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TD SYNNEX Corporation reports developments tied to its role as a global distributor and solutions aggregator for the IT ecosystem. The company’s distribution business spans IT hardware, software and systems across the Americas, Europe, and Asia-Pacific and Japan, while Hyve Solutions designs, manufactures and delivers traditional and accelerated compute, cloud and connected infrastructure worldwide.
Recurring news includes vendor awards and channel partnerships with major technology providers, expansion of AI infrastructure, cloud commerce, cybersecurity, secure networking and managed-service offerings, and partner enablement programs. Company updates also cover quarterly operating results, dividends, segment reporting and the performance of its global distribution and Hyve Solutions businesses.
TD SYNNEX (NYSE: SNX) has expanded its cloud solution portfolio with new offerings from Google Cloud, now immediately available to its partners. This strategic move enhances TD SYNNEX's cloud stack and positions it as a leading value distributor in the hybrid, multi-cloud landscape. The offerings aim to support businesses in their digital transformation journeys by providing a suite of services in AI, ML, data analytics, and collaboration. The integration of Google Cloud's capabilities is expected to empower channel partners and facilitate accelerated growth.
TD SYNNEX has entered a new exclusive agreement as a cybersecurity aggregator partner for Broadcom Software in the U.S., focusing on the SMB sector. This partnership aims to enhance customer retention and growth for channel partners by delivering Symantec cybersecurity solutions. Key benefits include partner support, strong margins, and upsell opportunities. Both companies emphasize the significance of the SMB market and aim to establish deeper trust in the Symantec brand amidst increasing cybersecurity demand.
ActZero, a cybersecurity startup, has announced a strategic partnership with TD Synnex to enhance its AI-powered managed detection and response (MDR) platform. This partnership, following an earlier collaboration with Tech Data, aims to broaden access to cybersecurity solutions for small and mid-sized businesses. The ActZero platform provides advanced protection against various cyber threats, utilizing AI for threat detection and response. TD Synnex will help accelerate the platform's adoption through its extensive global distribution network.
TD SYNNEX has launched a new managed virtual desktop Click-to-Run™ solution that leverages Azure Virtual Desktop (AVD). This offering enables businesses to deploy AVD environments quickly for remote users, enhancing flexibility and cost efficiency. The solution features two deployment options: a standalone for rapid setup and a managed option with 24/7 support, performance monitoring, and additional management services. This initiative aims to improve customer productivity and offer partners a rapid route to market.
TD SYNNEX has achieved the Amazon Web Services (AWS) Cloud Management Tools Competency, making it one of the first distributors to receive this accreditation. This recognition highlights TD SYNNEX’s specialized capabilities in cloud management tools, validated by extensive security and compliance checks. The company aims to leverage this competency to expand its network of AWS resellers globally and enhance the awareness of its StreamOne Ion platform. This designation provides access to exclusive AWS programs, thus supporting TD SYNNEX’s continued growth in the cloud services market.
TD SYNNEX (NYSE: SNX) announced its 2022 fiscal outlook during its Investor Day, aiming for adjusted net revenue growth of 6-8%. The company predicts a doubling of revenues and non-GAAP operating margins from high-growth technology sectors. Key targets include a non-GAAP operating margin of 2.5-2.7% and adjusted ROIC of 11%. Over the medium term, it expects 15-20% total shareholder returns and nearly $1.5 billion in free cash flow. These initiatives reflect a strong commitment to enhancing shareholder value and operational efficiency.
TD SYNNEX (NYSE: SNX) hosted a virtual Investor Day to discuss its strategy and medium-term financial outlook. CEO Rich Hume highlighted the company's role in the IT ecosystem and projected revenue growth of 6-7% annually, alongside a total shareholder return of 15-20% over the next three to four years. Additionally, the company aims for a non-GAAP operating margin of approximately 3%. The event included presentations and a Q&A session, further strengthening TD SYNNEX's commitment to delivering value to its customers and shareholders.
TD SYNNEX (NYSE: SNX) has launched its inaugural corporate citizenship program, emphasizing its commitment to environmental, social, and governance (ESG) principles. The program aims to reduce carbon emissions, enhance workforce diversity, and promote community access to technology. CEO Rich Hume noted the company's expansive global reach, employing over 22,000 people and serving 100 countries. The company plans to publish an annual corporate citizenship report to track its ESG progress, including its goal of achieving net-zero greenhouse gas emissions by 2045.
Siklu has announced a distribution agreement with TD SYNNEX for its millimeter wave products, targeting enterprise network customers in over 100 countries. This partnership focuses on delivering cost-effective, Gigabit-speed wireless connectivity, essential for the growing need for cloud-based services. Both companies aim to leverage their strengths, with TD SYNNEX's 50-year legacy in IT and telecom products complementing Siklu's leadership in millimeter wave technology.
TD SYNNEX (NYSE: SNX) reported fiscal Q1 2022 results with revenue of $15.5 billion, a 213.2% increase year-over-year, primarily due to the Tech Data merger. However, revenue fell 0.9% from Q4 FY21. Operating income rose to $222 million, with a non-GAAP operating income of $432 million. Diluted EPS was $1.37, up 10.5% from the previous quarter but down 18.9% year-over-year. The company experienced a cash usage of approximately $1.3 billion due to increased net working capital and strategic inventory purchases. Trailing ROIC declined to 9.7% from 13.1% in the prior quarter.