Market Overview - U.S. stocks traded lower, with the Dow Jones index falling approximately 90 points, down 0.23% to 42,358.68, NASDAQ down 0.05% to 17,890.40, and S&P 500 down 0.04% to 5,709.99 [1] - Consumer discretionary shares increased by 1.2%, while information technology shares decreased by 0.3% [1] Company Performance - TD SYNNEX Corp's shares dropped around 18% after reporting first-quarter revenue of $14.53 billion, which was a 4.0% year-over-year increase but missed analyst expectations of $14.79 billion. The adjusted EPS was $2.80, below the expected $2.91 [2] Commodity Market - Oil prices increased by 0.1% to $69.68, gold rose by 1.3% to $3,062.40, silver went up by 1% to $34.555, while copper fell by 2.6% to $5.1035 [5] European Market - European shares declined, with the eurozone's STOXX 600 down 0.57%, Germany's DAX 40 down 0.87%, and France's CAC 40 down 0.42% [6] Asian Market - Asian markets closed mostly higher, with Japan's Nikkei 225 down 0.60%, while China's Shanghai Composite Index, Hong Kong's Hang Seng Index, and India's BSE Sensex all saw gains of 0.15%, 0.41%, and 0.41% respectively [7] Notable Stock Movements - Soleno Therapeutics, Inc. shares surged 41% to $69.22 after FDA approval for its first commercial drug [9] - Greenland Technologies Holding Corporation shares increased by 62% to $2.09 following a year-over-year EPS increase [9] - Dermata Therapeutics, Inc. shares rose 26% to $1.6996 after positive Phase 3 trial results [9] - Nxu, Inc. shares fell 38% to $0.1641 due to a 1-for-20 reverse stock split [9] - Equillium, Inc. shares dropped 34% to $0.4878 after disappointing Phase 3 study results [9] - Auddia Inc. shares decreased by 30% to $0.2345 following a 1-for-17 reverse stock split [9]

TD SYNNEX (SNX) reported $14.53 billion in revenue for the quarter ended February 2025, representing a year-over-year increase of 4%. EPS of $2.80 for the same period compares to $2.99 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $14.79 billion, representing a surprise of -1.78%. The company delivered an EPS surprise of -2.44%, with the consensus EPS estimate being $2.87.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

分组1 - TD SYNNEX reported quarterly earnings of $2.80 per share, missing the Zacks Consensus Estimate of $2.87 per share, and down from $2.99 per share a year ago, representing an earnings surprise of -2.44% [1] - The company posted revenues of $14.53 billion for the quarter, missing the Zacks Consensus Estimate by 1.78%, compared to $13.98 billion in the same quarter last year [2] - Over the last four quarters, TD SYNNEX has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] 分组2 - The stock has added about 7% since the beginning of the year, while the S&P 500 has declined by 2.9% [3] - The current consensus EPS estimate for the coming quarter is $2.96 on revenues of $14.76 billion, and for the current fiscal year, it is $12.69 on revenues of $61.31 billion [7] - The Zacks Industry Rank for Electronics - Miscellaneous Products is currently in the bottom 40% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8]

Revenue Performance - Revenue for Q1 FY25 was $14.5 billion, a 4.0% increase from Q1 FY24, with a 6.0% increase on a constant currency basis[4] - Consolidated revenue for Q1 FY25 was $14,531.7 million, an increase of 4.0% from $13,975.3 million in Q1 FY24[34] - TD SYNNEX reported revenue of $14,531.7 million for the three months ended February 28, 2025, an increase of 4% compared to $13,975.3 million for the same period in 2024[28] - The Americas region generated $8.4 billion in revenue, a 6.2% increase from the prior fiscal first quarter[7] - The Europe region reported revenue of $5.1 billion, a 0.4% increase year-over-year[11] - The Asia-Pacific and Japan region saw revenue of $1.0 billion, a 5.2% increase compared to the prior fiscal first quarter[11] Earnings and Income - Diluted EPS for Q1 FY25 was $1.98, a 2.6% increase from $1.93 in Q1 FY24[4] - The company's net income for the same period was $167.5 million, slightly down from $172.1 million year-over-year[28] - Non-GAAP net income for the three months ended February 28, 2025, was $237,371 thousand, a decrease of 10.8% from $266,223 thousand for the same period in 2024[44] - Non-GAAP diluted EPS for the three months ended February 28, 2025, was $2.80, down 6.4% from $2.99 in the prior year[44] Operating Performance - Operating income was $304.5 million, a slight increase of 0.6% from $302.6 million in the prior year[3] - Operating income for the trailing fiscal four quarters was $1,196,098 thousand, an increase of 10.5% from $1,082,442 thousand in the previous year[48] - Non-GAAP operating income for the consolidated entity was $398.8 million, a decrease from $424.6 million in the prior year[40] - Non-GAAP operating margin for consolidated operations was 2.74%, down from 3.04% in Q1 FY24[40] Cash Flow and Liquidity - Cash used in operations was $748 million, compared to cash provided by operations of $385 million in the prior fiscal first quarter[7] - Free cash flow was negative at $(748.0) million for the three months ended February 28, 2025, compared to positive cash flow of $384.7 million for the same period in 2024[30] - Free cash flow for the three months ended February 28, 2025, was $(789,522) thousand, compared to $343,621 thousand in the same period last year[46] - The cash conversion cycle increased to 27 days for the three months ended February 28, 2025, compared to 21 days in the same period last year[50] Forecast and Guidance - For Q2 FY25, the company expects revenue between $13.9 billion and $14.7 billion, with non-GAAP gross billings projected at $19.7 billion to $20.7 billion[8] - The forecast for non-GAAP net income for the three months ending May 31, 2025, ranges from $205 million to $247 million[46] - The forecasted non-GAAP gross billings for the three months ending May 31, 2025, is expected to be between $19.7 billion and $20.7 billion[46] Asset and Liability Management - Total current assets decreased to $19,958.9 million as of February 28, 2025, from $21,324.7 million as of November 30, 2024[26] - Total liabilities decreased to $20,745.7 million as of February 28, 2025, from $22,239.0 million as of November 30, 2024[26] - The company’s cash and cash equivalents decreased to $541.9 million as of February 28, 2025, from $1,059.4 million as of November 30, 2024[26] Segment Performance - Operating income for the Americas segment increased by 21.3% to $193.7 million, compared to $159.7 million in Q1 FY24[32] - Revenue in the Americas was $8,389.3 million, reflecting a 6.2% growth from $7,903.1 million in Q1 FY24[32] - Europe segment revenue slightly increased by 0.4% to $5,137.8 million, while operating income decreased by 20.7% to $85.9 million[32] - Asia-Pacific and Japan revenue grew by 5.2% to $1,004.6 million, but operating income fell by 28.3% to $24.8 million[32] Other Financial Metrics - Non-GAAP gross billings reached $20.7 billion, up 7.5% year-over-year, and increased by 9.5% in constant currency[4] - Non-GAAP gross billings reached $20,718.2 million, up 7.5% from $19,266.7 million in the previous year[36] - Adjusted selling, general and administrative expenses as a percentage of revenue decreased to 4.77% from 5.03% year-over-year[38] - The impact of foreign currency changes contributed an additional $283.7 million to consolidated revenue[34] - Days inventory outstanding increased to 56 days for the three months ended February 28, 2025, compared to 50 days in the prior year[50] Management Insights - TD SYNNEX management emphasizes the importance of non-GAAP financial measures for understanding operational results and trends[20] - The company incurred acquisition, integration, and restructuring costs of $1.1 million for the three months ended February 28, 2025, down from $31.6 million in the prior year[28] - Share-based compensation expense for the three months ended February 28, 2025, was $21.9 million, compared to $17.5 million for the same period in 2024[30] - Return on Invested Capital (ROIC) improved to 8.4% for the three months ended February 28, 2025, compared to 7.5% in the prior year[48]

Company Overview - Siteimprove has appointed Nayaki Nayyar as the new Chief Executive Officer (CEO) and Board Member, aiming to drive innovation and growth within the company [1][2] - The company is recognized as a leading AI-powered SaaS platform that focuses on delivering compliant and accessible digital content experiences [1][4] Leadership Background - Nayaki Nayyar brings over 25 years of experience in enterprise software, having previously served as CEO at Securonix, where she led significant transformation and innovation [2] - Her career includes leadership roles at Ivanti, SAP, and BMC Software, contributing to substantial growth and strategic expansions [2] - John Damgaard has been appointed as Chairman of the Board, bringing extensive experience from his previous role as CEO of VelocityEHS [3] Strategic Vision - Nayyar emphasizes the importance of an AI-powered platform that integrates accessibility, analytics, and search engine optimization to help enterprises achieve their revenue, reputation, and compliance goals [3] - The company plans to enhance its accessibility capabilities with content intelligence, aiming to maximize customer reach and return on digital assets [3] Market Position and Future Plans - Siteimprove is positioned as a leader in the industry, with new products set to launch in 2025 under Nayyar's leadership [3] - The company serves a diverse client base across various sectors, including manufacturing, government, higher education, financial services, and healthcare [4]

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].