TD SYNNEX CORP Files 10-K for Fiscal Year Ended November 30, 2023

TL;DR

<b>TD SYNNEX CORP filed its annual 10-K report for the fiscal year ending November 30, 2023, detailing its operations and financial standing.</b>

AI Summary

TD SYNNEX CORP (SNX) filed a Annual Report (10-K) with the SEC on January 26, 2024. TD SYNNEX CORP filed its annual 10-K report for the fiscal year ending November 30, 2023. The company's principal business is wholesale distribution of computer hardware, software, and related services. The filing covers the fiscal year 2023, with data points from 2020 to 2023. TD SYNNEX CORP was formerly known as SYNNEX CORP, with a name change effective November 2, 2021. The company is incorporated in Delaware and headquartered in Fremont, California.

Why It Matters

For investors and stakeholders tracking TD SYNNEX CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TD SYNNEX CORP's financial performance, operational structure, and strategic positioning within the IT distribution market for the fiscal year 2023. Understanding the details within this report is crucial for investors and stakeholders to assess the company's financial health, identify potential risks, and evaluate future growth prospects in the dynamic technology sector.

Risk Assessment

Risk Level: — TD SYNNEX CORP shows moderate risk based on this filing. The company operates in the wholesale distribution of computer equipment and software, a sector subject to rapid technological changes, supply chain disruptions, and intense competition, which could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess TD SYNNEX CORP's performance and outlook in the IT distribution market.

Key Numbers

• 2023-11-30 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-01-26 — Filing Date (FILED AS OF DATE)
• 2021-11-02 — Date of Name Change (FORMER COMPANY NAME CHANGE)

Key Players & Entities

• TD SYNNEX CORP (company) — FILER
• SYNNEX CORP (company) — FORMER COMPANY
• 44201 NOBEL DRIVE (address) — BUSINESS ADDRESS
• FREMONT (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• DE (location) — STATE OF INCORPORATION

FAQ

Industry Context

TD SYNNEX CORP operates in the wholesale distribution sector, primarily focusing on computer hardware, software, and related services, serving a broad range of customers.

Regulatory Implications

The filing is a 10-K annual report, a mandatory SEC filing for public companies detailing their financial performance and business operations over the past fiscal year.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's business segments and revenue streams.
3. Assess the identified risk factors and their potential impact on future operations.

Key Dates

• 2023-11-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-26: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending November 30, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SNX The New York Stock Exchan
• $1.6 billion — tion of Tech Data, for consideration of $1.6 billion in cash ($1.1 billion in cash after giv
• $1.1 billion — consideration of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0
• $500.0 million — illion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Hol
• $5.6 billion — stock of SYNNEX valued at approximately $5.6 billion. Our chief executive officer, who is a

Filing Documents

• snx-20231130.htm (10-K) — 2276KB
• snx-20231130x10kex211.htm (EX-21.1) — 115KB
• snx-20231130x10kex231.htm (EX-23.1) — 2KB
• snx-20231130x10kex311.htm (EX-31.1) — 10KB
• snx-20231130x10kex312.htm (EX-31.2) — 10KB
• snx-20231130x10kex321.htm (EX-32.1) — 5KB
• ex971tdsynnexexecutiveince.htm (EX-97.1) — 17KB
• tdsynnex_logoxstandard.jpg (GRAPHIC) — 29KB
• ex1052tdsynnexcorporation2.htm (EX-10.52) — 25KB
• snx-20231130_g1.jpg (GRAPHIC) — 29KB
• snx-20231130_g2.jpg (GRAPHIC) — 160KB
• 0001177394-24-000014.txt (&nbsp;) — 13420KB
• snx-20231130.xsd (EX-101.SCH) — 92KB
• snx-20231130_cal.xml (EX-101.CAL) — 109KB
• snx-20231130_def.xml (EX-101.DEF) — 472KB
• snx-20231130_lab.xml (EX-101.LAB) — 1162KB
• snx-20231130_pre.xml (EX-101.PRE) — 817KB
• snx-20231130_htm.xml (XML) — 1932KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Item 9B. Other Information 94 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 PART III 95 Item 10. Directors, Executive Officers and Corporate Governance 95 Item 11.

Executive Compensation

Executive Compensation 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 96 PART IV 97 Item 15. Exhibits and Financial Statement Schedules 97 Item 16. Form 10-K Summary 102 2 Table of Contents PART I When used in this Annual Report on Form 10-K (this "Report"), the words "anticipates," "believes," "estimates," "expects," "intends," "allows," "can," "may," "could,'' "designed," "will," and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include statements about our business model and our services, our business and market strategy, future growth, demand, our infrastructure, our investment in our information technology, or IT, systems, our co-worker hiring and retention, the ownership interest of MiTAC Holdings Corporation, or MiTAC Holdings, in us and its impact, the ownership interest of Apollo Global Management, Inc., or Apollo, in us and its impact, our revenue, sources of revenue, our gross margins, our operating costs and results, timing of payment, the value of our inventory, our competition, our future needs and sources for additional financing, contract terms, relationships with our suppliers, adequacy of our facilities, our legal proceedings, our operations, foreign currency exchange rates and hedging activities, our strategic acquisitions including anticipated cost savings and other benefits, our goodwill, seasonality of sales, adequacy of our cash resources, our debt and financing arrangements, including the impact of any change to our credit rating, interest rate risk and impact thereof, cash held by our international subsidiaries and repatriation, changes in fair value of derivative instruments, our tax liabilities, adequacy of our disclosure controls and procedures, cybersecurity, impact of ou

Business

Item 1. Business Overview We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem. We serve a critical role, bringing products from the world's leading and emerging technology vendors to market, and helping our customers create solutions best suited to maximize business outcomes for their end-user customers. We aggregate and distribute IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and datacenter infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components. We also design and deliver purpose-built server, storage and networking solutions for the hyperscale infrastructure market. 3 Table of Contents On March 22, 2021, we entered into an agreement and plan of merger (the "Merger Agreement") which provided that legacy SYNNEX Corporation would acquire legacy Tech Data Corporation, a Florida corporation ("Tech Data") through a series of mergers, which would result in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger"). On September 1, 2021, pursuant to the terms of the Merger Agreement, we acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for consideration of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation's sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX valued at approximately $5.6 billion. Our chief executive officer, who is also our chief operating decision maker, has a leadership structure aligned with the geographic regions of the Americas, Europe and Asia-Pacific

View Full Filing

View this 10-K filing on SEC EDGAR