5
81
85
87
90
104
85
83
75
82
77
70
64
64
65
76
68
70
61
67
65
46
50
52
51
56
46
45
43
41
40
35
29
29
26
28
29
32
29
26
28
WC
AR
Inventories
AP(net)
Net days
AR days
INV days
AP days

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P11

SYNNEX Confidential

Unit : NT$bn

Balance Sheet Key Index

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Y24Q2 Y24Q1 Y23Q2
Debt Ratio 65% 65% 67%
Net Int. bearing Debt / Equity 63% 62% 86%
Net Worth Per Share(NT$) 44.0 42.2 38.5
Free Cash Flow(NT$B) -4.6 +22.9 +2.4

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P12

SYNNEX Confidential

Profitability Trend

Unit : NT$bn / %

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  • OPI/GP Ratio - 10yr average 43% Y24H1 : 50%

  • Gross Margin - 10yr average 3.97% Y24H1 : 4.23%

  • Operating Expense - 10yr average 2.26% Y24H1 : 2.10%

  • Operating Income - 10yr average 1.71% Y24H1 : 2.13%

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P13

SYNNEX Confidential

Value Creation for Shareholder

Unit : NT$bn / NT$

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Net Income

PAT$ - 10yr avg. NT$8.1B PAT% - 10yr avg. 2.16% Y24H1 NT$4.0B / 2.0%

Book Value

  • 10yr CAGR 5%

  • Y24H1 NT$73.5B & NT$44.0 /share

Dividend & Payout ratio

  • 10yr avg. NT$2.75 - 10yr avg. Payout 61% Y23 NT$3.0, Payout 69%

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P14

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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P15

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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P16

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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P17

SYNNEX Confidential

Appendix

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P18

SYNNEX Confidential

Consolidated Balance Sheet

Unit : NT$mn

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Item / Year Y24Q2 Y24Q1 Y23Q2
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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		 22,987
$ 29,050
72,638
45,171
13,495
183,341
18,347
13,366
3,870
218,925
$
64,523
$ 38,229
17,516
120,268
7,539
142,958
16,679
13,533
48,506
(5,261)
2,509
75,967
218,925
$		 24,618
20,401
$ 26,731
20,552
73,374
73,825
40,047
45,513
11,871
12,729
176,640
173,021
18,375
16,407
12,907
12,134
3,699
3,875
211,621
$
205,436
$
57,034
$ 65,062
$ 35,414
34,381
18,932
18,352
111,380
117,795
7,596
7,735
138,346
138,550
16,679
16,679
13,533
13,506
46,688
46,008
(6,454)
(12,020)
2,828
2,712
73,275
66,886
211,621
$
205,436
$

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P19

SYNNEX Confidential

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