Latest news with #PatrickZammit
Yahoo
4 days ago
- Business
- Yahoo
A Look Back at IT Distribution & Solutions Stocks' Q1 Earnings: TD SYNNEX (NYSE:SNX) Vs The Rest Of The Pack
The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let's take a look at how it distribution & solutions stocks fared in Q1, starting with TD SYNNEX (NYSE:SNX). IT Distribution & Solutions will be buoyed by the increasing complexity of IT ecosystems, rising cloud adoption, and demand for cybersecurity solutions. Enterprises are less likely than ever to embark on these complicated journeys solo, and companies in the sector boast expertise and scale in these areas. However, cloud migration also means less need for hardware, which could dent demand for large portions of the product portfolio and hurt margins. Additionally, planning for potentially supply chain disruptions is ongoing, as the COVID-19 pandemic showed how damaging a pause in global trade could be in areas like semiconductor procurement. The 8 it distribution & solutions stocks we track reported a mixed Q1. As a group, revenues along with next quarter's revenue guidance were in line with analysts' consensus estimates. In light of this news, share prices of the companies have held steady as they are up 3.6% on average since the latest earnings results. Serving as the crucial middleman in the technology supply chain, TD SYNNEX (NYSE:SNX) is a global technology distributor that connects thousands of IT manufacturers with resellers, helping businesses access hardware, software, and technology solutions. TD SYNNEX reported revenues of $14.53 billion, up 4% year on year. This print fell short of analysts' expectations by 1.7%. Overall, it was a softer quarter for the company with a miss of analysts' EPS estimates. 'The strength of our business model allowed us to grow ahead of the market in Q1. Our end-to-end strategy, global reach and specialist go to market approach continues to empower us to capture a wide range of IT spend,' said Patrick Zammit, CEO of TD SYNNEX. The stock is down 2% since reporting and currently trades at $122.96. Read our full report on TD SYNNEX here, it's free. Starting as a small computer products seller in 1982 and evolving into a Fortune 1000 company, Connection (NASDAQ:CNXN) is a technology solutions provider that helps businesses and government agencies design, purchase, implement, and manage their IT infrastructure and systems. Connection reported revenues of $701 million, up 10.9% year on year, outperforming analysts' expectations by 8.5%. The business had an incredible quarter with a solid beat of analysts' EPS estimates. Connection scored the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems content with the results as the stock is up 5% since reporting. It currently trades at $65.14. Is now the time to buy Connection? Access our full analysis of the earnings results here, it's free. Operating as a crucial link in the technology supply chain since 1992, ScanSource (NASDAQ:SCSC) is a hybrid distributor that connects hardware, software, and cloud services from technology suppliers to resellers and business customers. ScanSource reported revenues of $704.8 million, down 6.3% year on year, falling short of analysts' expectations by 9.4%. It was a slower quarter as it posted full-year revenue guidance missing analysts' expectations. ScanSource delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 14.8% since the results and currently trades at $41.37. Read our full analysis of ScanSource's results here. Serving as a crucial bridge between technology manufacturers and end users since 1984, CDW (NASDAQ:CDW) is a multi-brand provider of information technology solutions that helps businesses and public sector organizations select, implement, and manage hardware, software, and IT services. CDW reported revenues of $5.20 billion, up 6.7% year on year. This print beat analysts' expectations by 5.3%. It was an exceptional quarter as it also put up a solid beat of analysts' EPS estimates. The stock is up 9.1% since reporting and currently trades at $179. Read our full, actionable report on CDW here, it's free. With a century-long history of adapting to technological evolution, Avnet (NASDAQ:AVT) is a global electronic components distributor that connects manufacturers of semiconductors and other electronic parts with businesses that need these components. Avnet reported revenues of $5.32 billion, down 6% year on year. This number met analysts' expectations. Zooming out, it was a mixed quarter as it also logged an impressive beat of analysts' EPS estimates. The stock is flat since reporting and currently trades at $51. Read our full, actionable report on Avnet here, it's free. Thanks to the Fed's rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn't send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump's November win lit a fire under major indices and sent them to all-time highs. However, there's still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
Yahoo
10-04-2025
- Business
- Yahoo
TD SYNNEX Hosts 2025 Investor Day to Outline Strategic Focus Areas and Medium-Term Financial Aspirations
FREMONT, Calif. & CLEARWATER, Fla., April 10, 2025--(BUSINESS WIRE)--TD SYNNEX (NYSE: SNX) is hosting its 2025 Investor Day today to provide an update on its strategy, market opportunities, and medium-term financial aspirations. A live video webcast will be available at beginning at 8:30 a.m. Eastern time. Patrick Zammit, CEO, and other members of the executive leadership team will outline the company's strategy to strengthen its market position and grow its presence in IT distribution through core and strategic technologies. "TD SYNNEX delivers unmatched capabilities and value to our vendors, customers, and shareholders. Our global footprint, broad technology capabilities, unique long-term relationships with vendors and partners, specialized go-to-market strategy, growing services business, and exceptional data insights and digital platforms position our business for continued growth. Our global team is committed to driving attractive shareholder returns through above-market profitable growth and sustainable free cash flow. I am excited about the future and the opportunities ahead as we continue to lead the way in transforming the IT distribution landscape," said Patrick Zammit, CEO. Fiscal 2025 Financial Forecast(1,2) The company expects to achieve: Non-GAAP Diluted EPS of $11.50-$12.00 Free Cash Flow of $1.1B Medium-Term Financial Aspirations(1,2) The company expects to achieve the following financial aspirations: Non-GAAP gross billings CAGR of approximately 5% Gross profit CAGR of 5%+ Non-GAAP operating income CAGR of 6%+ Non-GAAP diluted EPS CAGR of 10-12%+ 95% Non-GAAP net income to FCF conversion 50-75% FCF returned to shareholders Investor Day Presentations A live video webcast and replay of the event will be available by visiting the Events & Presentations section of the TD SYNNEX Investor Relations website at About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We are an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, deliver business outcomes and unlock growth opportunities while helping optimize their operating model. Headquartered in Clearwater, Florida, and Fremont, California, TD SYNNEX's 23,000 co-workers are dedicated to uniting compelling IT products, services and solutions from 2,500+ best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit follow our newsroom or follow us on LinkedIn, Facebook and Instagram. (1)Use of Non-GAAP Financial Information In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: Non-GAAP gross billings, which adjusts revenues to exclude costs related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. Non-GAAP gross billings are a useful non-GAAP metric in understanding the volume of our business activity and serve as an important performance metric in internally managing our operations. Non-GAAP operating income, which excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. Non-GAAP net income and non-GAAP diluted earnings per share, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, and the related tax effects thereon. Free cash flow, which is cash flow from operating activities reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because although it is similar to cash flows from operating activities, TD SYNNEX believes free cash flow is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX's liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows. In prior periods, TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures. Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel-related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring, and divestiture activities. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture. TD SYNNEX's acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company's Statements of Operations. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company's products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company's Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, TD SYNNEX believes this additional information allows investors to make additional comparisons between our operating results from period to period. TD 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 TD SYNNEX's operational results and trends that more readily enable investors to analyze TD SYNNEX's 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 financial 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 TD SYNNEX's Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. The Company has not provided a reconciliation of its medium-term financial aspirations because certain items that are components of these financial metrics cannot be reasonably projected. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including acquisition, integration and restructuring costs, the amortization of intangibles, share-based compensation, and the related tax effects thereon, as well as purchases of property and equipment and costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. These components could significantly impact the Company's actual related metrics. (2)Our guidance is subject to the risks and uncertainties described in our 10-K and most recent 10-Q, including, but not limited to market volatility connected to geopolitical developments including tariff uncertainty. Safe Harbor Statement Statements in this news release regarding TD SYNNEX that are not historical facts are "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. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, 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 about our strategy, demand, plans and positioning, capital allocation, guidance related to the remainder of fiscal year 2025 and future periods. Such forward-looking statements are based upon management's current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates; increased inflation; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our supplier finance programs; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board's reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2024 and subsequent SEC filings. Statements included in this press release are based upon information known to TD SYNNEX as of the date of this release, and TD SYNNEX assumes no obligation to update information contained in this press release unless otherwise required by law. Copyright 2025 TD SYNNEX CORPORATION. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks or registered trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners. Forecast Fiscal Year Ending November 30, 2025 Non-GAAP net income and non-GAAP Diluted EPS Low High Net income $ 661 $ 701 Amortization of intangibles 300 300 Share-based compensation 75 75 Income taxes related to the above (86 ) (86 ) Non-GAAP net income $ 950 $ 990 Diluted EPS(1) $ 8.00 $ 8.50 Amortization of intangibles 3.63 3.63 Share-based compensation 0.91 0.91 Income taxes related to the above (1.04 ) (1.04 ) Non-GAAP Diluted EPS(1) $ 11.50 $ 12.00 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the fiscal year ending November 30, 2025. Outstanding diluted weighted average shares for the fiscal year ending November 30, 2025 are estimated to be approximately 81.8 million. Forecast Fiscal Year Ending November 30, 2025 Free cash flow Net cash provided by operating activities $ 1,265 Purchases of property and equipment (165 ) Free cash flow $ 1,100 View source version on Contacts David JordanInvestor Relations510-668-8436IR@ Emily MoseleyGlobal Corporate
Associated Press
27-03-2025
- Business
- Associated Press
TD SYNNEX Reports Fiscal 2025 First Quarter Results
FREMONT, Calif. & CLEARWATER, Fla.--(BUSINESS WIRE)--Mar 27, 2025-- TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal first quarter ended February 28, 2025. 'The strength of our business model allowed us to grow ahead of the market in Q1. Our end-to-end strategy, global reach and specialist go to market approach continues to empower us to capture a wide range of IT spend,' said Patrick Zammit, CEO of TD SYNNEX. 'Gross billings in constant currency grew by 9.5% year-over-year in Q1 with all regions and major technologies contributing.' Consolidated Financial Highlights for the Fiscal 2025 First Quarter: GAAP ($ in millions, except earnings per share) Q1 FY25 Q1 FY24 Net Change from Q1 FY24 Revenue $ 14,531.7 $ 13,975.3 4.0 % Gross profit $ 998.0 $ 1,005.8 (0.8 )% Gross margin 6.87 % 7.20 % (33) bps Operating income $ 304.5 $ 302.6 0.6 % Operating margin 2.10 % 2.17 % (7) bps Net income $ 167.5 $ 172.1 (2.7 )% Diluted EPS $ 1.98 $ 1.93 2.6 % Non-GAAP ($ in millions, except earnings per share) Q1 FY25 Q1 FY24 Net Change from Q1 FY24 Gross billings (1) $ 20,718.2 $ 19,266.7 7.5 % Gross to net % (1) (29.9 )% (27.5 )% (240) bps Revenue $ 14,531.7 $ 13,975.3 4.0 % Gross profit $ 998.0 $ 1,005.8 (0.8 )% Gross margin 6.87 % 7.20 % (33) bps Operating income (1) $ 398.8 $ 424.6 (6.1 )% Operating margin (1) 2.74 % 3.04 % (30) bps Net income (1) $ 237.4 $ 266.2 (10.8 )% Diluted EPS (1) $ 2.80 $ 2.99 (6.4 )% Consolidated Fiscal 2025 First Quarter Highlights Revenue was $14.5 billion, compared to $14.0 billion in the prior fiscal first quarter, representing an increase of 4.0%. On a constant currency (1) basis, revenue increased by 6.0% compared to the prior fiscal first quarter driven by growth in both our Endpoint Solutions and Advanced Solutions portfolios. A greater percentage of our sales were presented on a net basis, which negatively impacted our revenue compared to the prior fiscal first quarter by approximately 4%. Non-GAAP gross billings (1) were $20.7 billion, compared to $19.3 billion in the prior fiscal first quarter, representing an increase of 7.5% and at the top end of our outlook. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 9.5% compared to the prior fiscal first quarter. Gross profit was $998 million, compared to $1,006 million in the prior fiscal first quarter. Gross margin was 6.9%, compared to 7.2% in the prior fiscal first quarter, primarily due to higher margins in the prior year in strategic technologies and product mix. The presentation of additional revenues on a net basis positively impacted our gross margin by approximately 23 basis points. Operating income was $305 million, compared to $303 million in the prior fiscal first quarter. Non-GAAP operating income (1) was $399 million, compared to $425 million in the prior fiscal first quarter. Operating margin was 2.1%, compared to 2.2% in the prior fiscal first quarter. Non-GAAP operating margin (1) was 2.7%, compared to 3.0% in the prior fiscal first quarter. Diluted EPS was $1.98, compared to $1.93 in the prior fiscal first quarter. Non-GAAP diluted EPS (1) was $2.80, compared to $2.99 in the prior fiscal first quarter. Cash used in operations of $748 million, compared to cash provided by operations of $385 million in the prior fiscal first quarter, and negative free cash flow (1) of $790 million, compared to positive free cash flow (1) of $344 million in the prior fiscal first quarter. We returned $138 million to stockholders in the form of share repurchases and dividends, compared to $235 million in the prior fiscal first quarter. Regional Fiscal 2025 First Quarter Highlights Americas: Revenue was $8.4 billion, compared to $7.9 billion in the prior fiscal first quarter, representing an increase of 6.2%. On a constant currency (1) basis, revenue increased by 7.0% compared to the prior fiscal first quarter. A greater percentage of our sales were presented on a net basis, which negatively impacted our revenue compared to the prior fiscal first quarter by approximately 2%. Non-GAAP gross billings (1) were $12.4 billion, compared to $11.5 billion in the prior fiscal first quarter, representing an increase of 8.2%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 9.1% compared to the prior fiscal first quarter. Operating income was $194 million, compared to $160 million in the prior fiscal first quarter. Non-GAAP operating income (1) was $248 million, compared to $240 million in the prior fiscal first quarter. Operating margin was 2.3%, compared to 2.0% in the prior fiscal first quarter. Non-GAAP operating margin (1) was 3.0%, consistent with the prior fiscal first quarter. Europe: Revenue was $5.1 billion, an increase of 0.4% compared to the prior fiscal first quarter. On a constant currency (1) basis, revenue increased by 4.3%. A greater percentage of our sales were presented on a net basis, which negatively impacted our revenue compared to the prior fiscal first quarter by approximately 4%. Non-GAAP gross billings (1) were $6.9 billion, compared to $6.6 billion in the prior fiscal first quarter, representing an increase of 4.3%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 8.1% compared to the prior fiscal first quarter. Operating income was $86 million, compared to $108 million in the prior fiscal first quarter. Non-GAAP operating income (1) was $124 million, compared to $148 million in the prior fiscal first quarter. Operating margin was 1.7%, compared to 2.1% in the prior fiscal first quarter. Non-GAAP operating margin (1) was 2.4%, compared to 2.9% in the prior fiscal first quarter. Asia-Pacific and Japan: Revenue was $1.0 billion, compared to $955 million in the prior fiscal first quarter, representing an increase of 5.2%. On a constant currency (1) basis, revenue increased by 7.2% compared to the prior fiscal first quarter. A greater percentage of our sales were presented on a net basis, which negatively impacted our revenue compared to the prior fiscal first quarter by approximately 14%. Non-GAAP gross billings (1) were $1.4 billion, compared to $1.2 billion in the prior fiscal first quarter, representing an increase of 19.5%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 21.6% compared to the prior fiscal first quarter. Operating income was $25 million, compared to $35 million in the prior fiscal first quarter. Non-GAAP operating income (1) was $27 million, compared to $36 million in the prior fiscal first quarter. Operating margin was 2.5%, compared to 3.6% in the prior fiscal first quarter. Non-GAAP operating margin (1) was 2.7%, compared to 3.8% in the prior fiscal first quarter. Fiscal 2025 Second Quarter Outlook The following statements are based on TD SYNNEX's current expectations for the fiscal 2025 second quarter. These statements are forward-looking and actual results may differ materially. Non-GAAP gross billings (1) include the impact of costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts, and the remaining non-GAAP financial measures exclude the impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation, and the related tax effects thereon. Q2 2025 Outlook Revenue $13.9 - $14.7 billion Non-GAAP gross billings (1) $19.7 - $20.7 billion Net income $137 - $179 million Non-GAAP net income (1) $205 - $247 million Diluted earnings per share $1.64 - $2.14 Non-GAAP diluted earnings per share (1) $2.45 - $2.95 Estimated outstanding diluted weighted average shares 83.2 million Dividend TD SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.44 per common share. The dividend is payable on April 25, 2025 to stockholders of record as of the close of business on April 11, 2025. Conference Call and Webcast TD SYNNEX will host a conference call today to discuss the 2025 fiscal first quarter results at 6:00 AM (PT)/9:00 AM (ET). A live audio webcast of the earnings call will be accessible at and a replay of the webcast will be available following the call. About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We're an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida and Fremont, California, TD SYNNEX's over 23,000 co-workers are dedicated to uniting compelling IT products, services and solutions from approximately 2,500 best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit follow our newsroom or find us on LinkedIn, Facebook and Instagram. (1) Use of Non-GAAP Financial Information In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: Non-GAAP gross billings, which adjusts revenues to exclude costs related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. Non-GAAP gross billings are a useful non-GAAP metric in understanding the volume of our business activity and serve as an important performance metric in internally managing our operations. Revenue and non-GAAP gross billings in constant currency, which adjusts 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 performance. Financial results adjusted for constant currency are calculated by translating current period activity using the comparable prior year periods' currency conversion rate. 'Gross to net %' refers to the percentage of adjustments made to non-GAAP gross billings for costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. Adjusted selling, general and administrative expenses, which excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings, which is a useful metric in considering our selling, general and administrative expenses without the impact of gross to net revenue adjustments to gross billings. Furthermore, TD SYNNEX uses adjusted selling, general and administrative expenses as a percentage of gross profit, which is a useful metric in considering the portion of gross profit retained after selling, general and administrative expenses. Non-GAAP operating income and non-GAAP operating margin, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. Earnings before interest, taxes, depreciation and amortization ('EBITDA'), which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, and amortization of intangibles. TD SYNNEX also uses adjusted earnings before interest, taxes, depreciation and amortization ('Adjusted EBITDA') which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, amortization of intangibles, other income (expense), net, acquisition, integration and restructuring costs, and share-based compensation expense. Non-GAAP net income and non-GAAP diluted earnings per share, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, and the related tax effects thereon. Free cash flow, which is cash flow from operating activities reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because although it is similar to cash flows from operating activities, TD SYNNEX believes free cash flow is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX's liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows. Trailing fiscal four quarters return on invested capital ('ROIC'), which is defined as the last four quarters' tax effected operating income divided by the average of the last five quarterly balances of borrowings and equity, net of cash. Adjusted ROIC is calculated by excluding the tax effected impact of non-GAAP adjustments from operating income and by excluding the cumulative tax effected impact of current and prior period non-GAAP adjustments on equity. In prior periods, TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures. Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel-related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring, and divestiture activities. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture. TD SYNNEX's acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company's Statements of Operations. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company's products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company's Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, TD SYNNEX believes this additional information allows investors to make additional comparisons between our operating results from period to period. TD 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 TD SYNNEX's operational results and trends that more readily enable investors to analyze TD SYNNEX's 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 financial 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 TD SYNNEX's Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. Safe Harbor Statement Statements in this news release regarding TD SYNNEX that are not historical facts are '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. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, 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 about our strategy, demand, plans and positioning, capital allocation, as well as guidance related to the second quarter of 2025. Such forward-looking statements are based upon management's current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates; increased inflation; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our supplier finance programs; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board's reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2024 and subsequent SEC filings. Statements included in this press release are based upon information known to TD SYNNEX as of the date of this release, and TD SYNNEX assumes no obligation to update information contained in this press release unless otherwise required by law. Copyright 2025 TD SYNNEX CORPORATION. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks or registered trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners. TD SYNNEX Corporation Consolidated Balance Sheets (Currency and share amounts in thousands, except par value) (Amounts may not add or compute due to rounding) (Unaudited) February 28, 2025 November 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 541,863 $ 1,059,378 Accounts receivable, net 9,424,100 10,341,625 Receivables from vendors, net 969,784 958,105 Inventories 8,359,741 8,287,048 Other current assets 663,385 678,540 Total current assets 19,958,873 21,324,696 Property and equipment, net 468,389 457,024 Goodwill 3,877,529 3,895,077 Intangible assets, net 3,819,180 3,912,267 Other assets, net 672,095 685,415 Total assets $ 28,796,066 $ 30,274,479 LIABILITIES AND EQUITY Current liabilities: Borrowings, current $ 590,956 $ 171,092 Accounts payable 13,037,467 15,084,107 Other accrued liabilities 2,105,434 1,966,036 Total current liabilities 15,733,857 17,221,235 Long-term borrowings 3,737,009 3,736,399 Other long-term liabilities 462,547 468,648 Deferred tax liabilities 812,258 812,763 Total liabilities 20,745,671 22,239,045 Stockholders' equity: Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding — — Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both February 28, 2025 and November 30, 2024 99 99 Additional paid-in capital 7,446,315 7,437,688 Treasury stock, 15,796 and 15,289 shares as of February 28, 2025 and November 30, 2024, respectively (1,595,512 ) (1,513,017 ) Accumulated other comprehensive loss (686,605 ) (645,117 ) Retained earnings 2,886,098 2,755,781 Total stockholders' equity 8,050,395 8,035,434 Total liabilities and equity $ 28,796,066 $ 30,274,479 TD SYNNEX Corporation Consolidated Statements of Operations (Currency and share amounts in thousands, except per share amounts) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended February 28, 2025 February 29, 2024 Revenue $ 14,531,707 $ 13,975,253 Cost of revenue (13,533,701 ) (12,969,487 ) Gross profit 998,006 1,005,766 Selling, general and administrative expenses (692,485 ) (671,545 ) Acquisition, integration and restructuring costs (1,062 ) (31,649 ) Operating income 304,459 302,572 Interest expense and finance charges, net (87,880 ) (75,891 ) Other expense, net (1,696 ) (2,884 ) Income before income taxes 214,883 223,797 Provision for income taxes (47,346 ) (51,669 ) Net income $ 167,537 $ 172,128 Earnings per common share: Basic $ 1.98 $ 1.94 Diluted $ 1.98 $ 1.93 Weighted-average common shares outstanding: Basic 83,615 87,891 Diluted 83,970 88,203 TD SYNNEX Corporation Consolidated Statements of Cash Flows (Currency amounts in thousands) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended February 28, 2025 February 29, 2024 Cash flows from operating activities: Net income $ 167,537 $ 172,128 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 99,710 100,619 Share-based compensation 21,861 17,490 Provision for doubtful accounts 6,366 11,194 Other 4,373 1,170 Changes in operating assets and liabilities, net of acquisition of businesses: Accounts receivable, net 854,220 1,343,075 Receivables from vendors, net (16,640 ) 46,380 Inventories (102,861 ) 42,176 Accounts payable (1,970,112 ) (926,836 ) Other operating assets and liabilities 187,549 (422,687 ) Net cash (used in) provided by operating activities (747,997 ) 384,709 Cash flows from investing activities: Purchases of property and equipment (41,525 ) (41,088 ) Acquisition of businesses, net of cash acquired (3,793 ) (28,443 ) Other 786 1,621 Net cash used in investing activities (44,532 ) (67,910 ) Cash flows from financing activities: Dividends paid (37,220 ) (35,652 ) Proceeds from reissuance of treasury stock 9,781 2,727 Repurchases of common stock (100,510 ) (199,225 ) Repurchases of common stock for tax withholdings on equity awards (4,250 ) (4,798 ) Net borrowings (repayments) on revolving credit loans 421,422 (56,055 ) Principal payments on long-term debt (627 ) (18,204 ) Net cash provided by (used in) financing activities 288,596 (311,207 ) Effect of exchange rate changes on cash and cash equivalents (13,582 ) (8,422 ) Net decrease in cash and cash equivalents (517,515 ) (2,830 ) Cash and cash equivalents at beginning of period 1,059,378 1,033,776 Cash and cash equivalents at end of period $ 541,863 $ 1,030,946 TD SYNNEX Corporation Regional Financial Highlights - Fiscal 2025 First Quarter (Currency in millions) (Amounts may not add or compute due to rounding) Q1 FY25 Q1 FY24 Net Change from Q1 FY24 Americas Revenue $ 8,389.3 $ 7,903.1 6.2 % Non-GAAP gross billings (1) $ 12,445.8 $ 11,506.3 8.2 % Operating income $ 193.7 $ 159.7 21.3 % Non-GAAP operating income (1) $ 248.1 $ 240.3 3.2 % Operating margin 2.31 % 2.02 % 29 bps Non-GAAP operating margin (1) 2.96 % 3.04 % (8) bps Europe Revenue $ 5,137.8 $ 5,117.3 0.4 % Non-GAAP gross billings (1) $ 6,887.2 $ 6,601.4 4.3 % Operating income $ 85.9 $ 108.3 (20.7 )% Non-GAAP operating income (1) $ 123.6 $ 147.8 (16.4 )% Operating margin 1.67 % 2.12 % (45) bps Non-GAAP operating margin (1) 2.41 % 2.89 % (48) bps Asia-Pacific and Japan Revenue $ 1,004.6 $ 954.9 5.2 % Non-GAAP gross billings (1) $ 1,385.2 $ 1,159.0 19.5 % Operating income $ 24.8 $ 34.6 (28.3 )% Non-GAAP operating income (1) $ 27.1 $ 36.4 (25.5 )% Operating margin 2.47 % 3.62 % (115) bps Non-GAAP operating margin (1) 2.70 % 3.82 % (112) bps (1) A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Revenue in constant currency Consolidated Revenue $ 14,531,707 $ 13,975,253 Impact of changes in foreign currencies 283,697 — Revenue in constant currency $ 14,815,404 $ 13,975,253 Americas Revenue $ 8,389,338 $ 7,903,096 Impact of changes in foreign currencies 66,239 — Revenue in constant currency $ 8,455,577 $ 7,903,096 Europe Revenue $ 5,137,765 $ 5,117,252 Impact of changes in foreign currencies 198,678 — Revenue in constant currency $ 5,336,443 $ 5,117,252 Asia-Pacific and Japan Revenue $ 1,004,604 $ 954,905 Impact of changes in foreign currencies 18,780 — Revenue in constant currency $ 1,023,384 $ 954,905 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP gross billings Consolidated Revenue $ 14,531,707 $ 13,975,253 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,186,489 5,291,480 Non-GAAP gross billings $ 20,718,196 $ 19,266,733 Impact of changes in foreign currencies 381,353 — Non-GAAP gross billings in constant currency $ 21,099,549 $ 19,266,733 Americas Revenue $ 8,389,338 $ 7,903,096 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 4,056,479 3,603,247 Non-GAAP gross billings $ 12,445,817 $ 11,506,343 Impact of changes in foreign currencies 106,143 — Non-GAAP gross billings in constant currency $ 12,551,960 $ 11,506,343 Europe Revenue $ 5,137,765 $ 5,117,252 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 1,749,413 1,484,128 Non-GAAP gross billings $ 6,887,178 $ 6,601,380 Impact of changes in foreign currencies 251,631 — Non-GAAP gross billings in constant currency $ 7,138,809 $ 6,601,380 Asia-Pacific and Japan Revenue $ 1,004,604 $ 954,905 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 380,597 204,105 Non-GAAP gross billings $ 1,385,201 $ 1,159,010 Impact of changes in foreign currencies 23,579 — Non-GAAP gross billings in constant currency $ 1,408,780 $ 1,159,010 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Adjusted selling, general and administrative expenses Revenue $ 14,531,707 $ 13,975,253 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,186,489 5,291,480 Non-GAAP gross billings $ 20,718,196 $ 19,266,733 Gross profit $ 998,006 $ 1,005,766 Selling, general and administrative expenses (1) $ 693,547 $ 703,194 Acquisition, integration and restructuring costs (1,062 ) (31,649 ) Amortization of intangibles (71,407 ) (72,877 ) Share-based compensation (21,861 ) (17,490 ) Adjusted selling, general and administrative expenses $ 599,217 $ 581,178 Selling, general and administrative expenses (1) as a percentage of revenue 4.77 % 5.03 % Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings 2.89 % 3.02 % Selling, general and administrative expenses (1) as a percentage of gross profit 69.5 % 69.9 % Adjusted selling, general and administrative expenses as a percentage of gross profit 60.0 % 57.8 % (1) Includes acquisition, integration and restructuring costs, which are presented separately on the Consolidated Statements of Operations. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP operating income & non-GAAP operating margin - Consolidated Revenue $ 14,531,707 $ 13,975,253 Operating income $ 304,459 $ 302,572 Acquisition, integration and restructuring costs 1,062 31,649 Amortization of intangibles 71,407 72,877 Share-based compensation 21,861 17,490 Non-GAAP operating income $ 398,789 $ 424,588 Operating margin 2.10 % 2.17 % Non-GAAP operating margin 2.74 % 3.04 % Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP operating income & non-GAAP operating margin - Americas Revenue $ 8,389,338 $ 7,903,096 Operating income $ 193,722 $ 159,682 Acquisition, integration and restructuring costs 324 27,372 Amortization of intangibles 40,417 41,453 Share-based compensation 13,651 11,798 Non-GAAP operating income $ 248,114 $ 240,305 Operating margin 2.31 % 2.02 % Non-GAAP operating margin 2.96 % 3.04 % Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP operating income & non-GAAP operating margin - Europe Revenue $ 5,137,765 $ 5,117,252 Operating income $ 85,892 $ 108,325 Acquisition, integration and restructuring costs 626 3,952 Amortization of intangibles 30,189 30,802 Share-based compensation 6,860 4,763 Non-GAAP operating income $ 123,567 $ 147,842 Operating margin 1.67 % 2.12 % Non-GAAP operating margin 2.41 % 2.89 % TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP operating income & non-GAAP operating margin - Asia-Pacific and Japan Revenue $ 1,004,604 $ 954,905 Operating income $ 24,845 $ 34,565 Acquisition, integration and restructuring costs 112 325 Amortization of intangibles 801 622 Share-based compensation 1,350 929 Non-GAAP operating income $ 27,108 $ 36,441 Operating margin 2.47 % 3.62 % Non-GAAP operating margin 2.70 % 3.82 % Three Months Ended February 28, 2025 February 29, 2024 EBITDA & adjusted EBITDA Net income $ 167,537 $ 172,128 Interest expense and finance charges, net 87,880 75,891 Provision for income taxes 47,346 51,669 Depreciation (1) 28,303 27,742 Amortization of intangibles 71,407 72,877 EBITDA $ 402,473 $ 400,307 Other expense, net 1,696 2,884 Acquisition, integration and restructuring costs 1,062 31,254 Share-based compensation 21,861 17,490 Adjusted EBITDA $ 427,092 $ 451,935 (1) Includes depreciation recorded in acquisition, integration, and restructuring costs. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Non-GAAP net income & non-GAAP diluted EPS (1) Net income $ 167,537 $ 172,128 Acquisition, integration and restructuring costs 1,062 31,649 Amortization of intangibles 71,407 72,877 Share-based compensation 21,861 17,490 Income taxes related to the above (24,496 ) (27,921 ) Non-GAAP net income $ 237,371 $ 266,223 Diluted EPS (1) $ 1.98 $ 1.93 Acquisition, integration and restructuring costs 0.01 0.36 Amortization of intangibles 0.84 0.81 Share-based compensation 0.26 0.20 Income taxes related to the above (0.29 ) (0.31 ) Non-GAAP Diluted EPS (1) $ 2.80 $ 2.99 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three months ended February 28, 2025 and February 29, 2024. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Amounts may not add or compute due to rounding) Three Months Ended (Currency in thousands) February 28, 2025 February 29, 2024 Free cash flow Net cash (used in) provided by operating activities $ (747,997 ) $ 384,709 Purchases of property and equipment (41,525 ) (41,088 ) Free cash flow $ (789,522 ) $ 343,621 Forecast Three Months Ending (Currency in millions, except per share amounts) May 31, 2025 Non-GAAP net income and non-GAAP Diluted EPS Low High Net income $ 137 $ 179 Amortization of intangibles 75 75 Share-based compensation 13 13 Income taxes related to the above (20 ) (20 ) Non-GAAP net income $ 205 $ 247 Diluted EPS (1) $ 1.64 $ 2.14 Amortization of intangibles 0.89 0.89 Share-based compensation 0.16 0.16 Income taxes related to the above (0.24 ) (0.24 ) Non-GAAP Diluted EPS (1) $ 2.45 $ 2.95 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the three months ending May 31, 2025. Forecast Three Months Ending (Currency in billions) May 31, 2025 Non-GAAP gross billings Low High Revenue $ 13.9 $ 14.7 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 5.8 6.0 Non-GAAP gross billings $ 19.7 $ 20.7 TD SYNNEX Corporation Calculation of Financial Metrics Return on Invested Capital ('ROIC') (Currency in thousands) (Amounts may not add or compute due to rounding) February 28, 2025 February 29, 2024 ROIC Operating income (trailing fiscal four quarters) $ 1,196,098 $ 1,082,442 Income taxes on operating income (1) (241,222 ) (222,351 ) Operating income after taxes $ 954,876 $ 860,091 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,307,850 $ 11,405,681 ROIC 8.4 % 7.5 % Adjusted ROIC Non-GAAP operating income (trailing fiscal four quarters) $ 1,601,231 $ 1,624,021 Income taxes on non-GAAP operating income (1) (354,345 ) (364,991 ) Non-GAAP operating income after taxes $ 1,246,886 $ 1,259,030 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,307,850 $ 11,405,681 Tax effected impact of cumulative non-GAAP adjustments (last five quarters average) 1,530,137 1,172,514 Total non-GAAP invested capital (last five quarters average) $ 12,837,987 $ 12,578,195 Adjusted ROIC 9.7 % 10.0 % (1) Income taxes on GAAP operating income was calculated using the effective year-to-date tax rates during the respective periods. Income taxes on non-GAAP operating income was calculated by excluding the tax effect of taxable and deductible non-GAAP adjustments using the effective year-to-date tax rate during the respective periods. TD SYNNEX Corporation Calculation of Financial Metrics Cash Conversion Cycle (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended February 28, 2025 February 29, 2024 Days sales outstanding Revenue (a) $ 14,531,707 $ 13,975,253 Accounts receivable, net (b) 9,424,100 8,902,803 Days sales outstanding (c) = ((b)/(a))*the number of days during the period 58 58 Days inventory outstanding Cost of revenue (d) $ 13,533,701 $ 12,969,487 Inventories (e) 8,359,741 7,091,146 Days inventory outstanding (f) = ((e)/(d))*the number of days during the period 56 50 Days payable outstanding Cost of revenue (g) $ 13,533,701 $ 12,969,487 Accounts payable (h) 13,037,467 12,372,749 Days payable outstanding (i) = ((h)/(g))*the number of days during the period 87 87 Cash conversion cycle (j) = (c)+(f)-(i) 27 21 View source version on CONTACT: David Jordan Investor Relations 510-668-8436 [email protected] Moseley Global Corporate Communications 727-538-5864 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA FLORIDA INDUSTRY KEYWORD: TECHNOLOGY SEMICONDUCTOR SECURITY SATELLITE OTHER TECHNOLOGY PHOTOGRAPHY TELECOMMUNICATIONS NANOTECHNOLOGY SOFTWARE AUDIO/VIDEO NETWORKS INTERNET MOBILE/WIRELESS HARDWARE ELECTRONIC DESIGN AUTOMATION DATA MANAGEMENT CONSUMER ELECTRONICS SOURCE: TD SYNNEX Copyright Business Wire 2025. PUB: 03/27/2025 08:05 AM/DISC: 03/27/2025 08:07 AM
Yahoo
30-01-2025
- Business
- Yahoo
TD SYNNEX Named a 2025 FORTUNE World's Most Admired Company
TD SYNNEX honored for fourth consecutive year FREMONT, Calif., & CLEARWATER, Fla., January 30, 2025--(BUSINESS WIRE)--TD SYNNEX (NYSE: SNX) today announced it has been named one of the "2025 World's Most Admired Companies" by FORTUNE. This is the fourth consecutive year the company has been named to the list, following the legacy companies' long history of inclusion on the list as well. "We are honored to be part of this distinguished list of companies once again and to see our team recognized for their dedication to empowering our global partners to achieve great outcomes with technology," said TD SYNNEX CEO Patrick Zammit. "This achievement reflects the culture fostered by our 23,000 co-workers worldwide, who are committed to making IT personal for our partners by providing innovative solutions, building strong relationships and delivering exceptional value." The list of World's Most Admired Companies is developed annually by FORTUNE in partnership with Korn Ferry. Candidates for the list include 1,500 of the largest companies from around the globe and winners are chosen based on the results of a corporate reputation survey administered to top executives, directors and members of the financial community. Full methodology can be found at About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We're an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida, and Fremont, California, TD SYNNEX's 23,000 co-workers are dedicated to uniting compelling IT products, services and solutions from 2,500+ best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit or follow us on LinkedIn, Facebook and Instagram. Safe Harbor Statement Statements in this news release that are "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 involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward-looking statements contained in this release. Copyright 2025 TD SYNNEX Corporation. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks of TD SYNNEX Corporation. Other names and trademarks are the property of their respective owners. View source version on Contacts Emily MoseleyGlobal Corporate Sign in to access your portfolio
