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- **Record Growth**: Q3 gross billings +12% YoY, EPS +25% YoY, driven by software, PCs, and Hyve infrastructure.
- **AI Leadership**: Launch of 3 new AI programs to accelerate partner adoption of AI solutions.
- **Hyve Strength**: Mid-30s YoY growth in Q3, with second-largest customer outperforming expectations.
- **Cash Flow Update**: Full year free cash flow guidance reduced to $800M due to working capital needs.
- **Q4 Outlook**: 11% YoY growth in gross billings, EPS range $3.45-$3.95.

**【CEO Summary Section】**
- **Record Financial Performance**: Q3 gross billings of $22.7B (+12% YoY, +10% in constant currency), non-GAAP EPS of $3.58 (+25% YoY), both exceeding guidance.
- **Regional Growth**: Strong momentum in Latin America (+double digits) and APJ (+double digits), driven by IT product adoption.
- **Key Product Strengths**: 
  - Software gross billings +26% YoY (cybersecurity, infrastructure software)
  - PCs (+AI PCs and Windows 11 refresh cycle)
  - Hyve gross billings +mid-30s YoY (data center infrastructure)
- **AI Initiatives**: Launch of Destination AI programs (Agentic AI, Security for AI, AI Factory) to support partners in AI adoption.
- **Customer Segments**: SMB/MSPs growing above company average; Enterprise stable; U.S. public sector low single-digit growth (state/local offset federal softness).

**【CFO Financial Commentary】**
- **Gross Profit**: $1.1B (+18% YoY), gross margin 5.0% (vs 4.77% prior year)
- **Operating Efficiency**: SG&A as % of gross billings 3.0% (vs 3.2% prior year); cost-to-gross profit ratio 58% (improving from 60% H1)
- **Free Cash Flow**: Q3 $214M, full year guidance $800M (vs prior $1.1B estimate)
- **Q4 Outlook**: Gross billings $23B-$24B (+11% midpoint YoY), EPS $3.45-$3.95
- **Balance Sheet**: Cash $874M, debt $4.2B, net leverage 1.8x

**【Q&A Highlights】**
- **Hyve Momentum**: Q3 overperformance due to broad program growth, second-largest customer outperformance, and supply chain services demand. Q4 guidance reflects continued strength.
- **PC Demand**: Refresh cycle mid-to-late innings, limited pull-forward; AI PCs contributing to mix.
- **Free Cash Flow**: Q4 ~$850M, full year $800M (vs prior $1.1B due to working capital needs)
- **Sustainability**: Management confident in Q4 guidance, citing healthy hyperscaler CapEx trends and diversified Hyve customer mix.

TD SYNNEX Corporation (SNX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNX

SNX fundamentals

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