PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited Consolidated Financial Statements for the quarter ended May 31, 2021, including the impact of Concentrix's separation as discontinued operations [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased from **$13.47 billion** to **$8.16 billion** due to the Concentrix separation, impacting both assets and liabilities Consolidated Balance Sheet Highlights (in thousands) | Account | May 31, 2021 | November 30, 2020 | | :--- | :--- | :--- | | **Total current assets** | $7,239,756 | $8,769,127 | | **Total assets** | $8,159,898 | $13,468,590 | | **Total current liabilities** | $4,270,330 | $5,630,092 | | **Total liabilities** | $5,904,230 | $9,129,730 | | **Total stockholders' equity** | $2,255,668 | $4,338,860 | - The November 30, 2020 balance sheet includes **$1.42 billion** in current assets and **$3.75 billion** in noncurrent assets from discontinued Concentrix operations, separated December 1, 2020[12](index=12&type=chunk)[58](index=58&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Revenue increased **31.0%** to **$5.86 billion** for the quarter, with diluted EPS from continuing operations rising to **$1.78** from **$0.97** year-over-year Statement of Operations Summary (in thousands, except per share amounts) | Metric | Q2 2021 (Three Months Ended May 31, 2021) | Q2 2020 (Three Months Ended May 31, 2020) | Change YoY | | :--- | :--- | :--- | :--- | | **Revenue** | $5,856,825 | $4,470,928 | +31.0% | | **Gross Profit** | $329,175 | $274,616 | +19.9% | | **Operating Income** | $147,901 | $88,144 | +67.8% | | **Income from Continuing Operations** | $93,102 | $50,192 | +85.5% | | **Net Income** | $93,102 | $56,960 | +63.4% | | **Diluted EPS (Continuing Operations)** | $1.78 | $0.97 | +83.5% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$304.3 million** from **$1.23 billion** year-over-year, with **$149.9 million** transferred to Concentrix Cash Flow Summary (Six Months Ended May 31, in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $304,318 | $1,226,481 | | **Net cash used in investing activities** | ($7,515) | ($91,960) | | **Net cash used in financing activities** | ($221,960) | ($237,646) | - A key financing activity was the net transfer of **$149.9 million** in cash and cash equivalents to Concentrix as part of the separation[26](index=26&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail the Concentrix separation, customer concentration, borrowings, and the pending **$1.61 billion** Tech Data merger, including its financing - On December 1, 2020, the company completed the separation of its Concentrix business, which is now an independent public company[29](index=29&type=chunk) - One customer accounted for **25%** of total revenue and **20%** of consolidated accounts receivable, indicating significant customer concentration[40](index=40&type=chunk)[41](index=41&type=chunk) - SYNNEX announced an agreement to acquire Tech Data Corporation for approximately **$1.61 billion** in cash and **44 million** shares, expected to close in the second half of 2021[142](index=142&type=chunk)[145](index=145&type=chunk) - A new credit agreement for a **$3.5 billion** revolving credit facility and a **$1.5 billion** term loan was secured to finance the Tech Data merger[101](index=101&type=chunk)[104](index=104&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew **31.0%** driven by remote work and data center demand, while gross margin declined to **5.62%**; the cash conversion cycle improved to **26 days** Key Performance Indicators (Q2 2021 vs Q2 2020) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | **Revenue** | $5,856.8M | $4,470.9M | | **Gross Profit** | $329.2M | $274.6M | | **Gross Margin** | 5.62% | 6.14% | | **Operating Income** | $147.9M | $88.1M | | **Operating Margin** | 2.53% | 1.97% | - Revenue growth was driven by continued demand for remote work solutions and a recovery in return-to-office and data center spending[180](index=180&type=chunk)[181](index=181&type=chunk) - The cash conversion cycle improved to **26 days** from **43 days** year-over-year, driven by faster inventory turnover and improved accounts receivable collections[196](index=196&type=chunk)[197](index=197&type=chunk) Non-GAAP Reconciliation (Three Months Ended May 31, 2021) | Metric (in thousands) | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Operating Income** | $147,901 | $22,058 | $169,959 | | **Diluted EPS** | $1.78 | $0.31 | $2.09 | [Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages foreign currency risk, primarily CAD, BRL, EUR, and JPY, using forward contracts, with a **10%** USD weakening resulting in a **$25.7 million** derivative loss - The company uses forward contracts to hedge foreign currency risk for receivables, payables, and intercompany transactions, primarily in CAD, BRL, EUR, and JPY[243](index=243&type=chunk) Foreign Currency Derivative Sensitivity Analysis (as of May 31, 2021) | U.S. Dollar Change | Hypothetical Gain/(Loss) on Derivatives | | :--- | :--- | | -10% (Weakening) | ($25,748,000) | | +10% (Strengthening) | $12,629,000 | [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of May 31, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective[247](index=247&type=chunk) - No material changes to internal control over financial reporting occurred during the last fiscal quarter[248](index=248&type=chunk) PART II - OTHER INFORMATION [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) New risks primarily relate to the Tech Data acquisition, including integration challenges, increased debt, transaction failure, and LIBOR discontinuation - **Merger Integration Risk:** Successful integration of Tech Data is crucial for realizing anticipated benefits, involving technology, operations, and personnel retention[253](index=253&type=chunk)[254](index=254&type=chunk)[257](index=257&type=chunk) - **Increased Debt Risk:** Total debt is expected to increase to approximately **$4 billion** to fund the acquisition, potentially impacting financial position and covenants[263](index=263&type=chunk) - **Transaction Risk:** Failure to complete the merger could negatively impact stock price and business, potentially incurring a **$131.7 million** termination fee[260](index=260&type=chunk)[264](index=264&type=chunk) - **LIBOR Discontinuation Risk:** The anticipated discontinuation of LIBOR by year-end 2021 creates uncertainty for variable-rate debt, potentially impacting interest expense and cash flows[269](index=269&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including the Tech Data Merger Agreement and related financing documents - Key exhibits include the Tech Data Merger Agreement, Bridge Commitment Letter, new Credit Agreement, and CEO/CFO certifications[271](index=271&type=chunk) Signatures The report was signed and authorized on July 7, 2021, by Dennis Polk, President and CEO, and Marshall W. Witt, CFO - The report was signed and authorized on July 7, 2021, by Dennis Polk, President and Chief Executive Officer, and Marshall W. Witt, Chief Financial Officer[274](index=274&type=chunk)

SYNNEX Corporation (NYSE:SNX) Q2 2021 Earnings Conference Call June 24, 2021 5:00 PM ET Company Participants Liz Morali - IR Dennis Polk - CEO Marshall Witt - CFO Conference Call Participants Ruplu Bhattacharya - Bank of America Vincent Colicchio - Barrington Jim Suva - Citigroup Investment Adam Tindle - Raymond James Matt Sheerin - Stifel Ananda Baruah - Loop Capital Shannon Cross - Cross Research Operator Good afternoon. My name is Jeff and I'll be your conference operator today. I would like to welcome e ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents SYNNEX Corporation's unaudited consolidated financial statements, including balance sheets and cash flows, reflecting the Concentrix separation [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$7.73 billion** from **$13.47 billion** due to the Concentrix spin-off, impacting stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | Feb 28, 2021 | Nov 30, 2020 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$7,726,033** | **$13,468,590** | **($5,742,557)** | | Current assets of discontinued operations | $0 | $1,421,065 | ($1,421,065) | | Noncurrent assets of discontinued operations | $0 | $3,754,180 | ($3,754,180) | | **Total Liabilities** | **$5,596,735** | **$9,129,730** | **($3,532,995)** | | Current liabilities of discontinued operations | $0 | $985,840 | ($985,840) | | Noncurrent liabilities of discontinued operations | $0 | $1,866,807 | ($1,866,807) | | **Total Stockholders' Equity** | **$2,129,298** | **$4,338,860** | **($2,209,562)** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Revenue increased **21.0%** to **$4.94 billion**, with income from continuing operations rising to **$87.8 million** Q1 2021 vs Q1 2020 Performance (in thousands, except per share amounts) | Metric | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $4,939,014 | $4,081,024 | +21.0% | | Gross Profit | $304,567 | $255,105 | +19.4% | | Operating Income | $141,748 | $100,445 | +41.1% | | Income from Continuing Operations | $87,822 | $68,514 | +28.2% | | Diluted EPS from Continuing Operations | $1.69 | $1.32 | +28.0% | | Income from Discontinued Operations | $0 | $54,070 | -100.0% | | Net Income | $87,822 | $122,584 | -28.4% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$25.0 million**, with a **$149.9 million** transfer to Concentrix impacting financing activities Cash Flow Summary (in thousands) | Activity | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $24,977 | $58,141 | | Net cash used in investing activities | ($4,041) | ($54,304) | | Net cash provided by (used in) financing activities | ($147,219) | $67,567 | - A significant financing cash outflow was the net transfer of **$149.9 million** to Concentrix as part of the separation[25](index=25&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the Concentrix separation, and the subsequent merger agreement with Tech Data Corporation - On December 1, 2020, the company completed the separation of its Concentrix business, which is now an independent public company[28](index=28&type=chunk) - On March 22, 2021, SYNNEX entered into a merger agreement to acquire Tech Data Corporation in a cash and stock transaction[128](index=128&type=chunk) - In connection with the Tech Data merger, SYNNEX secured a debt commitment letter for a **$4.0 billion** bridge facility and a **$3.5 billion** revolving credit facility[131](index=131&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial performance, highlighting **21.0%** revenue growth, operating income increase, and the Tech Data merger - Revenue increased by **21.0%** to **$4.94 billion** in Q1 2021, driven by broad-based demand for IT products supporting remote work[165](index=165&type=chunk)[166](index=166&type=chunk) - Operating income rose **41.1%** to **$141.7 million**, with operating margin improving to **2.87%** due to growth and scale efficiencies[171](index=171&type=chunk) Non-GAAP Financial Highlights (in thousands, except per share amounts) | Metric | Three Months Ended Feb 28, 2021 | Three Months Ended Feb 29, 2020 | | :--- | :--- | :--- | | Non-GAAP operating income | $156,004 | $115,523 | | Non-GAAP operating margin | 3.16% | 2.83% | | Adjusted EBITDA | $161,502 | $121,399 | | Non-GAAP diluted EPS from continuing operations | $1.89 | $1.42 | - The cash conversion cycle improved significantly to **32 days** from **57 days** year-over-year, due to faster inventory turnover and accounts receivable collections[181](index=181&type=chunk)[182](index=182&type=chunk) - The company announced a merger agreement to acquire Tech Data for **$1.61 billion** in cash and **44 million** shares of common stock[152](index=152&type=chunk)[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages foreign currency and interest rate risks, using forward contracts to hedge principal non-functional currencies - The company uses forward contracts to hedge foreign currency risk on assets and liabilities denominated in non-functional currencies[219](index=219&type=chunk) Hypothetical Change in Fair Value of Forward Contracts (in thousands) | Scenario (vs. USD) | Gain/(Loss) as of Feb 28, 2021 | | :--- | :--- | | 10% Weakening | ($20,369) | | 10% Strengthening | $21,699 | [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, despite changes from the Concentrix separation - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[223](index=223&type=chunk) - The Concentrix separation did not materially affect the company's internal control over financial reporting[224](index=224&type=chunk) PART II - OTHER INFORMATION [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) New and updated risk factors primarily concern the proposed Tech Data acquisition and the discontinuation of LIBOR - The success of the Tech Data merger depends on realizing anticipated benefits, subject to integration and employee retention risks[229](index=229&type=chunk)[230](index=230&type=chunk) - Failure to complete the merger could negatively impact SYNNEX's stock price and business, potentially incurring a termination fee of up to **$132 million**[237](index=237&type=chunk)[241](index=241&type=chunk) - The company expects to incur substantial additional debt, increasing total debt to approximately **$4 billion**, impacting financial position and credit rating[240](index=240&type=chunk) - The discontinuation of LIBOR by the end of 2021 creates uncertainty and could adversely impact interest expense on variable-rate debt[243](index=243&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including the Tech Data Merger Agreement and financing letters - Key exhibits filed include the Merger Agreement with Tiger Parent (AP) Corporation, the Bridge Commitment Letter from Citigroup, and various certifications[245](index=245&type=chunk)

Creating a Leading Global IT Solutions Distributor March 22, 2021 Important Information Additional Information and Where to Find It In connection with the proposed transaction between SYNNEX Corporation ("SYNNEX") and Tiger Parent (AP) Corporation, the parent corporation of Tech Data Corporation, a Florida corporation, SYNNEX plans to file relevant materials with the Securities and Exchange Commission (the "SEC"), including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statem ...

SYNNEX Corporation (NYSE:SNX) Q1 2021 Earnings and Merger Discussion Conference Call March 22, 2021 8:30 AM ET Company Participants Liz Morali - IR Dennis Polk - CEO Marshall Witt - CFO Rich Hume - CEO, Tech Data Conference Call Participants Ananda Baruah - Loop Capital Adam Tindle - Raymond James Ruplu Bhattacharya - Bank of America Matt Sheerin - Stifel Shannon Cross - Cross Research Vincent Colicchio - Barrington Operator Good morning. My name is Sharon, and I will be your conference operator today. I wo ...

Table of Content UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) For the transition period from to Commission File Number: 001-31892 SYNNEX CORPORATION (Exact name of registrant as specifie ...

Investor Presentation January 2021 Safe Harbor Statement Statements in this presentation regarding SYNNEX Corporation which are not historical facts may be 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. These forward-looking statements may be identified by terms such as believe, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These forward-looking sta ...

SYNNEX Corporation (NYSE:SNX) Q4 2020 Earnings Conference Call January 11, 2021 5:00 PM ET Company Representative Dennis Polk - President, Chief Executive Officer Marshall Witt - Chief Financial Officer Liz Morali - Senior Manager, Investor Relations Conference Call Participants Tim Yang - Citi Ruplu Bhattacharya - Bank of America Shannon Cross - Cross Research Adam Tindle - Raymond James Matt Sheerin - Stifel Ananda Baruah - Loop Capital Vincent Colicchio - Barrington Research Operator Good afternoon. My n ...

SYNNEX Corporation (NYSE:SNX) Q3 2020 Earnings Conference Call September 29, 2020 5:00 PM ET Company Participants Dennis Polk - CEO Marshall Witt - CFO Christopher Caldwell - EVP Conference Call Participants Ruplu Bhattacharya - Merrill Lynch Adam Tindle - Raymond James Vincent Colicchio - Barrington Research Matt Sheerin - Stifel Ananda Baruah - Loop Capital Markets Shannon Cross - BMO Capital Markets Zhen Yang - Citigroup Operator Good afternoon, my name is Chantelle and I'll be your conference operator t ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2020 was $5.5 billion, down 3% from $5.7 billion in the same quarter last year, and down 2% on a constant currency basis [10] - Consolidated gross profit was $618 million, a decrease of 12% or $81 million year-over-year, with a gross margin of 11.2% compared to 12.2% a year ago [10] - Non-GAAP operating income was $162 million, down 34% year-over-year, with a non-GAAP operating margin of 2.9%, lower by 134 basis points compared to the prior year [10][15] - Total non-GAAP net income was $94 million, down 36% from the prior year, with non-GAAP diluted EPS at $1.83, also down 36% [15] Business Segment Performance - Technology Solutions revenue was $4.5 billion, down 2% or $96 million year-over-year, with a gross margin of 6.1%, an increase of 23 basis points due to favorable product mix [11] - Concentrix revenue was $1.1 billion, an 8% decrease year-over-year, with a gross margin of 32.4%, down from 37.1% a year ago [13] - Non-GAAP operating income for Concentrix was $63 million, down 47% year-over-year, with a non-GAAP operating margin of 5.9% compared to 10.3% a year ago [13] Market Data and Key Metrics Changes - The cash conversion cycle improved to 46 days, down 7 days from the previous year, leading to a preliminary cash flow from operations of $1.2 billion [17] - Total liquidity available to fund operations was approximately $2.5 billion at the end of Q2 [18] Company Strategy and Industry Competition - The company is committed to finalizing the spin-off of Concentrix, targeting completion in the fourth quarter of 2020 [21] - A new three-year $400 million share repurchase program was approved, effective July 1, 2020, as part of a return to pre-pandemic capital allocation strategies [19] - The company anticipates a shift towards more work-from-home capabilities, which may lead to a permanent change in operational models [62] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about recovery as economies begin to reopen, but acknowledged ongoing challenges due to COVID-19 [52] - The company expects continued solid sales in mobile, cloud, and security products, with a gradual recovery in office and enterprise product transactions [53] - There is an expectation of ongoing COVID-related expenses, but these are anticipated to decrease over time [54] Other Important Information - The company noted that supply chain challenges are improving but not fully back to normal, with significant backlogs still present [59][60] - The company is seeing strong demand for outsourcing services as clients adapt to new economic realities [42] Q&A Session Summary Question: Update on supply chain impact of the pandemic - Management indicated that supply chain conditions are better than at the beginning of the quarter, but not fully normalized, with significant backlogs still present [59][60] Question: Percentage of call center workers able to work remotely - Approximately 60% of call center workers were able to work remotely at peak, with some regions returning to on-site work [67] Question: Long-term growth rate for Concentrix - Management sees opportunities for growth despite current declines, with expectations to return to pre-COVID growth rates over time [109] Question: Concerns about work-from-home demand peaking - Management acknowledged the surge in demand for work-from-home solutions but believes that ongoing investments in technology will support future growth [78][80] Question: COVID-related costs and their impact on future expenses - Management noted that some COVID-related expenses will become part of the fixed expense run rate, but efforts will be made to offset these costs [86][87]