- Fiscal fourth quarter revenue of $15.8 billion, above our outlook of $14.9 - $15.7 billion.
- Fiscal fourth quarter non-GAAP gross billings(1) of $21.2 billion, above the midpoint of our outlook of $20.5 - $21.5 billion.
- Fiscal fourth quarter net income of $195 million and non-GAAP net income(1) of $263 million.
- Fiscal fourth quarter diluted earnings per share (“EPS”) of $2.29 and non-GAAP diluted EPS(1) of $3.09, above the midpoint of our outlook.
- Fiscal fourth quarter cash provided by operations of $562 million and free cash flow(1) of $513 million.
- Fiscal 2024 cash provided by operations of $1.2 billion and free cash flow(1) of $1.0 billion.
- Returned $750 million to stockholders in fiscal 2024 in the form of $612 million of share repurchases and $138 million in dividends.
- Announced that the Board of Directors has declared a Q1 dividend per share of $0.44 per common share, up 10% from the prior fiscal fourth quarter.
FREMONT, Calif. & CLEARWATER, Fla.: TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2024.
Consolidated Financial Highlights for the Fiscal 2024 Fourth Quarter:
GAAP |
($ 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 | % | | | 7.07 | % | | (50) bps |
Operating income | | $ | 324.8 | | | $ | 286.8 | | | 13.2 | % |
Operating margin | | | 2.05 | % | | | 1.99 | % | | 6 bps |
Net income | | $ | 194.8 | | | $ | 187.5 | | | 3.9 | % |
Diluted EPS | | $ | 2.29 | | | $ | 2.06 | | | 11.2 | % |
Non-GAAP |
($ in millions, except earnings per share) | | | | | | |
| | Q4 FY24 | | Q4 FY23 | | Net Change from
Q4 FY23 |
Gross billings(1) | | $ | 21,211.2 | | | $ | 19,744.4 | | | 7.4 | % |
Gross to net %(1) | | | (25.3 | )% | | | (27.0 | )% | | 170 bps |
Revenue | | $ | 15,844.6 | | | $ | 14,407.3 | | | 10.0 | % |
Operating income(1) | | $ | 421.5 | | | $ | 426.6 | | | (1.2 | )% |
Operating margin(1) | | | 2.66 | % | | | 2.96 | % | | (30) bps |
Net income(1) | | $ | 263.4 | | | $ | 285.6 | | | (7.8 | )% |
Diluted EPS(1) | | $ | 3.09 | | | $ | 3.13 | | | (1.3 | )% |
| | | | | | |
“We delivered strong results this quarter, driven by our end-to-end portfolio, global reach and differentiated value proposition that enable us to capture a wide range of technology spend and grow our market presence,” said Patrick Zammit, CEO of TD SYNNEX. “Gross billings in Q4 grew 7% year-over-year and we returned 72% of our free cash flow to shareholders in fiscal year 2024. Building on our momentum, we believe we’re well-positioned for the year ahead as we anticipate the IT spending environment will continue to improve.”
Consolidated Fiscal 2024 Fourth Quarter Highlights
- Revenue was $15.8 billion, compared to $14.4 billion in the prior fiscal fourth quarter, representing an increase of 10.0% and above our outlook. On a constant currency(1) basis, revenue increased by 9.2% compared to the prior fiscal fourth quarter driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios. A greater percentage of our revenue was presented on a gross basis, which positively impacted our revenue compared to the prior fiscal fourth quarter by approximately 3%.
- Non-GAAP gross billings(1) were $21.2 billion, compared to $19.7 billion in the prior fiscal fourth quarter.
- Gross profit was $1,041 million, compared to $1,019 million in the prior fiscal fourth quarter.
- Gross margin was 6.6%, compared to 7.1% in the prior fiscal fourth quarter, primarily due to higher margins in the prior year in strategic technologies and product mix. The presentation of additional revenues on a gross basis negatively impacted our gross margin by approximately 16 basis points.
- Operating income was $325 million, compared to $287 million in the prior fiscal fourth quarter primarily due to a decrease in acquisition, integration and restructuring costs. Non-GAAP operating income(1) was $422 million, compared to $427 million in the prior fiscal fourth quarter.
- Operating margin was 2.1%, compared to 2.0% in the prior fiscal fourth quarter. Non-GAAP operating margin(1) was 2.7%, compared to 3.0% in the prior fiscal fourth quarter.
- Diluted EPS was $2.29, compared to $2.06 in the prior fiscal fourth quarter. Non-GAAP diluted EPS(1) was $3.09, compared to $3.13 in the prior fiscal fourth quarter.
- Cash provided by operations of $562 million, compared to $211 million in the prior fiscal fourth quarter, and free cash flow(1) of $513 million, compared to $168 million in the prior fiscal fourth quarter.
- We returned $136 million to stockholders in the form of share repurchases and dividends, compared to $374 million in the prior fiscal fourth quarter.
Regional Fiscal 2024 Fourth Quarter Highlights
- Americas:
- Revenue was $9.2 billion, compared to $8.4 billion in the prior fiscal fourth quarter, representing an increase of 10.6%. On a constant currency(1) basis, revenue increased by 10.8% compared to the prior fiscal fourth quarter. A greater percentage of our revenue was presented on a gross basis, which positively impacted our revenue compared to the prior fiscal fourth quarter by approximately 4%.
- Non-GAAP gross billings(1) were $12.9 billion, compared to $12.0 billion in the prior fiscal fourth quarter, representing an increase of 7.0%.
- Operating income was $228 million, compared to $177 million in the prior fiscal fourth quarter. Non-GAAP operating income(1) was $284 million, compared to $278 million in the prior fiscal fourth quarter.
- Operating margin was 2.5%, compared to 2.1% in the prior fiscal fourth quarter. Non-GAAP operating margin(1) was 3.1%, compared to 3.3% in the prior fiscal fourth quarter.
- Europe:
- Revenue was $5.5 billion, compared to $5.2 billion in the prior fiscal fourth quarter, representing an increase of 5.5%. On a constant currency(1) basis, revenue increased by 3.2%. A greater percentage of our revenue was presented on a gross basis, which positively impacted our revenue compared to the prior fiscal fourth quarter by approximately 1%.
- Non-GAAP gross billings(1) were $7.0 billion, compared to $6.7 billion in the prior fiscal fourth quarter, representing an increase of 4.5%.
- Operating income was $64 million, compared to $79 million in the prior fiscal fourth quarter. Non-GAAP operating income(1) was $102 million, compared to $117 million in the prior fiscal fourth quarter.
- Operating margin was 1.2%, compared to 1.5% in the prior fiscal fourth quarter. Non-GAAP operating margin(1) was 1.9%, compared to 2.2% in the prior fiscal fourth quarter.
- Asia-Pacific and Japan:
- Revenue was $1.1 billion, compared to $0.8 billion in the prior fiscal fourth quarter, representing an increase of 31.7%. On a constant currency(1) basis, revenue increased by 30.5% compared to the prior fiscal fourth quarter. A greater percentage of our revenue was presented on a gross basis, which positively impacted our revenue compared to the prior fiscal fourth quarter by approximately 1%.
- Non-GAAP gross billings(1) were $1.4 billion, compared to $1.0 billion in the prior fiscal fourth quarter, representing an increase of 31.2%.
- Operating income was $33 million, compared to $31 million in the prior fiscal fourth quarter. Non-GAAP operating income(1) was $36 million, compared to $32 million in the prior fiscal fourth quarter.
- Operating margin was 3.0%, compared to 3.7% in the prior fiscal fourth quarter. Non-GAAP operating margin(1) was 3.2%, compared to 3.9% in the prior fiscal fourth quarter.
Consolidated Financial Highlights for Fiscal 2024:
GAAP |
($ in millions, except earnings per share) | | | | | | |
| | FY24 | | FY23 | | Net Change from
FY23 |
Revenue | | $ | 58,452.4 | | | $ | 57,555.4 | | | 1.6 | % |
Gross profit | | $ | 3,981.3 | | | $ | 3,956.8 | | | 0.6 | % |
Gross margin | | | 6.81 | % | | | 6.87 | % | | (6) bps |
Operating income | | $ | 1,194.2 | | | $ | 1,078.0 | | | 10.8 | % |
Operating margin | | | 2.04 | % | | | 1.87 | % | | 17 bps |
Net income | | $ | 689.1 | | | $ | 626.9 | | | 9.9 | % |
Diluted EPS | | $ | 7.95 | | | $ | 6.70 | | | 18.7 | % |
Non-GAAP |
($ in millions, except earnings per share) | | | | | | |
| | FY24 | | FY23 | | Net Change from
FY23 |
Gross billings(1) | | $ | 80,065.0 | | | $ | 77,246.1 | | | 3.6 | % |
Gross to net %(1) | | | (27.0 | )% | | | (25.5 | )% | | (150) bps |
Revenue | | $ | 58,452.4 | | | $ | 57,555.4 | | | 1.6 | % |
Gross profit(1) | | $ | 3,981.3 | | | $ | 3,971.9 | | | 0.2 | % |
Gross margin(1) | | | 6.81 | % | | | 6.90 | % | | (9) bps |
Operating income(1) | | $ | 1,627.0 | | | $ | 1,642.3 | | | (0.9 | )% |
Operating margin(1) | | | 2.78 | % | | | 2.85 | % | | (7) bps |
Net income(1) | | $ | 1,011.9 | | | $ | 1,053.6 | | | (4.0 | )% |
Diluted EPS(1) | | $ | 11.68 | | | $ | 11.26 | | | 3.7 | % |
Consolidated Fiscal 2024 Highlights
- Revenue was $58.5 billion, compared to $57.6 billion in the prior fiscal year, representing an increase of 1.6%. On a constant currency(1) basis, revenue increased by 1.3%, compared to the prior fiscal year driven primarily by growth in our Advanced Solutions portfolio. The presentation of additional revenues on a net basis negatively impacted our revenue compared to the prior fiscal year by approximately 2%.
- Non-GAAP gross billings(1) were $80.1 billion, compared to $77.2 billion in the prior fiscal year.
- Gross profit was $4.0 billion in both the current and prior fiscal years.
- Gross margin and non-GAAP gross margin(1) were both 6.8%, compared to 6.9% in the prior fiscal year. The presentation of additional revenues on a net basis positively impacted our gross margin and non-GAAP gross margin(1) by approximately 14 basis points.
- Operating income was $1.2 billion, compared to $1.1 billion in the prior fiscal year. Non-GAAP operating income(1) was $1.6 billion in both the current and prior fiscal years.
- Operating margin was 2.0%, compared to 1.9% in the prior fiscal year. Non-GAAP operating margin(1) was 2.8%, compared to 2.9% in the prior fiscal year.
- Diluted EPS was $7.95, compared to $6.70 in the prior fiscal year. Non-GAAP diluted EPS(1) was $11.68, compared to $11.26 in the prior fiscal year.
- Cash provided by operations of $1.2 billion, compared to $1.4 billion in the prior fiscal year, and free cash flow(1) of $1.0 billion, compared to $1.3 billion in the prior fiscal year.
- We returned $750 million to stockholders in the form of $612 million of share repurchases and $138 million of dividends, compared to $751 million returned to stockholders in the prior fiscal year in the form of $621 million of share repurchases and $130 million of dividends.
Regional Fiscal 2024 Highlights
- Americas:
- Revenue was $34.8 billion, compared to $34.6 billion in the prior fiscal year, representing an increase of 0.6%. On a constant currency(1) basis, revenue increased by 0.7% compared to the prior fiscal year. A greater percentage of our revenue was presented on a net basis which negatively impacted our revenue compared to the prior fiscal year by approximately 3%.
- Non-GAAP gross billings(1) were $49.7 billion, compared to $48.0 billion in the prior fiscal year.
- Operating income was $818 million, compared to $737 million in the prior fiscal year. Non-GAAP operating income(1) was $1,082 million, compared to $1,108 million in the prior fiscal year.
- Operating margin was 2.4%, compared to 2.1% in the prior fiscal year. Non-GAAP operating margin(1) was 3.1%, compared to 3.2% in the prior fiscal year.
- Europe:
- Revenue was $19.6 billion, compared to $19.4 billion in the prior fiscal year, representing an increase of 1.1%. On a constant currency(1) basis, revenue decreased by 0.1% compared to the prior fiscal year. A greater percentage of our revenue was presented on a net basis which negatively impacted our revenue compared to the prior fiscal year by approximately 1%.
- Non-GAAP gross billings(1) were $25.4 billion, compared to $24.9 billion in the prior fiscal year.
- Operating income was $264 million, compared to $236 million in the prior fiscal year. Non-GAAP operating income(1) was $425 million, compared to $422 million in the prior fiscal year.
- Operating margin was 1.3%, compared to 1.2% in the prior fiscal year. Non-GAAP operating margin(1) was 2.2% for both the current and prior fiscal years.
- Asia-Pacific and Japan:
- Revenue was $4.0 billion, compared to $3.6 billion in the prior fiscal year, representing an increase of 13.1%. On a constant currency(1) basis, revenue increased by 15.2% compared to the prior fiscal year. A greater percentage of our revenue was presented on a net basis which negatively impacted our revenue compared to the prior fiscal year by approximately 2%.
- Non-GAAP gross billings(1) were $5.0 billion, compared to $4.4 billion in the prior fiscal year.
- Operating income was $113 million, compared to $105 million in the prior fiscal year. Non-GAAP operating income(1) was $121 million, compared to $113 million in the prior fiscal year.
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