snx-20250228

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-31892

_______________________________________________________________________

TD SYNNEX CORPORATION

(Exact name of registrant as specified in its charter)

_______________________________________________________________________


Delaware						94-2703333
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification Number)

44201 Nobel Drive, Fremont, California						94538
(Address of principal executive offices)						(Zip Code)

(510) 668-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

SNX

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding as of March 26, 2025
Common Stock, $0.001 par value						83,921,412

Table of Contents

TD SYNNEX CORPORATION

FORM 10-Q

INDEX


		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Stockholders’ Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to the Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40
Item 4.	Controls and Procedures	40

PART II	OTHER INFORMATION	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5.	Other Information	41
Item 6.	Exhibits	42
Signatures		44

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

TD SYNNEX CORPORATION

CONSOLIDATED BALANCE SHEETS

(currency and share amounts in thousands, except par value)

(unaudited)


	February 28, 2025		November 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	541,863	$	1,059,378
Accounts receivable, net	9,424,100		10,341,625
Receivables from vendors, net	969,784		958,105
Inventories	8,359,741		8,287,048
Other current assets	663,385		678,540
Total current assets	19,958,873		21,324,696
Property and equipment, net	468,389		457,024
Goodwill	3,877,529		3,895,077
Intangible assets, net	3,819,180		3,912,267
Other assets, net	672,095		685,415
Total assets	$	28,796,066	$	30,274,479

LIABILITIES AND EQUITY
Current liabilities:
Borrowings, current	$	590,956	$	171,092
Accounts payable	13,037,467		15,084,107
Other accrued liabilities	2,105,434		1,966,036
Total current liabilities	15,733,857		17,221,235
Long-term borrowings	3,737,009		3,736,399
Other long-term liabilities	462,547		468,648
Deferred tax liabilities	812,258		812,763

Total liabilities	20,745,671		22,239,045
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding	—		—
Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both February 28, 2025 and November 30, 2024	99		99
Additional paid-in capital	7,446,315		7,437,688
Treasury stock, 15,796 and 15,289 shares as of February 28, 2025 and November 30, 2024, respectively	(1,595,512)		(1,513,017)
Accumulated other comprehensive loss	(686,605)		(645,117)
Retained earnings	2,886,098		2,755,781
Total stockholders' equity	8,050,395		8,035,434
Total liabilities and equity	$	28,796,066	$	30,274,479

(Amounts may not add or compute due to rounding)

The accompanying Notes are an integral part of these Consolidated Financial Statements (unaudited).

Table of Contents

TD SYNNEX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(currency and share amounts in thousands, except per share amounts)

(unaudited)


	Three Months Ended
	February 28, 2025		February 29, 2024
Revenue	$	14,531,707	$	13,975,253
Cost of revenue	(13,533,701)		(12,969,487)
Gross profit	998,006		1,005,766
Selling, general and administrative expenses	(692,485)		(671,545)
Acquisition, integration and restructuring costs	(1,062)		(31,649)
Operating income	304,459		302,572
Interest expense and finance charges, net

SEC Form 10-Q filed by TD SYNNEX Corporation