Overview

• Global IT distributor's fiscal Q1 revenue rose 18%, beating analyst expectations

• Adjusted EPS for fiscal Q1 increased 69% yr/yr, beating analyst expectations

• Company returned $118 mln to shareholders via share repurchases and higher dividend

Outlook

• TD SYNNEX sees Q2 revenue between $16.1 bln and $16.9 bln

• Company expects Q2 non-GAAP diluted EPS of $3.75 to $4.25

• TD SYNNEX projects Q2 non-GAAP gross billings of $24.6 bln to $25.6 bln

Result Drivers

• BROAD-BASED BUSINESS STRENGTH - Co said strong performance across both its distribution and Hyve Solutions businesses drove Q1 results

• STRATEGIC EXECUTION - Co attributed results to execution and momentum established over the past year, per CEO Patrick Zammit

Company press release: ID:nBw6lHCGBa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$17.16 bln	$15.59 bln (9 Analysts)
Q1 Adjusted EPS	Beat	$4.73	$3.31 (11 Analysts)
Q1 EPS		$4.04
Q1 Adjusted Net Income	Beat	$383 mln	$263.93 mln (8 Analysts)
Q1 Net Income		$327 mln
Q1 Adjusted Operating Income	Beat	$590 mln	$432.33 mln (9 Analysts)
Q1 Operating Income		$489 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the computer hardware peer group is "buy"

• Wall Street's median 12-month price target for TD Synnex Corp is $180.00, about 12.4% above its March 30 closing price of $160.13

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

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