TD SYNNEX is one of the world's largest IT distributors, sitting in the middle of the IT supply chain between OEMs and resellers. TD SYNNEX buys technology products from roughly 2,500 OEMs and sells them to more than 150,000 resellers — including VARs, MSPs, system integrators, and retailers — who then sell to end customers ranging from large enterprises and governments to SMBs and consumers. TD SYNNEX does not sell directly to end users. The company organizes its catalog of 200,000+ SKUs into two portfolios: Endpoint Solutions (PCs, laptops, mobile phones, printers, peripherals) and Advanced Solutions (servers, storage, networking, cloud, security, software, and the Hyve business). Apple and HP Inc. are each roughly 10-12% of total revenue. TD SYNNEX earns the spread between OEM cost and reseller price, plus vendor rebates and fees for value-added services. Gross margins run around 5% of gross billings and operating margins around 2%, typical for large-scale distribution. A growing share of software transactions are recorded on a net basis under GAAP, creating a widening divergence between gross billings and reported net revenue. Hyve, TD SYNNEX's hyperscale infrastructure unit, designs and assembles purpose-built rack-level server, storage, and networking solutions for large cloud providers — a meaningfully different model from core distribution, with margins accretive to the company average. TD SYNNEX operates 168 distribution facilities globally and reports across three geographic segments: Americas, Europe, and Asia-Pacific and Japan.