Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores serve as complementary indicators to the Zacks Rank, helping investors identify stocks with high potential for market outperformance [2] Zacks Style Scores Overview - Stocks are rated from A to F based on value, growth, and momentum characteristics, with A being the highest score [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score evaluates stocks based on projected and historical earnings, sales, and cash flow to find those with sustainable growth potential [4] Momentum Score - The Momentum Score assesses stocks based on price trends and earnings estimate changes to identify favorable buying opportunities [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive rating that highlights stocks with attractive value, growth forecasts, and momentum [6] Zacks Rank and Performance - The Zacks Rank utilizes earnings estimate revisions to guide investors, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - There are over 800 stocks rated 1 or 2, making it essential for investors to use Style Scores to narrow down their choices [9] Stock Example: TD SYNNEX - TD SYNNEX, a business process services company, holds a 3 (Hold) Zacks Rank and a VGM Score of B [12] - The company has a Value Style Score of A, with a forward P/E ratio of 11.02, indicating attractive valuation metrics [13] - Recent earnings estimates for fiscal 2025 have been revised upward, with the Zacks Consensus Estimate at $12.70 per share and an average earnings surprise of 1.7% [13]

Financial Performance - For the fiscal year ended November 30, 2024, the company reported revenue of $58,452,436 thousand[284]. - Total revenue for fiscal year 2024 was $58,452,436, a 1.56% increase from $57,555,416 in 2023[291]. - Gross profit for fiscal year 2024 was $3,981,306, slightly up from $3,956,829 in 2023[291]. - Net income for fiscal year 2024 increased to $689,091, representing a 9.87% rise compared to $626,911 in 2023[291]. - Basic earnings per share for fiscal year 2024 was $7.99, up from $6.72 in 2023, reflecting a 18.87% increase[291]. - Operating income for 2024 was $1,194,211, up 10.77% from $1,078,032 in 2023[424]. - The company reported a comprehensive income of $551,222 for fiscal year 2024, down from $839,373 in 2023[293]. Assets and Liabilities - Total current assets rose to $21,324,696 in 2024, compared to $20,084,436 in 2023, marking a 6.18% increase[289]. - Total liabilities increased to $22,239,045 in 2024, up from $21,229,632 in 2023, indicating a 4.76% rise[289]. - Stockholders' equity decreased to $8,035,434 in 2024 from $8,183,182 in 2023, a decline of 1.81%[289]. - Total assets increased to $30,274,479 in 2024 from $29,412,814 in 2023, reflecting a growth of 2.93%[424]. Cash Flow and Investments - Cash flows from operating activities provided $1.22 billion in 2024, compared to $1.41 billion in 2023, reflecting a decrease of 16.3%[299]. - The company reported a net cash used in investing activities of $193.8 million in 2024, compared to $156.4 million in 2023, representing an increase of 23.9%[299]. - Total cash, cash equivalents, and restricted cash at the end of 2024 was $1.06 billion, up from $1.03 billion at the end of 2023[299]. - The company incurred interest paid on borrowings of $358.8 million in 2024, compared to $318.2 million in 2023, reflecting an increase of 12.8%[299]. Debt and Financing - As of November 30, 2024, the company had approximately $1.3 billion of outstanding term loan debt subject to variable interest rates[263]. - The company had $3.2 billion in obligations under Supplier Finance Programs as of November 30, 2024, up from $2.7 billion in 2023[423]. - The TD SYNNEX Term Loan had $581.3 million outstanding as of November 30, 2024, down from $1.4 billion in 2023[412]. - The weighted average interest rate on other short-term borrowings was 7.91% as of November 30, 2024, compared to 7.52% in 2023[419]. Taxation - The company reported a total tax provision of $176,944 for 2024, compared to $162,597 in 2023[432]. - The effective income tax rate for the Company was 20.4% for fiscal year 2024, a slight decrease from 20.6% in 2023 and 21.3% in 2022[436]. - The gross unrecognized tax benefits at the end of fiscal year 2024 were $16.8 million, down from $18.9 million in 2023[442]. Shareholder Returns - The company declared cash dividends of $1.60 per share in 2024, up from $1.40 per share in 2023[296]. - Dividends paid increased to $138.1 million in 2024 from $130.4 million in 2023, marking a rise of 5.2%[299]. - The company authorized a new $2.0 billion share repurchase program in March 2024, supplementing the remaining $196.7 million from the previous program[378]. - The company repurchased a total of 5,547 thousand shares under the share repurchase program at a weighted-average price of $110.31 per share[381]. Risk Management - The estimated maximum potential one-day loss in fair value due to foreign exchange rate fluctuations is approximately $5.4 million for November 30, 2024[261]. - The company is exposed to foreign currency risk and manages it using a combination of forward contracts for major currencies[260]. - The company’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows[262]. - The fair value of foreign exchange forward contracts not designated as hedges increased to $1,962,852,000 as of November 30, 2024, from $1,456,110,000 in the previous year[397]. Internal Controls and Compliance - The company maintains effective internal control over financial reporting as of November 30, 2024, based on criteria established in the Internal Control - Integrated Framework[272]. - The company’s internal control over financial reporting was audited by KPMG LLP, confirming its effectiveness[273]. - The company was in compliance with all material covenants for its credit arrangements as of November 30, 2024[422]. Miscellaneous - The Company has not identified any goodwill impairment for the years presented[320]. - The Company has a contingent liability related to inventory financing agreements, but believes the likelihood of a material loss is remote[447]. - The Company successfully appealed a fine from the French Competition Authority, reducing it from €76.1 million to €24.9 million[448].

Company Analysis - TD Synnex Corp (NYSE: SNX) is expected to see improved growth performance in FY25 due to improving demand momentum [1] - The company was previously rated as a buy in September 2024 based on the expectation of better growth [1] Investment Approach - The analysis incorporates multiple investment approaches including fundamental investing, technical investing, and momentum investing [1] - Fundamental investing focuses on bottom-up analysis while technical investing involves historical chart analysis [1] - Momentum investing considers share price reactions post-earnings [1] Analyst Background - The analyst is an individual investor managing personal capital accumulated over the years [1] - The analyst uses Seeking Alpha as a platform to track investment ideas and connect with like-minded investors [1]

Core Viewpoint - TD SYNNEX CORP (SNX) reported better-than-expected fourth-quarter fiscal 2024 results, with shares rising 9.8% following the announcement. Non-GAAP earnings per share (EPS) were $3.09, surpassing estimates and guidance, although there was a year-over-year decline in earnings due to increased costs and expenses [1][9]. Financial Performance - Fourth-quarter revenues increased by 10% year-over-year to $15.84 billion, exceeding both the Zacks Consensus Estimate of $15.29 billion and management's guidance of $14.9-$15.7 billion [3]. - Revenues from Endpoint solutions reached $8.1 billion, up 5% year-over-year, while Advanced solutions revenues were $7.8 billion, up 16% year-over-year [4]. - Non-GAAP gross profit rose 2.2% year-over-year to $1.04 billion, but gross margin contracted by 50 basis points to 6.57% [4]. - Non-GAAP operating income for the fourth quarter decreased by 1.2% to $421.5 million, with a non-GAAP operating margin of 2.66%, down 30 basis points year-over-year [5]. Cash Flow and Shareholder Returns - The company generated operating cash flow of $562 million and free cash flow of $513 million in the fourth quarter. For fiscal 2024, operating cash flow was $1.2 billion and free cash flow was $1 billion [7]. - In the fourth quarter, SNX returned $136 million to shareholders through $102 million in share repurchases and $34 million in dividends. For fiscal 2024, share buybacks totaled $612 million, with dividends amounting to $138 million [7]. Fiscal Year Overview - For fiscal 2024, total revenues were $58.45 billion, a 1.6% increase from $57.56 billion in fiscal 2023. Non-GAAP gross billings were $80.1 billion, compared to $77.2 billion in the prior year [8]. - Non-GAAP operating income for fiscal 2024 was down 0.9% to $1.627 billion, with a non-GAAP operating margin of 2.78%, down 7 basis points from the previous year. Non-GAAP EPS increased by 3.7% year-over-year to $11.68 [9]. Guidance - For the first quarter of fiscal 2025, SNX expects revenues between $14.4 billion and $15.2 billion, with non-GAAP EPS projected in the range of $2.65-$3.15. The Zacks Consensus Estimate for revenues is $14.8 billion, and for earnings, it is $2.90 per share [10][11].

Core Viewpoint - The performance of TD SYNNEX in international markets is crucial for assessing its financial resilience and growth prospects, especially given the interconnected nature of the global economy [2][3]. Group 1: Financial Performance - The total revenue for TD SYNNEX for the quarter ending November 2024 was $15.84 billion, reflecting a 10% increase [4]. - Revenue from Europe was $5.5 billion, accounting for 34.71% of total revenue, which was a slight miss of -1.12% compared to analyst expectations [5]. - Asia-Pacific and Japan contributed $1.1 billion, or 6.97% of total revenue, exceeding expectations by +20.89% [6]. Group 2: Revenue Breakdown and Trends - In the previous quarter, Europe contributed $4.59 billion (31.27%), and in the same quarter last year, it contributed $5.21 billion (36.18%) [5]. - For Asia-Pacific and Japan, the contributions were $1 billion (6.83%) in the preceding quarter and $838.27 million (5.82%) in the same quarter last year [6]. - Analysts predict total revenue of $14.8 billion for the current fiscal quarter, a 5.9% increase from the previous year, with Europe and Asia-Pacific and Japan expected to contribute 36.7% ($5.43 billion) and 6.9% ($1.02 billion) respectively [7]. Group 3: Full Year Projections - For the full year, TD SYNNEX is expected to generate $61.03 billion in total revenue, a 4.4% increase from the previous year, with Europe and Asia-Pacific and Japan projected to account for 34.1% ($20.8 billion) and 6.7% ($4.11 billion) of total revenue respectively [8]. Group 4: Market Sentiment and Stock Performance - The reliance on global markets presents both opportunities and challenges for TD SYNNEX, making the analysis of international revenue trends essential for forecasting future performance [9]. - Over the past month, TD SYNNEX's stock has increased by 8.7%, while the Zacks S&P 500 composite has decreased by 2.2% [12]. - In the last three months, the company's stock price rose by 9.7%, compared to a 2.5% increase in the S&P 500 index [12].

Financial Data and Key Metrics - Total adjusted SG&A expense was $592 million, up $10 million YoY and $15 million QoQ, driven by sequential growth in gross billings of $1 billion [1] - Non-GAAP operating income was $427 million, with a non-GAAP operating margin of approximately 3% [1] - Non-GAAP interest expense and finance charges were $66 million, $4 million better than the outlook, and flat QoQ [1] - Non-GAAP effective tax rate was approximately 22%, better than the forecast of 24%, due to regional business mix [1] - Non-GAAP net income was $286 million, and non-GAAP diluted EPS was $3.13, $0.23 above the high end of guidance [1] - Cash and cash equivalents stood at $1 billion, with debt of $4.1 billion, resulting in a gross leverage ratio of 2.3x and net leverage of 1.7x [1] - Accounts receivable totaled $10.3 billion, up from $8.9 billion in the prior quarter [1] - Free cash flow for fiscal 23 was $1.3 billion, exceeding the $1 billion target, with $751 million returned to shareholders [6][8] Business Line Data and Key Metrics - Gross billings for Q4 were $19.7 billion, down 6% YoY, driven by stabilization in the Americas and outperformance in Europe [6] - Net revenue for Q4 was $14.4 billion, down 11% YoY, impacted by a $270 million negative adjustment due to a customer migration to a consignment model [6] - Non-GAAP gross profit was $1.02 billion, with a non-GAAP gross margin of 7.07%, up 44 basis points YoY [6] - Advanced solutions faced tougher YoY comparisons due to strong performance in FY22, while endpoint solutions showed signs of stabilization [6] - The company expanded its security portfolio in Europe with Palo Alto Networks' cybersecurity products and added Workday and Meta as new vendors in North America [3][6] Market Data and Key Metrics - The Americas market showed signs of stabilization, while Europe performed better than expected despite a muted macroeconomic environment [3] - In APJ, the company continued to see traction in portfolio build-out, offsetting some softness in endpoint demand [3] - The company gained market share in both the Americas and Europe during fiscal 23 [2] - The company expects gross billings for Q1 FY24 to be $19-20 billion, representing a 3% YoY decline at the midpoint, with revenue expected to be $14-14.7 billion, a 5% YoY decline [8] Company Strategy and Industry Competition - The company is focusing on high-growth technology areas, including cloud, security, data analytics, and AI, to drive margin-accretive growth [2][4] - Investments in digital platform capabilities aim to provide customers with a one-stop shop for multi-vendor offerings [4] - AI is a key growth vector, with the company leveraging its data analytics expertise and partnerships with leading vendors like Microsoft to accelerate AI adoption [4][6] - The company is increasing its quarterly dividend by 14% to $0.40 per share and plans to return 50% of free cash flow to shareholders via dividends and share repurchases [6][8] Management Commentary on Operating Environment and Future Outlook - Management noted early signs of stabilization in IT spending, with improving YoY declines in endpoint solutions [6] - The company expects a gradual recovery in endpoint solutions throughout FY24, driven by normalized PC buying patterns, while advanced solutions face tougher YoY comparisons [4][6] - Management remains confident in the company's ability to navigate the dynamic IT landscape and capitalize on emerging growth opportunities [4][6] Other Important Information - The company achieved its second consecutive top score in the Corporate Equality Index and formalized its commitment to disability inclusion [3] - Patrick Zamet was appointed as Chief Operating Officer, focusing on day-to-day distribution operations and driving profitable growth [3][4] - The company repurchased approximately 6.5 million shares, or 7% of shares outstanding, during fiscal 23 [6] Q&A Summary Question: How is the company thinking about fiscal 24, particularly in terms of gross billings and IT spending? - The company expects flattish growth in the first half of FY24, with mid-to-high single-digit growth in the second half, driven by recovery in endpoint solutions and stabilization in advanced solutions [9][10] - Management anticipates growth in both endpoint and advanced solutions segments in the second half of the year [10] Question: How is AI expected to impact the business over the next year or two? - AI is seen as a significant growth vector, with the company leveraging its data analytics expertise and partnerships with leading vendors to accelerate AI adoption [11][12] - The company expects AI to have a positive effect on IT growth, though it will likely involve reprioritization of IT budgets rather than a complete increment [12] Question: What is the outlook for free cash flow and shareholder returns in FY24? - The company expects to generate approximately $1.2 billion in free cash flow for FY24 and remains committed to returning 50% of free cash flow to shareholders via dividends and share repurchases [8][14] Question: Can the company provide more details on the impact of the consignment program on revenue and margins? - The consignment program impacted Q4 net revenue by $270 million, with no material impact on operating profit, and is expected to impact net revenue by approximately $250 million per quarter in FY24 [13][14] Question: How is the company thinking about organic investments versus M&A? - The company maintains a balanced capital allocation strategy, with 50% of free cash flow allocated to shareholder returns and 50% to reinvestment in the business, including potential M&A opportunities [15][16] Question: What is the outlook for SG&A expenses in FY24? - SG&A expenses are expected to start around 3% of gross billings in Q1 and gradually decline throughout the year, with a focus on investments in advanced solutions [16][17] Question: How is the company positioned to capitalize on the AI-enabled PC wave? - The company expects AI-enabled PCs to represent a mid-single-digit percentage of total PC volume in the latter half of 2024, with growth accelerating in FY25 and FY26 [18][22] Question: What is the outlook for advanced solutions (AS) growth and margins in the mid-term? - The company expects AS to return to growth in FY24, with mid-to-high single-digit growth in the second half, and remains confident in the long-term growth potential of the segment [24][26]

Core Insights - TD SYNNEX reported revenue of $15.84 billion for the quarter ended November 2024, reflecting a 10% increase year-over-year and surpassing the Zacks Consensus Estimate of $15.29 billion by 3.64% [1] - The company's EPS was $3.09, slightly down from $3.13 in the same quarter last year, but exceeded the consensus estimate of $3.06 by 0.98% [1] Revenue Breakdown - Revenue from the Americas was $9.24 billion, exceeding the two-analyst average estimate of $8.81 billion, with a year-over-year increase of 10.6% [4] - Revenue from Europe was $5.50 billion, slightly below the average estimate of $5.56 billion, representing a year-over-year change of 5.5% [4] - Revenue from Asia-Pacific and Japan reached $1.10 billion, surpassing the average estimate of $913.59 million, with a significant year-over-year increase of 31.8% [4] Stock Performance - Over the past month, TD SYNNEX shares have returned -1.9%, compared to a -2.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Investor Presentation January 2025 Safe harbor statement Statements in this presentation 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 f ...

TD SYNNEX (SNX) came out with quarterly earnings of $3.09 per share, beating the Zacks Consensus Estimate of $3.06 per share. This compares to earnings of $3.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.98%. A quarter ago, it was expected that this high-tech contractor would post earnings of $2.80 per share when it actually produced earnings of $2.86, delivering a surprise of 2.14%.Over the last four quarters, the comp ...

Exhibit 99.1 TD SYNNEX Reports Fiscal 2024 Fourth Quarter and Full Year Results FREMONT, CA and CLEARWATER, FL, January 10, 2025 – TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2024. Consolidated Financial Highlights for the Fiscal 2024 Fourth Quarter: GAAP ($ in millions, except earnings per share) Q4 FY24 Q4 FY23 Net Change from Q4 FY23 Revenue $ 15,844.6 $ 14,407.3 10.0 % Gross profit $ 1,040.9 $ 1,018.6 2.2 % Gross margin 6.57 % ...