SNX currently has a forward P/E ratio of 11, while TRMB has a forward P/E of 20.56. We also note that SNX has a PEG ratio of 1.21. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. TRMB currently has a PEG ratio of 2.06. Another notable valuation metric for SNX is its P/B ratio of 1.42. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition perio ...

Financial Data and Key Metrics Changes - For Q1 2024, total gross billings were $19.3 billion, down 5% year-over-year, driven by a 7% decline in Endpoint Solutions and a 3% decline in Advanced Solutions [15] - Net revenue was $14 billion, down 7.6% year-over-year, with gross to net revenue adjustments increasing year-over-year due to a shift in business mix [15] - Non-GAAP gross profit was $1 billion, with a non-GAAP gross margin of 7.2%, up 52 basis points year-over-year [38] Business Line Data and Key Metrics Changes - Endpoint Solutions saw slight growth in PCs year-over-year, but overall results were weighed down by softness in mobile devices and some components [10] - Advanced Solutions faced challenges in year-over-year comparisons due to elevated demand and backlog drawdown dynamics from the first half of 2023 [10] - Strategic technologies, including data, AI, IoT, cloud, and security, represented 23% of total gross billings in Q1, showing solid year-over-year growth [13] Market Data and Key Metrics Changes - In the Americas, there were improving year-over-year trends in PCs, with a record quarter in Latin America [9] - Europe experienced positive momentum in the PC market but faced tough year-over-year comparisons in Advanced Solutions due to last year's record performance [9] - Asia-Pacific, Japan continued to see year-over-year growth in constant currency, driven by strength in Advanced Solutions across multiple countries [9] Company Strategy and Development Direction - The company is focused on capitalizing on a stabilizing demand environment while expanding capabilities in strategic technology areas [7] - A new $2 billion share repurchase authorization was announced, reflecting the company's commitment to returning excess free cash flow to shareholders [8] - The company aims to generate approximately $1.2 billion of free cash flow for the fiscal year and return 50% of free cash flow to shareholders [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving IT spending environment and expects to return to positive year-over-year gross billings growth next quarter [7] - The company anticipates continued improvement in the PC market, driven by new AI-enabled PC launches and customary refresh cycles [10] - Management highlighted the importance of AI in driving future growth and indicated that the company is well-positioned to take advantage of the fast-growing AI market [11] Other Important Information - The company ended the quarter with cash and cash equivalents of approximately $1 billion and debt of $4 billion, maintaining a gross leverage ratio of 2.3 times [16] - Free cash flow for the quarter was $344 million, with approximately 68% returned to shareholders through share repurchases and dividends [27] Q&A Session Summary Question: PC optimism for the back half of the year and cost optimization update - Management indicated that the historical earnings weighting between the first and second half of the year remains reasonable, with potential for a heavier second half due to expected growth in Endpoint and Advanced Solutions [18][30] Question: AI datacenter-related build-out and Hyve segment outlook - Management noted that AI is anticipated to positively impact all segments, with a significant shift towards AI-oriented buildouts in the Hyve organization [39] Question: Update on gross margin expansion and potential pressures - Management acknowledged the ongoing gross margin expansion and indicated that while some pressures may arise from a mix shift, the overall margin profile remains strong [42][86] Question: Year-over-year strength in end markets and Advanced Solutions demand - Management reported that there is no significant outperformance in any specific end market, with a general rising tide across the portfolio [78] Question: Demand environment for AI-centric products and margin expectations - Management expects AI-related products to have a higher margin profile compared to traditional products, with a focus on ensuring clear definitions for AI sales moving forward [49][90]

• Revenue of $14.0 billion, within our outlook of $14.0 - $14.7 billion. • Non-GAAP gross billings of $19.3 billion, within our outlook of $19.0 - $20.0 billion. (1) • Gross margin and non-GAAP gross margin of 7.20%, up 57 bps and 52 bps, respectively, from the prior fiscal first quarter. (1) • Net income of $172 million, and non-GAAP net income of $266 million. (1) • Diluted earnings per share ("EPS") of $1.93, and non-GAAP diluted EPS of $2.99, at the upper end of our outlook. (1) • Cash provided by opera ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-K ___________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________________to_________________ Commission File Numbe ...

TD SYNNEX Corporation (NYSE:SNX) Q4 2023 Earnings Conference Call January 9, 2024 9:00 AM ET Company Participants Liz Morali - Head of IR Rich Hume - CEO Marshall Witt - CFO Conference Call Participants David Vogt - UBS Vince Colicchio - Barrington Research Ruplu Bhattacharya - Bank of America Michael Ng - Goldman Sachs Adam Tindle - Raymond James George Wang - Barclays Joseph Cardoso - JPMorgan Keith Housum - Northcoast Research Ashish Sabadra - RBC Capital Markets Operator Ladies and gentlemen, good morni ...

Target shareholder return of 15-20% Target TSR of 15-20% in medium-term | --- | --- | --- | |-------------------------------------------------------------------------------|-----------------------------------------|-----------------------------------------------------| | Revenue from high growth technologies expected to double in the medium-term | Target ~$1.5B of FCF (1) in medium-term | Target modest dividend growth over the medium-term | | Successful merger integration providing margin opportunities | Li ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 001-31892 _______________________________________________________________________ TD SYNNEX CORPORATION (Exact name of registrant as specified in its charter) _______________________________________________________________________ Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (Mark One) x ...

TD SYNNEX Corporation (NYSE:SNX) Q3 2023 Earnings Conference Call September 26, 2023 9:00 AM ET Company Participants Rich Hume - Chief Executive Officer Marshall Witt - Chief Financial Officer Liz Morali - Head of Investor Relations Conference Call Participants Ananda Baruah - Loop Capital Michael Ng - Goldman Sachs Adam Tindle - Raymond James Keith Housum - Northcoast Research Joseph Cardoso - JP Morgan Matt Sheerin - Stifel Ruplu Bhattacharya - Bank of America George Wang - Barclays Patrick Jackson - RBC ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents TD SYNNEX Corporation's unaudited consolidated financial statements, detailing key financial performance and position [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$28.0 billion**, total liabilities decreased to **$19.7 billion**, and stockholders' equity increased to **$8.3 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | May 31, 2023 | November 30, 2022 | | :--- | :--- | :--- | | **Total current assets** | $18,721,193 | $20,500,865 | | **Total assets** | **$27,978,948** | **$29,733,998** | | **Total current liabilities** | $14,412,986 | $16,428,721 | | **Total liabilities** | **$19,710,178** | **$21,708,492** | | **Total stockholders' equity** | **$8,268,770** | **$8,025,506** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Quarterly revenue decreased to **$14.1 billion** with net income falling, while six-month net income increased to **$300.1 million** Key Operating Results (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $14,062,124 | $15,269,791 | $29,187,495 | $30,739,768 | | Gross Profit | $963,410 | $955,789 | $1,966,977 | $1,924,450 | | Operating Income | $252,883 | $252,737 | $551,045 | $475,177 | | Net Income | $133,087 | $148,917 | $300,107 | $281,241 | | Diluted EPS | $1.41 | $1.55 | $3.17 | $2.92 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$604.8 million** in cash, a significant improvement from the prior year's cash usage, driven by working capital changes Cash Flow Summary for Six Months Ended May 31 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $604,750 | $(284,482) | | Net cash used in investing activities | $(64,538) | $(46,651) | | Net cash used in financing activities | $(247,087) | $(129,950) | | **Net increase (decrease) in cash** | **$329,223** | **$(473,165)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide details on accounting policies, segment performance, borrowings, and contingencies, including revenue concentration and a new share repurchase program - One customer accounted for **12% and 11% of total revenue** for the three and six months ended May 31, 2023, respectively. Major vendors representing over 10% of revenue in certain periods include Apple, Cisco, and HP Inc[33](index=33&type=chunk) - Acquisition and integration costs related to the Tech Data merger totaled **$34.2 million** for the three months and **$82.0 million** for the six months ended May 31, 2023[48](index=48&type=chunk) - In January 2023, the Board authorized a new three-year, **$1.0 billion share repurchase program**. As of May 31, 2023, **$841.7 million** remained available for future repurchases[102](index=102&type=chunk)[104](index=104&type=chunk) - A fine from the French Competition Authority was reduced on appeal from **€76.1 million to €24.9 million**, which has been paid in full. The company is appealing this matter further[107](index=107&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 revenue decline, improved gross margin, flat operating income, strong operating cash flow, and robust liquidity [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q2 2023 consolidated revenue decreased **7.9%** to **$14.1 billion**, gross margin improved, operating income was flat, and diluted EPS declined Revenue by Segment - Q2 2023 vs Q2 2022 (in thousands) | Segment | Q2 2023 Revenue | Q2 2022 Revenue | % Change | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Americas | $8,699,342 | $9,776,933 | (11.0)% | (10.3)% | | Europe | $4,461,461 | $4,652,611 | (4.1)% | (3.5)% | | APJ | $901,321 | $840,247 | 7.3% | 11.7% | | **Consolidated** | **$14,062,124** | **$15,269,791** | **(7.9)%** | **(7.0)%** | - The decrease in revenue was primarily driven by a decline in the Endpoint Solutions portfolio due to a post-pandemic drop in demand for personal computer ecosystem products. This was partially offset by growth in the Advanced Solutions portfolio and high-growth technologies[137](index=137&type=chunk) - Gross margin increased to **6.85%** in Q2 2023 from **6.26%** in Q2 2022, primarily due to a favorable product and customer mix, including more revenue from Advanced Solutions and high-growth technologies[143](index=143&type=chunk) GAAP vs Non-GAAP Operating Income - Q2 2023 (in thousands) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Operating Income (GAAP) | $252,883 | $252,737 | 0.1% | | Non-GAAP Operating Income | $376,049 | $398,321 | (5.6)% | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with increased cash, significant operating cash flow, a slightly increased cash conversion cycle, and manageable borrowings Cash Conversion Cycle (in days) | Period | May 31, 2023 | Nov 30, 2022 | May 31, 2022 | | :--- | :--- | :--- | :--- | | DSO | 55 | 53 | 47 | | DIO | 54 | 54 | 54 | | DPO | 85 | 84 | 80 | | **CCC** | **24** | **23** | **21** | - Net cash provided by operating activities was **$604.8 million** for the first six months of 2023, compared to net cash used of **$284.5 million** in the prior year period, primarily due to a decline in sales volumes which resulted in decreases in accounts receivable and inventories[175](index=175&type=chunk) - Financing activities used **$247.1 million** in cash, largely due to **$174.8 million** in common stock repurchases and **$66.2 million** in dividend payments during the first six months of 2023[177](index=177&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in the company's market risks have occurred since the previous fiscal year-end, as disclosed in the Annual Report on Form 10-K - No material changes have occurred in the Company's market risks since November 30, 2022[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[192](index=192&type=chunk) - There were no changes in internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[193](index=193&type=chunk) PART II - OTHER INFORMATION [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the previous fiscal year-end, as disclosed in the Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the Company's 2022 Annual Report on Form 10-K[196](index=196&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **$1.0 billion** share repurchase program was authorized, with **664,000 shares** repurchased during the quarter at an average price of **$90.33** per share - In January 2023, the Board of Directors authorized a new three-year **$1.0 billion** share repurchase program, replacing the prior **$400.0 million** program[197](index=197&type=chunk) Share Repurchases for Quarter Ended May 31, 2023 | Month | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | March 2023 | 0 | N/A | | April 2023 | 460,000 | $91.18 | | May 2023 | 204,000 | $88.40 | | **Total** | **664,000** | **$90.33** | [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to agreements and required certifications - Exhibits filed include amendments to the Credit Agreement and the Receivables Funding and Administration Agreement, as well as required CEO and CFO certifications under Sarbanes-Oxley[199](index=199&type=chunk)