TD SYNNEX reported a solid start to fiscal 2025 with total gross billings of $20.7 billion, up 7.5% year over year and 9.5% in constant currency, reflecting broad-based demand across regions and major technology categories. Net revenue was $14.5 billion, up 4% year over year, as revenue was constrained by a roughly 30% gross-to-net conversion due to a greater mix of infrastructure software within Advanced Solutions. Platform and services initiatives continued to drive growth and differentiation, with Digital Bridge and PACE expanding digital go-to-market capabilities (PACE already onboarding 50,000+ partners in Europe and expanding into the Americas). The company highlighted strong geographic momentum, including double-digit growth in Latin America and APJ in constant currency, and leadership positioning in cybersecurity and cloud solutions. Management signaled near-term profitability pressure from Hive-related investments and temporary demand shortfalls, but reaffirmed confidence in the mid-single-digit gross billings growth target for 2025 and a long-run objective of generating approximately $1.1 billion of free cash flow. A planned Investor Day on April 10 provides a forum to articulate longer-term strategy, capital allocation, and medium-term targets.