Core Insights - TD SYNNEX's international operations are crucial for its financial strength and growth potential, with a significant portion of revenue derived from overseas markets [2][3] - The company's total revenue for the quarter ending August 2024 was $14.68 billion, reflecting a year-over-year increase of 5.2% [4] International Revenue Breakdown - Europe generated $4.59 billion in revenue, accounting for 31.3% of total revenue, surpassing the consensus estimate of $4.32 billion by 6.32% [5] - Asia-Pacific and Japan contributed $1 billion, representing 6.8% of total revenue, exceeding projections by 14.64% compared to the expected $875.38 million [6] Future Revenue Projections - Analysts project total revenue for the current fiscal quarter to reach $15.26 billion, a 5.9% increase from the same quarter last year, with Europe expected to contribute $5.47 billion (35.9%) and Asia-Pacific and Japan $897.41 million (5.9%) [7] - For the entire year, total revenue is forecasted at $57.17 billion, a slight decrease of 0.7% from the previous year, with Europe contributing $19.34 billion (33.8%) and Asia-Pacific and Japan $3.69 billion (6.5%) [8] Conclusion - The reliance on international markets presents both opportunities and challenges for TD SYNNEX, making it essential to monitor international revenue trends for future projections [9][10]

Core Insights - TD SYNNEX Corporation (SNX) reported better-than-expected third-quarter fiscal 2024 results with non-GAAP earnings of $2.86 per share, exceeding the Zacks Consensus Estimate of $2.80 and reflecting a 2.9% increase from the previous year's earnings of $2.78 per share [1][3] - The company's quarterly revenues rose 5.2% year over year to $14.68 billion, surpassing the consensus mark of $14.12 billion, driven by growth in Advanced Solutions and Endpoint Solutions portfolios [2][3] - TD SYNNEX provided strong revenue guidance for the fourth quarter, with expected revenues between $14.9 billion and $15.7 billion, indicating robust year-over-year growth [3][8] Financial Performance - Non-GAAP gross profit declined 1.3% year over year to $961 million, with a gross margin contraction of 43 basis points to 6.54% [4] - Adjusted SG&A expenses decreased to $568.2 million from $576.9 million in the prior year, with SG&A as a percentage of revenues decreasing by 26 basis points to 3.87% [4] - Operating cash flow for the reported quarter was $386 million, with free cash flow at $339 million, and year-to-date figures of $656 million and $530 million respectively [5] Shareholder Returns - In the third quarter, TD SYNNEX returned $91 million to shareholders through stock repurchases of $57 million and dividends of $34 million [6] - The board approved a 14% increase in the quarterly dividend to 40 cents per share, payable on October 25 to shareholders of record as of October 11 [7] Future Outlook - The company projects non-GAAP net income for the fourth quarter in the range of $239 million to $282 million, with non-GAAP EPS expected between $2.80 and $3.30 [8]

Financial Data and Key Metrics Changes - Gross billings in Q3 2024 were $20.3 billion, up 9% year-over-year, exceeding the high end of guidance [10] - Non-GAAP gross profit was $961 million, representing 4.7% of gross billings, down 1% year-over-year [11] - Non-GAAP operating income was $393 million, down 1% year-over-year, with a non-GAAP operating margin of 1.9% of gross billings, down 20 basis points year-over-year [12] - Total non-GAAP net income was $245 million, with non-GAAP diluted EPS of $2.86, slightly above the midpoint of guidance [13] - Free cash flow for Q3 was approximately $339 million, with $91 million returned to stockholders [14] Business Line Data and Key Metrics Changes - Endpoint Solutions grew 5%, driven by PCs, components, mobile, and services [10] - Advanced Solutions grew 12%, driven by Hyve, Hybrid Cloud, Software, and Services [10] - There was a 27.6% reduction from gross billings to net revenue, consistent with expectations [10] Market Data and Key Metrics Changes - The IT market is showing signs of recovery, with significant growth across geographic segments [8] - Europe and APJ are recovering faster than North America, which is currently flat [40] Company Strategy and Development Direction - The company focuses on four major business priorities: revenue growth, pricing and margin management, managing cost to gross profit percentage, and capital allocation [6][7] - The strategy includes geographical expansion, enhancing value propositions, and disciplined execution to meet or exceed returns [6][7] - Investments in technology and enhancing the service mix are critical for sustainable growth [44][46] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the IT market recovery, expecting continued growth in Q4 and fiscal 2025 [8][17] - The company anticipates generating approximately $1 billion in free cash flow for the fiscal year [17] - There is confidence in the recovery of IT spending, particularly in PCs and networking [40] Other Important Information - The company has a strong balance sheet with $854 million in cash and cash equivalents and a gross leverage ratio of 2.3x [15] - The Board of Directors approved a dividend of $0.40 per common share, payable on October 25, 2024 [14] Q&A Session Summary Question: Insights on capital return policy and cash flow generation - Management maintains a medium-term outlook of $1.5 billion in free cash flow, with expectations of increased working capital needs due to recovery [20][21] Question: Details on the Hyve business and its impact on gross margins - Hyve continues to show strength, but margin headwinds are expected due to investments and previous year benefits [26][28] Question: Growth drivers in Strategic Technologies - Growth in Strategic Technologies is driven by cloud, security, AI, and significant investments from hyperscalers [30] Question: Focus on growth versus margin management - The company aims for profitable growth, with expectations of improved gross margins as the North American market recovers [33][34] Question: Current state of the PC market and AI PCs - The PC market is back to growth, with expectations of acceleration due to new AI PC launches [36][58] Question: Impact of large customers on revenue - The North American market remains muted, with no significant revenue impact from large customers noted [61][62]

Core Insights - TD SYNNEX reported revenue of $14.68 billion for the quarter ended August 2024, reflecting a year-over-year increase of 5.2% and surpassing the Zacks Consensus Estimate by 4.00% [1] - Earnings per share (EPS) for the quarter was $2.86, up from $2.78 in the same quarter last year, exceeding the consensus EPS estimate of $2.80 by 2.14% [1] Revenue Performance by Region - Revenue from the Americas reached $9.09 billion, exceeding the average estimate of $8.91 billion, marking a year-over-year increase of 2.4% [3] - Revenue from Europe was reported at $4.59 billion, surpassing the estimated $4.32 billion, with an 8.6% increase compared to the previous year [3] - Revenue from the Asia-Pacific and Japan region was $1 billion, exceeding the average estimate of $875.38 million, representing a significant year-over-year growth of 17.6% [3] Stock Performance - Over the past month, TD SYNNEX shares have declined by 4.1%, while the Zacks S&P 500 composite has increased by 1.7% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]

Core Viewpoint - TD SYNNEX reported quarterly earnings of $2.86 per share, exceeding the Zacks Consensus Estimate of $2.80 per share, and showing an increase from $2.78 per share a year ago, indicating a positive earnings surprise of 2.14% [1] Financial Performance - The company achieved revenues of $14.68 billion for the quarter ended August 2024, surpassing the Zacks Consensus Estimate by 4%, and up from $13.96 billion in the same quarter last year [2] - Over the last four quarters, TD SYNNEX has exceeded consensus EPS estimates three times, but has only topped revenue estimates once [2] Stock Performance and Outlook - TD SYNNEX shares have increased approximately 9% since the beginning of the year, while the S&P 500 has gained 20%, indicating underperformance relative to the broader market [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $3.20, with expected revenues of $15.12 billion, and for the current fiscal year, the EPS estimate is $11.72 on revenues of $57.17 billion [7] Industry Context - The Electronics - Miscellaneous Products industry, to which TD SYNNEX belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Core Insights - TD SYNNEX Corporation is set to release its third-quarter earnings results on September 26, with analysts expecting earnings of $2.80 per share, an increase from $2.78 per share in the same period last year [2] - The company is projected to report revenue of $14.11 billion for the quarter [2] - TD SYNNEX announced an acquisition of IPsense Cloud Migration business in Brazil to enhance its cloud capabilities for resellers [2] Analyst Ratings - Barrington Research analyst Vincent Colicchio maintains an Outperform rating with a price target of $138 [2] - RBC Capital analyst Ashish Sabadra upgraded the stock from Sector Perform to Outperform, raising the price target from $135 to $140 [2] - UBS analyst David Vogt maintained a Buy rating and increased the price target from $145 to $150 [2] - JP Morgan analyst Joseph Cardoso kept a Neutral rating, lowering the price target from $126 to $123 [2] - Barclays analyst Tim Long maintained an Equal-Weight rating and raised the price target from $111 to $118 [2]

Core Viewpoint - TD SYNNEX is expected to report third-quarter fiscal 2024 results on September 26, with projected revenues and earnings reflecting slight year-over-year growth despite challenges in the IT spending environment [1][2]. Revenue Expectations - For the fiscal third quarter, TD SYNNEX anticipates revenues between $13.3 billion and $14.9 billion, with the Zacks Consensus Estimate at $14.12 billion, indicating a 1.1% increase from the previous year [1]. - The company has experienced fluctuations in revenue performance, with a noted impact from softening IT spending due to a weakening global economy [3]. Earnings Projections - The projected non-GAAP earnings per share for the fiscal third quarter is between $2.55 and $3.05, with a consensus estimate of $2.80, suggesting a year-over-year increase of approximately 0.7% from $2.78 [2]. - TD SYNNEX has surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 8.1% [2]. Market Factors - The company's performance may be affected by sluggish demand for Endpoint Solutions amid declining PC demand, although growth in Advanced Solutions and high-growth technologies is expected to partially offset this decline [4]. - The demand for cloud storage services is increasing due to the momentum in online and e-commerce services, which is benefiting SNX's data center and cloud deployment efforts [5]. Economic Environment - Elevated interest rates throughout the quarter may have negatively impacted the company's bottom line, although recent rate cuts could provide some relief [6]. Earnings Prediction Model - Current analysis indicates that the model does not predict a definitive earnings beat for TD SYNNEX, as it holds a Zacks Rank 3 and an Earnings ESP of 0.00% [7].

Core Viewpoint - Wall Street analysts expect TD SYNNEX (SNX) to report quarterly earnings of $2.80 per share, reflecting a year-over-year increase of 0.7%, with revenues projected at $14.12 billion, indicating a 1.1% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating that analysts have not revised their initial projections during this period [2]. - Changes in earnings estimates are crucial for predicting investor reactions to the stock, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Revenue Estimates - The consensus estimate for 'Revenue- Americas' is $8.91 billion, reflecting a year-over-year change of +0.4% [5]. - Analysts project 'Revenue- Europe' to be $4.32 billion, indicating a +2.2% change from the prior year [5]. - 'Revenue- Asia-Pacific and Japan' is forecasted to reach $875.38 million, showing a year-over-year change of +2.6% [5]. Stock Performance - TD SYNNEX shares have experienced a -3% return over the past month, contrasting with the Zacks S&P 500 composite's +2% change [5]. - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [5].

Core Insights - Acronis has partnered with FC Bayern Munich Basketball and TD SYNNEX Germany to enhance the basketball team's IT infrastructure and capabilities [1][2][3] Company Overview - Acronis is a global leader in cybersecurity and data protection, focusing on delivering comprehensive cyber protection solutions [2][9] - TD SYNNEX is a leading global distributor and solutions aggregator for the IT ecosystem, serving over 150,000 customers in more than 100 countries [7][8] Partnership Details - The collaboration aims to merge top-tier technology with sports excellence, enhancing Bayern Munich Basketball's technological capabilities [2][3][4] - As part of the partnership, TD SYNNEX will leverage Acronis solutions to improve the basketball team's IT infrastructure, providing various benefits including invitations to high-profile events [3][4] FC Bayern Munich Basketball Achievements - FC Bayern Munich Basketball has won six German championships and five German Cup victories, with the latest championship secured in the 2023-2024 season [2][6] - The team has also contributed to the German national team's success, with three players being part of the World Cup-winning squad in 2023 and representing Germany in the Men's Olympic Basketball Tournament in 2024 [2][6] Future Developments - FC Bayern Basketball will play its EuroLeague games in the new SAP Garden starting in autumn 2024, which has a seating capacity of 11,500 [6]

Collaboration Extends Exclaimer's Reach to Meet Demand for Email Signature Management Solutions LONDON, Sept. 12, 2024 /PRNewswire/ -- Exclaimer, the leading email signature management platform, today announced a new partnership with TD SYNNEX, a leading global distributor and solutions aggregator for the IT ecosystem. This new collaboration widens the availability of Exclaimer's best-in-class email signature solution to managed service provider (MSP) partners in North America through TD SYNNEX's distributi ...