TD SYNNEX delivered a resilient first quarter of fiscal 2024, with gross billings of $19.3 billion and net revenue of $14.0 billion, reflecting a year-over-year decline of 5% and 7.6% respectively. Management characterized the IT spending environment as improving, supported by momentum in AI-enabled solutions and a diversification push into strategic technologies. Non-GAAP operating margins expanded modestly to 3.04% and non-GAAP net income reached $266 million with EPS of $2.99, at the upper end of guidance. A strong balance sheet, robust free cash flow generation, and a refreshed capital return framework (new $2 billion buyback authorization; $199 million of buybacks in the quarter; quarterly dividend raised 14% to $0.40) underpin the company’s leverage management and long-term investor value creation. The company’s AI-centric initiatives (Copilot launch, NVIDIA collaboration, Hyve AI lifecycle solutions) along with StreamOne enhancements and Cloud Labs further position SNX to capitalize on AI-driven demand in datacenters, cloud, edge, and software ecosystems. The outlook remains constructive, with Q2 gross billings guided to $18.4–$19.6 billion and mid-to-high single-digit growth anticipated in H2 2024, supported by an expected ~$1.2 billion of free cash flow for the full year.