TD SYNNEX Corporation (NYSE:SNX) Q2 2023 Earnings Call Transcript June 27, 2023 9:00 AM ET

Company Participants

Liz Morali - Head of IR

Rich Hume - CEO

Marshall Witt - CFO

Conference Call Participants

Adam Tindle - Raymond James

Michael Ng - Goldman Sachs

Joseph Cardoso - JPMorgan

Shannon Cross - Credit Suisse

Ruplu Bhattacharya - Bank of America

Keith Housum - Northcoast Research

Matt Sheerin - Stifel

Operator

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the TD SYNNEX Second Quarter Fiscal 2023 Earnings Call. Today's call is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

At this time, for opening remarks, I'd like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

Liz Morali

Thank you. Good morning, everyone, and 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 you 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 strategy, demand, plans and positioning as well as our expectations for future fiscal periods. 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 8 k available on our Investor Relations website ir.tdcinex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

I will now turn the call over to Rich. Rich?

Rich Hume

Thank you, Liz. Good morning, everyone, and thank you for joining us today. Second quarter proved out the resilient business model we've been highlighting over the last several quarters as we saw a continuation of many of the trends from the February quarter. Our unparalleled line card and diversified portfolio allowed us to realize growth in advanced solutions and high growth technologies, while year-over-year growth rates for End Point Solutions were impacted by short term weakness in the demand for PC products post pandemic. We expect this PC demand decline to abate over time as customers upgrade an aging install base of devices, allowing them to run the latest operating environments and leverage key security features. And we're encouraged by the improving macroeconomic sentiment and stable supply chain conditions that are mostly back to historical profile levels.