A Technology Solutions and Business Services Company … · Facts About SYNNEX 2017 Ranked No. 198 2007, Ranked No. 360 Consecutive, Profitable Quarters! 5-Year CAGR 6.2% 1CELEBRATING21

A Technology Solutions and

Business Services Company

Raymond James Technology Investors Conference

December 5, 2017

1

Safe Harbor StatementStatements 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 statements include, but are not limited to, statements regarding

our business strategy; our investments; our growth; shareholder return; our acquisition of the Westcon-

Comstor North America and Latin America businesses and minority investment in Westcon-Comstor

EMEA and APAC businesses, including the business and financial impact thereof and additional revenue;

TAM and CAGR of IT security, network infrastructure and UCC markets for each year through 2020 and

$10 billion plus of incremental TAM; the complementary market enterprise and operations of SYNNEX and

the acquired businesses; the business and financial impact of our acquisition of Tigerspike; margins;

revenues; technology trends and IT market growth; core CRM and BPO market disruptors, trends and

CAGR; Concentrix strategic focus and double digit adjusted operating margin in FY18; our product and

service features and capabilities; and our financial goals.

These are subject to risks and uncertainties that could cause actual results to differ materially from those

discussed in the forward-looking statements. Please refer to the documents filed with the Securities and

Exchange Commission, specifically our most recent Form 10-K and Form 10-Q, for information on risk

factors that could cause actual results to differ materially from those discussed in these forward-looking

statements. Statements included in this presentation are based upon information known to SYNNEX

Corporation as of the date of presentation and SYNNEX Corporation assumes no obligation to update

information contained in this presentation.

© 2017, SYNNEX Corporation. All rights reserved. 2

Facts About SYNNEX

2017

Ranked

No. 1982007, Ranked

No. 360

Consecutive,

Profitable

Quarters!

5-Year

CAGR 6.2%

CELEBRATING

121as of August 31, 2017

LTM Adj. Operating Margin 3.56%

2016REVENUE

>$14 B

>110,000ASSOCIATES

NYSE: SNX

© 2017, SYNNEX Corporation. All rights reserved.

Operate

throughout

North and South

America, Asia-

Pacific and

Europe.

3

Global Leader in Magic Quadrant

Concentrix Top 5 Global CRM Business Services

Revenue Growth ($M) Adjusted Operating Margin(1)

LTM is the last twelve months ended August 31, 2017.

(1) Non-GAAP Measure. See the Appendix to this presentation for Definitions of

Non-GAAP Measures and reconciliation of such measures to GAAP.

(2) Over $17B current annual revenue run rate

Strong Performance Driven By Effective Pursuit

of Profitable Initiatives In Areas of Growth

$10,845

$13,840 $13,338$14,062

$15,621

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2013 2014 2015 2016 LTM 2017

2.37%

2.94%3.14% 3.20%

3.56%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

2013 2014 2015 2016 LTM 2017


Non-GAAP Diluted EPS(1)




$4.28

$6.16 $6.28

$7.04

$8.63

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

2013 2014 2015 2016 LTM 2017


Five Year CAGR 2012-LTM 2017 of 16.1%

Non-GAAP EPS Growth Rate of 16% exceeds

Revenue Growth Rate of 8.7%

Efficient Deployment of

Technology and CE

Products and Services

through Volume and Value-

Add Distribution

Deliver High-Value

Business Services and

Solutions Through Digital

and Enabling Technologies

for the Customer

Relationship Lifecycle

All End Markets, including

Public Sector, Corporate &

Enterprise, SMB and

Consumer through Value

Added Resellers and

Retailers

The World’s Largest Data

Center Customers

Web 2.0/Social Media,

Finance, Entertainment

20,000+ Reseller and Retail Customers

Hyperscale Factories in the US and UK

A new paradigm for scale computing, with

purpose-built, large scale data center solutions

Focused Footprint in the US, Canada and Japan

Represent over 300 of the World’s Leading IT and CE

Manufacturers

5 Continents

40+ Languages

SYNNEX Today

Revenue $13.7B* Adjusted Operating Margin (1) 2.76%*

Over $15B current annual revenue run rate

Revenue $1,956M* Adjusted Operating

Margin (1) 9.10%*

*Represents the last twelve months ended August 31, 2017. (1) Non-GAAP Measure. See the Appendix to this

presentation for Definitions of Non-GAAP Measures and reconciliation of such measures to GAAP.

Single mgmt. platform

including staging,

integration, 3PL,

deployment and resource

provisioning for UCC,

Network and Security

Services

Global customers

leveraging Westcon-

Comstor brand combined

with SMB, Corporate,

Enterprise and System

Integrators

10,000+ Reseller Customers

Focused Footprint in North & Latin America

SYNNEX IT Distribution

100,000+ Associates Worldwide

Among Top 5 Global Business Services Companies

Priority Verticals: Healthcare

and Pharmaceuticals, Banking

and Financial Services,

Insurance, Consumer

Electronics and Technology,

and Automotive

Design and Deliver Custom,

Purpose-Built Servers,

Storage, Switches

Efficient Design, Large Scale

and Worldwide Deployment

WHAT WE LOOK LIKE

WHO WE SERVE

WHAT WE DO

Represent over 130 of the World’s Leading Security, UCC and Networking Manufacturers

6

SYNNEX Technology

Solutions



$10,666

$12,756$11,937

$12,491

$13,680

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2013 2014 2015 2016 LTM 2017

2.26%2.42%

2.56% 2.55%

2.76%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2013 2014 2015 2016 LTM 2017

Higher Margin Investments in SYNNEX Cloud Solutions and Other

Strategic Solutions Generating Revenue and Margin Expansion




(2) Over $15B current annual revenue run rate


Technology Solutions

Business

Sector

Resellers


VALUE-ADD

Design Services

Assembly & Test

Professional Services

SPECIALTY

Niche – Targeted Markets

Partner Enablement

VOLUME

Supply Chain Efficiencies

Tech Support

Inventory Management

Financing Program

SMB35-40%

Consumers22-25%

Public Sector20-25%

Enterprise25-27%

Technology Solutions: over $15 Billion Business

9

End-markets revenue

breakdown does not

include data from

Westcon-Comstor


SYNNEX’ Comprehensive Cloud Strategy

ENTERPRISE HYPERSCALECOMPUTING

SMALL-TO-MEDIUM BUSINESSES

End-to-end Platform, XaaS, Subscription-Based

Deployment into SMB

Building out the Hyperscale

Datacenter with Custom Built,

Energy Efficient Solutions

Enabling Private and

Hybrid on Premise

Cloud-Based Architecture

10

Marketplace

Community

Applications

InfrastructureElectronic Software

Download

Ability to Burst to

the Public Cloud

OpenStack Cloud

Computing Platform

IaaS Utility Finance

Open Compute Project

High-Performance Computing

Design & Integration Capabilities

SYNNEX’ Acquisition of Westcon-Comstor Americas Business

Positions SYNNEX as a leader in the security and communications market

11

Westcon-Comstor Americas Overview

Note: Breakdown based on Westcon FY2017 revenue.

Security Networking UCC

48%

32%

15%

6%

Other

UCC

Cisco

Security

77%

23%

North America

Latin America

Segment Breakdown by Revenue

Select Technology Vendors

~$2.2BRevenue

130+Vendors

10,000+Customers

14Countries

~1,400Employees

12

Addressing Attractive Markets

IT Security

Worldwide IT Security Market

$36 $39

$42 $45

$49

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2016 2017 2018 2019 2020

($B)

$36BTAM

Network Infrastructure UCC

Worldwide Network

Infrastructure Market

$41BTAM

$41 $42

$43 $45 $46

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2016 2017 2018 2019 2020

($B)

Worldwide UCC Market

$30BTAM

$30

$34

$38

$42

$46

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2016 2017 2018 2019 2020

($B)

Adds $10B+ of Incremental Distribution TAM to SYNNEX

Source: IDC research. Worldwide IT Security Forecast, Mar 2017.

Worldwide Enterprise Network Infrastructure Forecast, Sep 2016.

Worldwide Unified Communications & Collaboration Forecast, May 2017. 13

Security

More than 300 vendors in enterprise,

broadline, and retail distribution

VENDOR RELATIONSHIPS

TECHNOLOGIES

END MARKETS SERVED

Specialty line card in security,

UCC, and networking

Federal

SMB

Public Sector

Retail

Enterprise Enterprise

Global Service Providers

Network UCC

Server, Storage

System Components

PC, Printer, Peripheral

Security, Networking, UCC

Highly Complementary Market Expertise

14


Concentrix


Strategic Acquisitions and Investment in Key Business Units

Uniquely Positions Concentrix on a Global Basis

$189

$1,096

$1,417

$1,588

$1,956

$0

$500

$1,000

$1,500

$2,000

$2,500

2013 2014 2015 2016 LTM 2017

8.28%

8.86%

8.00%

8.27%

9.10%

7.20%

7.60%

8.00%

8.40%

8.80%

9.20%

2013 2014 2015 2016 LTM 2017





Concentrix Today

#5 global provider but still

a small % of CRM market

500+ clients – vast

majority name brand,

unicorns or major players

in their marketplace

Presence now in 35+

countries

Positioned Well In The

Current CRM Market

Four Distinct

Business UnitsTigerspike

Acquisition

Significantly strengthens

digital capabilities with

enterprise mobile

application development

expertise

CRM – Core business provides scale with global footprint and strong client

base; model under disruption

CIS – Insurance solutions that historically has seen almost

no disruption but high barriers to entry

Emerging Business –Connected car, IoT, OEM

marketing solutions driving growth and margin expansion

Tigerspike – Digital capabilities to be leveraged

across client base; becoming a more meaningful part of

Concentrix in coming years

17

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

•

Note: Based on 2016 revenue as available. Revenue of peers pro forma adjusted for acquisitions.

Concentrix revenue adjusted for Minacs acquisition.

Source: Company filings, Wall Street research and Gartner research.

18

#5

Top 10 Players in the CRM BPO Market ($M Revenue) Next Top 10

Evolving competitive landscape where we

expect disruptive changes

Concentrix Well Positioned in the Market

$1.3B revenue

$1.2B revenue

$1.1B revenue

$1.0B revenue

$1B revenue

$1B revenue

$900M revenue

$690M revenue

$640M revenue

$580M revenue

18

19Source: IDC research, Nelson Hall research, Gartner research, Nasscom reports, Company public filings, and other industry research.

$64B

CRM BPOAnalytics

$10B+

Consulting

$35BMaintenance

Services

$135B+

Back Office

BPO

$100B+

Vertical BPO

$170B+

RPA

$250M

Artificial

Intelligence

$12.5B

Digital Services

$100B+

IoT

$400B

Marketplace – Larger Than Just CRM BPO

19

CRM Marketplace Disruptors

`20

Core Market

Market Trends

Disruptive Areas

Growing Significantly Faster Than

Rest of Market

▪ Core CRM market today at $64B

▪ Expected to grow at ~3-5%

CAGR over next 5 years

▪ BPO market at $180B, growing

at 4.8% CAGR, represents

adjacent opportunities

▪ Digital

▪ AI

▪ RPA

▪ Alternative

Workforce

Solutions

▪ Drive towards increased

digital / non-human

(automation, AI) handling of

transactions

▪ Higher value service offerings

and vertical expertise

becoming more critical

▪ Mobile intelligent apps / self

service

▪ Increased M&A activity in

digital / RPA / AI

20

Concentrix Strategic Focus

Invest in the Future

Leverage Strengths Across Concentrix

Business Units

Double Digit Adjusted Operating

Margins in FY 18

Drive Brand Recognition As the

Market Leader

Continue to Invest in Key Verticals While Expanding Margins

• Continued growth in higher margin strategic verticals

• Growing share with strategic relationships

• Continue to invest in high value services• Ongoing optimization of network

• AI / Chatbots

• RPA

• Workforce Alternatives

• Digital

+

• Customers

• Footprint

• Technologies

• Capabilities

21

SYNNEX:Focused on the Future


23

Investment Highlights


Strong Track Record of Revenue Growth,

Margin Expansion and Strategic Investments

WHAT WE ACCOMPLISHED

Superior Total Shareholder Return

Seasoned Management with In-Depth Industry

Experience

Recognized Leadership in Customer Care BPO

and Technology Distribution

Penetrated Growth Markets

Customer-Centric Business Strategy Focused on

Growth Markets

Appendix


Use of Non-GAAP Financial Measures

To supplement the financial results presented in accordance with GAAP, SYNNEX uses adjusted selling,

general and administrative expenses, adjusted operating income, adjusted operating margin, adjusted

earnings before interest, taxes, depreciation and amortization, non-GAAP net income attributable to

SYNNEX Corporation, and non-GAAP diluted earnings per share (“EPS), and adjusted return on invested

capital, which are non-GAAP financial measures that exclude the amortization of intangible assets,

restructuring costs, acquisition-related and integration expenses and the related tax effects thereon. These

non-GAAP measures provide investors with an additional tool to evaluate operating results. Because these

non-GAAP measures are not calculated in accordance with GAAP, they may not necessarily be

comparable to similarly titled measures employed by other companies. These non-GAAP financial

measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and

should be read only in conjunction with the Company's consolidated financial statements prepared in

accordance with GAAP.

SYNNEX management uses the non-GAAP financial measures internally to understand, manage and

evaluate the business, to establish operational goals, and in some cases for measuring performance for

compensation purposes. SYNNEX management believes it is useful for the company and investors to

review, as applicable, both GAAP information, and the non-GAAP measures in order to assess the

performance of SYNNEX’ continuing businesses and for planning and forecasting in future periods. These

non-GAAP measures are intended to provide investors with an understanding of SYNNEX’ operational

results and trends that more readily enable investors to analyze SYNNEX' base financial and operating

performance and to facilitate period-to-period comparisons and analysis of operational trends. The

management of SYNNEX believes the non-GAAP financial measures are useful to investors in allowing for

greater transparency with respect to supplemental information used by management in its financial and

operational decision-making. A reconciliation of SYNNEX’ non-GAAP financial information to GAAP is set

forth in the supplemental information tables in the following slides.


Definition of Non-GAAP Financial Measures

Non-GAAP financial measures included in this presentation are:

▪ Adjusted operating income, which is operating income as adjusted to

exclude acquisition-related and integration expenses, restructuring costs

and the amortization of intangible assets.

▪ Adjusted operating margin, which is Adjusted operating income as defined

above, divided by Revenue.

▪ Non-GAAP diluted EPS, which is diluted EPS excluding the per share, tax

effected impact of (i) acquisition-related and integration expenses, (ii)

restructuring costs, and (iii) amortization of intangible assets.


Reconciliation of GAAP to Non-GAAP Financial Measures(Amounts in thousands, except per share amounts)


LTM

2012 2013 2014 2015 2016 as of August 31, 2017

Consolidated

Revenue 10,285,507$ 10,845,164$ 13,839,590$ 13,338,397$ 14,061,837$ 15,620,725$

Operating Income 255,012$ 240,828$ 308,507$ 354,552$ 379,596$ 479,747$

Acquisition-related and integration expenses - 8,394 43,036 10,109 10,393 8,102

Restructuring costs - - - - 4,255 -

Amortization of intangibles 8,289 7,953 55,161 54,756 55,490 68,225

Adjusted operating income 263,301$ 257,175$ 406,704$ 419,417$ 449,734$ 556,074$

Operating margin 2.48% 2.22% 2.23% 2.66% 2.70% 3.07%

Adjusted operating margin 2.56% 2.37% 2.94% 3.14% 3.20% 3.56%

Technology Solutions

Revenue 10,135,795$ 10,666,215$ 12,755,514$ 11,936,660$ 12,490,718$ 13,680,443$

Operating income 248,924$ 237,290$ 305,499$ 302,950$ 315,485$ 374,683$

Acquisition-related and integration expenses 705



GAAP operating margin 2.46% 2.22% 2.40% 2.54% 2.53% 2.74%


Concentrix

Revenue 159,522$ 189,463$ 1,096,214$ 1,416,670$ 1,587,736$ 1,956,221$

Operating income 6,376$ 3,249$ 2,455$ 51,127$ 63,877$ 105,011$

Acquisition-related and integration expenses - 8,394 43,036 10,109 10,393 7,397

Restructuring costs - - - - 4,255 -



GAAP operating margin 4.00% 1.71% 0.22% 3.61% 4.02% 5.37%


Fiscal year ended November 30,

Reconciliation of GAAP to Non-GAAP Financial Measures(Amounts in thousands, except per share amounts)

(Continued)


LTM

2012 2013 2014 2015 2016 as of August 31, 2017

Diluted EPS(1)3.96$ 3.02$ 4.57$ 5.24$ 5.88$ 7.37$

Acquisition-related and other integration expenses 0.22 1.09 0.25 0.26 0.21

Restructuring charges - - - - 0.11 -

Amortization of intangibles 0.22 0.21 1.40 1.38 1.39 1.70

Impact of conversion premium(2)- 0.97 - - - -

Income taxes related to the above(3)(0.08) (0.14) (0.91) (0.59) (0.60) (0.64)

Non-GAAP Diluted EPS(4)4.10$ 4.28$ 6.16$ 6.28$ 7.04$ 8.63$

Fiscal year ended November 30,

(3) The tax effect of the non-GAAP adjustments was calculated using the effective year-to date tax rate during the respective fiscal periods, except for the

acquisition-related and other integration expenses for fiscal year 2013, which was calculated using the tax deductible portion of the expenses and applying

the entity-specific, U.S. Federal and blended state tax rates.

(4) The sum of the components of Non-GAAP Diluted EPS may not agree to totals, as presented, due to rounding.

(2) For fiscal year 2013, net income attributable to SYNNEX Corporation for the purpose of computation of diluted EPS was adjusted for the change in the

estimated value of the conversion premium of convertible notes from April 2013 through the final settlement date. The convertible notes were settled in the

third quarter of fiscal year 2013.

(1) Diluted EPS for LTM 2017 represents the sum of the Diluted EPS of each of the last four quarters ended on August 31, 2017.

Documents

A Technology Solutions and Business Services Company … · Facts About SYNNEX 2017 Ranked No. 198 2007, Ranked No. 360 Consecutive, Profitable Quarters! 5-Year CAGR 6.2% 1CELEBRATING21