TD SYNNEX (US:SNX)2025-01-24 21:01Financial 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].