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TD Synnex (SNX) Q4 FY2023 earnings: revenue $14.4 billion, down 11.3% on the year

TD Synnex Corp. (SNX) reported revenue of $14.4 billion for Q4 FY2023, the quarter ended 30 November 2023, down 11.3% on the same quarter a year earlier. Net income was $188 million, down 15.2% on the year, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2024.

Revenue$14.4 billiondown 11.3%
Net income$188 milliondown 15.2%
Diluted EPS$2.06
QuarterQ4 FY2023ended 30 November 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Revenue14,407n/an/an/a
Cost of revenue13,389n/an/an/a
Gross profit1,019n/an/an/a
Gross margin7.1%n/an/a
Selling, general and administrative685n/an/an/a
Operating income287n/an/an/a
Operating margin2.0%n/an/a
Pre-tax income227n/an/an/a
Income tax39.6n/an/an/a
Effective tax rate17.4%n/an/a
Net income188n/an/an/a
Net margin1.3%n/an/a
Diluted EPS$2.06n/an/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow211n/an/an/a
Capital expenditure42.6n/an/an/a
Free cash flow168n/an/an/a
Free cash flow margin1.2%n/an/a
Cash from investing-43.3n/an/an/a
Cash from financing-380n/an/an/a
Depreciation and amortisation103n/an/an/a
Share-based compensation21.3n/an/an/a
Buybacks343n/an/an/a
Dividends paid31.5n/an/an/a
Diluted shares, weighted90mn/an/an/a
Shares outstanding at period end89mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity8,183n/an/an/a
Debt4,101n/an/an/a
Operating lease liabilities373n/an/an/a
Other liabilities16,756n/an/an/a
Total liabilities and equity29,413n/an/an/a
Fixed assets450n/an/an/a
Goodwill3,904n/an/an/a
Intangible assets4,244n/an/an/a
Cash and equivalents1,034n/an/an/a
Receivables10,298n/an/an/a
Inventory7,146n/an/an/a
Other assets2,336n/an/an/a
Total assets29,413n/an/an/a

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue14,40713,97513,94814,68515,84514,53214,94615,65117,37917,16119,57521,558
Cost of revenue13,38912,96912,97413,72414,80413,53413,90014,52116,18415,90918,23520,133
Gross profit1,0191,0069749611,0419981,0461,1301,1951,2521,3391,425
Gross margin7%7%7%7%7%7%7%7%7%7%7%7%
SG&A685672672658715692718746793763820783
Operating income287303264303325304328384399489519643
Operating margin2%2%2%2%2%2%2%2%2%3%3%3%
Interest expensen/an/an/an/an/a-87.9-90.0-91.2626-86.5-97.8-121
Pre-tax income227224184221237215238293311422430555
Tax rate17%23%22%19%18%22%22%23%20%23%22%25%
Net income188172144179195168185227248327334416
Net margin1%1%1%1%1%1%1%1%1%2%2%2%
Diluted EPS$2.06$1.93$1.66$2.08$2.29$1.98$2.21$2.74$3.04$4.04$4.15$5.18
Operating cash flow211385-115386562-7485732461,460-896-266-917
Capital expenditure42.641.137.847.149.141.530.232.238.333.166.858.9
Free cash flow168344-153339513-7905432141,422-929-332-976
Buybacks34319925456.510210114917417379.7112100
Dividends paid31.535.734.234.234.037.236.936.336.038.738.538.4
Shares outstanding89m88m85m85m85m84m82m81m81m80m80m80m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 November 2023, filed 26 January 2024, accession 0001177394-24-000014: the filing on EDGAR. All of TD Synnex Corp.'s filings: EDGAR company page.

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