TD SYNNEX Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 results with 24% YoY non-GAAP gross billings growth and strong performance in both Distribution and Hyve. Guidance for Q2 anticipates continued double-digit growth, with robust demand in PCs, infrastructure, and AI, and ongoing investments in capacity and shareholder returns.
Fiscal Year 2025
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Record Q4 and FY results with 15% YoY gross billings growth and 24% EPS increase, driven by strong performance across all regions and segments, especially Hyve and strategic technologies. Outlook for Q1 FY26 anticipates continued double-digit growth and robust free cash flow.
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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 12% gross billings growth and EPS above guidance, with strength across all regions and technologies. HYVE and software led segment gains, while PC refresh and cloud demand remained robust. Cautious Q3 outlook reflects macro risks, but free cash flow and shareholder returns remain strong.
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Operating in a $2.8T IT market, the company targets above-market growth through a specialist, data-driven model, global expansion, and digital transformation. Medium-term goals include 5%+ billings CAGR, 10-12% EPS growth, and strong free cash flow returns, 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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Q4 revenue rose 10% year over year, with strong growth in Endpoint and Advanced Solutions, and double-digit gains in cloud, cybersecurity, and Hyve. FY24 free cash flow hit $1B, with 72% returned to shareholders. 2025 guidance calls for mid-single digit billings growth and $1.1B free cash flow.
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Q3 gross billings rose 9% year over year to $20.3B, with strong growth in Endpoint and Advanced Solutions. Margins declined due to Hyve mix, but cost discipline and cash flow remained strong. Q4 guidance anticipates continued growth, with robust free cash flow and ongoing shareholder returns.
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Q2 delivered 3% gross billings growth, margin expansion, and strong shareholder returns, with Strategic Technologies now 25% of business. Guidance calls for continued top-line growth, robust free cash flow, and a CEO transition in September.