Investor Presentation. December 2018

Transcription

1 Investor Presentation December 2018

2 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 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 and growth opportunities, market forecasts regarding TAM and the technology solutions worldwide market, our comprehensive cloud strategy, market forecasts concerning worldwide cloud IT infrastructure revenue growth, market forecasts and opportunities for Concentrix beyond CRM, potential benefits of our acquisition of Convergys including future financial and operating results and synergies, our expectation to exceed $150 million of total cost synergies over a three-year period post-transaction integration with an accelerated pace of $75 million in the first year and non-gaap EPS accretion, our adjusted ROIC, our total debt to adjusted EBITDA, our commitment to remain at or below historical leverage level of 2.5x, our acquisition execution and integration and generation of significant value, our growing and large TAM, our diversified revenue and profitability, our mix shift to higher margin technology platforms and services, Hyve Solutions and BPO Customer Care adjacent market growth, core organic growth beyond market growth in Technology Solutions and Concentrix-focused verticals, revenue growth and margin expansion, and our capital allocation top priorities of shareholder returns, investments in core business, strategic mergers and acquisitions, and investments in new markets. 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.

3 SYNNEX Facts Proven results and recognition Fortune 200 Company Ranked #169 in Consecutive Profitable Quarters 3.3% Q3 FY18 Non-GAAP Operating Margin (1) SYNNEX Top 3 Americas Distribution CONCENTRIX Top 2 Global CRM Business Services ~$20B LTM Revenue LTM is the last 12 months ended Aug. 31, (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

4 $20.5 $15.5 $10.5 $5.5 $ % 3.3% 2.8% 2.3% 1.8% 1.3% 0.8% 0.3% -0.2 % Strong Track Record of Revenue and Profit Growth 9% revenue CAGR (FY08-FY17) Revenue ($B) Adj. OP%(1) 2.4% 2.5% 2.6% 2.4% 2.9% 3.1% 3.2% 3.5% $ % $19.7 $ % 2.0% $10.4 $10.3 $10.8 $13.8 $13.3 $14.1 $14.4 FY18 YTD $7.7 $7.7 $8.6 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 LTM LTM Including Convergys* LTM is the last twelve months ended Aug. 31, *Proforma LTM including Convergys reflects Convergys LTM revenue of $2.7B through June 30, (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

5 A Fortune 200 Global Business Process Services Company Technology Solutions Distribution, logistics, and integrated solutions Concentrix Global business services company ~$18B LTM revenue Locations: Americas, Japan, China $2B+ LTM revenue Locations: 40+ countries in 6 continents 400+ OEMs & partners 30K+ tech products distributed 25K+ resellers & retail customers Product Categories: IT systems, security, networking equipment, UCC, software, system components & integrated solutions, peripherals Cloud Strategy Servicing: SMB, mid-market, enterprise, hyperscale computing (Hyve Solutions) 225K+ associates 650+ clients 70+ languages Priority Verticals: Healthcare, banking and financial, insurance, technology, automotive Solutions: Technology-infused, omni-channel customer experience management, marketing optimization, digital, consulting, analytics, back office solutions LTM is the last 12 months ended Aug. 31, 2018.

6 Annual Trended Financial Metrics Revenue ($B ) 5% $10.8 Growth Y/Y 28% -4% 5% $13.8 $13.3 $ % $17.0 Adj. Operating Profit (1) ($M) Adj. OP%(1) 3.1% 3.2% 2.9% 2.4% $407 $419 $450 $ % $593 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 Adj. EBITDA (1) ($M) Adj. EBITDA Margin%(1) Free Cash Flow (2) ($M) 2.5% $ % 3.5% $443 $ % $ % $674 $245 $386 $368 $392 $576 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP. (2) Free cash flow defined as adjusted EBITDA less CapEx.

7 Quarterly Trended Financial Metrics Revenue ($M ) Growth Y/Y 16% 17% $3,936 $4,277 37% $5,312 29% 26% 15% $4,552 $4,973 $4,907 Adj. Operating Profit (1) ($M) Adj. OP% (1) 3.6% 3.3% 3.6% $193 $141 $ % 3.1% $140 $ % $163 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Adj. EBITDA (1) ($M) Adj. EBITDA Margin% (1) Adj. Earnings Per Share (1) Growth Y/Y 4.1% 3.7% $161 $ % $ % 3.5% 3.8% $162 $175 $185 52% 25% $2.08 $2.16 9% 18% 14% 19% $2.79 $2.38 $2.57 $2.14 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

8 Our Strategic Focus Dedicated and skilled teams focused on growing the business Harvest Seed Grow Differentiation Through unique and proprietary services and capabilities Grow Beyond Core Leverage existing competencies into new markets Optimize Core Plenty of fuel in the tank Technology Solutions Best of breed capability in market knowledge, technology, and services Deep vendor relationships in technology services Linecard expansion beyond traditional adjacent technology products Identify new profit pools in cloud, software, integration, and services Relentless focus on core growth, margin expansion and working capital efficiencies Identify and partner with winners Concentrix Leverage Concentrix scale Passionate about adding value, customer first Penetration in BPO markets beyond CRM Strengthen priority industry verticals with organic investments and strategic acquisitions Leverage IP to grow in highmargin verticals Concentrix proprietary platforms delivering improved business results

9 Passionate and Committed Management Team Deep bench with 70+ years of combined experience Dennis Polk President & CEO 16+ years with company, joined in 2002 Past roles at SYNNEX: COO, CFO, SVP Finance Marshall Witt CFO 5+ years with company, joined in 2013 Past roles: 15-year tenure with FedEx Corporation, held progressive financial and operational roles Peter Larocque President, North America Technology Solutions 35+ years with company, joined 1984 Past roles at SYNNEX: President of U.S. Distribution, EVP of Distribution, SVP Sales and Marketing Chris Caldwell President, Concentrix 14+ years with company, joined 2004 Past roles at Concentrix: SVP & GM of Concentrix, VP Emerging Business and Global Business Development

10 SYNNEX Technology Solutions

11 Technology Solutions Highlights Long-term focus with targets to sustain above market growth rates Annual Revenue ($B) $12.8 $11.9 $12.5 $15.1 $17.7 $13.0 FY18 YTD FY14 FY15 FY16 FY17 LTM Quarterly Revenue ($M) Growth Y/Y 41% 33% 30% 13% 16% 17% $4,781 $4,486 $4,419 $3,785 $4,049 $3,458 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Adjusted Operating Income (1) TTM $456M Annual Adj. Operating Margin (1) 2.7% 2.6% 2.6% 2.6% Quarterly Adj. Operating Margin (1) (% of Rev.) 3.0% 2.7% 2.7% 2.4% 2.5% 2.7% 2.4% 2.5% FY18 YTD FY14 FY15 FY16 FY17 LTM Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 LTM is the last twelve months ended August 31, (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

12 Technology Solutions Growth and diversification through organic investments and acquisitions Multi-Faceted Corporate, Commercial, Consumer, Cloud, Services Value-Added Distributor Growth in changing environment Investments aligned with market growth areas Solid base for next step-up New Consumption Models (XaaS) Cloud Solutions Westcon- Comstor ~$18B LTM Revenue* ~$5B Revenue New Age Electronics Japan 2005 TODAY *LTM is the last 12 months ended Aug. 31, 2018.

13 $0 $15 $30 $45 $60 $75 $90 $105 $120 $135 $150 $165 Technology Solutions Worldwide Marketplace UCC (2) $36B IT Security (1) $38B Network Equipment (1) $45B $150B $120B 8% CAGR Software (1) $478B Peripherals (1) $74B IT Systems (3) $168B (1) IDC Worldwide Black Book: 3 rd Platform Edition, June (2) IDC Worldwide Unified Communications & Collaboration Forecast, (3) IDC, March 2017.

14 Strength in U.S. Distribution Market Continues 9 consecutive quarters of channel growth Total U.S. Distribution Revenue Growth YoY Quarterly Revenue % Change 5.7% 4.6% 5.0% 3.8% 4.1% 2.0% 2.3% 2.6% 1.4% Q2 CY16 Q3 CY16 Q4 CY16 Q1 CY17 Q2 CY17 Q3 CY17 Q4 CY17 Q1 CY18 Q2 CY18 Source: The NPD Group, Inc., U.S. B2B Distributor Tracking Service, based on dollar sales, May June Sales are adjusted for 5-wk Jan vs. 4-wk Jan

15 Technology Solutions Hybrid Structure Value-Add Design Services Assembly and Test Professional Services (UCC, Network, Security, Servers) Specialty Niche Targeted Markets Partner Enablement (XaaS, SW, Wholesale, Strategic Procurement) Volume Supply Chain Efficiencies Tech Support Inventory Management Financing Program (Consumer, Commercial) Enables partners to leverage our range of solutions to grow their business SMB 29-35% Enterprise, SMB, Public Sector CSPs DMRs System Integrators Resellers VARs MSPs Public Sector 21-25% Enterprise 30-38% Consumer Consumer 7-13% Retailers Nationals E-Commerce Fashion Military Broadcast

16 Technology Solutions is Strategically Positioned Strong Americas footprint and rest of the world regions to support our global customers Technology Solutions United States Canada Mexico Latin America Japan China 10% interest in Westcon-Comstor EMEA and APAC businesses Westcon-Comstor

17 Best-in-Class Market Expertise Technologies IT Systems Security Networking Equipment UCC System Components and Integrated Solutions Peripherals Software Vendor Relationships 400+ enterprise, broadline, retail distribution vendors Specialty linecard in security, UCC, networking End-Markets Served SMBs Retail Public Sector Federal Enterprise

18 Comprehensive Cloud Strategy CLOUDSolv MOBILITYSolv Cloud services Marketplace Applications Community Infrastructure Data/analytics Artificial Intelligence CONVERGESolv Application modernization and containerization OpenStack cloud computing platform Utility finance IaaS Ability to burst to the public cloud Hyve Solutions Design, manufacturing, deployment capabilities Global reach with worldwide manufacturing SMB + Mid-Market End-to-end platform, XaaS, subscription-based deployment, based on foundation of IoT solutions Public cloud Mid-Market + Enterprise Enabling private and hybrid on premise cloud-based architecture Public + private clouds Hyperscale Computing Building out hyperscale datacenters with custom built solutions

19 Servers We design, manufacture and deploy custom purpose built products for the world s largest data center customers Storage Switch Deploy full-rack solutions at scale worldwide Global reach with manufacturing sites in U.S., Europe, Asia Worldwide Cloud IT Infrastructure revenue to reach $82.9 billion in 2022; five-year CAGR 11.2% 1 (1) Source: IDC, WW Quarterly Cloud IT Infrastructure Tracker, June 2018.

20

21 10.0 % 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% $560 $540 $520 $500 $480 $460 $40 Concentrix Highlights Annual Revenue ($B) Quarterly Revenue ($M) Growth Y/Y $2.0 $2.0 39% 43% 22% 7% 6% 2% -1% Generated Strong Cash Flow From Operations Adjusted EBITDA (1) TTM $262M $1.1 $1.4 $1.6 $1.5 FY18 YTD FY14 FY15 FY16 FY17 LTM $534 $508 $496 $491 $492 $478 $482 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Annual Adj. Operating Margin (1) Quarterly Adj. Operating Margin (1) 8.9% 8.0% 8.3% 9.0% 9.5% 8.6% FY18 YTD 7.9% 8.1% 7.8% 12.1% 8.6% 8.5% 8.7% FY14 FY15 FY16 FY17 LTM Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 LTM is the last twelve months ended Aug 31, (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

22 A Rich Heritage of Investments with More to Come in the Future Our strategy has always been to invest in what delivers high value SYNNEX acquires BSA Sales 2004 Concentrix is acquired and integrated with BSA to make the new Concentrix ,800 Staff 2008 e4e Teleservices, Encover and Aspire are acquired ,500 Staff 2012 IBM CRM Industry Vertical Business is acquired 2014 Minacs is acquired 2016 Convergys is acquired 225,000 Staff Staff 2007 Concentrix acquires Link2Support 2009 Intelligent Outsourcing and Occidental Business Services are acquired 2011 gem (Belfast) is acquired ,000 Staff 55,000 Staff ,000 Staff Ultimate CSR and Tigerspike are acquired

23 Concentrix at a Glance Top 2 global business services company 12+ years average client tenure 650+ clients 50 unicorns / disruptors Unparalleled Ability to deliver highvalue services globally Robust global footprint 225k+ staff 80+ Fortune 500 clients Deeper industry and domain knowledge 40+ countries 70+ languages 6k+ credentialed professionals Exceptional technology, digital and analytics expertise Presence in 6 continents 80+ industry awards Source: Gartner March 2017 Magic Quadrant for Customer Management Contact Center BPO, Worldwide; IAOP GO 100, 9 th time; Top 5 Ranking. based on 2017 Revenue. Revenue per company filings and press releases; Voted Best Place to Work in several cities worldwide in

24 Concentrix Industry Verticals and Service Offerings Healthcare Banking & Financial Services Insurance Technology Automotive Consumer Electronics Energy & Public Sector Media & Communications Retail & e-commerce Travel, Transportation & Tourism Digital Customer Engagement Analytics Consulting / Transformation Technology Platforms

25 Concentrix Services Go Beyond the Traditional CCO Model Delivering next generation CX to meet customers in the future Evolving models for talent, recruitment and labor of the future Digital products and services to enable transformation Optimized process and business models for speed and efficiency Customer Lifecycle Management Strategy CX / UI Analytics and Insights RPA, Machine Learning, AI Optimization Emerging Technologies Systems Integration Improved Business Outcomes Customer Engagement 2018, 2018, SYNNEX SYNNEX Corporation Corporation

26 Gartner Positions Concentrix Above All Others Gartner Magic Quadrant Highest in the ability to execute and most forward in completeness of vision

27 Everest Group Recognizes Us as a PEAK Leader Fourth time as a leader A star performer based on movement High buyer satisfaction scores A leader in market impact 2018, 2018, SYNNEX SYNNEX Corporation Corporation

28 Distinguished as a Clear Top 2 Leader in the CRM BPO Market 2017 CRM BPO Market Share by Revenue (1) ($M) Telepeformance (2) (3) Concentrix + Convergys Alorica Transcosmos Atento (1) Compiled based on public filings & sources and most recent fiscal year available. (2) Included Pro forma for Intelenet acquisition. (3) Converted at a EURUSD rate as of 07/09/ , 2018, SYNNEX SYNNEX Corporation Corporation

29

30 Convergys Acquisition Strategic Rationale Enhances SYNNEX position as a leading business process services company Delivering significant long-term shareholder value Increases Concentrix scale and diversifies revenue base Significantly expands strategic client base and geographical footprint Strengthens position in strategic industry verticals Delivers highly compelling financial attributes

31 Transaction Summary Acquisition of Convergys closed on October 5, 2018 Transaction Consideration Financial Impact Financing SYNNEX acquired Convergys for ~$2.2 billion, which included: $1.2 billion in total cash or $13.25 per share million shares of SYNNEX stock or SYNNEX common shares for each share of Convergys common stock In addition, $270 million of net debt on the balance sheet assumed Expect to exceed $150 million of total cost synergies over a 3-year period post transaction integration: Expect an accelerated pace of $75 million in the first year Expect non-gaap EPS accretion (1) : Year-1: mid-to-high single-digits % (previously mid single-digits) Year-2: double-digits % Expect adjusted ROIC to meet or exceed our requirements Secured $1.8 billion of debt financing for this transaction Total debt to adjusted EBITDA of ~3.0x at close, and expect return to historical levels of ~2.5x or less within months SYNNEX Concentrix division becomes the premier global customer engagement services company. (1) After cost synergies and before one-time costs.

32 Combination of Concentrix and Convergys Customer Base Combined client base of 650+ of the best brands Fortune 1000 & high growth market disruptor companies ~$4.7B (1) revenue 6,000+ credentialed professionals Vertical Expertise Convergys further enhances domain expertise in 5 key strategic verticals Banking & Financial Services, Healthcare, Technology, Automotive, Insurance 650+ clients 225,000+ employees 40+ countries 70+ languages Global Footprint Combined geographic footprint is one of the most robust in the industry Combined base stronger in Asia Pacific, Latin American, Central America, Eastern Europe Higher Value Capabilities Leverage combined company s higher value capabilities across new and existing client base Operational excellence, technology, automation, and process expertise (1) Based on Convergys trailing twelve months $2.7B in revenue as of June 30, 2018.

33 $0 $15 $30 $45 $60 $75 $90 Marketplace Opportunity Larger Than Just CRM Customer Care BPO (2) IT Consulting (3) $36B+ Artificial Intelligence (1) $12B+ Big Data & Analytics (1) $147B $81B $71B 4.5% CAGR IoT (1) $673B+ RPA (4) $443M+ Back Office BPO (2) $120B+ Digital Strategy Services (5) $64B+ Sources: (1) IDC Worldwide Black Book: 3rd Platform Edition, June 2018 (2) Worldwide and U.S. Business Process Outsourcing Services Forecast, ; Back Office BPO includes the following functions - Finance and Accounting BPO, Human Resource BPO, Human Resources Processing, and Procurement BPO (3) IDC Worldwide Services Forecast, (4) HfS (5) IDC Worldwide Digital Strategy and Agency Services Forecast, Doc#US

34 SYNNEX: Focused on the Future

35 Top Market Leaders in Both Business Groups 2017 Americas Distribution Market Share by Revenue (1) 2017 CRM BPO Market Share by Revenue (1) Ingram (2) (3) Telepeformance TechData Concentrix + Convergys SYNNEX Technology Solutions Arrow Enterprise Solutions Alorica Transcosmos ScanSource Atento (1) Based on public filings and in some cases estimates based on most recent fiscal year available. (2) Included Pro forma for Intelenet acquisition. (3) Converted at a EURUSD rate as of 07/09/18.

36 Capital Allocation Top Priorities Shareholder Returns Investments in Core Business Strategic M&As Investments in New Markets As of Q3 FY18 Dividends $0.35/share paid Oct consecutive years of increasing dividends Share Repurchase 3-Year Program , $300M Authorized FY18 YTD repurchased $56M of stock, $244M remaining in the program CapEx FY18 YTD $75M Disciplined capex spend M&A Leverage Convergys acquisition closed in Oct 2018 $3.7B in liquidity between cash and credit facilities, debt/cap. ratio 43.9% Completed Westcon-Comstor North America integration in June 2018 ROIC well above our WACC Debt / Adj. EBITDA ~3.0x at closing of Convergys acquisition Expect return to ~2.5x or less within months

37 Consistent Track Record of Disciplined Acquisition Execution and Integration Total Debt / LTM Adj. EBITDA (1) Completed IBM CRM acquisition Completed Minacs acquisition Completed Westcon-Comstor acquisition Completed Convergys acquisition ~3.0x 2.6x 2.8x 2.6x 2.9x 2.6x 2.5x 2.5x 2.2x 1.8x 1.5x 1.6x 1.6x 1.5x 1.5x 1.7x 1.9x 1.8x 1.8x 1.7x 1.2x Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Strong track record and continued commitment to deleverage Committed to remain at or below historical leverage level of 2.5x (1) Non-GAAP measure. See the Appendix to this presentation for definitions of non-gaap measures and reconciliation of such measures to GAAP.

38 Focused on the Future Growing Diversified Proven Distinguished and large TAM revenue and profitability capital structure management leadership team with deep industry experience Scaled Compelling Strong industry leader with financial profile with M&A execution that ~$20B in revenue and industry-leading margins generates significant value ~230K employees

39 Continued Growth and Margin Expansion Revenue Growth Platform Sustainable Margin Expansion Emerging Technologies Third platform/iot services and Concentrix proprietary platforms Adjacent Market Growth Hyve Solutions, BPO beyond customer care Core organic growth beyond market growth in Technology Solutions and Concentrix focused verticals Continued mix shift to higher margin technology platforms and services Deeper penetration of Concentrix in priority high margin verticals Leverage scale in Technology Solutions and Concentrix to drive more efficiency Continued optimization of core businesses

40 Thank You Mary Lai Investor Relations SYNNEX Corporation Nobel Drive, Fremont, CA IR website: ir.synnex.com

41 Appendix

42 Non-GAAP Financial Measures Use of Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, SYNNEX uses Revenue in constant currency, 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, 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. In the fiscal year 2018, non-gaap net income and non-gaap diluted earnings per share also exclude the impact of a provisional adjustment relating to the enactment of the Tax Cuts and Jobs Act of This adjustment includes an estimated transition tax on accumulated overseas profits and the estimated remeasurement of deferred tax assets and liabilities to the new U.S. tax rate. These estimates may be impacted by new guidance issued by regulators, additional information obtained related to earnings and profits in foreign jurisdictions and the impact of our financial position as of the measurement date of November 30, SYNNEX expects the accounting for the tax effects of the Tax Cuts and Jobs Act will be completed during the one-year measurement period. SYNNEX management uses 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. 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, as well as for planning and forecasting in future periods. Management believes these 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. As 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. A reconciliation of SYNNEX non-gaap financial information to GAAP is set forth 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. Adjusted EBITDA, which is Adjusted operating income as defined above, plus depreciation. Adjusted EBITDA margin, which is Adjusted EBITDA 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, and the per share amount of the net impact of the adjustments related to the Tax Cuts and Jobs Act of 2017.

43 Reconciliation of GAAP to Non-GAAP Financial Measures (Currency in thousands) (Amounts may not add due to rounding) Fiscal year ended November 30, Q3 YTD Consolidated Revenue $ 10,285,507 $ 10,845,164 $ 13,839,590 $ 13,338,397 $ 14,061,837 $ 17,045,700 $ 14,431,562 Operating Income $ 240,828 $ 308,507 $ 354,552 $ 379,596 $ 508,965 $ 352,766 Acquisition-related and integration expenses 8,394 43,036 10,109 10,393 4,781 23,419 Restructuring costs , Amortization of intangibles 7,953 55,161 54,756 55,490 79,181 79,183 Adjusted operating income $ 257,175 $ 406,704 $ 419,417 $ 449,734 $ 592,927 $ 455,368 Depreciation 16,509 36,538 48,754 65,803 80,705 67,031 Adjusted EBITDA $ 273,684 $ 443,242 $ 468,171 $ 515,537 $ 673,632 $ 522,399 Operating margin 2.22% 2.23% 2.66% 2.70% 2.99% 2.44% Adjusted operating margin 2.37% 2.94% 3.14% 3.20% 3.48% 3.16% Adjusted EBITDA margin 2.52% 3.20% 3.51% 3.67% 3.95% 3.62%

44 Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (Currency in thousands) (Amounts may not add due to rounding) Fiscal year ended November 30, Q3 YTD Technology Solutions Revenue $ 10,666,215 $ 12,755,514 $ 11,936,660 $ 12,490,718 $ 15,071,185 $ 12,954,337 Operating income $ 237,290 $ 305,499 $ 302,950 $ 315,485 $ 394,320 $ 283,351 Acquisition-related and integration expenses ,724 6,349 Amortization of intangibles 3,912 3,538 2,630 2,657 14,929 37,802 Adjusted operating income $ 241,202 $ 309,037 $ 305,580 $ 318,142 $ 412,973 $ 327,502 GAAP operating margin 2.22% 2.40% 2.54% 2.53% 2.62% 2.19% Adjusted operating margin 2.26% 2.42% 2.56% 2.55% 2.74% 2.53% Concentrix Revenue $ 189,463 $ 1,096,214 $ 1,416,670 $ 1,587,736 $ 1,990,180 $ 1,490,865 Operating income $ 3,249 $ 2,455 $ 51,127 $ 63,877 $ 114,623 $ 69,415 Acquisition-related and integration expenses 8,394 43,036 10,109 10,393 1,057 17,070 Restructuring costs , Amortization of intangibles 4,041 51,623 52,126 52,833 64,252 41,381 Adjusted operating income $ 15,684 $ 97,114 $ 113,362 $ 131,358 $ 179,932 $ 127,866 GAAP operating margin 1.71% 0.22% 3.61% 4.02% 5.76% 4.66% Adjusted operating margin 8.28% 8.86% 8.00% 8.27% 9.04% 8.58%

45 Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (Currency in thousands) (Amounts may not add due to rounding) Q2 Q3 Q4 Q1 Q2 Q3 LTM * Consolidated Revenue $ 3,936,268 $ 4,276,686 $ 5,311,877 $ 4,552,370 $ 4,972,583 $ 4,906,610 $ 19,743,440 Operating Income $ 125,130 $ 122,216 $ 159,860 $ 111,932 $ 123,938 $ 116,896 $ 512,626 Acquisition-related and integration expenses - 1,026 3,144 1,805 2,046 19,568 26,563 Amortization of intangibles 16,069 16,688 29,937 26,710 26,276 26, ,120 Adjusted operating income $ 141,199 $ 139,930 $ 192,941 $ 140,447 $ 152,260 $ 162,661 $ 648,309 Depreciation 19,413 20,185 21,647 21,924 22,596 22,511 88,678 Adjusted EBITDA $ 160,612 $ 160,115 $ 214,588 $ 162,371 $ 174,856 $ 185,172 $ 736,987 GAAP Operating margin 3.18% 2.86% 3.01% 2.46% 2.49% 2.38% 2.60% Adjusted operating margin 3.59% 3.27% 3.63% 3.09% 3.06% 3.32% 3.28% Adjusted EBITDA margin 4.08% 3.74% 4.04% 3.57% 3.52% 3.77% 3.73% *LTM 2018 is last twelve months ended August 31, 2018.

46 Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (Currency in thousands) (Amounts may not add due to rounding) Q1 Q2 Q3 Q4 Q1 Q2 Q3 LTM * Technology Solutions Revenue $ 3,046,696 $ 3,458,320 $ 3,784,678 $ 4,781,491 $ 4,048,819 $ 4,486,408 4,419,109 $ 17,735,827 Operating income $ 80,421 $ 101,705 $ 99,968 $ 112,226 $ 82,269 $ 96, ,828 $ 395,577 Acquisition-related and integration expenses ,019 1,805 2,046 2,498 9,368 Amortization of intangibles ,968 12,816 12,462 12,524 50,770 Adjusted operating income $ 81,075 $ 102,356 $ 101,329 $ 128,213 $ 96,890 $ 110,762 $ 119,850 $ 455,715 Depreciation 3,476 3,402 3,530 4,703 4,834 5,010 5,212 $ 19,759 Adjusted EBITDA $ 84,551 $ 105,758 $ 104,859 $ 132,916 $ 101,724 $ 115,772 $ 125,062 $ 475,474 GAAP operating margin 2.64% 2.94% 2.64% 2.35% 2.03% 2.15% 2.37% 2.23% Adjusted operating margin 2.66% 2.96% 2.68% 2.68% 2.39% 2.47% 2.71% 2.57% Concentrix Revenue $ 478,164 $ 481,679 $ 495,974 $ 534,363 $ 507,737 $ 491,246 $ 491,882 $ 2,025,228 Operating income $ 21,316 $ 23,425 $ 22,248 $ 47,636 $ 29,663 $ 27,684 $ 12,068 $ 117,051 Acquisition-related and integration expenses ,070 17,195 Amortization of intangibles 15,833 15,418 16,032 16,969 13,894 13,814 13,673 58,350 Adjusted operating income $ 37,760 $ 38,843 $ 38,601 $ 64,730 $ 43,557 $ 41,498 $ 42,811 $ 192,596 Depreciation 16,007 16,011 16,655 16,944 17,090 17,586 17,299 68,919 Adjusted EBITDA $ 53,767 $ 54,854 $ 55,256 $ 81,674 $ 60,647 $ 59,084 $ 60,110 $ 261,515 GAAP operating margin 4.46% 4.86% 4.49% 8.91% 5.84% 5.64% 2.45% 5.78% Adjusted operating margin 7.90% 8.06% 7.78% 12.11% 8.58% 8.45% 8.70% 9.51% *LTM 2018 is last twelve months ended August 31, 2018.

47 Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (Currency in thousands) (Amounts may not add due to rounding) Q2 Q3 Q4 Q1 Q2 Q3 LTM * Diluted EPS (1) $ 1.83 $ 1.87 $ 2.26 $ 0.61 $ 2.34 $ 1.74 $ 6.95 Acquisition-related and other integration expenses (benefit) (0.01) Amortization of intangibles Income taxes related to the above (2) (0.15) (0.15) (0.29) (0.21) (0.18) (0.32) (1.00) U.S. tax reform adjustment (0.42) Non-GAAP Diluted EPS $ 2.08 $ 2.16 $ 2.79 $ 2.14 $ 2.38 $ 2.57 $ 9.88 (1) Diluted EPS for LTM 2018 represents the sum of the Diluted EPS of each of the last four quarters ended on August 31, (2) The tax effect of the non-gaap adjustments was calculated using the effective year-to date tax rate during the respective fiscal periods. The effective tax rate for fiscal year 2018 excludes the impact of the transition tax on accumulated overseas profits and the remeasurement of deferred tax assets and liabilities to the new U.S. tax rate related to the enactment of the Tax Cuts and Jobs Act of *LTM 2018 is last twelve months ended August 31, 2018.

48 Calculation of Financial Metrics Currency in thousands) (Amounts may not add due to rounding) LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3 2016* 2016* 2016* 2017* 2017* 2017* 2017* 2018* 2018* 2018* Consolidated Revenue $ 13,387,275 $ 13,724,552 $ 14,061,837 $ 14,457,084 $ 15,013,853 $ 15,620,725 $ 17,045,700 $ 18,077,201 $ 19,113,516 $ 19,743,440 Operating income 337, , , , , , , , , ,626 Acquisition-related and integration expenses 5,647 5,966 10,393 10,002 9,434 8,102 4,781 5,975 8,021 26,563 Restructuring costs 3,997 4,255 4,255 4, Amortization of intangibles 50,199 49,494 55,490 60,273 64,548 68,225 79,181 89,404 99, ,120 Adjusted operating income $ 397,019 $ 413,634 $ 449,734 $ 480,259 $ 529,793 $ 556,074 $ 592,927 $ 614,517 $ 625,578 $ 648,309 Depreciation 57,648 59,998 65,803 70,789 73,502 78,312 80,705 83,169 86,352 88,678 Adjusted EBITDA $ 454,667 $ 473,632 $ 515,537 $ 551,048 $ 603,295 $ 634,386 $ 673,632 $ 697,686 $ 711,930 $ 736,987 Total Borrow ings, excluding book overdraft $ 704,219 $ 806,025 $ 963,584 $ 1,006,485 $ 1,087,703 $ 1,049,605 $ 1,937,253 $ 1,802,666 $ 1,810,926 $ 1,821,617 Total Debt/LTM EBITDA 1.5x 1.7x 1.9x 1.8x 1.8x 1.7x 2.9x 2.6x 2.5x 2.5x LTM Q4 LTM Q1 LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3 LTM Q4 LTM Q1 2013* 2014* 2014* 2014* 2014* 2015* 2015* 2015* 2015* 2016* Consolidated Revenue $ 10,845,164 $ 11,411,309 $ 12,273,483 $ 13,074,772 $ 13,839,590 $ 14,015,064 $ 13,815,314 $ 13,612,649 $ 13,338,397 $ 13,261,561 Operating income 240, , , , , , , , , ,231 Acquisition-related and integration expenses 8,394 17,302 33,043 40,379 43,036 38,122 24,419 16,526 10,109 7,118 Restructuring costs Amortization of intangibles 7,952 11,696 24,890 40,458 55,161 64,057 62,353 58,505 54,756 51,867 Adjusted operating income $ 257,174 $ 275,836 $ 320,891 $ 359,098 $ 406,705 $ 427,683 $ 433,554 $ 424,290 $ 419,417 $ 410,216 Depreciation 16,509 17,891 23,096 29,349 36,538 42,052 43,962 46,673 48,754 52,057 Adjusted EBITDA $ 273,683 $ 293,727 $ 343,987 $ 388,447 $ 443,243 $ 469,735 $ 477,516 $ 470,963 $ 468,171 $ 462,273 Total Borrow ings, excluding book overdraft $ 317,928 $ 762,707 $ 976,349 $ 1,000,802 $ 980,503 $ 839,897 $ 735,728 $ 737,511 $ 730,891 $ 704,727 Total Debt/LTM EBITDA 1.2x 2.6x 2.8x 2.6x 2.2x 1.8x 1.5x 1.6x 1.6x 1.5x *LTM is last twelve months ended the respective fiscal period.

49 Calculation of Financial Metrics (Continued) Currency in thousands) (Amounts may not add due to rounding) As of August 31, 2018 Debt to Capitalization Total borrowings, excluding book overdraft (a) $ 1,821,617 Total equity (b) 2,327,362 Debt to capitalization (a) / ((a) + (b)) 43.9%