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TD Synnex revenue hit $58.5 billion in 2024

Revenue up 1.6 per cent from $57.6 billion in the prior fiscal year.

TD Synnex has reported its full year results for 2024, with revenue at $58.5 billion, compared to $57.6 billion in the prior fiscal year. This represents an increase of 1.6 per cent.

On a constant currency basis, revenue increased by 1.3 per cent, compared to the prior fiscal year. TD Synnex added that this was driven primarily by growth in its advanced solutions portfolio. The company also explained that the presentation of additional revenues on a net basis negatively impacted its revenue compared to the prior fiscal year by approximately 2 per cent.

Gross profit was $4.0 billion in both the current and prior fiscal years, with gross margin and non-GAAP gross margin both at 6.8 per cent, compared to 6.9 per cent in the prior fiscal year.

The company also returned $750 million to stockholders in the form of $612 million of share repurchases and $138 million of dividends, compared to $751 million returned to stockholders in the prior fiscal year. This was in the form of $621 million of share repurchases and $130 million of dividends.  

Patrick Zammit, CEO of TD Synnex, explained, “We delivered strong results this quarter, driven by our end-to-end portfolio, global reach and differentiated value proposition that enable us to capture a wide range of technology spend and grow our market presence.

“Gross billings in Q4 grew 7 per cent year-over-year and we returned 72 per cent of our free cash flow to shareholders in fiscal year 2024. Building on our momentum, we believe we’re well-positioned for the year ahead as we anticipate the IT spending environment will continue to improve.”

The company also reported results for the fiscal fourth quarter, with revenue at $15.8 billion, above the company’s outlook of $14.9 to $15.7 billion.