Slide 1: Investor Presentation
Investor Presentation March 2025
Slide 2: Safe harbor statement
Safe harbor statement Statements in this presentation regarding TD SYNNEX that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements are inhere
Slide 3: FQ1'2025 snapshot
FQ1’2025 snapshot Continued y/y non-GAAP gross billings(1) growth $20.7B 2.74% $2.80 N O N - G A A P G R O S S B I L L I N G S (1) N O N - G A A P O P E R A T I N G M A R G I N (1) N O N - G A A P D I L U T E D E P S (1) + 8% y / y (30) bps y/y (6)% y/y ~26% $(790)M $138M S T R AT E G I C T E C H N
Slide 4: Benefited from improving IT spending environment and end-to-end technology portfolio
FQ1’2025 Benefited from improving IT spending environment and end-to-end technology portfolio Q1 FY25 Y/Y Key takeaways GAAP Revenue ($B) $14.5 4% / 6%(2) Non-GAAP gross billings(1) grew 8% Operating Income ($M) $305 1% driven by significant growth within Advanced and Endpoint Solutions supported by
Slide 5: FQ1'2025 Performance by Geography
FQ1’2025 Performance by Geography Supporting Partners Around the World – Five Continents, 100+ Countries Served Non-GAAP Non-GAAP Key takeaways Non-GAAP Revenue Operating Operating gross billings(1) Income(1) Margin(1) Americas non-GAAP gross billings(1) were $12.4B, representing an $12.4B non-GAAP
Slide 6: FQ2'2025 outlook
FQ2’2025 outlook Q2 FY25E GAAP Non-GAAP (1) Gross billings ($B) $19.7 – $20.7 (2) Gross to net % (29.2)% (2) Revenue ($B) $13.9 – $14.7 $13.9 – $14.7 Net income ($M) $137 – $179 $205 – $247 (2) Estimated outstanding diluted weighted avg. shares (M) 83.2 83.2 Diluted earnings per share $1.64 – $2.14
Slide 7: FQ1'2024 - FQ1'2025 Performance by Technology Category
FQ1’2024 - FQ1’2025 Performance by Technology Category Non-GAAP Key takeaways Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Advanced non-GAAP gross billings(1)(2) ($B) $11.6 $11.5 $12.2 $12.0 $12.4 Y/Y growth (3)% 5% 12% 11% 7% Advanced Solutions non-GAAP gross Endpoint non-GAAP gross billings(1)(2) ($B)
Slide 8: Balanced end-to-end portfolio
8% $20.7B Y/Y % Growth $19.3B Balanced end-to- Software 23% 20% end portfolio 21% Approximate % of total non-GAAP 2% Servers and 19% gross billings(1) by product 20% Storage category(2) for FQ1’2025 16% 10% PCs 16% Networking 15% 15% 4% Peripherals 11% 10% (4)% Services 7% 6% (1)% Mobile 5% 5% 8% Ot
Slide 9: Delivering on our plan
Delivering on our plan Expanding our presence in strategic technologies and delivering strong returns to stockholders Cash flow + Continued strategic technologies execution capital allocation Strategic technologies as a % of non-GAAP gross billings(1) Cash returned to stockholders(3) 25% 26% 22% $23
Slide 10: Attractive long term growth in profitability
Attractive long term growth in profitability Gross profit(1) Non-GAAP operating income(1)(2) Non-GAAP diluted EPS(2) 3% CAGR 2% CAGR 6% CAGR $3,900 $3,957 $3,981 $3,974 $3,649 $1,724 $1,642 $1,627 $1,601 $11.94 $11.68 $1,480 $11.26 $11.48 $9.40 FY 2021 FY 2022 FY 2023 FY 2024 Q1 FY FY 2021 FY 2022 F
Slide 11: Strong investment grade balance sheet
Strong investment grade balance sheet Capital structure provides ample liquidity and flexibility Significant liquidity Long dated, well-laddered capital structure ($M) Feb 2025 Cash $542M Unsecured revolver $3,500M 1,110 A/R securitization $1,110M 3,500 Total liquidity $5,152M 390 581 Investment gra
Slide 12: Significant FCF potential with a focus on stockholder returns
Significant FCF potential with a focus on stockholder returns Flexible capital allocation framework Return excess free cash flow(2) after dividends and M&A through repurchases Target 2x gross leverage ratio As of February 2025, 2.5x Gross Leverage(1) 2.2x Net Leverage(1) Optimize cost of capital and
Slide 13: Why own TD SYNNEX?
Why own TD SYNNEX? Attractive core business Significant cash flow capitalizing on strategic Target stockholder engine creates technologies return of 15-20% financial flexibility Industry leader levered to Strong investment grade Target TSR of 15-20% secular IT spending growth and megatrends balance
Slide 14: Appendix
Appendix
Slide 15: Technology and product solutions
Technology Technology and and product product solutions solutions Strategic technologies CLOUD Endpoint solutions (ES) SECURITY Advanced D ATA / A I / I O T solutions (AS) HYPERSCALE CLOUD SERVERS NETWORKING STORAGE SOFTWARE OTHER INFRASTRUCTURE HYPERSCALE INFRASTRUCTURE 15
Slide 16: TD SYNNEX: Connecting the global IT system
TD SYNNEX Connecting the global IT system G L O B A L I T P L AT F O R M S SPECIALIZED SKILLS 16
Slide 17: Well positioned to benefit from industry evolution
Well positioned to benefit from industry evolution Linear Model Solutions Aggregation Ecosystem Orchestration OEM TD SYNNEX Reseller End User Inventory financing Reduces solution building cost for resellers Expands ecosystem addressable market Logistics management Accelerated time to market As a ser
Slide 18: Attractive business model with variable cost structure and limited capital intensity
Attractive business model with variable cost structure and limited capital intensity Illustrative Business Model Highly Variable Cost Structure TTM Adj. EBITDA less Capex ($M)(1) OEM 90% conversion ~2% Back- $960 $20 end Margin $1,712 $(176) $1,536 Opex <5% COGS ~4% Front- ~65% ~35% >95% end Margin
Slide 19: Best line card in the industry to take advantage of AI growth
Best line card in the industry to take advantage of AI growth Enabled via first to market Destination AI channel program AI-Enabled Independent Software Vendors (ISVs) AI Accelerators AI Accelerators Core AI Software/ Core AI Software/Platforms Platforms AI Infrastructure 19
Slide 20: Stable cash conversion cycle with countercyclical benefits
Stable cash conversion cycle with countercyclical benefits Steady cash conversion cycle (days) Countercyclical cash generation 23 18 27 Dot com bubble Global financial crisis COVID-19 pandemic 65 60 58 49 51 56 0 (75) (91) (93) (87) 2000 2001 2002 2003 2008 2009 2010 2020 2021 2022 2023 FY 2023 FY 2
Slide 21: ESG highlights
ESG highlights Environmental Social Governance Commitment to Science-Based Target initiative Company: Increasing our commitment to demographic Strong corporate governance based on our values (SBTi) Business Ambition Pledge with net zero equality at all levels to reflect our rich culture. Aiming to g
Slide 22: Non-GAAP financial measures
Non-GAAP financial measures In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: • Revenue in constant currency, which adjusts for the translation effect of foreign currencies so that certain financial results can be viewed In prior periods,TD SYNNEX
Slide 23: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe Asia-Pacific and Japan February 28, February 29, February 28, February 29, February 28, February 29, February 28, F
Slide 24: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe Asia-Pacific and Japan February 28, February 29, February 28, February 29, February 28, February 29, February 28, F
Slide 25: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Advanced Solutions(1) Endpoint Solutions(1) Non-GAAP Gross Billings and Gross Profit - Advanced Solutions and Feb 28, Nov 30, Aug 31, May 31, Feb 29, Feb 2
Slide 26: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Gross profit as a % of non-GAAP gross billings February 28, 2025 February 29, 2024 Revenue $ 14,531,707 $ 13,975,253 Costs incurred and netted a
Slide 27: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Adjusted selling, general and administrative expenses February 28, 2025 February 29, 2024 Revenue $ 14,531,707 $ 13,975,253 Costs incurred and n
Slide 28: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ February 28, February 29, February 28, February 29, February 28, February 29, February 28, February 29, Non-GAA
Slide 29: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP income before income taxes, non-GAAP provision for income taxes and non-GAAP effective tax rate February 28, 2025 Income before income
Slide 30: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP net income and non-GAAP diluted EPS(1) February 28, 2025 November 30, 2024 August 31, 2024 May 31, 2024 Reven
Slide 31: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Per share amounts) (Amounts may not add or compute due to rounding) Fiscal Years Ended November 30, November 30, November 30, November 30, Non-GAAP net income & non-GAAP diluted EPS(1) 2024 2023 2022 2021 Net income $ 689,091 $ 626,911
Slide 32: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Free cash flow February 28, 2025 February 29, 2024 Net cash (used in) provided by operating activities $ (747,997) $ 384,709 Purchases of proper
Slide 33: Calculation of non-GAAP financial metrics
Calculation of non-GAAP financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) ROIC February 28, 2025 Operating income (trailing fiscal four quarters) $ 1,196,098 Income taxes on operating income(1) (241,222) Operating income after taxes $ 954,876 Total
Slide 34: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Cash conversion cycle February 28, 2025 Days sales outstanding Revenue (a) $ 14,531,707 Accounts receivable, net (b) 9,424,100 (c) = ((b)/(a))*the number Days sales
Slide 35: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in millions, except per share amounts) (Amounts may not add or compute due to rounding) Forecast Three Months Ending May 31, 2025 Non-GAAP net income and non-GAAP diluted EPS(1) Low High Net income $ 137 $ 179 Amortization of
Slide 36: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in billions) (Amounts may not add or compute due to rounding) Forecast Three Months Ending May 31, 2025 Non-GAAP gross billings Low High Revenue $ 13.9 $ 14.7 Costs incurred and netted against revenue related to sales of third
Slide 37: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Leverage ratio February 28, 2025 November 30, 2024 August 31, 2024 May 31, 2024 Total borrowings (a) $ 4,327,965 $ 3,907,491 $ 4,050,202 $ 4,595,698 Less: cash and cash equivalents (b)
Slide 38: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, November 30, August 31, May 31, February 29, November 30, August 31, 2025 2024 2024 2024 2024 2023 2023 Net income $ 167,537 $ 194,802 $ 178,556 $ 143,605 $ 172,128 $
Slide 39: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in millions) (Amounts may not add or compute due to rounding) Three Months Ended November 30, 2021 Revenue $ 15,611.3 Cost of revenue (14,668.1) Gross profit 943.2 Operating expenses: Selling, general and administrative expenses (655.7) Acquisition, integration
Slide 40: Legacy SYNNEX results
Legacy SYNNEX results SYNNEX CORPORATION (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 5,207.1 $ 5,856.8 $ 4,939.0 Cost of revenue (4,894.4) (5,527.7) (4,634.4) Gross profit 312.6 329.2
Slide 41: Legacy Tech Data results
Legacy Tech Data results TIGER PARENT (AP) CORPORATION AND SUBSIDIARIES (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 9,132.1 $ 9,570.6 $ 10,306.6 Cost of revenue (8,558.7) (9,004.2) (9,
Slide 42: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 14,339.2 $ 15,427.4 $ 15,245.6 Cost of rev
Slide 43: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended November 30, November 30, November 30, November 30, 2024 2023 2022 2021 Reven
Slide 44: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended November 30, 2021 Revenue $ 60,623.5 Cost of revenue (56,974.2) Gross profit
Slide 45: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended February 28, Adjusted EBITDA less Capex 2025 Net income $ 684,500 Interest expense and finance charges, net 331,447 Provis
Slide 46: THANK YOU
THANK YOU David Jordan TD SYNNEX Corporation 510-668-8436 IR@tdsynnex.com IR website: ir.tdsynnex.com