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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION Interim / Quarterly Report 2024

Jun 6, 2024

52019_rns_2024-06-06_e508a347-089c-4d32-b410-b76532b217a7.pdf

Interim / Quarterly Report

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2024 Q1 Results SYNNEX TECH. INTL. CORP.

May, 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

SYNNEX Group Overview

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P3

SYNNEX Confidential

METACIS Region

  • ➢ Markets : 30

China Region

  • ➢ Markets : 3

  • ➢ GDP ($bn) : $18,124 (17%)

  • ➢ Y24 GDP GR% : 4.2%

  • ➢ Population : 1,419mn (18%)

Taiwan HQ

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➢ Markets : 1

  • ➢ GDP : $752 (0.7%)

➢ Y24 GDP GR% : 3.0% ➢ Population : 23mn (0.3%)

  • ➢ GDP : $6,268bn (6%)

➢ Y24 GDP GR% : 3.6%

  • ➢ Population : 1,185mn (15%)

India/SA Region

  • ➢ Markets : 4

APAC Region

  • ➢ Markets : 8

  • ➢ GDP : $4,749bn (5%) ➢ GDP : $4,425bn (4%) ➢ Y24 GDP GR% : 5.7% ➢ Y24 GDP GR% : 3.2% ➢ Population : 1,642mn (21%) ➢ Population : 562mn (7%)

➢ cover 46 markets Synnex Group scope

➢ 33% of WW GDP

➢ 4.1% GDP GR% in Y24 ➢ 62% of WW population

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India & SA 1993 No.1 Taiwan 1975 No.1 (Redington India) (SYNNEX Technology International) (Bestcom) MEA & CIS 1997 No.1 China 1982 No.3 (Redington Gulf) (SYNNEX China) Turkey 1991 No.2 (Arena) Hong Kong & Macau 1982 No.1 (Redington Turkey) (SYNNEX Hong Kong) Indonesia 1975 No.1 (SYNNEX Metrodata Indonesia) Vietnam 1988 No.1 (SYNNEX FPT) Thailand & Indochina 1998 No.1 (SYNNEX Thailand) Australia & NZ 1991 No.1 (SYNNEX Australia) (SYNNEX New Zealand)

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SYNNEX Group Business Overview
Group (Y23 $26.1bn / +2%)
-
India/SA (19% / +21%) Taiwan (23% / 3%)
(CAGR ： +9%)
(CAGR ： +9%)
(CAGR ： +21%)
Y19 Y20 Y21 Y22 Y23 Y19 Y20 Y21 Y22 Y23
Y19 Y20 Y21 Y22 Y23
- -
METACIS (22% / +17%) China (16% / 8%) APAC (20% / 6%)
(CAGR ： +10%) (CAGR ： +6%)
(CAGR ： -1%)
Y19 Y20 Y21 Y22 Y23 Y19 Y20 Y21 Y22 Y23
Y19 Y20 Y21 Y22 Y23
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Y24Q1 USD$6.5bn / YoY +10%

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Technology Solution

  • ➢ mn $1,723 ( )

  • ➢ Contribute : 27%

  • ➢ Y24Q1 GR : 7%

Devices

& Lifestyle

  • ➢ mn $1,895 ( )

  • ➢ Contribute : 29%

  • ➢ Y24Q1 GR : +3%

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Smartphone & Adjacency

  • ➢ mn $1,284 ( )

  • ➢ Contribute : 20%

  • ➢ Y24Q1 GR : +7%

Semiconductor

& IC Module

  • ➢ mn $1,568 ( )

  • ➢ Contribute : 24%

  • ➢ Y24Q1 GR : +56%

Consolidate Financial Report

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P8

SYNNEX Confidential

Unit : NT$bn

Performance – Consolidate

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Y20 Y21 Y22 Y23 Y24 $124
$114
$112
$104 $109
(+17%) $103
$101 $102
$100
$98
$97
$95
$90
$89
$87
$76
$69
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Total
Y20 $68.7 $75.9 $89.6 $99.9 $334.2
Y21 $86.7 $96.6 $101.6 $123.9 $408.8
Y22 $100.9 $103.4 $108.8 $111.5 $424.6
Y23 $88.6 $94.9 $98.2 $114.2 $396.0
Y24 $103.8 $103.8
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: Historical High : Record High in Same Period

P9

SYNNEX Confidential

Unit : NT$bn

Performance – Consolidate

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$50.0 $46.0 $42.0 $38.0 $34.0 $30.0 $26.0 $22.0 $18.0

Y24Q1 : NT$103.8bn / YoY +17%

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Y21
Y22
Y23
Y24		 $31.4
$33.5
$28.0
$41.2		 $22.2
$26.5
$25.5
$27.2		 $33.2
$40.8
$35.1
$35.4		 $31.7
$29.1
$27.7
$30.7		 $31.4
$32.5
$29.3		 $33.5
$41.7
$37.9		 $31.8
$32.7
$31.8		 $33.4
$36.0
$33.8		 $36.4
$40.1
$32.6		 $33.5
$36.0
$33.4		 $40.4
$35.9
$38.7		 $50.0
$39.6
$42.1		 $408.8
$424.6
$396.0
$134.4
YoY 47%
7%
1%		 11% 16%

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: Historical High : Record High in Same Period

P10

SYNNEX Confidential

Unit : NT$bn

Performance – By Product

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Telecom
4%
Semiconductor
36%		 IT Commercial
30%
IT Consumer
30%
Y23Q1
Semiconductor
47%

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P11

SYNNEX Confidential

x% Y24Q1 Revenue Share

Performance Trend – By Product

Unit : NT$bn

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IT Commercial 22% IT Consumer 26%
$40 $40
-11% -5%
$35 $35 -9%
-17%
$30 +1% -16% -4% -15% $30 -30% +1%
$25 (-8%) $25
$20 $20
$15 $15
$10 $10
$5 $5
$0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Telecom 5% +56% Semiconductor 47%
$6 $50
+41%
$45
$5 +23% +18% +24%
$40
-3% -9%
$4 -12% $35 -3%
$30
-7%
$3 $25
$20
$2
$15
$10
$1
$5
$0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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: Historical High : Record High in Same Period

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SYNNEX Confidential
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P12

x% Y24Q1 Revenue Share Unit : Local Currency

Performance Trend – By Country

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China 17% Australia&NZ 13% Taiwan 10%
(RMB$B) (AUS$B) (NT$B)
$8 $1.0 $16
+3%
$7 -13% $14
-2% -7% $0.8 -11% -10% -1%
$6 -20% +2% -2% $12 -8% -27%
-13%
-16%
$5 $10
-12% $0.6
$4 $8
$0.4
$3 $6
$2 $4
$0.2
$1 $2
$0 $0.0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Indonesia 7% Hong Kong 5% Semiconductor 47%
+56%
(IDR$T) (HKD$B) (NT$B)
$6.0 $1.4 +5% $50
+12% +1% $45
$5.0 $1.2 -8% -14% -7% +24%
+0% $40
$4.0 +21% +15% $1.0 $35 -3% -3% -9%
-23% $0.8 $30
$3.0 $25
$0.6
$20
$2.0
$0.4 $15
$10
$1.0
$0.2
$5
$0.0 $0.0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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: Historical High : Record High in Same Period

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SYNNEX Confidential
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P13

Unit : NT$mn

Consolidated Income Statement – Y24Q1

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Revenue
Gross profit
Operating expenses
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$)		 YOY
Y24Q1		 YOY
Y24Q1		 88,600
$ 4,277
4.83%
(2,211)
2.50%
2,065
2.33%
330
350
(507)
0.57%
488
2,396
2.70%
(560)
(105)
1,731
$ 1.95%
1.04
$ Y23Q1
103,751
$ 4,419
(2,085)
2,334
413
421
(324)
316		 17%
4.26%
3%
2.01%
-6%
2.25%
13%
20%
0.31%
-36%
2,747
(440)
(111)		 2.65%
15%
2,196
$		 2.12%
27%
1.32
$
  • JV Business in Redington India, Synnex Thailand and Synnex FPT which were accounted under equity method.

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: Record Low in Same Period

: Historical High

P14

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Unit : NT$bn

Working Capital

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120.0 WC AR Inventories AP(net) Net days AR days INV days AP days 120
100.0 100
80.0 80
60.0 60
40.0 40
20.0 20
0.0 0
Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3 Y23Q4 Y24Q1
WC 88.3 99.8 101.9 110.9 90.8 89.9 84.7 104.3 83.0
AR 73.4 76.1 75.1 79.2 70.6 73.8 72.8 79.8 73.4
Inventories 51.3 56.5 64.0 57.3 45.6 45.5 46.2 53.1 40.0
AP(net) 36.4 32.8 37.1 25.5 25.4 29.4 34.3 28.7 30.4
Net days 81 85 87 90 104 85 83 75 82
AR days 70 64 64 65 76 68 70 61 67
INV days 46 50 52 51 56 46 45 43 41
AP days 35 29 29 26 28 29 32 29 26
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P15

SYNNEX Confidential

Unit : NT$bn

Balance Sheet Key Index

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Assets

Liabilities & Equity

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211.6 214.2 211.6 214.2
205.8 205.8
11.2
24.6
21.1
76.4 82.4
79.8 80.8
73.4 70.6 Cash
Int. Bearing Debt
AR
AP
Inventories 35.4
36.0 Other Debt
29.3
LT Investments
40.0 53.1 45.6 FA & Others 26.5 21.4 25.8 Equity
18.4 17.3 16.2
73.3 74.5 69.9
55.2 52.8 52.4
Y24Q1 Y23Q4 Y23Q1 Y24Q1 Y23Q4 Y23Q1
Y24Q1 Y23Q4 Y23Q1
Debt Ratio 65% 65% 66%
Net Int. bearing Debt / Equity 71% 96% 85%
Net Worth Per Share (NT$) 42.2 43.1 40.4
Free Cash Flow (NT$B) +22.9 -16.9 +20.0
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P16

SYNNEX Confidential

Y24Q1 Performance Summary

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Revenue Gross Margin Operating Income
+17% +3% +13%
Y24Q1 NT$103.8B NT$4.4B / 4.26% NT$2.3B / 2.25%
JV Income Profit before Tax EPS
+20% +15% +27%
NT$421M NT$2.7B / 2.65% PAT NT$2.2B / NT$1.32
ROE WC Days Free Cash Flow
12.2% 82 days +NT$22.9B
15yr avg. 15% Y23Q1 104 days / -22 days
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: Record Low in Same Period

: Historical High

P17

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Profitability Trend

Unit : NT$bn / %

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GP (NT$B)
20 4.33% 4.52% 4.31% 4.20%% 4.44% 4.26%
3.78%
3.48% 3.60% 3.54% 3.53% OPI/GP Ratio
15
- 10yr average 43%
10
Y24Q1 : 53%
5
11.5 11.6 12.1 12.9 14.5 14.7 15.1 17.6 17.8 17.6 4.4
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
Gross Margin
OPEX (NT$B)
10 2.57%
8 2.13% 2.37% 2.29% 2.18% 2.37% 2.35% 2.02% 2.05% 2.26% 2.01% - 10yr average 3.97%
Y24Q1 : 4.26%
6
4
2 Operating Expense
7.1 7.6 7.9 7.9 9.1 8.7 7.9 8.3 8.7 9.0 2.1
0 - 10yr average 2.26%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
Y24Q1 : 2.01%
OPI (NT$B)
10 2.16% 2.28% 2.15% 2.18% 2.25%
8 1.76%
1.34% 1.35% 1.41% Operating Income
6 1.23% 1.25%
4 - 10yr average 1.71%
2 Y24Q1 : 2.25%
4.4 3.9 4.3 4.9 5.4 6.0 7.2 9.3 9.1 8.6 2.3
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
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P18

SYNNEX Confidential

Unit : NT$bn / %

PBT Analysis

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PBT (NT$B)
25 5.68%
4.78%
20
15
2.80% 2.95%
2.71% 2.66% 2.65%
2.56%
2.28%
10
2.04% 1.80% 1.90% 1.86%
1.71%
1.51% 1.46% 1.44%
0.94%
5
5.2 5.9 8.0 6.4 6.0 5.7 3.0 4.9 6.9 7.1 7.8 9.3 12.0 11.5 10.5 2.7
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
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PBT%

- 10yr avg. 2.12% - 15yr avg. 2.04% Y24Q1 : 2.65% PBT$

  • 10yr avg. $7.9b - 15yr avg. $7.4b Y24Q1 : $2.7b

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P19

SYNNEX Confidential

Unit : NT$bn / NT$

Value Creation for Shareholder

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20 Net Income PAT% 5.0%
4.2%
3.7%
4.0%
15
2.4% 3.0%
10 1.7% 1.7% 2.0% 1.8% 2.1%
1.5% 1.4% 2.0%
1.0%
5
1.0%
5.0 3.2 4.9 6.1 6.6 6.8 8.2 17.3 15.7 7.3 2.2
0 0.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
80 Book Value BV per share 43.5% 43.1% 42.2% 50%
38.1%
40%
60 32.7%
28.6% 27.0% 25.5% 27.1% 28.5% 29.9% 30%
40
20%
20
10%
45 43 43 45 48 50 55 64 73 72 70
0 0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24Q1
6.0 Dividend Payout Rate 120%
5.0 104% 100%
77%
4.0 64% 67% 69% 80%
60%
3.0 50% 48% 60%
34% 37%
2.0 40%
1.0 20%
3.3 1.6 1.0 2.2 2.0 2.6 3.3 5.0 3.5 3.0
0.0 0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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Net Income

PAT$ - 10yr avg. NT$8.1B PAT% - 10yr avg. 2.16% Y24Q1 NT$2.2B / 2.12%

Book Value

  • 10yr CAGR 5%

  • Y24Q1 NT$70.4B & NT$42.2 /share

Dividend & Payout ratio

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

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P20

SYNNEX Confidential

Environmental, Social & Governance

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Sustainable SYNNEX Cherish the Earth

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

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P21

SYNNEX Confidential

Environmental, Social & Governance

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-grp.com/en/esg-report

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P22

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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P23

SYNNEX Confidential

Appendix

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P24

SYNNEX Confidential

Unit : NT$mn

Consolidated Balance Sheet

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Item / Year Y24Q1 Y23Q4
Y23Q1
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		 24,618
$ 26,731

73,374

40,047

11,871

176,640
18,375

12,907

3,699
211,621
$
57,034
$ 35,414
18,932
111,380
7,596
138,346
16,679
13,533
46,688
(6,454)
2,828
73,275
211,621
$		 11,156
21,063
$ 22,811
24,824
79,813
70,645
53,143
45,565
13,759
11,967
180,683
174,063
17,337
16,172
12,562
12,045
3,658

3,559
214,240
$
205,839
$
61,004
$ 67,757
$ 35,961
29,285
13,831
18,249
110,795
115,291
7,576
7,581
139,742
135,892
16,679
16,679

13,529
13,509
49,492
44,310
(7,886)
(7,096)
2,684
2,544
74,499
69,947
214,240
$
205,839
$

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P25

SYNNEX Confidential

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Group website http://www.synnex-grp.com/en CSR http://www.synnex-grp.com/en/csr-report

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P26

SYNNEX Confidential

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