FREMONT, CA and CLEARWATER, FL, June 28, 2023 – TD SYNNEX (NYSE: SNX) today announced
financial results for the fiscal second quarter ended May 31, 2023.
• Revenue of $14.1 billion, down 7.9 percent from the prior fiscal second quarter, down 7.0 percent in constant currency.
• Non-GAAP gross billings of $18.7 billion, down 4.9 percent from the prior fiscal second quarter.
• Operating income of $253 million, flat from the prior fiscal second quarter and non-GAAP operating income of $376 million, down 5.6 percent from the prior fiscal second quarter.
• Diluted earnings per share (“EPS”) of $1.41, down 9.0 percent from the prior fiscal second quarter and nonGAAP diluted EPS of $2.43, down 10.7 percent from the prior fiscal second quarter, in-line with guidance provided and including a $26 million headwind from higher interest expense.
• Cash provided by operations of $708 million for the quarter.
• Achieved $30 million in incremental merger-related cost synergies during the fiscal second quarter, reaching the previously announced $200 million target ahead of schedule and expect to realise an additional $50 million of cost optimisation benefits over the next several quarters.
• Returned $93 million to shareholders in the fiscal second quarter in the form of share repurchases and dividends, and expect accelerated shareholder return in the back half of the fiscal year.
A full copy of the press release is available to download here.