• 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:

“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:

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.