TD SYNNEX CORPORATION Stock Price, News & Analysis

SentryBay, a leader in endpoint protection, has partnered with TD SYNNEX, a global IT distributor, to offer its Armored Client solution for Microsoft AVD and W365 environments. The partnership will initially serve TD SYNNEX's channel network in the USA and Canada, with plans to expand globally.

SentryBay's Armored Client provides a defensive layer that protects DaaS sessions and applications from keyloggers, screen capture, and malicious process injection, preventing data leakage and credential theft. This solution is targeted at enterprises and SMEs using Microsoft AVD and W365, particularly those adopting BYOD business models.

The partnership aims to enhance TD SYNNEX's security product portfolio and complement existing vendors, including Microsoft. Scott Young, Senior VP of Product Management at TD SYNNEX, emphasized the importance of comprehensive solutions to address cyber threats in the evolving business landscape.

TD SYNNEX reported fiscal 2024 Q3 results with revenue of $14.7 billion, at the upper end of their outlook. Non-GAAP gross billings were $20.3 billion, exceeding expectations. The company reported a net income of $179 million and non-GAAP net income of $245 million. Diluted EPS was $2.08, and non-GAAP diluted EPS was $2.86, both above the midpoint of their outlook. Cash provided by operations was $386 million with free cash flow of $339 million. The company returned $91 million to shareholders through share repurchases and dividends. A quarterly cash dividend of $0.40 per share was announced, up 14% from the previous year.

Regionally, the Americas saw a revenue increase of 2.4% to $9.1 billion, Europe saw an 8.6% increase to $4.6 billion, and Asia-Pacific and Japan saw a 17.6% increase to $1.0 billion. However, gross profit decreased by 1.1% to $961 million, and gross margin fell from 6.96% to 6.54%. Operating income increased by 26.1% to $303 million, but non-GAAP operating income decreased by 1% to $393 million.

TD SYNNEX (NYSE: SNX) has announced an agreement to acquire IPsense Cloud Migration business in Brazil, aiming to create a new Cloud competence center for its resellers. This strategic move will enable TD SYNNEX's business partners to deliver seamless workload cloud migrations to their end-customers. The acquisition, expected to close within 30 to 90 days, will integrate IPsense's expertise in AWS solutions into TD SYNNEX's two-tier distribution model.

The new Cloud competence center will be equipped with advanced cloud services and expertise, strengthening TD SYNNEX's portfolio of services and supporting its focus on delivering higher value to resellers. This approach aims to foster partner-to-partner projects and build stronger alliances in the Latin American market, where digital transformation remains a top priority.

Exclaimer, the leading email signature management platform, has announced a new partnership with TD SYNNEX (SNX), a global IT ecosystem distributor and solutions aggregator. This collaboration expands Exclaimer's reach to managed service provider (MSP) partners in North America through TD SYNNEX's distribution network.

The partnership allows TD SYNNEX's MSP partners to offer Exclaimer's innovative email signature solution for Microsoft 365 and Google Workspace to their customers. Exclaimer's platform provides centralized management of email signatures, ensuring secure and compliant communications while enabling marketing teams to create impactful, personalized signatures.

This strategic move aligns with Exclaimer's ongoing investment in North American partnerships, aiming to meet the growing demand for email signature management solutions.

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) has announced a partnership with TD SYNNEX (NYSE: SNX) to provide AI services in North America. Under this agreement, Plurilock will offer AI-focused critical services and cybersecurity solutions for TD SYNNEX's North American operations. These services may include security operations, offensive security, data protection, Zero Trust architecture, and AI transformation.

This partnership represents the initial phase of a potentially broader collaboration, with the possibility of expanding into TD SYNNEX's global operations. The partnership aims to enhance TD SYNNEX's AI services offerings in the cybersecurity sector, leveraging Plurilock's expertise in AI and cybersecurity developed over eight years.

TD SYNNEX (NYSE: SNX) has announced that it will release its third quarter fiscal 2024 financial results before the U.S. market opens on Thursday, September 26, 2024. The company will host a conference call to discuss the results at 6:00 a.m. PT / 9:00 a.m. ET on the same day. Investors and interested parties can access the quarterly earnings press release and a live audio webcast of the earnings call at ir.tdsynnex.com. A replay of the webcast will be available after the call for those unable to attend the live event.

TD SYNNEX (NYSE: SNX) has released its latest Corporate Citizenship Report, highlighting significant progress in environmental, social, and governance commitments. Key achievements include:

- Approximately 30% reduction in combined Scope 1 & 2 emissions in FY 2023
- Increase in electricity from renewable sources to about 31%
- Approval of emissions-reduction targets by Science Based Targets Initiative (SBTi)
- EcoVadis silver medal and CDP Management (B-) rating
- Certification as a Great Place to Work® in 10 countries
- 50% of new hires from underrepresented groups
- Introduction of a Global Human Rights Policy
- Enhanced cybersecurity measures and data privacy initiatives

The report underscores TD SYNNEX's commitment to sustainability, diversity, and ethical business practices across its operations and the IT channel.

TD SYNNEX (NYSE: SNX) has announced that Reyna Thompson will be appointed President of North America on December 1, following the departure of Peter Larocque. Thompson, who joined TD SYNNEX in 1993, has most recently led the North America Advanced Solutions business unit, focusing on cloud, security, data/AI, and data center solutions. She has been recognized by CRN magazine as one of the 'Top 100 Women of the Channel' and 'Channel Chief' multiple times.

CEO Patrick Zammit praised Thompson's 30-year track record and commitment to driving success for vendors and customers. Under her leadership, TD SYNNEX's CyberSolv, CloudSolv, and Public Sector programs have won industry recognition. Thompson also serves on the board of Elevate, a TD SYNNEX business resource group focused on elevating and mentoring women.

Janam Technologies, a provider of rugged mobile computers and contactless access solutions, has announced a new distribution agreement with TD SYNNEX (NYSE: SNX). This partnership aims to expand Janam's distribution network in the US and Canada, making its rugged mobile computers, RFID readers, and accessories immediately available to TD SYNNEX's partner community.

The collaboration is designed to create new revenue opportunities for value-added resellers (VARs) and managed service providers (MSPs) in the automatic identification and data capture (AIDC) market. TD SYNNEX will help extend Janam's reach to new resellers in key markets, including retail, manufacturing, warehousing, transportation and logistics, healthcare, and public safety.

This strategic relationship is expected to provide VARs and MSPs with streamlined access to Janam's products, comprehensive training programs, and co-marketing opportunities to help them grow their business and gain a competitive advantage.