TD SYNNEX Corporation

Good morning. My name is Rob and I will be your conference operator today. I would like to welcome everyone to the TD Cinex second quarter fiscal 2022 earnings call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. At this time for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

Thank you, and good morning to everyone. Thank you for joining us for today's call. With me today are Rich Hume, CEO, and Marshall Witt, CFO. Before we continue, let me remind everyone that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections, or other statements about future events, including statements about integration progress, synergies, strategy, capital distribution, investments, and our expectations for fiscal year 2022. Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release, in the Form 8-K we filed today, and in the risk factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements. Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8K, available on our Investor Relations website, ir.sinex.com. This conference call is the property of TD Sinex and may not be recorded or rebroadcast without our permission. I will now turn the call over to Rich. Rich?

Thank you, Liz, and good morning, everyone, and thank you for joining our call. Nearly 10 months ago, we closed the merger to form TD Cynics. Through our first three fiscal quarters together, we have successfully generated over $46 billion in revenue and $8.61 in non-GAAP earnings per share, all while making great strides on our merger integration. I'm incredibly proud of our more than 22,000 coworkers and their tremendous efforts to accomplish these very impressive results. In March, at our Investor Day, we were able to share with you our vision of the evolving IT distribution landscape and the opportunities to grow and deliver enhanced financial performance over the coming years. We presented our four pillar strategic framework along with key medium and long-term financial objectives, focused on investing in high-growth technologies like hybrid cloud, security, data analytics, and hyperscale infrastructure, while strengthening our portfolio, expanding our global footprint, and digitally transforming our business. This strategy is underpinned by our role in the center of the technology partner ecosystem as a leading solutions aggregator. From this vantage point and with the strong support of our best-in-class network of over 1,500 vendor partners, we are well positioned to continue delivering unrivaled technology solutions to our more than 150,000 customers. Our performance in fiscal Q2 further demonstrates the success we are having in the market, given our strong value proposition and industry-leading portfolio. In Q2, we grew revenue by 4% year over year, assuming the merger occurred in the prior year, if adjusted for FX and revenue policy alignment. This strong result was driven by robust demand for technology products and solutions, to enable hybrid work, foster collaboration, enhance security, and advance multi-cloud adoption. This is an exciting time to serve the technology ecosystem as the pace of change intensifies and our vendors continue developing products and services that enable companies and individuals to improve their agility, productivity, security, and profitability. We continue to see healthy demand for both endpoint and advanced solutions, with revenue increasing year over year. In PCs, the double-digit growth rate seen during the pandemic continued to moderate, as expected. The supply-constrained environment that we've spoken about the past several quarters continued and was in line with our expectations. From a regional perspective, our America's distribution business experienced strong year-over-year top line growth. On a year-over-year basis, our hyperscale infrastructure business declined given tough prior year compares, but grew on an LTM basis, consistent with our expectations. Our European business also grew year-over-year in constant currency, albeit at a more measured pace given the current economic and geopolitical conditions in the region. Before I pass it over to Marshall to further elaborate on our Q2 results, I wanted to provide an update on our merger integration activities. We continue to make excellent progress on harmonizing processes, benefits, and systems across TD Cynics as well as our optimization programs and synergy attainment. From an ERP systems perspective, I shared with you last quarter that the April-May timeframe would be important as we migrated a large portion of our Canadian business to the new system. I'm happy to report that the migration went extremely well and we are on track with our project plans to transition our U.S. business. As we enter the back half of this fiscal year, we are extremely pleased with the progress we've made and the momentum we are experiencing in the market. I will now pass it over to Marshall, who will provide some further color on our Q2 financial performance. Marshall.