TD SYNNEX Earnings Call Transcripts
Fiscal Year 2026
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Record quarterly results driven by strong growth in both distribution and Hyve, with AI demand fueling broad-based gains. Non-GAAP gross billings rose 33% YoY, and Hyve delivered 117% growth. Guidance remains strong, though supply constraints and rising component costs are being monitored.
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Record Q1 results featured 24% year-over-year growth in non-GAAP gross billings and 69% growth in non-GAAP EPS, driven by strong performance in both Distribution and Hyve. Guidance for Q2 anticipates continued double-digit growth, with robust demand across technology categories and expanding programs with hyperscale customers.
Fiscal Year 2025
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Record Q4 and FY results driven by double-digit growth in gross billings, margins, and EPS, with Hyve and all regions contributing strongly. Guidance for Q1 FY26 anticipates continued growth, with focus on sustainable cash flow and strategic investments.
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Record Q3 results with 12% gross billings and 25% EPS growth, driven by strong demand in cloud, AI, and PCs. HIVE and regional segments outperformed, with robust guidance for Q4 and FY25. Continued investment in digital strategy and capital returns highlighted.
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Q2 saw double-digit growth in gross billings and EPS above guidance, with broad-based strength across all regions and technologies. HYVE and software segments excelled, while the company reaffirmed its $1.1B free cash flow target and remains cautious amid macroeconomic uncertainties.
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Operating in a $2.8T IT market, the company targets above-market growth through global expansion, digital innovation, and a specialist approach. Medium-term goals include 5% billings CAGR, 10%-12% EPS growth, and significant free cash flow returns to shareholders, with Hyve and services as key growth drivers.
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Q1 FY25 delivered strong growth in gross billings and revenue, with double-digit expansion in strategic technologies and robust performance across all regions. Hyve faced temporary demand softness and delayed shipments, impacting margins and cash flow, but normalization is expected.
Fiscal Year 2024
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Revenue and gross billings grew strongly year over year, with robust free cash flow and significant returns to shareholders. Hyve and Advanced Solutions led growth, while margins faced tough year-over-year comparisons but are expected to normalize. Guidance calls for continued mid-single digit growth and disciplined capital allocation.
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Gross billings grew 9% year-over-year in Q3, exceeding expectations, with strong contributions from both Endpoint and Advanced Solutions. Margin pressure persisted due to Hyve and product mix, but free cash flow and capital returns remained robust. Strategic investments in AI, cloud, and platform enhancements continue to drive growth.
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Gross billings grew 3% year-over-year in Q2, with strong EPS growth and robust capital returns. Strategic Technologies now comprise 25% of gross billings, and AI is expected to drive future growth. Guidance calls for continued top-line acceleration and disciplined capital allocation.