TD SYNNEX Reports Fiscal 2024 Third Quarter Results
-
Revenue of
$14.7 billion , at the upper end of our outlook of$13.3 -$14.9 billion . -
Non-GAAP gross billings(1) of
$20.3 billion , above the high end of our outlook of$18.9 -$20.1 billion . -
Net income of
$179 million , and non-GAAP net income(1) of$245 million , above the midpoint of our outlook. -
Diluted earnings per share (“EPS”) of
$2.08 , and non-GAAP diluted EPS(1) of$2.86 , above the midpoint of our outlook. -
Cash provided by operations of
$386 million and free cash flow(1) of$339 million . -
Returned
$91 million to stockholders in the form of$57 million of share repurchases and$34 million in dividends. -
Announced a quarterly cash dividend of
$0.40 per common share, up 14% from the prior fiscal third quarter.
Consolidated Financial Highlights for the Fiscal 2024 Third Quarter: |
|||||||||||
GAAP |
|||||||||||
($ in millions, except earnings per share) |
|
|
|
|
|
|
|||||
|
|
Q3 FY24 |
|
Q3 FY23 |
|
Net Change from
|
|||||
Revenue |
|
$ |
14,684.7 |
|
|
$ |
13,960.6 |
|
|
5.2 |
% |
Gross profit |
|
$ |
961.0 |
|
|
$ |
971.3 |
|
|
(1.1 |
)% |
Gross margin |
|
|
6.54 |
% |
|
|
6.96 |
% |
|
(42) bps |
|
Operating income |
|
$ |
302.9 |
|
|
$ |
240.2 |
|
|
26.1 |
% |
Operating margin |
|
|
2.06 |
% |
|
|
1.72 |
% |
|
34 bps |
|
Net income |
|
$ |
178.6 |
|
|
$ |
139.3 |
|
|
28.2 |
% |
Diluted EPS |
|
$ |
2.08 |
|
|
$ |
1.49 |
|
|
39.6 |
% |
Non-GAAP |
|||||||||||
($ in millions, except earnings per share) |
|
|
|
|
|
|
|||||
|
|
Q3 FY24 |
|
Q3 FY23 |
|
Net Change from
|
|||||
Gross billings(1) |
|
$ |
20,282.5 |
|
|
$ |
18,583.6 |
|
|
9.1 |
% |
Gross to net %(1) |
|
|
(27.6 |
)% |
|
|
(24.9 |
)% |
|
(270) bps |
|
Revenue |
|
$ |
14,684.7 |
|
|
$ |
13,960.6 |
|
|
5.2 |
% |
Gross profit(1) |
|
$ |
961.0 |
|
|
$ |
973.7 |
|
|
(1.3 |
)% |
Gross margin(1) |
|
|
6.54 |
% |
|
|
6.97 |
% |
|
(43) bps |
|
Operating income(1) |
|
$ |
392.9 |
|
|
$ |
396.8 |
|
|
(1.0 |
)% |
Operating margin(1) |
|
|
2.68 |
% |
|
|
2.84 |
% |
|
(16) bps |
|
Net income(1) |
|
$ |
245.4 |
|
|
$ |
259.8 |
|
|
(5.5 |
)% |
Diluted EPS(1) |
|
$ |
2.86 |
|
|
$ |
2.78 |
|
|
2.9 |
% |
“Q3 was a strong quarter, reinforcing our optimism regarding IT market recovery. In particular, we saw significant growth across geographic segments and in both our Endpoint and Advanced solutions businesses. Additionally, gross billings in Q3 grew 9%, coming in above the high end of our range,” said
Consolidated Fiscal 2024 Third Quarter Highlights
-
Revenue was
$14.7 billion , compared to$14.0 billion in the prior fiscal third quarter, representing an increase of 5.2% and at the upper end of our outlook. On a constant currency(1) basis, revenue increased by 5.6% compared to the prior fiscal third quarter. The increases were driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios. A greater percentage of our revenue was presented on a net basis, which negatively impacted our revenue compared to the prior fiscal third quarter by approximately 4%. -
Non-GAAP gross billings(1) were
$20.3 billion , compared to$18.6 billion in the prior fiscal third quarter. -
Gross profit was
$961 million , compared to$971 million in the prior fiscal third quarter. - Gross margin and non-GAAP gross margin(1) were both 6.5%, compared to 7.0% in the prior fiscal third quarter, primarily due to higher margins in the prior year in strategic technologies and product mix. The presentation of additional revenues on a net basis positively impacted our gross margin and non-GAAP gross margin(1) by approximately 23 basis points.
-
Operating income was
$303 million , compared to$240 million in the prior fiscal third quarter primarily due to a decrease in acquisition, integration and restructuring costs. Non-GAAP operating income(1) was$393 million , compared to$397 million in the prior fiscal third quarter. - Operating margin was 2.1%, compared to 1.7% in the prior fiscal third quarter, primarily due to a decrease in acquisition, integration and restructuring costs. Non-GAAP operating margin(1) was 2.7%, compared to 2.8% in the prior fiscal third quarter.
-
Diluted EPS was
$2.08 , compared to$1.49 in the prior fiscal third quarter. Non-GAAP diluted EPS(1) was$2.86 , compared to$2.78 in the prior fiscal third quarter. -
Cash provided by operations of
$386 million , compared to$592 million in the prior fiscal third quarter, and free cash flow(1) of$339 million , compared to$552 million in the prior fiscal third quarter. -
We returned
$91 million to stockholders in the form of share repurchases and dividends, compared to$136 million in the prior fiscal third quarter.
Regional Fiscal 2024 Third Quarter Highlights
-
Americas :-
Revenue was
$9.1 billion , compared to$8.9 billion in the prior fiscal third quarter, representing an increase of 2.4%. On a constant currency(1) basis, revenue increased by 2.7% compared to the prior fiscal third quarter. A greater percentage of our revenue was presented on a net basis, which negatively impacted our revenue compared to the prior fiscal third quarter by approximately 5%. -
Non-GAAP gross billings(1) were
$13.0 billion , compared to$12.1 billion in the prior fiscal third quarter, representing an increase of 7.7%. -
Operating income was
$221 million , compared to$193 million in the prior fiscal third quarter. Non-GAAP operating income(1) was$272 million , compared to$302 million in the prior fiscal third quarter. - Operating margin was 2.4%, compared to 2.2% in the prior fiscal third quarter. Non-GAAP operating margin(1) was 3.0%, compared to 3.4% in the prior fiscal third quarter.
-
Revenue was
-
Europe :-
Revenue was
$4.6 billion , compared to$4.2 billion in the prior fiscal third quarter, representing an increase of 8.6%. On a constant currency(1) basis, revenue increased by 8.9%. A greater percentage of our revenue was presented on a net basis, which negatively impacted our revenue compared to the prior fiscal third quarter by approximately 1%. -
Non-GAAP gross billings(1) were
$6.0 billion , compared to$5.5 billion in the prior fiscal third quarter, representing an increase of 9.6%. -
Operating income was
$57 million , compared to$30 million in the prior fiscal third quarter. Non-GAAP operating income(1) was$94 million , compared to$75 million in the prior fiscal third quarter. - Operating margin was 1.3%, compared to 0.7% in the prior fiscal third quarter. Non-GAAP operating margin(1) was 2.0%, compared to 1.8% in the prior fiscal third quarter.
-
Revenue was
-
Asia-Pacific andJapan :-
Revenue was
$1.0 billion , compared to$0.9 billion in the prior fiscal third quarter, representing an increase of 17.6%. On a constant currency(1) basis, revenue increased by 19.7% compared to the prior fiscal third quarter. A greater percentage of our revenue was presented on a net basis, which negatively impacted our revenue compared to the prior fiscal third quarter by approximately 6%. -
Non-GAAP gross billings(1) were
$1.3 billion , compared to$1.0 billion in the prior fiscal third quarter, representing an increase of 23.6%. -
Operating income was
$25 million , compared to$18 million in the prior fiscal third quarter. Non-GAAP operating income(1) was$27 million , compared to$20 million in the prior fiscal third quarter. - Operating margin was 2.5%, compared to 2.1% in the prior fiscal third quarter. Non-GAAP operating margin(1) was 2.7%, compared to 2.3% in the prior fiscal third quarter.
-
Revenue was
Fiscal 2024 Fourth Quarter Outlook
The following statements are based on TD SYNNEX’s current expectations for the fiscal 2024 fourth quarter. These statements are forward-looking and actual results may differ materially. Non-GAAP gross billings(1) include the impact of costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts, and the remaining non-GAAP financial measures exclude the impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation, and the related tax effects thereon.
|
|
Q4 2024 Outlook |
Revenue |
|
|
Non-GAAP gross billings(1) |
|
|
Net income |
|
|
Non-GAAP net income(1) |
|
|
Diluted earnings per share |
|
|
Non-GAAP diluted earnings per share(1) |
|
|
Estimated outstanding diluted weighted average shares |
|
84.5 million |
Dividend
Conference Call and Webcast
A live audio webcast of the earnings call will be accessible at ir.tdsynnex.com and a replay of the webcast will be available following the call.
About
(1)Use of Non-GAAP Financial Information
In addition to the financial results presented in accordance with GAAP,
Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel-related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring, and divestiture activities. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture. Effective as of the third quarter of fiscal 2024, the Company ceased recording expenses and gains associated with activities related to the merger with Tech Data within acquisition, integration and restructuring costs.
TD SYNNEX’s acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company’s Statements of Operations. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company’s products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company’s Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense,
Purchase accounting adjustments are primarily related to the impact of recognizing the acquired vendor and customer liabilities related to the merger with Tech Data at fair value. These adjustments benefited our non-GAAP operating income through the third fiscal quarter of fiscal 2023 based on historical settlement patterns with our vendors and in accordance with the timing defined in our policy for releasing vendor and customer liabilities we deem remote to be paid.
Trailing fiscal four quarters ROIC is defined as the last four quarters’ tax effected operating income divided by the average of the last five quarterly balances of borrowings and equity, net of cash. Adjusted ROIC is calculated by excluding the tax effected impact of non-GAAP adjustments from operating income and by excluding the cumulative tax effected impact of current and prior period non-GAAP adjustments on equity.
Safe Harbor Statement
Statements in this news release regarding
These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates; increased inflation; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our floor plan financing arrangements; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board’s reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended
Copyright 2024 TD SYNNEX CORPORATION. All rights reserved.
Consolidated Balance Sheets (Currency and share amounts in thousands, except par value) (Amounts may not add or compute due to rounding) (Unaudited) |
||||||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
853,923 |
|
|
$ |
1,033,776 |
|
Accounts receivable, net |
|
|
10,032,404 |
|
|
|
10,297,814 |
|
Receivables from vendors, net |
|
|
863,382 |
|
|
|
964,334 |
|
Inventories |
|
|
7,674,438 |
|
|
|
7,146,274 |
|
Other current assets |
|
|
633,636 |
|
|
|
642,238 |
|
Total current assets |
|
|
20,057,783 |
|
|
|
20,084,436 |
|
Property and equipment, net |
|
|
477,419 |
|
|
|
450,024 |
|
|
|
|
3,951,771 |
|
|
|
3,904,170 |
|
Intangible assets, net |
|
|
4,066,707 |
|
|
|
4,244,314 |
|
Other assets, net |
|
|
653,867 |
|
|
|
729,870 |
|
Total assets |
|
$ |
29,207,547 |
|
|
$ |
29,412,814 |
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Borrowings, current |
|
$ |
314,198 |
|
|
$ |
983,585 |
|
Accounts payable |
|
|
13,873,238 |
|
|
|
13,347,281 |
|
Other accrued liabilities |
|
|
1,802,958 |
|
|
|
2,407,896 |
|
Total current liabilities |
|
|
15,990,394 |
|
|
|
16,738,762 |
|
Long-term borrowings |
|
|
3,736,004 |
|
|
|
3,099,193 |
|
Other long-term liabilities |
|
|
450,364 |
|
|
|
498,656 |
|
Deferred tax liabilities |
|
|
866,702 |
|
|
|
893,021 |
|
Total liabilities |
|
|
21,043,464 |
|
|
|
21,229,632 |
|
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
99 |
|
|
|
99 |
|
Additional paid-in capital |
|
|
7,458,088 |
|
|
|
7,435,274 |
|
|
|
|
(1,436,868 |
) |
|
|
(949,714 |
) |
Accumulated other comprehensive loss |
|
|
(452,241 |
) |
|
|
(507,248 |
) |
Retained earnings |
|
|
2,595,005 |
|
|
|
2,204,771 |
|
Total stockholders' equity |
|
|
8,164,083 |
|
|
|
8,183,182 |
|
Total liabilities and equity |
|
$ |
29,207,547 |
|
|
$ |
29,412,814 |
|
Consolidated Statements of Operations (Currency and share amounts in thousands, except per share amounts) (Amounts may not add or compute due to rounding) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
14,684,712 |
|
|
$ |
13,960,615 |
|
|
$ |
42,607,873 |
|
|
$ |
43,148,110 |
|
Cost of revenue |
|
|
(13,723,664 |
) |
|
|
(12,989,342 |
) |
|
|
(39,667,512 |
) |
|
|
(40,209,860 |
) |
Gross profit |
|
|
961,048 |
|
|
|
971,273 |
|
|
|
2,940,361 |
|
|
|
2,938,250 |
|
Selling, general and administrative expenses |
|
|
(657,513 |
) |
|
|
(659,454 |
) |
|
|
(2,000,772 |
) |
|
|
(1,987,375 |
) |
Acquisition, integration and restructuring costs |
|
|
(656 |
) |
|
|
(71,586 |
) |
|
|
(70,190 |
) |
|
|
(159,597 |
) |
Operating income |
|
|
302,879 |
|
|
|
240,233 |
|
|
|
869,399 |
|
|
|
791,278 |
|
Interest expense and finance charges, net |
|
|
(80,447 |
) |
|
|
(67,703 |
) |
|
|
(233,039 |
) |
|
|
(222,188 |
) |
Other expense, net |
|
|
(1,518 |
) |
|
|
(2,371 |
) |
|
|
(7,493 |
) |
|
|
(6,691 |
) |
Income before income taxes |
|
|
220,914 |
|
|
|
170,159 |
|
|
|
628,867 |
|
|
|
562,399 |
|
Provision for income taxes |
|
|
(42,358 |
) |
|
|
(30,897 |
) |
|
|
(134,578 |
) |
|
|
(123,030 |
) |
Net income |
|
$ |
178,556 |
|
|
$ |
139,262 |
|
|
$ |
494,289 |
|
|
$ |
439,369 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
2.09 |
|
|
$ |
1.49 |
|
|
$ |
5.70 |
|
|
$ |
4.67 |
|
Diluted |
|
$ |
2.08 |
|
|
$ |
1.49 |
|
|
$ |
5.67 |
|
|
$ |
4.66 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
84,510 |
|
|
|
92,590 |
|
|
|
85,937 |
|
|
|
93,400 |
|
Diluted |
|
|
84,937 |
|
|
|
92,881 |
|
|
|
86,323 |
|
|
|
93,676 |
|
Regional Financial Highlights - Fiscal 2024 Third Quarter (Currency in millions) (Amounts may not add or compute due to rounding) |
|||||||||||
|
|
Q3 FY24 |
|
Q3 FY23 |
|
Net Change from
|
|||||
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
9,090.0 |
|
|
$ |
8,879.6 |
|
|
2.4 |
% |
Non-GAAP gross billings(1) |
|
$ |
13,025.9 |
|
|
$ |
12,093.1 |
|
|
7.7 |
% |
Operating income |
|
$ |
220.9 |
|
|
$ |
192.6 |
|
|
14.7 |
% |
Non-GAAP operating income(1) |
|
$ |
272.3 |
|
|
$ |
301.8 |
|
|
(9.8 |
)% |
Operating margin |
|
|
2.43 |
% |
|
|
2.17 |
% |
|
26 bps |
|
Non-GAAP operating margin(1) |
|
|
3.00 |
% |
|
|
3.40 |
% |
|
(40) bps |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
4,591.2 |
|
|
$ |
4,227.6 |
|
|
8.6 |
% |
Non-GAAP gross billings(1) |
|
$ |
5,971.2 |
|
|
$ |
5,450.6 |
|
|
9.6 |
% |
Operating income |
|
$ |
57.4 |
|
|
$ |
29.5 |
|
|
94.6 |
% |
Non-GAAP operating income(1) |
|
$ |
94.0 |
|
|
$ |
75.0 |
|
|
25.3 |
% |
Operating margin |
|
|
1.25 |
% |
|
|
0.70 |
% |
|
55 bps |
|
Non-GAAP operating margin(1) |
|
|
2.05 |
% |
|
|
1.78 |
% |
|
27 bps |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
1,003.5 |
|
|
$ |
853.4 |
|
|
17.6 |
% |
Non-GAAP gross billings(1) |
|
$ |
1,285.4 |
|
|
$ |
1,039.9 |
|
|
23.6 |
% |
Operating income |
|
$ |
24.6 |
|
|
$ |
18.1 |
|
|
35.9 |
% |
Non-GAAP operating income(1) |
|
$ |
26.6 |
|
|
$ |
20.0 |
|
|
33.0 |
% |
Operating margin |
|
|
2.45 |
% |
|
|
2.12 |
% |
|
33 bps |
|
Non-GAAP operating margin(1) |
|
|
2.65 |
% |
|
|
2.34 |
% |
|
31 bps |
(1) |
A reconciliation of TD SYNNEX’s GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. |
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) |
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
|
|
|
|
|
|
|
|||||
Revenue in constant currency |
|
|
|
|
|
|
|
|
|||||
Consolidated |
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
14,684,712 |
|
$ |
13,960,615 |
|
$ |
42,607,873 |
|
|
$ |
43,148,110 |
Impact of changes in foreign currencies |
|
|
58,720 |
|
|
— |
|
|
(5,952 |
) |
|
|
— |
Revenue in constant currency |
|
$ |
14,743,432 |
|
$ |
13,960,615 |
|
$ |
42,601,921 |
|
|
$ |
43,148,110 |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
9,090,011 |
|
$ |
8,879,585 |
|
$ |
25,550,680 |
|
|
$ |
26,217,631 |
Impact of changes in foreign currencies |
|
|
27,754 |
|
|
— |
|
|
16,966 |
|
|
|
— |
Revenue in constant currency |
|
$ |
9,117,765 |
|
$ |
8,879,585 |
|
$ |
25,567,646 |
|
|
$ |
26,217,631 |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
4,591,161 |
|
$ |
4,227,590 |
|
$ |
14,135,188 |
|
|
$ |
14,209,488 |
Impact of changes in foreign currencies |
|
|
12,810 |
|
|
— |
|
|
(105,486 |
) |
|
|
— |
Revenue in constant currency |
|
$ |
4,603,971 |
|
$ |
4,227,590 |
|
$ |
14,029,702 |
|
|
$ |
14,209,488 |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
1,003,540 |
|
$ |
853,440 |
|
$ |
2,922,005 |
|
|
$ |
2,720,991 |
Impact of changes in foreign currencies |
|
|
18,156 |
|
|
— |
|
|
82,568 |
|
|
|
— |
Revenue in constant currency |
|
$ |
1,021,696 |
|
$ |
853,440 |
|
$ |
3,004,573 |
|
|
$ |
2,720,991 |
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) |
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP gross billings |
|
|
|
|
|
|
|
|
|||||
Consolidated |
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
14,684,712 |
|
$ |
13,960,615 |
|
$ |
42,607,873 |
|
$ |
43,148,110 |
|
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
5,597,768 |
|
|
4,623,011 |
|
|
16,245,949 |
|
|
14,353,615 |
|
Non-GAAP gross billings |
|
$ |
20,282,480 |
|
$ |
18,583,626 |
|
$ |
58,853,822 |
|
$ |
57,501,725 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
9,090,011 |
|
$ |
8,879,585 |
|
$ |
25,550,680 |
|
$ |
26,217,631 |
|
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
3,935,887 |
|
|
3,213,484 |
|
|
11,228,761 |
|
|
9,757,609 |
|
Non-GAAP gross billings |
|
$ |
13,025,898 |
|
$ |
12,093,069 |
|
$ |
36,779,441 |
|
$ |
35,975,240 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
4,591,161 |
|
$ |
4,227,590 |
|
$ |
14,135,188 |
|
$ |
14,209,488 |
|
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
1,380,024 |
|
|
1,223,053 |
|
|
4,299,322 |
|
|
4,000,033 |
|
Non-GAAP gross billings |
|
$ |
5,971,185 |
|
$ |
5,450,643 |
|
$ |
18,434,510 |
|
$ |
18,209,521 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
1,003,540 |
|
$ |
853,440 |
|
$ |
2,922,005 |
|
$ |
2,720,991 |
|
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
281,857 |
|
|
186,474 |
|
|
717,866 |
|
|
595,973 |
|
Non-GAAP gross billings |
|
$ |
1,285,397 |
|
$ |
1,039,914 |
|
$ |
3,639,871 |
|
$ |
3,316,964 |
|
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP gross profit & non-GAAP gross margin |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
14,684,712 |
|
|
$ |
13,960,615 |
|
|
$ |
42,607,873 |
|
|
$ |
43,148,110 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
$ |
961,048 |
|
|
$ |
971,273 |
|
|
$ |
2,940,361 |
|
|
$ |
2,938,250 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
2,427 |
|
|
|
— |
|
|
|
15,047 |
|
Non-GAAP gross profit |
|
$ |
961,048 |
|
|
$ |
973,700 |
|
|
$ |
2,940,361 |
|
|
$ |
2,953,297 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
|
6.54 |
% |
|
|
6.96 |
% |
|
|
6.90 |
% |
|
|
6.81 |
% |
Non-GAAP gross margin |
|
|
6.54 |
% |
|
|
6.97 |
% |
|
|
6.90 |
% |
|
|
6.84 |
% |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted selling, general and administrative expenses |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
14,684,712 |
|
|
$ |
13,960,615 |
|
|
$ |
42,607,873 |
|
|
$ |
43,148,110 |
|
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
5,597,768 |
|
|
|
4,623,011 |
|
|
|
16,245,949 |
|
|
|
14,353,615 |
|
Non-GAAP gross billings |
|
$ |
20,282,480 |
|
|
$ |
18,583,626 |
|
|
$ |
58,853,822 |
|
|
$ |
57,501,725 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
$ |
961,048 |
|
|
$ |
971,273 |
|
|
$ |
2,940,361 |
|
|
$ |
2,938,250 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses(1) |
|
$ |
658,169 |
|
|
$ |
731,040 |
|
|
$ |
2,070,962 |
|
|
$ |
2,146,972 |
|
Acquisition, integration and restructuring costs |
|
|
(656 |
) |
|
|
(71,586 |
) |
|
|
(70,190 |
) |
|
|
(159,597 |
) |
Amortization of intangibles |
|
|
(73,173 |
) |
|
|
(74,029 |
) |
|
|
(218,809 |
) |
|
|
(220,571 |
) |
Share-based compensation |
|
|
(16,176 |
) |
|
|
(8,530 |
) |
|
|
(47,096 |
) |
|
|
(29,252 |
) |
Adjusted selling, general and administrative expenses |
|
$ |
568,164 |
|
|
$ |
576,895 |
|
|
$ |
1,734,867 |
|
|
$ |
1,737,552 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses as a percentage of revenue |
|
|
4.48 |
% |
|
|
5.24 |
% |
|
|
4.86 |
% |
|
|
4.98 |
% |
Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings |
|
|
2.80 |
% |
|
|
3.10 |
% |
|
|
2.95 |
% |
|
|
3.02 |
% |
Selling, general and administrative expenses as a percentage of gross profit |
|
|
68.5 |
% |
|
|
75.3 |
% |
|
|
70.4 |
% |
|
|
73.1 |
% |
Adjusted selling, general and administrative expenses as a percentage of gross profit |
|
|
59.1 |
% |
|
|
59.4 |
% |
|
|
59.0 |
% |
|
|
59.1 |
% |
(1) |
Includes acquisition, integration and restructuring costs, which are presented separately on the Consolidated Statements of Operations. |
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating income & non-GAAP operating margin - Consolidated |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
14,684,712 |
|
|
$ |
13,960,615 |
|
|
$ |
42,607,873 |
|
|
$ |
43,148,110 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
$ |
302,879 |
|
|
$ |
240,233 |
|
|
$ |
869,399 |
|
|
$ |
791,278 |
|
Acquisition, integration and restructuring costs |
|
|
656 |
|
|
|
71,586 |
|
|
|
70,190 |
|
|
|
159,597 |
|
Amortization of intangibles |
|
|
73,173 |
|
|
|
74,029 |
|
|
|
218,809 |
|
|
|
220,571 |
|
Share-based compensation |
|
|
16,176 |
|
|
|
8,530 |
|
|
|
47,096 |
|
|
|
29,252 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
2,427 |
|
|
|
— |
|
|
|
15,047 |
|
Non-GAAP operating income |
|
$ |
392,884 |
|
|
$ |
396,805 |
|
|
$ |
1,205,494 |
|
|
$ |
1,215,745 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating margin |
|
|
2.06 |
% |
|
|
1.72 |
% |
|
|
2.04 |
% |
|
|
1.83 |
% |
Non-GAAP operating margin |
|
|
2.68 |
% |
|
|
2.84 |
% |
|
|
2.83 |
% |
|
|
2.82 |
% |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating income & non-GAAP operating margin - |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
9,090,011 |
|
|
$ |
8,879,585 |
|
|
$ |
25,550,680 |
|
|
$ |
26,217,631 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
$ |
220,900 |
|
|
$ |
192,606 |
|
|
$ |
589,866 |
|
|
$ |
559,370 |
|
Acquisition, integration and restructuring costs |
|
|
259 |
|
|
|
60,393 |
|
|
|
53,026 |
|
|
|
122,682 |
|
Amortization of intangibles |
|
|
41,459 |
|
|
|
42,437 |
|
|
|
124,430 |
|
|
|
127,233 |
|
Share-based compensation |
|
|
9,703 |
|
|
|
6,325 |
|
|
|
30,426 |
|
|
|
21,076 |
|
Non-GAAP operating income |
|
$ |
272,321 |
|
|
$ |
301,761 |
|
|
$ |
797,748 |
|
|
$ |
830,361 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating margin |
|
|
2.43 |
% |
|
|
2.17 |
% |
|
|
2.31 |
% |
|
|
2.13 |
% |
Non-GAAP operating margin |
|
|
3.00 |
% |
|
|
3.40 |
% |
|
|
3.12 |
% |
|
|
3.17 |
% |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating income & non-GAAP operating margin - |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
4,591,161 |
|
|
$ |
4,227,590 |
|
|
$ |
14,135,188 |
|
|
$ |
14,209,488 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
$ |
57,415 |
|
|
$ |
29,531 |
|
|
$ |
200,100 |
|
|
$ |
157,793 |
|
Acquisition, integration and restructuring costs |
|
|
224 |
|
|
|
10,304 |
|
|
|
16,225 |
|
|
|
33,750 |
|
Amortization of intangibles |
|
|
30,896 |
|
|
|
30,970 |
|
|
|
92,319 |
|
|
|
91,469 |
|
Share-based compensation |
|
|
5,459 |
|
|
|
1,809 |
|
|
|
14,033 |
|
|
|
6,851 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
2,427 |
|
|
|
— |
|
|
|
15,047 |
|
Non-GAAP operating income |
|
$ |
93,994 |
|
|
$ |
75,041 |
|
|
$ |
322,677 |
|
|
$ |
304,910 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating margin |
|
|
1.25 |
% |
|
|
0.70 |
% |
|
|
1.42 |
% |
|
|
1.11 |
% |
Non-GAAP operating margin |
|
|
2.05 |
% |
|
|
1.78 |
% |
|
|
2.28 |
% |
|
|
2.15 |
% |
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating income & non-GAAP operating margin - |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
1,003,540 |
|
|
$ |
853,440 |
|
|
$ |
2,922,005 |
|
|
$ |
2,720,991 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
$ |
24,564 |
|
|
$ |
18,096 |
|
|
$ |
79,433 |
|
|
$ |
74,115 |
|
Acquisition, integration and restructuring costs |
|
|
173 |
|
|
|
889 |
|
|
|
939 |
|
|
|
3,165 |
|
Amortization of intangibles |
|
|
818 |
|
|
|
622 |
|
|
|
2,060 |
|
|
|
1,869 |
|
Share-based compensation |
|
|
1,014 |
|
|
|
396 |
|
|
|
2,637 |
|
|
|
1,325 |
|
Non-GAAP operating income |
|
$ |
26,569 |
|
|
$ |
20,003 |
|
|
$ |
85,069 |
|
|
$ |
80,474 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating margin |
|
|
2.45 |
% |
|
|
2.12 |
% |
|
|
2.72 |
% |
|
|
2.72 |
% |
Non-GAAP operating margin |
|
|
2.65 |
% |
|
|
2.34 |
% |
|
|
2.91 |
% |
|
|
2.96 |
% |
Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) |
||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
178,556 |
|
$ |
139,262 |
|
$ |
494,289 |
|
$ |
439,369 |
Interest expense and finance charges, net |
|
|
80,447 |
|
|
67,703 |
|
|
233,039 |
|
|
222,188 |
Provision for income taxes |
|
|
42,358 |
|
|
30,897 |
|
|
134,578 |
|
|
123,030 |
Depreciation(1) |
|
|
25,015 |
|
|
31,256 |
|
|
86,285 |
|
|
94,346 |
Amortization of intangibles |
|
|
73,173 |
|
|
74,029 |
|
|
218,809 |
|
|
220,571 |
EBITDA |
|
$ |
399,549 |
|
$ |
343,147 |
|
$ |
1,167,000 |
|
$ |
1,099,504 |
Other expense, net |
|
|
1,518 |
|
|
2,371 |
|
|
7,493 |
|
|
6,691 |
Acquisition, integration and restructuring costs |
|
|
656 |
|
|
66,846 |
|
|
64,704 |
|
|
143,360 |
Share-based compensation |
|
|
16,176 |
|
|
8,530 |
|
|
47,096 |
|
|
29,252 |
Purchase accounting adjustments |
|
|
— |
|
|
2,427 |
|
|
— |
|
|
15,047 |
Adjusted EBITDA |
|
$ |
417,899 |
|
$ |
423,321 |
|
$ |
1,286,293 |
|
$ |
1,293,854 |
(1) |
Includes depreciation recorded in acquisition, integration, and restructuring costs. |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net income & non-GAAP diluted EPS(1) |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
178,556 |
|
|
$ |
139,262 |
|
|
$ |
494,289 |
|
|
$ |
439,369 |
|
Acquisition, integration and restructuring costs |
|
|
656 |
|
|
|
73,897 |
|
|
|
70,190 |
|
|
|
166,446 |
|
Amortization of intangibles |
|
|
73,173 |
|
|
|
74,029 |
|
|
|
218,809 |
|
|
|
220,571 |
|
Share-based compensation |
|
|
16,176 |
|
|
|
8,530 |
|
|
|
47,096 |
|
|
|
29,252 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
2,427 |
|
|
|
— |
|
|
|
15,047 |
|
Income taxes related to the above |
|
|
(23,122 |
) |
|
|
(38,375 |
) |
|
|
(81,861 |
) |
|
|
(102,700 |
) |
Non-GAAP net income |
|
$ |
245,439 |
|
|
$ |
259,770 |
|
|
$ |
748,523 |
|
|
$ |
767,985 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS(1) |
|
$ |
2.08 |
|
|
$ |
1.49 |
|
|
$ |
5.67 |
|
|
$ |
4.66 |
|
Acquisition, integration and restructuring costs |
|
|
0.01 |
|
|
|
0.79 |
|
|
|
0.81 |
|
|
|
1.76 |
|
Amortization of intangibles |
|
|
0.85 |
|
|
|
0.79 |
|
|
|
2.51 |
|
|
|
2.34 |
|
Share-based compensation |
|
|
0.19 |
|
|
|
0.09 |
|
|
|
0.54 |
|
|
|
0.31 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.16 |
|
Income taxes related to the above |
|
|
(0.27 |
) |
|
|
(0.41 |
) |
|
|
(0.94 |
) |
|
|
(1.09 |
) |
Non-GAAP Diluted EPS(1) |
|
$ |
2.86 |
|
|
$ |
2.78 |
|
|
$ |
8.59 |
|
|
$ |
8.14 |
|
(1) |
Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three and nine months ended |
Reconciliation of GAAP to Non-GAAP financial measures (Amounts may not add or compute due to rounding) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(Currency in thousands) |
|
|
|
|
|
|
|
|
||||||||
Free cash flow |
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
|
$ |
385,782 |
|
|
$ |
591,955 |
|
|
$ |
655,783 |
|
|
$ |
1,196,705 |
|
Purchases of property and equipment |
|
|
(47,142 |
) |
|
|
(39,808 |
) |
|
|
(126,052 |
) |
|
|
(107,417 |
) |
Free cash flow |
|
$ |
338,640 |
|
|
$ |
552,147 |
|
|
$ |
529,731 |
|
|
$ |
1,089,288 |
|
|
|
Forecast |
||||||
|
|
Three Months Ending
|
||||||
(Currency in millions, except per share amounts) |
|
Low |
|
High |
||||
Net income |
|
$ |
162 |
|
|
$ |
205 |
|
Amortization of intangibles |
|
|
75 |
|
|
|
75 |
|
Share-based compensation |
|
|
25 |
|
|
|
25 |
|
Income taxes related to the above |
|
|
(23 |
) |
|
|
(23 |
) |
Non-GAAP net income |
|
$ |
239 |
|
|
$ |
282 |
|
|
|
|
|
|
||||
Diluted EPS(1) |
|
$ |
1.90 |
|
|
$ |
2.40 |
|
Amortization of intangibles |
|
|
0.88 |
|
|
|
0.88 |
|
Share-based compensation |
|
|
0.29 |
|
|
|
0.29 |
|
Income taxes related to the above |
|
|
(0.27 |
) |
|
|
(0.27 |
) |
Non-GAAP Diluted EPS(1) |
|
$ |
2.80 |
|
|
$ |
3.30 |
|
(1) |
Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the three months ending |
|
|
Forecast |
||||
|
|
Three Months Ending |
||||
(Currency in billions) |
|
|
||||
Non-GAAP gross billings |
|
Low |
|
High |
||
Revenue |
|
$ |
14.9 |
|
$ |
15.7 |
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts |
|
|
5.6 |
|
|
5.8 |
Non-GAAP gross billings |
|
$ |
20.5 |
|
$ |
21.5 |
Calculation of Financial Metrics
Return on (Currency in thousands) (Amounts may not add or compute due to rounding) |
||||||||
|
|
|
|
|
||||
ROIC |
|
|
|
|
||||
Operating income (trailing fiscal four quarters) |
|
$ |
1,156,153 |
|
|
$ |
1,125,440 |
|
Income taxes on operating income(1) |
|
|
(234,970 |
) |
|
|
(228,334 |
) |
Operating income after taxes |
|
$ |
921,183 |
|
|
$ |
897,106 |
|
|
|
|
|
|
||||
Total invested capital comprising equity and borrowings, less cash (last five quarters average) |
|
$ |
11,249,490 |
|
|
$ |
11,575,572 |
|
|
|
|
|
|
||||
ROIC |
|
|
8.2 |
% |
|
|
7.8 |
% |
|
|
|
|
|
||||
Adjusted ROIC |
|
|
|
|
||||
Non-GAAP operating income (trailing fiscal four quarters) |
|
$ |
1,632,073 |
|
|
$ |
1,711,323 |
|
Income taxes on non-GAAP operating income(1) |
|
|
(365,354 |
) |
|
|
(381,272 |
) |
Non-GAAP operating income after taxes |
|
$ |
1,266,719 |
|
|
$ |
1,330,051 |
|
|
|
|
|
|
||||
Total invested capital comprising equity and borrowings, less cash (last five quarters average) |
|
$ |
11,249,490 |
|
|
$ |
11,575,572 |
|
Tax effected impact of cumulative non-GAAP adjustments (last five quarters average) |
|
|
1,367,426 |
|
|
|
961,319 |
|
Total non-GAAP invested capital (last five quarters average) |
|
$ |
12,616,916 |
|
|
$ |
12,536,891 |
|
|
|
|
|
|
||||
Adjusted ROIC |
|
|
10.0 |
% |
|
|
10.6 |
% |
(1) |
Income taxes on GAAP operating income was calculated using the effective year-to-date tax rates during the respective periods. Income taxes on non-GAAP operating income was calculated by excluding the tax effect of taxable and deductible non-GAAP adjustments using the effective year-to-date tax rate during the respective periods. |
Calculation of Financial Metrics Cash Conversion Cycle (Currency in thousands) (Amounts may not add or compute due to rounding) |
||||||||
|
|
|
|
Three Months Ended |
||||
|
|
|
|
|
|
|
||
Days sales outstanding |
|
|
|
|
|
|
||
Revenue |
|
(a) |
|
$ |
14,684,712 |
|
$ |
13,960,615 |
Accounts receivable, net |
|
(b) |
|
|
10,032,404 |
|
|
8,892,130 |
Days sales outstanding |
|
(c) = ((b)/(a))*the number of days during the period |
|
|
63 |
|
|
59 |
|
|
|
|
|
|
|
||
Days inventory outstanding |
|
|
|
|
|
|
||
Cost of revenue |
|
(d) |
|
$ |
13,723,664 |
|
$ |
12,989,342 |
Inventories |
|
(e) |
|
|
7,674,438 |
|
|
7,462,162 |
Days inventory outstanding |
|
(f) = ((e)/(d))*the number of days during the period |
|
|
51 |
|
|
53 |
|
|
|
|
|
|
|
||
Days payable outstanding |
|
|
|
|
|
|
||
Cost of revenue |
|
(g) |
|
$ |
13,723,664 |
|
$ |
12,989,342 |
Accounts payable |
|
(h) |
|
|
13,873,238 |
|
|
12,485,180 |
Days payable outstanding |
|
(i) = ((h)/(g))*the number of days during the period |
|
|
93 |
|
|
89 |
|
|
|
|
|
|
|
||
Cash conversion cycle |
|
(j) = (c)+(f)-(i) |
|
|
21 |
|
|
23 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240926356264/en/
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