Slide 1: Investor Presentation
Investor Presentation June 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: FQ2'2025 snapshot
FQ2’2025 snapshot Double-digit non-GAAP gross billings(1) growth and non-GAAP diluted EPS(1) growth coupled with robust free cash flow(1) $21.6B 2.77% $2.99 N O N - G A A P G R O S S B I L L I N G S (1) N O N - G A A P O P E R A T I N G M A R G I N (1) N O N - G A A P D I L U T E D E P S (1) + 12% y
Slide 4: Benefited from improving IT spending environment and end-to-end technology portfolio
FQ2’2025 Benefited from improving IT spending environment and end-to-end technology portfolio Q2 FY25 Y/Y Key takeaways GAAP Revenue ($B) $14.9 7% / 6%(2) Non-GAAP gross billings(1) exceeded the high end of our guidance and grew Operating Income ($M) $328 24% 12% driven by broad based growth across
Slide 5: FQ2'2025 performance by geography
FQ2’2025 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 $13.3B, representing an increase of 9.0%
Slide 6: FQ3'2025 outlook
FQ3’2025 outlook Q3 FY25E GAAP Non-GAAP (1) Gross billings ($B) $21.0 – $22.0 (2) Gross to net % (30.0)% (2) Revenue ($B) $14.7 – $15.5 $14.7 – $15.5 Net income ($M) $159 – $200 $227 – $268 (2) Estimated outstanding diluted weighted avg. shares (M) 81.8 81.8 Diluted earnings per share $1.93 – $2.43
Slide 7: FQ2'2024 - FQ2'2025 performance by technology category
FQ2’2024 - FQ2’2025 performance by technology category Non-GAAP Key takeaways Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Advanced non-GAAP gross billings(1)(2) ($B) $11.5 $12.2 $12.0 $12.4 $12.8 Y/Y growth 5% 12% 11% 7% 12% Endpoint non-GAAP gross billings(1)(2) ($B) $7.8 $8.1 $9.2 $8.3 $8.8 Advanced S
Slide 8: Balanced end-to-end portfolio
12% Y/Y % growth $21.6B Balanced end-to- $19.3B end portfolio Software 20% 20% 19% Approximate % of total non-GAAP 18% gross billings(1) by product Servers and 9% category(2) for FQ2’2025 Storage 18% 17% PCs 17% 13% 15% Networking 5% 17% Peripherals & 13% 6% Print 13% Services 7% 6% 7% Mobile 4% 6%
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) $523M $70M 28%
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 3% CAGR 7% CAGR $3,957 $3,981 $4,046 $3,900 $3,649 $1,724 $1,642 $1,627 $1,627 $11.94 $11.68 $11.74 $1,480 $11.26 $9.40 FY 2021 FY 2022 FY 2023 FY 2024 Q2 FY FY 2021 FY 2022 F
Slide 11: Strong investment grade balance sheet
Strong investment grade balance sheet Capital structure provides ample liquidity and flexibility Significant liquidity Long dated, well-laddered capital structure ($M) May 2025 Cash $767M Unsecured revolver $3,350M 1,500 A/R securitization $1,500M 3,350 Total liquidity $5,617M 581 Investment grade b
Slide 12: TD SYNNEX's attractive shareholder value creation model
TD SYNNEX’s attractive shareholder value creation model Grow faster than the market Non-GAAP diluted EPS(1) growth Maximize shareholder returns by extending our reach and driven by gross margin improvement through dividends and capturing market share and disciplined cost management share repurchases
Slide 13: Appendix
Appendix
Slide 14: Technology and product solutions
Technology Technology and and product product solutions solutions Strategic technologies CLOUD Endpoint solutions (ES) SECURITY Advanced D ATA / A I / I O T solutions (AS) HYPERSCALE CLOUD SERVERS NETWORKING STORAGE SOFTWARE OTHER INFRASTRUCTURE HYPERSCALE INFRASTRUCTURE 14
Slide 15: TD SYNNEX
TD SYNNEX Connecting the global IT system G L O B A L I T P L AT F O R M S SPECIALIZED SKILLS 15
Slide 16: Well positioned to benefit from industry evolution
Well positioned to benefit from industry evolution Linear Model Solutions Aggregation Ecosystem Orchestration OEM TD SYNNEX Reseller End User Inventory financing Reduces solution building cost for resellers Expands ecosystem addressable market Logistics management Accelerated time to market As a ser
Slide 17: Attractive business model with variable cost structure and limited capital intensity
Attractive business model with variable cost structure and limited capital intensity Illustrative business model Highly variable cost structure TTM adj. EBITDA less capex ($M)(1) OEM 90% conversion ~2% Back- $960 $20 end Margin $1,740 $(168) $1,572 Opex <5% COGS ~4% Front- ~65% ~35% >95% end Margin
Slide 18: 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 18
Slide 19: Stable cash conversion cycle with countercyclical benefits
Stable cash conversion cycle with countercyclical benefits Steady cash conversion cycle (days) Countercyclical cash generation 23 18 23 Dot com bubble Global financial crisis COVID-19 pandemic 65 62 60 49 51 57 0 (75) (91) (93) (96) 2000 2001 2002 2003 2008 2009 2010 2020 2021 2022 2023 FY 2023 FY 2
Slide 20: ESG highlights
ESG highlights Environmental Social Governance Commitment to Science-Based Target initiative Company: Increasing our commitment to demographic equality Strong corporate governance based on our values (SBTi) Business Ambition Pledge with net zero at all levels to reflect our rich culture. Aiming to g
Slide 21: 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 22: 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 Revenue in constant currency May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 May 31, 202
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 Non-GAAP gross billings in constant currency May 31, 2025 May 31, 2024 May 31, 2025 May 31,
Slide 24: 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 May 31, Feb 28, Nov 30, Aug 31, May 31, May 3
Slide 25: 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 May 31, 2025 May 31, 2024 Revenue $ 14,946,315 $ 13,947,908 Costs incurred and netted against rev
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 Adjusted selling, general and administrative expenses May 31, 2025 May 31, 2024 Revenue $ 14,946,315 $ 13,947,908 Costs incurred and netted agai
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 Consolidated Americas Europe APJ Non-GAAP operating income and non-GAAP operating margin May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 May
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 Non-GAAP income before income taxes, non-GAAP provision for income taxes and non-GAAP effective tax rate May 31, 2025 Income before income taxes
Slide 29: 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) May 31, 2025 February 28, 2025 November 30, 2024 August 31, 2024 Reven
Slide 30: 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 31: 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 Six Months Ended Free cash flow May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Net cash provided by (used in) operating activities $ 573,18
Slide 32: 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 May 31, 2025 Operating income (trailing fiscal four quarters) $ 1,260,289 Income taxes on operating income(1) (256,291) Operating income after taxes $ 1,003,998 Total inv
Slide 33: 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 May 31, 2025 Days sales outstanding Revenue (a) $ 14,946,315 Accounts receivable, net (b) 10,127,960 (c) = ((b)/(a))*the number Days sales outs
Slide 34: 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 August 31, 2025 Non-GAAP net income and non-GAAP diluted EPS(1) Low High Net income $ 159 $ 200 Amortization
Slide 35: 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 August 31, 2025 Non-GAAP gross billings Low High Revenue $ 14.7 $ 15.5 Costs incurred and netted against revenue related to sales of th
Slide 36: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Leverage ratio May 31, 2025 February 28, 2025 November 30, 2024 August 31, 2024 Total borrowings (a) $ 4,105,705 $ 4,327,965 $ 3,907,491 $ 4,050,202 Less: cash and cash equivalents (b)
Slide 37: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended May 31, February 28, November 30, August 31, May 31, February 29, November 30, 2025 2025 2024 2024 2024 2024 2023 Net income $ 184,921 $ 167,537 $ 194,802 $ 178,556 $ 143,605 $ 172
Slide 38: 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 Fiscal Years Ended February 28, November 30, August 31, November 30, November 30, November 30, Non-GAAP operating income May 31, 2025 2025 2024
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, 2021 Revenue $ 60,623.5 Cost of revenue (56,974.2) Gross profit
Slide 44: 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 May 31, Adjusted EBITDA less Capex 2025 Net income $ 725,816 Interest expense and finance charges, net 344,728 Provision f
Slide 45: THANK YOU
THANK YOU David Jordan TD SYNNEX Corporation 510-668-8436 IR@tdsynnex.com IR website: ir.tdsynnex.com