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Financial Performance and Key Metrics Changes - Consolidated gross billings reached $22.7 billion, growing 12%, or 10% in constant currency, with non-GAAP diluted earnings per share of $3.58, a 25% year-over-year increase [3][4][10] - Net revenue was $15.7 billion, up 7% year-over-year, with gross profit increasing 18% to $1.1 billion [12][14] - Non-GAAP operating income rose 21% year-over-year to $475 million, with a non-GAAP operating margin of 2.09%, representing a 15 basis point improvement [13][14] Business Line Data and Key Metrics Changes - The Endpoint Solutions portfolio saw a 10% year-over-year increase in gross billings, driven by demand for PCs and a higher mix of AI PCs [10][11] - Advanced Solutions portfolio gross billings increased by 13% year-over-year, with HYVE reporting mid-30s growth due to strong demand in cloud infrastructure [11][12] - Software gross billings increased by 26%, driven by cybersecurity and infrastructure software [4] Market Data and Key Metrics Changes - Latin America and Asia Pacific & Japan experienced strong double-digit growth in gross billings, validating the company's go-to-market strategy [5] - The U.S. public sector business saw low single-digit growth, with state and local strength offset by federal softness [6] Company Strategy and Development Direction - The company is enhancing its Destination AI Enablement Program to support partners in adopting AI solutions [7] - A unified portal, TD SYNNEX PartnerFirst, was launched to optimize partner experience and streamline operations [9] - The company continues to onboard new vendors and expand its addressable market, particularly in cybersecurity [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand for HYVE and distribution, with expectations for strong performance in Q4 [19][30] - The company anticipates gross billings in Q4 to be between $23 billion and $24 billion, representing an approximate 11% increase at the midpoint [16] Other Important Information - Free cash flow for the year is expected to be approximately $800 million, with Q4 free cash flow projected around $850 million [24][25] - The board approved a cash dividend of $0.44 per common share, payable on October 31, 2025 [15] Q&A Session Summary Question: Insights on HYVE dynamics in fiscal forecast - Management noted significant growth across all programs and customers, with confidence in continued demand for Q4 [19][20] Question: Comments on PC pull forward and free cash flow expectations - Management indicated limited pull forward for PCs, driven mainly by the Windows 11 refresh and AI PCs, with free cash flow expectations adjusted to approximately $800 million for the year [22][24] Question: Sustainability of current performance - Management believes the overperformance is sustainable, driven by strong demand in PCs, software, and cybersecurity [30] Question: Progress in onboarding new customers for HYVE - Management reported healthy progress in diversifying the customer base, with growth primarily from networking and traditional compute [32][34]

Financial Data and Key Metrics Changes - Consolidated gross billings reached $22.7 billion, growing 12% year over year, with a 10% increase in constant currency [3][4] - Non-GAAP diluted earnings per share was $3.58, a 25% increase year over year, exceeding guidance [4][14] - Net revenue was $15.7 billion, up 7% year over year, above the high end of guidance [12][14] - Gross profit increased 18% year over year to $1.1 billion, with a gross margin of 5%, up 23 basis points year over year [12][13] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings increased 10% year over year, driven by demand for PCs and AI PCs [10][14] - Advanced Solutions portfolio gross billings increased 13% year over year, with HIVE showing mid-30s growth due to server and networking rack builds [10][11] - Software gross billings increased 26% year over year, driven by cybersecurity and infrastructure software [4] Market Data and Key Metrics Changes - Strong double-digit growth in gross billings was observed in Latin America and Asia Pacific & Japan [5] - SMB and MSP segments grew substantially above the company average in most geographies [5] - U.S. public sector business saw low single-digit growth, with state and local strength offset by federal softness [6] Company Strategy and Development Direction - The company is focused on a differentiated go-to-market strategy, expanding its addressable market by onboarding new vendors [6][9] - The Destination AI Enablement Program is being enhanced to support partners in adopting AI solutions [7] - A unified portal, TD SYNNEX Partner First, is being launched to optimize partner experience and streamline operations [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, particularly in HIVE and distribution, with expectations for Q4 to reflect similar strength [20][28] - The company anticipates gross billings in Q4 to be in the range of $23 to $24 billion, representing an increase of approximately 11% at the midpoint [16] - Free cash flow expectations for the year are approximately $800 million, with Q4 expected to contribute around $850 million [24][25] Other Important Information - The company returned $210 million to stockholders in the quarter, with $174 million in share repurchases and $36 million in dividends [14] - The board approved a cash dividend of $0.44 per common share, payable on October 31, 2025 [15] Q&A Session Summary Question: HIVE dynamics in fiscal forecast and next year outlook - Management noted strong growth across all programs and customers in HIVE, with confidence in continued demand for Q4 [19][20] Question: Comments on PC pull forward and free cash flow expectations - Management indicated limited pull forward for PCs, driven by Windows 11 refresh and AI PCs, with free cash flow expected to be around $800 million for the year [22][24] Question: Sustainability of current performance and potential pull forward - Management believes the overperformance is sustainable, driven by strong demand in distribution and HIVE [28] Question: Progress in onboarding new customers for HIVE - Management confirmed ongoing progress in diversifying the customer base, with growth primarily from traditional compute and networking [30][31]

Financial Highlights - Q3 2025 - Non-GAAP gross billings reached an all-time high of $22.7 billion, a 12% year-over-year increase[5, 6] - Non-GAAP diluted EPS also hit a record high at $3.58, up 25% year-over-year[5, 6] - Strategic technologies accounted for approximately 31% of non-GAAP gross billings[6, 22] - Free cash flow was $214 million[6] - The company returned $210 million to stockholders[6] - Non-GAAP operating margin was 3.03%, a 35 bps year-over-year increase[6] Regional Performance - Q3 2025 - Americas non-GAAP gross billings were $14.2 billion, a 9% year-over-year increase[10] - Europe non-GAAP gross billings were $6.9 billion, a 14.9% year-over-year increase[10] - APJ (Asia-Pacific and Japan) non-GAAP gross billings were $1.7 billion, a 29.7% year-over-year increase[10] Technology Category Performance - Advanced Solutions non-GAAP gross billings grew by 13%[16] - Endpoint Solutions non-GAAP gross billings grew by 10%[16] Q4 2025 Outlook (Non-GAAP) - Gross billings are projected to be between $23.0 billion and $24.0 billion[13] - Diluted earnings per share are expected to be in the range of $3.45 to $3.95[13]

Group 1 - Ingram Micro Holding Corporation is highlighted as a promising IPO tech stock, particularly following its strategic partnership with Keepit, a cloud-native data protection provider [1] - The partnership aims to enhance Keepit's market presence in Germany and Switzerland by providing access to its SaaS data protection solutions for value-added resellers, managed service providers, and managed security service providers [2] - Ingram Micro will assist Keepit in marketing, sales, and support in these regions, while also offering flexible purchasing and financing solutions [3] Group 2 - Ingram Micro operates as a distributor of IT products, cloud services, and other offerings across various global regions, including North America, Europe, the Middle East, Africa, Asia-Pacific, and Latin America [4]

Company Overview - TD SYNNEX is a leading global IT distributor and solutions aggregator, providing a comprehensive range of technology distribution, logistics, and integration services [11] - The company was rebranded from SYNNEX Corporation to TD SYNNEX in September 2021 following its merger with Tech Data Corporation, which significantly expanded its global reach and vendor partnerships [11] Investment Analysis - TD SYNNEX currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of B [12] - The company has a Momentum Style Score of B, and its shares have increased by 2.9% over the past four weeks [12] - In the last 60 days, five analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate rising by $0.29 to $12.11 per share [12] - TD SYNNEX has an average earnings surprise of +3% [12] Recommendation - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TD SYNNEX should be considered for investors' short lists [13]

Financial Data and Key Metrics Changes - Net sales for Q2 2025 reached $12.79 billion, reflecting a year-over-year increase of 10.9% in U.S. dollars and 10.2% on an FX neutral basis [19] - Adjusted EBITDA for the quarter was $294 million, up nearly 6% in U.S. dollars and 5% in constant currency [27] - Non-GAAP net income increased to $142 million, an over 18% rise compared to $120 million in 2024 [28] - Non-GAAP diluted EPS was $0.61, up 12% from the prior year [28] Business Line Data and Key Metrics Changes - Client and Endpoint Solutions saw robust growth of nearly 14% on an FX neutral basis, driven by strong demand in desktop, notebook, and smartphone categories [19] - Advanced Solutions experienced mid-single-digit growth, supported by sales in servers, storage, and cybersecurity, particularly in Asia Pacific markets [19] - Cloud business continued to grow, contributing to overall positive performance across all business lines [9][19] Market Data and Key Metrics Changes - North America net sales were $4.98 billion, up 13.8% year-over-year on an FX neutral basis, driven by strong demand in servers, storage, and cybersecurity [22] - Asia Pacific demonstrated the highest net sales growth at 16.2% year-over-year in U.S. dollars, with significant contributions from lower margin mobility device sales [23] - Latin America returned to growth with net sales of $853 million, increasing 0.8% in U.S. dollars and 6.4% in constant currency [24] Company Strategy and Development Direction - The company is focusing on its xVantage platform to streamline operations and enhance customer experiences through AI and automation [12][14] - A strategic divestiture of non-core assets is underway to improve operational effectiveness and concentrate on core strengths [11] - The evolution into a platform company aims to provide a unified marketplace for hardware, software, cloud, and service solutions [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of a ransomware attack in July but confirmed it did not affect Q2 results [5][9] - The company expects continued year-over-year top-line growth in Q3, with guidance reflecting some conservatism due to the cyber incident [31][34] - Management remains optimistic about the platform strategy's impact on the ecosystem and customer problem-solving capabilities [18] Other Important Information - The company ended Q2 with net working capital of $4.6 billion, an increase from $3.9 billion year-over-year, driven by higher sales and investment needs [29] - Adjusted free cash flow was an outflow of $263 million, reflecting investments to grow the business [30] Q&A Session Summary Question: Expectations for endpoint and advanced solutions revenue growth in Q3 - Management expects mid-single-digit growth for client and endpoint solutions, with stronger performance in desktop and notebook categories, while smartphone growth is anticipated to be lower [38][39] Question: Impact of government subsidies on mobility growth in China - Management noted that some growth in mobility was likely influenced by government subsidies, but overall demand has been strong [40][42] Question: Demand pull forward in North America - Management did not observe significant demand pull forward across categories, with some minor effects in desktop and notebook refresh [47] Question: Implications of the recent bill on customer discussions - Management indicated that the impact of the bill is not significant for their business, as public sector sales are a minor part of their overall revenue [49] Question: AI-driven hardware purchases - Management stated that while there is growing interest in AI-driven products, most current refreshes are not AI-driven but rather due to aging systems and Windows end-of-life [74][75] Question: Xvantage's impact on SMB growth - Management confirmed that Xvantage is contributing to growth in the SMB market by shortening sales cycles and enhancing customer engagement [96] Question: Future M&A or divestiture plans - Management remains open to opportunistic M&A but is currently focused on core capabilities and strategic divestitures [99]

Financial Data and Key Metrics Changes - Net sales for Q2 reached $12.79 billion, up 10.9% year over year in U.S. dollars and 10.2% on an FX neutral basis [17] - Adjusted EBITDA was $294 million, an increase of nearly 6% in U.S. dollars and 5% in constant currency [26] - Non-GAAP net income increased to $142 million from $120 million in 2024, representing an over 18% increase in U.S. dollars [27] Business Line Data and Key Metrics Changes - Client and Endpoint Solutions grew nearly 14% on an FX neutral basis, driven by strong demand in desktop, notebook, and smartphone categories [17] - Advanced Solutions saw mid-single digit growth, supported by servers, storage, and cybersecurity, particularly in Asia Pacific markets [17] - Cloud business continued to grow, contributing to overall positive performance across all business lines [7][16] Market Data and Key Metrics Changes - North America net sales were $4.98 billion, up 13.8% year over year on an FX neutral basis, driven by strong growth in servers, storage, and cybersecurity [20] - Asia Pacific demonstrated the highest net sales growth at 16.2% year over year in U.S. dollars, with strong performance in Client and Endpoint Solutions [21] - Latin America returned to growth with net sales of $853 million, increasing 0.8% in U.S. dollars and 6.4% in constant currency [22] Company Strategy and Development Direction - The company is focusing on its xVantage platform to streamline operations and enhance customer experiences through AI and automation [11][12] - Recent divestitures of non-core assets are part of a strategy to improve operational effectiveness and concentrate on core strengths [10] - The evolution into a platform company aims to provide customers with speed, scale, and service, enhancing overall business efficiency [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ransomware attack in July but confirmed it had no impact on Q2 results, emphasizing a strong recovery and operational resilience [4][6] - The company expects continued year-over-year top line growth in Q3, with guidance reflecting some conservatism due to the cyber incident [30][31] - Management remains optimistic about the impact of the platform strategy and the overall business environment moving forward [16] Other Important Information - The company ended Q2 with net working capital of $4.6 billion, an increase from $3.9 billion year over year, driven by higher sales and investment needs [28] - Adjusted free cash flow was an outflow of $263 million, reflecting investments to grow the business [29] - The company announced a 2.6% increase in its quarterly dividend to be paid in Q3 [29] Q&A Session Summary Question: Expectations for endpoint and advanced solutions revenue growth in Q3 - Management expects mid-single digit growth for client and endpoint solutions, with stronger performance in desktop and notebook categories, while smartphone growth is anticipated to be lower [36][38] Question: Impact of government subsidies on mobility growth in China - Management noted that some growth in mobility was likely driven by government subsidies, but overall demand remained strong [39][41] Question: Demand pull forward in North America - Management did not observe significant demand pull forward across categories, with some minor effects in desktop and notebook refresh [46][47] Question: Implications of the recent bill on customer discussions - Management indicated that the impact of the recent bill is not significant for their business, as public sector sales are a minor part of their overall revenue [49][50] Question: Market cycle positioning for various products - Management believes the market is in a mid-cycle phase, with growth observed in storage, server, and networking categories [57] Question: Cash flow dynamics and expectations for the year - Management expects Q3 cash flow to be neutral to slightly negative due to inventory investments, with a positive cash flow anticipated in Q4 as inventory converts to receivables [91][92]

Financial Performance - Q2 2025 - Net sales reached $128 billion, a 102% year-over-year increase and 52% above the high end of guidance[10] - Non-GAAP diluted EPS was $061, exceeding the midpoint of guidance by $003[10] - Non-GAAP net income increased by 177% year-over-year to $142 million[10] - Adjusted EBITDA grew by 49% year-over-year to $294 million[10] - Opex leverage improved by 17 bps year-over-year, with Opex at 544% of net sales[10] Financial Performance - H1 2025 - Net sales totaled $251 billion, a 105% year-over-year increase[14] - Non-GAAP net income increased by 144% year-over-year to $287 million[14] - Adjusted EBITDA grew by 39% year-over-year to $585 million[14] - Non-GAAP diluted EPS increased by $007 year-over-year to $122[14] - Opex leverage improved by 46 bps year-over-year, with Opex at 528% of net sales[14] Geographical Performance - Q2 2025 - North America accounted for 39% of net sales[35] - EMEA contributed 27% of net sales[35] - Asia Pacific represented 27% of net sales[35] - Latin America accounted for 7% of net sales[35] Geographical Performance - H1 2025 - North America accounted for 38% of net sales[35] - EMEA contributed 27% of net sales[35] - Asia Pacific represented 28% of net sales[35] - Latin America accounted for 7% of net sales[35] Q3 2025 Guidance - Net revenue is projected to be between $11875 billion and $12375 billion, representing year-over-year growth of 10% to 52%[41] - Gross profit is expected to be approximately $845 million[41] - Non-GAAP diluted EPS is projected to be between $061 and $073, with a midpoint of $067[41]

Ingram Micro (INGM) Update Summary Company Overview - Ingram Micro is a platform company focused on reimagining distribution, particularly in the B2B IT industry, with a significant emphasis on its Xvantage platform [3][4][5] Industry Insights - The B2B IT distribution industry is complex, characterized by longer sales cycles and a demand for consumer-like experiences [5][6] - The total addressable market (TAM) for the IT industry is approximately $5 trillion [7] Xvantage Platform - Xvantage is designed to connect demand and supply in the B2B ecosystem, integrating various services such as hardware, software, and cloud solutions into a single platform [11][12][87] - The platform aims to reduce operational inefficiencies, allowing for complex quotes to be generated in minutes rather than days [22][93] - Xvantage utilizes AI and a real-time data mesh to enhance operational efficiency and provide personalized experiences for users [19][20][21] Key Features and Innovations - The platform incorporates a comprehensive ecosystem that includes integrations with various systems (e.g., Salesforce) to streamline operations [63][65] - Xvantage has filed over 30 patents related to its architecture and AI capabilities, showcasing its innovative approach [18] - The platform supports real-time data processing, enabling quick decision-making and insights for partners [17][21] Customer Benefits - Partners using Xvantage have reported significant time savings, with some saving 10 to 15 hours per person per week [30] - The platform provides insights into sales performance, inventory management, and customer engagement, helping partners optimize their operations [37][74] - Xvantage allows for seamless management of multiple service models, including subscriptions and as-a-service solutions [104][105] Competitive Differentiation - Xvantage differentiates itself from other distribution platforms by not merely modernizing distribution but by creating a holistic ecosystem that addresses the complexities of the entire B2B IT industry [87][88] - The platform's ability to integrate various functionalities into one cohesive system sets it apart from traditional distribution models [89][90] Future Outlook - Ingram Micro is focused on expanding the capabilities of Xvantage and enhancing its AI-driven features to further support its partners and drive growth [96][104] - The company aims to continue building a platform that not only serves as a distribution tool but as a comprehensive business solution for the IT ecosystem [83][84] Conclusion - Ingram Micro's Xvantage platform represents a significant evolution in the B2B distribution landscape, leveraging technology and data to create a more efficient and integrated ecosystem for its partners and customers [85][106]