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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION Interim / Quarterly Report 2025

May 9, 2025

52019_rns_2025-05-09_e7a65210-f14a-4131-9ff3-0e568c4167c6.pdf

Interim / Quarterly Report

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2025Q1 Results SYNNEX TECH. INTL. CORP.

May, 2025

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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P3

SYNNEX Confidential

Unit : NT$E

Consolidate Performance – By Quarter

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Y21 Y22 Y23 Y24 Y25
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$914
(-12%)
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Year
Y21 $867 $966 $1,016 $1,239 $4,088
Y22 $1,009 $1,034 $1,088 $1,115 $4,246
Y23 $886 $949 $982 $1,142 $3,960
Y24 $1,038 $1,002 $1,088 $1,132 $4,260
Y25 $914 $914
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: Historical High

P4

: Record High in Same Period

SYNNEX Confidential

Unit : NT$E

Performance – Consolidate

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- Y25YTM : NT$1,225E / YoY 9%

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$250
$300
$350
$400
$450		 YTM
$4,246
$3,960
$4,260
$1,225
-9%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTM
Y22
Y23
Y24
Y25		 $335
$280
$412
$292		 $265
$255
$272
$281		 $408
$351
$354
$341		 $291
$277
$303
$311		 $325
$293
$330		 $417
$379
$369		 $327
$318
$358		 $360
$338
$344		 $401
$326
$385		 $360
$334
$360		 $359
$387
$358		 $396
$421
$414		 $4,246
$3,960
$4,260
$1,225
YoY -29%
3%
-4%		 3%

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: Historical High : Record High in Same Period

P5

SYNNEX Confidential

Unit : NT$E

Consolidate Performance – By Product

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te Performance – By Product
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%		 23%
25%
27%
27%
26%
30%
30%
23%
31%
31%
36%
29%
43%
43%
42%
42%
41%
34%
30%
25%
28%
30%
31%
28%
6%
7%
5%
4%
4%
4%
4%
5%
4%
4%
5%
6%
29%
26%
26%
26%
29%
33%
36%
47%
36%
34%
28%
38%
Enterprise
Device
Mobile
Semicon
Y24Q1
Revenue
Revenue
YoY(%)
YoY($)
Product Total
1,061
938
-12%
-123
Enterprise Solution
246
269
9%
23
Device & Consumer
267
259
-3%
-9
Mobile Device
53
52
-2%
-1
Semiconductor
494
359
-27%
-135
Adjustment
-23
-24
-
-
Consolidated
1,038
914
-12%
-124
Y25Q1
Y17
Y18
Y19
Y20
Y21
Y22
Y23
Y24Q1
Y24Q2
Y24Q3
Y24Q4
Y25Q1

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P6

SYNNEX Confidential

x%

Y25Q1 Revenue Share

Unit : NT$E

Consolidate Performance – By Product (Quarterly)

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Enterprise Solution 29% Device & Consumer 28%
$450 $400
$400
$350
$300
-3%
$300 +9%
$250
$200
$200
$150
$100
$100
$50
$0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Mobile Device 5% Semiconductor 38%
$70 $500
$60
-2% $400 -27%
$50
$300
$40
$30
$200
$20
$100
$10
$0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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: Historical High
: Record High in Same Period SYNNEX Confidential
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P7

x% Y25Q1 Revenue Share Unit : Local Currency

Consolidate Performance – By Country (Quarter)

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(Y25Q1 +6%) China 22% (Y25Q1 -0.3%) Australia&NZ 15% (Y25Q1 +10%) Indonesia 10%
(RMB$B) (AUS$B) (IDR$T)
$7.0 $1.0 $6.0
$6.0
$5.0
$0.8
+10%
-0%
$5.0 +6%
$4.0
$0.6
$4.0
$3.0
$3.0
$0.4
$2.0
$2.0
$0.2
$1.0
$1.0
$0.0 $0.0 $0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
(Y25Q1 -5%) Taiwan 11% (Y25Q1 -27%) Hong Kong 4% (Y25Q1 -27%) Semiconductor 38%
(NT$B) (HKD$B) (NT$B)
$14 $1.4 $50
$12 $1.2
-5% $40 -27%
-27%
$10 $1.0
$30
$8 $0.8
$6 $0.6
$20
$4 $0.4
$10
$2 $0.2
$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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P8

SYNNEX Confidential

Unit : NT$mn

Consolidated Income Statement – Y25Q1

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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
Y25Q1		 103,751
$ 4,419
4.26%
(2,085)
2.01%
2,334
2.25%
413
421
(324)
0.31%
316
2,747
2.65%
(440)
(111)
2,196
$ 2.12%
1.32
$ Y24Q1
91,398
$ -12%
3,990
4.37%
-10%
(2,106)
2.30%
1%
1,884
2.06%
-19%
538
505
20%
(243)
0.27%
-25%
276
2,422
2.65%
-12%
(468)
(127)
1,827
$ 2.00%
-17%
1.10
$
  • 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

P9

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Unit : NT$E

120 100 80 60 40 20 0

Working Capital

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1,200 WC AR Inventories AP(net) Net days AR days INV days AP days
1,000
800 80
600 60
400 40
200 20
0 0
Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3 Y23Q4 Y24Q1 Y24Q2 Y24Q3 Y24Q4 Y25Q1
WC 883 998 1,019 1,109 908 899 847 1,043 830 853 796 892 759
AR 734 761 751 792 706 738 728 798 734 726 776 776 707
Inventories 513 565 640 573 456 455 462 531 400 452 420 477 391
AP(net) 364 328 371 255 254 294 343 287 304 325 400 361 339
Net days 81 85 87 90 104 85 83 75 82 77 70 69 85
AR days 70 64 64 65 76 68 70 61 67 65 63 63 74
INV days 46 50 52 51 56 46 45 43 41 40 37 36 44
AP days 35 29 29 26 28 29 32 29 26 28 30 30 34
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P10

SYNNEX Confidential

Unit : NT$E

Balance Sheet Key Index

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Assets Liabilities & Equity
2,250 2,250
2,066 258 2,116 2,066 2,116
178 246
873
776 683 764
707 Cash
734
Int. Bearing Debt
AR
AP
Inventories 371 394 354 Other Debt
477 LT Investments
391 Equity
400 FA & Others 243 182 265
193
193
184
769 800 733
597 649 552
Y25Q1 Y24Q4 Y24Q1 Y25Q1 Y24Q4 Y24Q1
Y25Q1 Y24Q4 Y24Q1
Debt Ratio 63% 64% 65%
Net Int. bearing Debt / Equity 53% 68% 62%
Net Worth Per Share (NT$) 44.3 46.2 42.2
Free Cash Flow (NT$E) +118 -70 +229
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P11

SYNNEX Confidential

Y25Q1 Performance Summary

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Revenue Gross Margin Operating Income
-12% -10% -19%
Y25Q1 NT$914E NT$39.9E / 4.37% NT$18.8E / 2.06%
JV Income Profit before Tax EPS
+20% -12% -17%
NT$505M NT$24.2E / 2.65% PAT NT$18.3E / NT$1.10
ROE WC Days Free Cash Flow
9.6% 85 days +NT$118E
15yr avg. 15% Y24Q1 82 days / +3 days
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: Record Low in Same Period

: Historical High

P12

: Record High in Same Period

: Second High in Same Period SYNNEX Confidential

Profitability Trend

Unit : NT$E / %

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GP (NT$E)
200 4.07% 4.33% 4.52% 4.31% 4.20%% 4.44% 4.38% 4.37%
3.61% 3.79% 3.69% 3.35% 3.48% 3.60% 3.54% 3.53% 3.78% OPI/GP Ratio
150
- 10yr average 44%
100
Y25Q1 : 47%
50
90 98 118 115 111 115 116 121 129 145 147 151 176 178 176 186 40
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25Q1
Gross Margin
OPEX (NT$E)
100 2.57%
80 2.43% 2.02% 2.16% 2.26% 2.17% 2.13% 2.37% 2.29% 2.18% 2.37% 2.35% 2.02% 2.05% 2.26% 2.02% 2.30% - 10yr average 4.06%
Y25Q1 : 4.37%
60
40
20 Operating Expense
54 55 67 71 72 71 76 79 79 91 87 79 83 87 90 86 21
0 - 10yr average 2.25%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25Q1
Y25Q1 : 2.30%
120 OPI (NT$E) 2.16% 2.28% 2.15% 2.18% 2.35%
2.06%
100 1.76%
1.64% 1.59% 1.63%
80 1.43% 1.34% 1.35% 1.41% Operating Income
1.17% 1.23% 1.25%
60 - 10yr average 1.81%
40
20 Y25Q1 : 2.06%
36 43 51 45 39 44 39 43 49 54 60 72 93 91 86 100 19
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25Q1
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P13

SYNNEX Confidential

Value Creation for Shareholder

Unit : NT$E / NT$

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200 Net Income PAT% 5.0%
4.2%
3.7%
4.0%
150
2.3% 2.4% 3.0%
2.2%
100 1.4% 1.3% 1.8% 1.6% 1.5% 1.4% 1.7% 1.7% 2.0% 1.8% 2.0% 2.0%
1.0%
50
1.0%
48 54 72 58 53 50 32 49 61 66 68 82 173 157 73 92 18
0 0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25Q1
1,000 Book Value BV per share 43.5 43.1 46.2 44.3 50.0
38.1
800 40.0
32.7
600 24.0 23.3 27.3 25.9 26.8 28.6 27.0 25.5 27.1 28.5 29.9 30.0
400 20.0
200 10.0
319 357 428 410 426 455 428 426 452 476 498 546 636 726 718 771 739
0 0.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25Q1
6.0 Dividend Payout Rate 120%
86% 84% 104%
5.0 100%
69% 61% 77% 60% 64% 67% 69% 72%
4.0 80%
3.0 54% 50% 48% 60%
2.0 40%
34% 37%
1.0 20%
2.5 2.3 4.0 2.0 2.8 3.3 1.6 1.0 2.2 2.0 2.6 3.3 5.0 3.5 3.0 4.0
0.0 0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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Net Income

PAT$ - 10yr avg. NT$85E PAT% - 10yr avg. 2.22% Y25Q1 NT$18.3E / 2.00%

Book Value

  • 10yr CAGR 7% - Y25Q1 NT$739E & NT$44.3 /share

Dividend & Payout ratio

  • 10yr avg. NT$2.82 - 10yr avg. Payout 58% Y24 NT$4.0, Payout 72%

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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

11% (Y23 vs. Y22) 15% (Y24 vs. Y23) 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

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

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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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P18

SYNNEX Confidential

Appendix

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P19

SYNNEX Confidential

Unit : NT$mn

Consolidated Balance Sheet

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Item / Year
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		 Y25Q1
17,753
$ 28,177
70,714
39,068
10,960
166,673
19,370
16,548
3,985
206,576
$
56,479
$ 37,091
16,864
110,434
7,427
129,661
16,679
13,482
48,889
(5,193)
3,057
76,915
206,576
$		 Y24Q4
Y24Q1
25,818
24,618
$ 25,433
26,731
77,648
73,374
47,684
40,047
8,882
11,871
185,465
176,640
19,258
18,375
16,326
12,907
3,919
3,699
224,967
$
211,621
$
66,355
$ 57,034
$ 39,402
35,414
10,825
18,932
116,583
111,380
7,410
7,596
144,943
138,346
16,679
16,679
13,484
13,533
53,734
46,688
(6,811)
(6,454)
2,937
2,828
80,024
73,275
224,967
$
211,621
$

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P20

SYNNEX Confidential

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