TD SYNNEX CORP

Previous wording

We are highly dependent on the end-market demand for IT products, and on our partners’ strategic initiatives and business models. This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing and AI, overall economic growth and general business activity. A difficult and challenging economic environment, due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty, or other factors may also lead to decline in the IT industry or increased price-based competition. Our Hyve Solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market. Our business includes operations in the Americas, Europe and APJ so we are affected by demand for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the United States ("U.S.") dollar.

Current wording

We are experiencing a complex macroeconomic environment, due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty and other factors. This may lead to a decline in the IT industry or increased price-based competition. Our business includes operations in the Americas, Europe and APJ, so we are affected by demand volatility for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the United States ("U.S.") dollar.

Previous wording

•Revenue in constant currency, which is revenue adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Revenue in constant currency is calculated by translating the revenue for the three and six months ended May 31, 2026 in the billing currency using the comparable prior period currency conversion rate. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates will be higher or lower than growth reported at actual exchange rates.

Current wording

•Revenue in constant currency, which is revenue adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Revenue in constant currency is calculated by translating the revenue for the three and nine months ended August 31, 2026 in the billing currency using the comparable prior period currency conversion rate. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates will be higher or lower than growth reported at actual exchange rates.

Previous wording

•Non-GAAP net income, which is net income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, realized gains upon sale of certain equity securities ("gain on investments") and income taxes related to the aforementioned items.

Current wording

•Non-GAAP net income, which is net income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, dividends and realized gains upon sale related to certain equity securities ("dividends and gains on investments") and income taxes related to the aforementioned items.

Previous wording

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, gain on investments and income taxes related to the aforementioned items.

Current wording

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, dividends and gains on investments and income taxes related to the aforementioned items.

Previous wording

Gain on investments includes benefits recorded in other income (expense), net during the first and second quarters of fiscal 2026 resulting from realized gains upon sale of certain equity securities.

Current wording

Dividends and gains on investments includes benefits recorded in other income (expense), net during the first three fiscal quarters of fiscal 2026 resulting from dividends and realized gains upon sale related to certain equity securities.

Previous wording

The following table summarizes our revenue and change in revenue by reportable segment for the three and six months ended May 31, 2026 and 2025:

Current wording

The following table summarizes our revenue and change in revenue by reportable segment for the three and nine months ended August 31, 2026 and 2025:

Previous wording

•Three Months and Six Months Ended May 31, 2026 versus May 31, 2025 -Revenue and revenue in constant currency increased by $4.6 billion and $4.3 billion, respectively, during the three months ended May 31, 2026 and $7.3 billion and $6.3 billion, respectively, during the six months ended May 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as growth in Hyve Solutions, partially offset by a greater percentage of our sales being presented on a net basis due to the mix of products sold, which negatively impacted our revenue growth compared to the prior period by approximately 2% and 4%, respectively. The impact of changes in foreign currencies is primarily due to the strengthening of the euro against the U.S. dollar.

Current wording

Revenue and revenue in constant currency increased by $5.9 billion and $6.0 billion, respectively, during the three months ended and $13.2 billion and $12.3 billion, respectively, during the nine months ended August 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as growth in Hyve Solutions. This was partially offset by a greater percentage of our sales being presented on a net basis primarily in Hyve Solutions due to program mix. The presentation of additional revenues on a net basis negatively impacted our revenue growth compared to the prior periods by approximately 2% and 4% for the three and nine months ended August 31, 2026, respectively. The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the euro and the Indian rupee against the U.S. dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the euro against the U.S. dollar.

Previous wording

•Three and Six Months Ended May 31, 2026 versus May 31, 2025 -Revenue and revenue in constant currency increased by $2.1 billion and $2.0 billion, respectively, during the three months ended May 31, 2026 and $2.8 billion and $2.7 billion, respectively during the six months ended May 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior period by approximately 6% and 3%, respectively. The impact of changes in foreign currencies is primarily due to the strengthening of the Canadian dollar against the U.S. dollar.

Current wording

Revenue and revenue in constant currency increased by $2.9 billion and $3.0 billion, respectively, during the three months ended August 31, 2026 and $5.7 billion and $5.6 billion, respectively, during the nine months ended August 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior periods by approximately 12% and 6% for the three and nine months ended August 31, 2026, respectively. The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the Canadian dollar against the U.S. dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the Canadian dollar against the U.S. dollar.

Previous wording

•Three and Six Months Ended May 31, 2026 versus May 31, 2025 -Revenue and revenue in constant currency increased by $1.4 billion and $1.1 billion, respectively, during the three months ended May 31, 2026 and $2.6 billion and $1.7 billion, respectively during the six months ended May 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior period by approximately 7% and 4%, respectively. The impact of changes in foreign currencies is primarily due to the strengthening of the euro against the U.S. dollar.

Current wording

Revenue and revenue in constant currency both increased by $1.5 billion during the three months ended August 31, 2026 and $4.1 billion and $3.2 billion, respectively, during the nine months ended August 31, 2026. The increases are driven by growth in both our Endpoint Solutions and Advanced Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior periods by approximately 4% for both the three and nine months ended August 31, 2026. The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the euro against the U.S. dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the euro against the U.S. dollar.

Previous wording

•Three and Six Months Ended May 31, 2026 versus May 31, 2025 -Revenue and revenue in constant currency increased by $226.5 million and $261.6 million, respectively, during the three months ended May 31, 2026 and $455.7 million and $498.7 million, respectively, during the six months ended May 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, partially offset by a greater percentage of our sales being presented on a net basis due to the mix of products sold, which negatively impacted our revenue growth compared to the prior period by approximately 2% and 1%, respectively. The impact of changes in foreign currencies is primarily due to the weakening of the Indian rupee and the Japanese yen against the U.S. dollar.

Current wording

Revenue and revenue in constant currency increased by $190.7 million and $244.3 million, respectively, during the three months ended August 31, 2026 and $646.4 million and $743.0 million, respectively, during the nine months ended August 31, 2026. The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, partially offset by a greater percentage of our sales being presented on a net basis due to the mix of products sold, which negatively impacted our revenue growth compared to the prior periods by approximately 4% and 2% for the three and nine months ended August 31, 2026, respectively. The impact of changes in foreign currencies is primarily due to the weakening of the Indian rupee and the Japanese yen against the U.S. dollar.

Previous wording

Hyve Solutions - Three and Six Months Ended May 31, 2026 versus May 31, 2025

Current wording

Hyve Solutions - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Previous wording

•Three and Six Months Ended May 31, 2026 versus May 31, 2025 -Revenue and revenue in constant currency both increased by $976.0 million during the three months ended May 31, 2026 and $1.4 billion during the six months ended May 31, 2026, respectively. The increases are driven by growth in Manufacturing sales as well as Supply Chain Services, partially offset by a greater percentage of our sales being presented on a net basis due to a higher mix of sales under arrangements which operate under a customer-owned procurement model, which negatively impacted our revenue growth compared to the prior period by approximately 68% and 70%, respectively.

Current wording

Revenue and revenue in constant currency both increased by $1.3 billion during the three months ended August 31, 2026 and $2.7 billion during the nine months ended August 31, 2026, respectively. The increases are driven by growth in Manufacturing sales as well as Supply Chain Services, partially offset by a greater percentage of our sales being presented on a net basis due to program mix, which negatively impacted our revenue growth compared to the prior periods by approximately 66% and 68% for the three and nine months ended August 31, 2026, respectively.

Previous wording

•Gross profit increased primarily due to the increase in revenue due to growth in our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth. The impact of changes in foreign currencies had a favorable impact on gross profit of approximately $66 million.

Current wording

•Gross profit increased primarily due to the increased revenue from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth.

Previous wording

•Gross margin increased primarily due to the presentation of additional revenues on a net basis primarily in our Hyve Solutions portfolio, which positively impacted our gross margin by approximately 24 basis points, partially offset by a decline in Hyve Solutions margins due to product mix.

Current wording

•Gross margin decreased primarily due to product mix in Hyve Solutions and in our Advanced Solutions portfolio, partially offset by improved margins in our Endpoint Solutions portfolio. The impact of the presentation of additional revenue on a net basis positively impacted our gross margin by approximately 11 basis points, primarily in Hyve Solutions due to program mix.

Previous wording

•Gross profit increased primarily due to the increase in revenue due to growth in our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth. The impact of changes in foreign currencies had a favorable impact on gross profit of approximately $19 million.

Current wording

•Gross profit increased primarily due to the increased revenue from growth in our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth. The impact of changes in foreign currencies had a favorable impact on gross profit of approximately $61 million.

Previous wording

•Gross margin decreased primarily due to product mix in Hyve Solutions, partially offset by the impact of the presentation of additional revenue on a net basis primarily in our Hyve Solutions portfolio which positively impacted our gross margin by approximately 12 basis points.

Current wording

•Gross margin decreased primarily due to product mix in Hyve Solutions, partially offset by the presentation of additional revenues on a net basis, primarily in Hyve Solutions, which positively impacted our gross margin by approximately 19 basis points.

Previous wording

•SG&A expenses and adjusted SG&A expenses increased primarily due to higher personnel costs, higher credit costs, and the impact of changes in foreign currencies, which had an unfavorable impact of approximately $15 million and $48 million for the three and six months ended May 31, 2026, respectively.

Current wording

•SG&A expenses and adjusted SG&A expenses increased primarily due to higher personnel costs and higher credit costs. The impact of changes in foreign currencies on SG&A expenses was immaterial for the three months ended August 31, 2026, and was unfavorable by approximately $51 million for the nine months ended August 31, 2026.

Previous wording

•SG&A expenses as a percentage of gross profit and adjusted SG&A expenses as a percentage of gross profit decreased due to our increase in gross profit from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions, partially offset by higher personnel and credit costs.

Current wording

•SG&A expenses as a percentage of gross profit and adjusted SG&A expenses as a percentage of gross profit decreased due to our increased gross profit from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions, partially offset by higher personnel and credit costs.

Previous wording

The following tables provide an analysis of operating income and non-GAAP operating income on a consolidated and reportable segment basis as well as a reconciliation of operating income to non-GAAP operating income on a consolidated and reportable segment basis for the three and six months ended May 31, 2026 and 2025:

Current wording

The following tables provide an analysis of operating income and non-GAAP operating income on a consolidated and reportable segment basis as well as a reconciliation of operating income to non-GAAP operating income on a consolidated and reportable segment basis for the three and nine months ended August 31, 2026 and 2025:

Previous wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, along with impacts from the presentation of additional revenues on a net basis due to the mix of products sold. The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 5 and 6 basis points, respectively, during the three months ended May 31, 2026, and 10 and 11 basis points, respectively, during the six months ended May 31, 2026.

Current wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, along with impacts from the presentation of additional revenues on a net basis primarily in Hyve Solutions due to program mix. The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 5 and 6 basis points, respectively, during the three months ended August 31, 2026, and 8 and 9 basis points, respectively, during the nine months ended August 31, 2026.

Previous wording

Americas distribution - Three and Six Months Ended May 31, 2026 versus May 31, 2025

Current wording

Americas distribution - Three Months ended August 31, 2026 versus August 31, 2025

Previous wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by impacts from the presentation of additional revenues on a gross basis due to the mix of products sold. The presentation of additional revenues on a gross basis negatively impacted our operating margin and non-GAAP operating margin by approximately 12 and 15 basis points, respectively, during the three months ended May 31, 2026, and 6 and 7 basis points, respectively, during the six months ended May 31, 2026.

Current wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by a decline in gross margin along with impacts from the presentation of additional revenues on a gross basis due to the mix of products sold. The presentation of additional revenues on a gross basis negatively impacted our operating margin and non-GAAP operating margin by approximately 12 and 14 basis points, respectively.

Previous wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by the effects of a greater percentage of our revenue being presented on a gross basis due to the mix of products sold, which negatively impacted our operating margin and non-GAAP operating margin by approximately 7 and 10 basis points during the three months ended May 31, 2026, and by 4 and 6 basis points during the six months ended May 31, 2026, respectively.

Current wording

•Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by the effects of a greater percentage of our revenue being presented on a gross basis due to the mix of products sold, which negatively impacted our operating margin and non-GAAP operating margin by approximately 7 and 8 basis points during the three months ended August 31, 2026, and by 5 and 7 basis points during the nine months ended August 31, 2026, respectively.

Previous wording

•Operating income and non-GAAP operating income increased primarily due to strong growth in Manufacturing as well as Supply Chain Services.

Current wording

•Operating income and non-GAAP operating income increased primarily due to strong revenue growth in Manufacturing as well as Supply Chain Services.

Previous wording

Amounts recorded in interest expense and finance charges, net, consist primarily of interest expense on our Senior Notes, our lines of credit, our accounts receivable securitization facility and our term loans, and fees associated with the sale of accounts receivable, partially offset by income earned on our cash investments.

Current wording

Amounts recorded in interest expense and finance charges, net, consist primarily of interest expense on our Senior Notes, our lines of credit, our accounts receivable securitization facilities and our term loans, and fees associated with the sale of accounts receivable, partially offset by income earned on our cash investments.

Previous wording

Interest expense and finance charges, net increased, primarily driven by increased costs associated with the sale of accounts receivable due to higher volumes of sold receivables. Accounts receivable discount fees for these programs totaled $23.4 million and $13.5 million in the three months ended May 31, 2026 and 2025, respectively, and $44.2 million and $25.5 million in the six months ended May 31, 2026 and 2025, respectively. This impact was partially offset by lower average interest rates.

Current wording

Interest expense and finance charges, net increased, primarily driven by an increase in short-term borrowings to fund working capital requirements, along with increased costs associated with the sale of accounts receivable due to higher volumes of sold receivables. Accounts receivable discount fees for these programs totaled $28.6 million and $18.0 million in the three months ended August 31, 2026 and 2025, respectively, and $72.8 million and $43.5 million in the nine months ended August 31, 2026 and 2025, respectively.

Previous wording

Income tax expense increased primarily due to higher income during the period and a slightly higher effective tax rate. The effective tax rate was higher primarily due to the relative mix of earnings within the taxing jurisdictions in which we operate.

Current wording

Income tax expense increased primarily due to higher income during the period, along with a higher effective tax rate. The effective tax rate was higher primarily due the relative mix of earnings within the taxing jurisdictions in which we operate, along with the impact of discrete items.

Previous wording

(1)Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock warrants, are considered participating securities. For purposes of calculating diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for all periods presented.

Current wording

(1)Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock warrants, are considered participating securities. For purposes of calculating diluted EPS, net income allocated to participating securities was approximately 1.1% and 1.0% of net income for the three and nine months ended August 31, 2026, respectively, and 0.9% for both the three and nine months ended August 31, 2025.

Previous wording

•CCC was 24 days as of May 31, 2026, and 16 and 23 days as of November 30, 2025 and May 31, 2025, respectively.

Current wording

•CCC was 31 days as of August 31, 2026, and 16 and 23 days as of November 30, 2025 and August 31, 2025, respectively.

Previous wording

•CCC increased as compared to both November 30, 2025 and May 31, 2025 primarily due to an increase in our DIO as inventory balances increased primarily to support growth in our business, partially offset by an increase in our DPO due to a corresponding increase in our accounts payable.

Current wording

•CCC increased as compared to both November 30, 2025 and August 31, 2025 primarily due to an increase in our DIO as inventory balances increased primarily to support growth in our Hyve Solutions business, partially offset by an increase in our DPO due to a related increase in our accounts payable.

Previous wording

Net cash used in operating activities was $1.2 billion and $174.8 million, respectively. The increase in net cash used in operating activities was primarily due to a larger increase in inventory to support growth in our business, along with a year-over-year increase in accounts receivable due to the current year sales growth. These impacts were partially offset by a year-over-year increase in accounts payable correlated with the increase in inventory, along with the increase in net income.

Current wording

Net cash used in operating activities was $2.1 billion, compared to net cash provided by operating activities of $71.3 million. The increase in net cash used in operating activities was primarily due to a larger increase in inventory, primarily to support growth in our Hyve Solutions business, along with a year-over-year increase in accounts receivable due to the current year revenue growth. These impacts were partially offset by a year-over-year increase in accounts payable related to the increase in inventory, the year-over-year change in other accrued liabilities reflecting the timing and volume of cash receipts and related settlements, and the increase in net income.

Previous wording

Net cash used in investing activities was $65.5 million and $71.1 million, respectively. The decrease in net cash used in investing activities is primarily due to cash received on the sale of investments in equity securities of $42.7 million, partially offset by an increase in capital expenditures of $28.2 million.

Current wording

Net cash used in investing activities was $146.4 million and $176.8 million, respectively. The decrease in net cash used in investing activities is primarily due to a decrease in cash paid for acquisitions of businesses of $69.7 million and cash received on the sale of investments in equity securities of $42.7 million. These items were partially offset by an increase in capital expenditures of $54.9 million, primarily reflecting investments in facilities to support the Company’s growth, and an increase in net investment hedge settlements of $22.4 million.

Previous wording

Net cash used in financing activities was $131.9 million and $126.6 million, respectively. The increase in net cash used in financing activities is primarily due to a decrease in net short-term borrowings to fund working capital requirements of $70.2 million, partially offset by a net decrease in payments for share repurchases of $57.2 million.

Current wording

Net cash provided by financing activities was $528.2 million, compared to net cash used in financing activities of $186.0 million. The increase in net cash provided by financing activities is primarily due to an increase in net short-term borrowings to fund working capital requirements of $1.3 billion, along with a net decrease in payments for share repurchases of $130.8 million, partially offset by the repayment of $700.0 million of senior notes at maturity in August 2026.

Previous wording

Our cash and cash equivalents totaled $1.1 billion and $2.4 billion as of May 31, 2026 and November 30, 2025, respectively. Our cash and cash equivalents held by international subsidiaries are generally no longer subject to U.S. federal tax on repatriation into the U.S. Repatriation of some foreign balances is restricted by local laws. If in the future we repatriate foreign cash back to the U.S., we will report in our Consolidated Financial Statements the impact of state and withholding taxes depending upon the planned timing and manner of such repatriation. Presently, we believe we have sufficient resources, cash flow and liquidity within the U.S. to fund current and expected future working capital, investment and other general corporate funding requirements.

Current wording

Our cash and cash equivalents totaled $749.3 million and $2.4 billion as of August 31, 2026 and November 30, 2025, respectively. Our cash and cash equivalents held by international subsidiaries are generally no longer subject to U.S. federal tax on repatriation into the U.S. Repatriation of some foreign balances is restricted by local laws. If in the future we repatriate foreign cash back to the U.S., we will report in our Consolidated Financial Statements the impact of state and withholding taxes depending upon the planned timing and manner of such repatriation. Presently, we believe we have sufficient resources, cash flow and liquidity within the U.S. to fund current and expected future working capital, investment and other general corporate funding requirements.

Previous wording

We believe that our available cash and cash equivalents balances, cash flows from operations and our existing sources of liquidity, including available capacity under our borrowing facilities, will be sufficient to enable the repayment of our current borrowings, including $700.0 million of Senior Notes due in August 2026, and satisfy our current and planned working capital and investment needs for the next twelve months in all geographies. We also believe that our longer-term working capital, planned capital expenditures, anticipated stock repurchases, dividend payments and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

Current wording

We believe that our available cash and cash equivalents balances, cash flows from operations and our existing sources of liquidity, including available capacity under our borrowing facilities, will be sufficient to enable the repayment of our current borrowings, along with the $750.0 million outstanding on our 2024 Term Loan that matures on September 1, 2027, and to satisfy our current and planned working capital and investment needs for the next twelve months in all geographies. We also believe that our longer-term working capital, planned capital expenditures, anticipated stock repurchases, dividend payments and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

Previous wording

We had total outstanding borrowings of approximately $4.7 billion and $4.6 billion as of May 31, 2026 and November 30, 2025, respectively. Our outstanding borrowings include Senior Notes of $3.6 billion as of both May 31, 2026 and November 30, 2025, and the 2024 Term Loan of $750.0 million as of both May 31, 2026 and November 30, 2025. For additional information on our borrowings, see Note 9 – Borrowings to the Consolidated Financial Statements included in Part I, Item 1 of this Report.

Current wording

We had total outstanding borrowings of approximately $5.5 billion and $4.6 billion as of August 31, 2026 and November 30, 2025, respectively.

Previous wording

In the U.S., we have an accounts receivable securitization program to provide additional capital for our operations (the "U.S. AR Arrangement"). Under the terms of the U.S. AR Arrangement, we and our subsidiaries that are party to the U.S. AR Arrangement can borrow up to a maximum of $1.5 billion based upon eligible trade accounts receivable. The U.S. AR Arrangement, as amended, has a maturity date of January 20, 2028. We also have an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the "TD SYNNEX Credit Agreement"), pursuant to which we received commitments for the extension of a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $3.5 billion, which revolving credit facility (the "TD SYNNEX Revolving Credit Facility") may, at our request but subject to the lenders' discretion, potentially be increased by up to an aggregate amount of $500.0 million. Our borrowings on these facilities vary within the period primarily based on changes in our working capital. There were no amounts outstanding under the U.S. AR Arrangement or the TD SYNNEX Revolving Credit Facility at May 31, 2026 or November 30, 2025. As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion, to two one-year extensions upon our prior notice to the lenders.

Current wording

We also have an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the "TD SYNNEX Credit Agreement"), pursuant to which we received commitments for the extension of a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $3.5 billion, which revolving credit facility (the "TD SYNNEX Revolving Credit Facility") may, at our request but subject to the lenders' discretion, potentially be increased by up to an aggregate amount of $500.0 million. As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion, to two one-year extensions upon our prior notice to the lenders. Under the TD SYNNEX Revolving Credit Facility, there were no amounts outstanding as of August 31, 2026 or as of November 30, 2025.

Previous wording

On April 19, 2024, we entered into a Term Loan Credit Agreement (the "2024 Term Loan Credit Agreement") which provides for a senior unsecured term loan in the amount of $750.0 million (the "2024 Term Loan"). The 2024 Term Loan will mature on September 1, 2027.

Current wording

On April 19, 2024, we entered into a Term Loan Credit Agreement (the "2024 Term Loan Credit Agreement") which provides for a senior unsecured term loan in the amount of $750.0 million (the "2024 Term Loan"). The 2024 Term Loan will mature on September 1, 2027. There was $750.0 million outstanding under the 2024 Term Loan as of both August 31, 2026 and November 30, 2025.

Previous wording

We have various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities and book overdraft facilities, totaling approximately $856.5 million in borrowing capacity as of May 31, 2026. Our borrowings on these facilities vary within the period primarily based on changes in our working capital. There was $426.0 million outstanding on these facilities at May 31, 2026, at a weighted average interest rate of 6.92%, and there was $319.3 million outstanding on these facilities at November 30, 2025, at a weighted average interest rate of 5.72%.

Current wording

We have various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities and book overdraft facilities, totaling approximately $905.6 million in borrowing capacity as of August 31, 2026. There was $426.4 million outstanding on these facilities at August 31, 2026, at a weighted average interest rate of 6.50%, and there was $319.3 million outstanding on these facilities at November 30, 2025, at a weighted average interest rate of 5.72%.

Previous wording

Historically, we have renewed our accounts receivable securitization program and our parent company credit facilities on, or prior to, their respective expiration dates. We have no reason to believe that these and other arrangements will not be renewed or replaced as we continue to be in good credit standing with the participating financial institutions. We have had similar borrowing arrangements with various financial institutions throughout our years as a public company.

Current wording

Our borrowings on these facilities vary within the period primarily based on changes in our working capital. Historically, we have renewed our accounts receivable securitization programs and our parent company credit facilities on, or prior to, their respective expiration dates. We have no reason to believe that these and other arrangements will not be renewed or replaced as we continue to be in good credit standing with the participating financial institutions. We have had similar borrowing arrangements with various financial institutions throughout our years as a public company.