−Removed: We are a Fortune 200 corporation and a leading global provider of a comprehensive range of distribution, systems design and integration solutions for the technology industry.
+Added: We are a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem.
+Added: We serve a critical role, bringing products from the world's leading and emerging technology vendors to market, and helping our customers create solutions best suited to maximize business outcomes for their end-user customers.
+Added: We distribute IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and datacenter infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components.
+Added: We also provide systems design and integration solutions.
On December 1, 2020, we completed the previously announced separation of our customer experience services business (the “Separation”), which was accomplished by the distribution of one hundred percent of the outstanding common stock of Concentrix Corporation (“Concentrix”).
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After completion of the Merger, we reviewed our reportable segments as there was a change in our chief executive officer, who is also our chief operating decision maker.
−Removed: Our chief operating decision maker has a leadership structure aligned with the geographic locations of the Americas, Europe and Asia-Pacific and Japan (“APJ”) and reviews and allocates resources based on these geographic locations.
−Removed: As a result, as of September 1, 2021 we began operating in three reportable segments based on our geographic locations:
+Added: Our chief operating decision maker has a leadership structure aligned with the geographic regions of the Americas, Europe and Asia-Pacific and Japan (“APJ”) and reviews and allocates resources based on these geographic regions.
+Added: As a result, as of September 1, 2021 we began operating in three reportable segments based on our geographic regions:
the Americas, Europe and APJ.
1 unchanged sentence
For financial information by segment, refer to Note 13 – Segment Information, to the Consolidated Financial Statements in Item 8.
−Removed: We distribute PC systems, mobile phones and accessories, printers, peripherals, information technology (“IT”) systems including data center server and storage solutions, system components, software, networking, communications and security equipment, consumer electronics and complementary products.
−Removed: We also provide systems design and integration solutions.
−Removed: We distribute more than 200,000 technology products (as measured by active SKUs) from more than 1,500 original equipment manufacturers (“OEM”), as well as suppliers of next-generation technologies and delivery models such as converged and hyper-converged infrastructure, the cloud, security, big data/analytics/Internet of things (“IoT”) and services.
−Removed: Our products are marketed globally to an active reseller base of more than 150,000 resellers, system integrators, and retailers.
−Removed: We purchase peripherals, IT systems, system components, software, networking, communications and security equipment, consumer electronics and complementary products from our suppliers and sell them to our reseller and retail customers.
−Removed: We perform a similar function for our distribution of licensed software products.
−Removed: Our reseller customers include value-added resellers (“VARs”), corporate resellers, government resellers, system integrators, direct marketers, retailers and managed service providers (“MSPs”).
−Removed: We provide our vendors with access to large and highly fragmented markets such as small- and medium-sized businesses (“SMB”) and serve as a variable, cost effective route to market for our vendors by providing them with access to resellers and end-users.
−Removed: We combine our core strengths in distribution with demand generation, supply chain management and design and integration solutions to help our customers achieve greater efficiencies in time to market, cost minimization, real-time linkages in the supply chain and aftermarket product support.
−Removed: We also provide comprehensive IT solutions in key vertical markets such as government and healthcare and we provide specialized service offerings that increase efficiencies in the areas of global computing components, logistics services and supply chain management.
−Removed: Additionally, we provide our customers with systems design and integration solutions for data center servers and networking solutions built specific to our customers’ workloads and data center environments.
−Removed: Our business is characterized by low gross profit as a percentage of revenue, or gross margin, and low income from operations as a percentage of revenue, or operating margin.
−Removed: The market for IT products is generally characterized by declining unit prices and short product life cycles.
−Removed: We set our sales price based on the market supply and demand characteristics for each particular product or bundle of products we distribute and services we provide.
−Removed: Table of Content s
−Removed: We are highly dependent on the end-market demand for IT products, and on our partners’ strategic initiatives and business models.
−Removed: This end-market demand is influenced by many factors including the introduction of new IT products and software by OEMs, replacement cycles for existing IT products, trends toward cloud computing, overall economic growth and general business activity.
−Removed: A difficult and challenging economic environment may also lead to consolidation or decline in the IT industries and increased price-based competition.
We have been in business since 1980 and have headquarters in both Clearwater, Florida and Fremont, California.
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As of November 30, 2022, we had approximately 23,500 full-time co-workers worldwide.
+Added: Digital transformation and the migration to cloud computing is reshaping our industry, enabling businesses and consumers to evaluate, procure, acquire, and consume technology products and services in a variety of ways.
+Added: Hybrid models of IT consumption, supporting both physical and virtual delivery methods are emerging, as hardware and software-based solutions become increasingly combined.
+Added: As a result, customers are seeking greater integration of products, services and solutions that tie technologies together.
+Added: Therefore, we believe it is important to provide a broad, end-to-end portfolio, with deep capabilities across the computing continuum to help customers manage the increasingly complex IT ecosystem
+Added: and deliver the solutions and business outcomes the market desires.
+Added: Our vision for the future is to be the vital solutions aggregator and orchestrator that connects the IT ecosystem.
+Added: Our global strategy is to deliver higher value by focusing on the following strategic priorities:
+Added: • Invest in high-growth technologies such as hybrid cloud, security, analytics/Internet of Things ("IoT"), hyperscale infrastructure, and services.
+Added: • Strengthen our end-to-end portfolio of products, services and solutions, including technology-as-a-service and recurring revenue models.
+Added: • Transform our company digitally through greater automation and advanced analytics, which we believe will enhance the customer experience, broaden our customer base, increase sales and augment our presence in high growth technologies.
+Added: • Expand our global footprint and enhance the operational excellence of our businesses around the world.
Our Products and Suppliers
−Removed: We distribute a comprehensive catalog of IT products from more than 1,500 OEM suppliers, enabling us to offer comprehensive solutions to our reseller and retail customers.
+Added: We offer a comprehensive catalog of more than 200,000 technology products (as measured by active SKU's) from more than 1,500 original equipment manufacturers (“OEM”), suppliers of high-growth technologies such as converged and hyper-converged infrastructure, cloud, security, data/analytics/IoT and services.
+Added: This enables us to offer comprehensive solutions to our reseller and retail customers.
We group the majority of our offerings into two primary solutions portfolios, Endpoint Solutions and Advanced Solutions which are comprised of the following:
Endpoint Solutions Portfolio:
−Removed: Our Endpoint Solutions portfolio primarily includes PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software and consumer electronics.
+Added: • Our Endpoint Solutions portfolio primarily includes personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software.
Advanced Solutions Portfolio:
−Removed: Our Advanced Solutions portfolio primarily includes data center technologies such as storage, networking, servers, advanced technology software and converged and hyper-converged infrastructure.
−Removed: Our Advanced Solutions portfolio also includes our specialized solution businesses.
−Removed: Our next-generation technology solutions, along with our services offerings, span our Endpoint and Advanced Solutions portfolios.
−Removed: Our suppliers include leading peripherals, IT systems, system components, software, security, networking equipment, UCC and consumer electronics manufacturers.
−Removed: Our primary OEM suppliers are Alphabet Inc.
−Removed: (Google), Apple, Inc., ASUSTeK Computer Inc., Cisco Systems, Inc., HP Inc., Hewlett-Packard Enterprise Company, Intel Corporation, Lenovo Group Ltd, Microsoft Corporation, and Samsung Electronics Co., Ltd.
−Removed: Our largest OEM supplier is HP Inc.
−Removed: Revenue from the sale of products and services provided by HP Inc.
−Removed: represented approximately 12%, 15% and 14% of our total revenue for fiscal years 2021, 2020 and 2019, respectively.
−Removed: We have distribution agreements with most of our suppliers, including HP Inc.
+Added: • Our Advanced Solutions portfolio primarily includes data center technologies such as hybrid cloud, security, storage, networking, servers, advanced technology software and converged and hyper-converged infrastructure.
+Added: Our Advanced Solutions portfolio also includes our specialized solution businesses, such as Global Computing Components.
+Added: Our high-growth technologies solutions, along with our services offerings, span our Endpoint and Advanced Solutions portfolios.
+Added: Our suppliers include leading IT systems, system components and peripherals, software, communications and security equipment, networking equipment, UCC and consumer electronics manufacturers.
+Added: We purchase these and other complementary products from our suppliers and sell them to our reseller and retail customers.
+Added: We perform a similar function for our distribution of licensed software products.
+Added: We provide our vendors with access to large and highly fragmented markets such as small- and medium-sized businesses (“SMB”) and serve as a variable, cost effective route to market for our vendors by providing them with access to resellers and end-users.
+Added: Our primary OEM suppliers include Apple, Inc., Cisco Systems, Inc., Dell, Inc., Hewlett-Packard Enterprise Company, HP Inc., International Business Machines Corporation, Lenovo Group Ltd., Microsoft Corporation, and Samsung Electronics Co., Ltd.
+Added: The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
+Added: Twelve Months Ended
+Added: November 30, 2022 November 30, 2021 November 30, 2020
+Added: 10 % 12 % 15 %
+Added: __________________
+Added: ( 1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented.
+Added: We have distribution agreements with most of our suppliers, including Apple Inc.
These agreements usually provide for nonexclusive distribution rights and pertain to specific geographic territories.
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Our Customers
−Removed: We distribute IT products to more than 150,000 resellers, system integrators and retailers.
+Added: Our products are marketed globally to an active reseller base of more than 150,000 customers.
+Added: Our reseller customers include value-added resellers (“VARs”), corporate resellers, government resellers, system integrators, direct marketers, retailers and managed service providers (“MSPs”).
Resellers are classified primarily by their end-user customers.
−Removed: End-users include large corporations or enterprises, federal, state and local governments, small/medium sized businesses, or SMBs, and individual consumers.
+Added: End-users include large corporations or enterprises, federal, state and local governments, SMBs, and individual consumers.
In addition, resellers vary greatly in size and geographic reach.
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System integrators offer services in addition to product resale, primarily in systems customization, integration, and deployment.
−Removed: Table of Content s
Retailers serve mostly individual end-users and to a small degree, small office/home office customers.
−Removed: We also provide system s design and integration solutions for data center servers built for our customers’ data center environments.
+Added: We also provide systems design and integration solutions for data center servers and networking solutions built specific to our customers’ workloads and data center environments.
+Added: We combine our core strengths in distribution with demand generation, supply chain management and design and integration solutions to help our customers achieve greater efficiencies in time to market, cost minimization, real-time linkages in the supply chain and aftermarket product support.
+Added: We also provide comprehensive IT solutions in key vertical markets such as government and healthcare and we provide specialized service offerings that increase efficiencies in the areas of global computing components, logistics services and supply chain management.
One customer accounted for 10%, 17% and 23% of our total revenue in fiscal years 2022, 2021 and 2020, respectively.
−Removed: We do not believe that the loss of any single customer would have a material adverse effect on us.
+Added: As of November 30, 2022 and 2021, no single customer comprised more than 10% of the consolidated accounts receivable balance.
+Added: While we do not believe that the loss of any single customer would have a material adverse effect on us, such loss could result in an adverse impact on certain of our businesses.
+Added: Our business is characterized by low gross profit as a percentage of revenue, or gross margin, and low operating income as a percentage of revenue, or operating margin.
+Added: The market for IT products has generally been characterized by declining unit prices and short product life cycles, although unit prices for certain products have increased during certain periods due to factors such as supply chain constraints and inflation.
+Added: We set our sales price based on the market supply and demand characteristics for each particular product or bundle of products we distribute and services we provide.
+Added: We are highly dependent on the end-market demand for IT products, and on our partners’ strategic initiatives and business models.
+Added: This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing, overall economic growth and general business activity.
+Added: A difficult and challenging economic environment may also lead to consolidation or decline in the IT industries and increased price-based competition.
Our Services and Solutions
We offer a variety of business process services to our customers.
−Removed: These services can be purchased individually or they can be purchased in combination with others in the form of supply chain solutions and aftermarket product support.
+Added: These services can be purchased individually or in combination with others in the form of supply chain solutions and aftermarket product support.
We have sophisticated pick, pack and ship operations, which allows us to efficiently receive shipments from our OEM suppliers and quickly fill orders for our reseller and retail customers.
We generally stock or otherwise have access to the inventory of our OEM suppliers to satisfy the demands of our reseller and retail customers.
−Removed: In addition, we design and integrate energy efficient and cost-effective data center servers which are built specific to the data center environments and actual workloads of our large-scale data center customers.
−Removed: The above services are complemented by the following:
+Added: Our service offerings include the following:
Systems Design and Integration Solutions.
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We provide cloud-based solutions and services to our reseller customers to enable sales of and migration to technologies in a hosted environment to small and medium businesses.
−Removed: Our proprietary cloud platform offers a complete package of cloud-based solutions on a user-friendly platform and allows our reseller customers and OEM vendors to own the complete customer lifecycle through direct billing, provisioning, management, and support.
+Added: Our proprietary cloud platform offers a complete package of cloud-based solutions on a user-friendly platform and allows our reseller customers and OEM suppliers to own the complete customer lifecycle through direct billing, provisioning, management, and support.
Our solutions cover all end-user customer needs, including, pure public cloud solutions in productivity and collaboration, IaaS, or Infrastructure as a Service, PaaS, or Platform as a Service, SaaS, or Software as a Service, Security, Mobility, IoT and other hybrid solutions.
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We also have web-based application software that allows our customers or their end-user customers to order software and take delivery online.
+Added: In addition, we use proprietary and industry standard application programming interfaces ("APIs") to connect with OEMs and resellers, providing dynamic transactional capabilities to our platforms.
Financial Services.
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We serve our large commercial, government reseller, and retail customers through dedicated sales professionals.
−Removed: We market to smaller resellers and OEMs through dedicated regional sales teams.
+Added: Our sales professionals receive comprehensive training on our policies, procedures and the technical specifications of products, and attend additional training offered by our vendors.
+Added: We market to smaller resellers and OEM suppliers through dedicated regional sales teams.
In addition, we have dedicated product management and business development specialists that focus on the sale and promotion of products and services of selected suppliers or for specific end-market verticals.
−Removed: These specialists are also directly involved in establishing new relationships with leading OEMs to create demand for their products and services and with resellers for their customers’ needs.
+Added: These specialists are also directly involved in establishing new relationships with leading OEM suppliers to create demand for their products and services and with resellers for their customers’ needs.
We also have a direct sales approach for our design and integration solutions business.
Our sales and marketing professionals are complemented by members of our executive management team who are integral in identifying potential new customer opportunities, promoting sales growth and ensuring customer satisfaction.
−Removed: We have sales and marketing professionals in close geographic proximity to our reseller, retail and OEM customers.
−Removed: Table of Content s
+Added: We have sales and marketing professionals in close geographic proximity to our customers and OEM suppliers.
Our Operations
We operate 194 distribution and administrative facilities globally.
−Removed: Our distribution processes are highly automated to reduce errors, ensure timely order fulfillment and enhance the efficiency of our warehouse operations and back office administration.
+Added: Our distribution processes are highly automated to ensure timely order fulfillment and accuracy and enhance the efficiency of our warehouse operations and back office administration.
Our distribution facilities are geographically dispersed to be near reseller customers and their end-users.
This decentralized, regional strategy enables us to benefit from lower shipping costs and shorter delivery lead times to our customers.
−Removed: Furthermore, we track several performance measurements to continuously improve the efficiency and accuracy of our distribution operations.
+Added: Furthermore, we track multiple performance measurements to continuously improve the efficiency and capabilities of our distribution operations.
Our regional locations also enable us to make local deliveries and provide will-call fulfillment to more customers than if our distribution operations were more centralized, resulting in better service to our customers.
−Removed: Our workforce is comprised of permanent and temporary employees, enabling us to respond to short-term changes in order activity.
+Added: To optimize response to short-term changes in order activity, our workforce is comprised of permanent and temporary co-workers.
Our proprietary IT systems and processes enable us to automate many of our distribution operations.
−Removed: We use radio frequency and bar code scanning technologies in our warehouse operations to maintain real-time inventory records, facilitate frequent cycle counts and improve the accuracy of order fulfillment.
+Added: We use radio frequency and bar code scanning technologies in our warehouse operations to maintain real-time inventory records, facilitate strong inventory control and improve the speed and accuracy of order fulfillment.
To enhance the accuracy of our distribution order fulfillment and protect our inventory from shrinkage, our distribution systems also incorporate numerous controls.
−Removed: These controls include order weight checks, bar code scanning, and serial number profile verification.
−Removed: We also use digital video imaging to record our small package shipping activities by order.
+Added: These controls include robotic automation, order weight checks, bar code scanning, and serial number profile verification.
+Added: We also use digital video imaging to record both receiving and shipping activities.
These images and other warehouse and shipping data are available online to our customer service representatives, enabling us to quickly respond to order inquiries by our customers.
1 unchanged sentence
We generally design and integrate IT systems, data center servers and networking solutions and IT appliances, by incorporating system components purchased directly from vendors or obtained from our distribution inventory.
−Removed: Additionally, we perform other production value-added services, including thermal testing, power-draw efficiency testing, burn-in, quality and logistics support.
Some of our design and integration solutions facilities are ISO 9001:2015 and ISO 14001:2015 certified.
2 unchanged sentences
As a result of the Merger, we have expanded both our domestic and international operations.
−Removed: Our end market strategy is to continue expanding internationally on a selective basis in order to provide our distribution capabilities to OEMs in locations that meet their regional requirements.
+Added: Our end market strategy is to continue expanding internationally on a selective basis in order to provide our distribution capabilities to OEM suppliers in locations that meet their regional requirements.
Sales and cost concentrations in foreign jurisdictions subject us to various risks, including the impact of changes in the value of these foreign currencies relative to the United States Dollar, which in turn can impact reported sales.
1 unchanged sentence
Our operating results are affected by the seasonality of the IT products industry.
−Removed: We have historically experienced higher sales in our fourth fiscal quarter due to patterns in capital budgeting, federal government spending and purchasing cycles of our customers and end-users.
−Removed: These historical patterns may not be repeated in subsequent periods and may be impacted by the Merger.
+Added: We have historically experienced slightly higher sales in our first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of our customers and end-users.
+Added: These historical patterns may not be repeated in subsequent periods.
Product cost represents our single largest expense and IT product inventory is one of our largest working capital investments.
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We may also rely on our receipt of good-faith, non-binding, customer forecasts.
−Removed: We maintain EDI connections with our OEM suppliers to send purchase orders, receive purchase order status and receive notification once the product has shipped from our supplier.
+Added: We maintain EDI connections with our OEM suppliers to send purchase
+Added: orders, receive purchase order status and receive notification once the product has shipped from our supplier.
Our information system also tracks warehouse and channel inventory levels and open purchase orders on a real-time basis enabling us to stock inventory at a regional level closer to the customer as well as to actively manage our working capital resources.
1 unchanged sentence
Furthermore, our system tool also allows for automated checks and controls to prevent the generation of inaccurate orders.
−Removed: Table of Content s
Managing our OEM supplier incentive programs is another critical function of our purchasing and product management teams.
15 unchanged sentences
We believe our IT infrastructure is scalable to support further growth.
−Removed: We continue to enhance and invest in our IT systems to improve product and inventory management, streamline order and fulfillment processes, and increase operational flexibility, including as part of the integration process related to the Merger.
+Added: We continue to enhance and invest in our IT systems to improve product and inventory management, streamline order and fulfillment processes, and increase operational flexibility.
To allow our customers and suppliers to communicate and transact business with us in an efficient and consistent manner, we have implemented a mix of proprietary and off-the-shelf software programs that integrate our IT systems with those of our customers and suppliers.
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The competitive environment in Europe is more fragmented with market share spread among several regional and local competitors such as ALSO Holding and Esprinet, as well as international distributors such as Ingram Micro, Inc., Westcon-Comstor and Arrow.
+Added: The competitive environment in APJ is fragmented with market share spread among international distributors such as Ingram Micro, Inc.
+Added: and Westcon-Comstor as well as several regional distributors such as VSTECS Holdings Ltd., Synnex Technology International Corp.
+Added: (a separate entity from the Company) and Redington Group.
We also face competition from our OEM suppliers that sell directly to resellers, retailers and end-users.
The distribution industry has historically undergone, and continues to undergo, consolidation.
−Removed: Over the years, a number of providers within the IT distribution industry exited or merged with other providers.
+Added: Over the years, a number of providers within the IT distribution
+Added: industry exited or merged with other providers.
For example, during fiscal year 2017, we acquired the Westcon-Comstor Americas distribution business and Tech Data acquired the Technology Solutions operating group of Avnet Inc.
2 unchanged sentences
As we enter new business areas, we may encounter increased competition from our current competitors and/or new competitors.
−Removed: Some of our competitors may have greater financial, operating, manufacturing and marketing resources than us.
−Removed: Some of our competitors may have broader geographic breadth and range of services than us.
−Removed: Some may have more developed relationships with their existing customers.
We constantly seek to expand our business into areas primarily related to our core distribution as well as other support, logistics and related value-added services, both organically and through strategic acquisitions.
−Removed: Table of Content s
Human Capital Resources
2 unchanged sentences
As a result, we use temporary or contract workers, who totaled approximately 5,000 as of November 30, 2022, on a full-time equivalent basis.
−Removed: Certain of our employees in various countries outside of the United States are subject to laws providing representation rights to employees through workers' councils.
+Added: Certain of our co-workers in various countries outside of the United States are subject to laws providing representation rights to co-workers through workers' councils.
We are committed to fostering a diverse and inclusive workplace that attracts and retains exceptional talent.
−Removed: Through ongoing employee development, comprehensive compensation and benefits, and a focus on health, safety and employee wellbeing, we strive to help our employees in all aspects of their lives so they can do their best work.
+Added: Through ongoing co-worker development, comprehensive compensation and benefits, and a focus on health, safety and co-worker well-being, we strive to help our co-workers in all aspects of their lives so they can do their best work.
Diversity, Equity and Inclusion
We are committed to being unconditionally inclusive to capture the ideas and perspectives that fuel innovation and enable our workforce, customers, and communities to succeed in the digital age.
−Removed: We strive to create an inclusive workplace where people can bring their authentic selves to work.
+Added: We accomplish this through a focus on our core values of inclusion, integrity, collaboration, and excellence, and we strive to create an inclusive and welcoming environment where people can bring their authentic selves to work.
Our commitment to diversity and inclusion starts at the top with a highly skilled and diverse board of directors.
−Removed: Women represent 27% of our board of directors and 42% of our co-worker base, and 55% of our board of directors is ethnically diverse and/or gender diverse.
−Removed: We strive to remain a diverse company.
−Removed: Both Robert Huang, founder of our company, and Steve Raymund, founder of Tech Data, wanted to ensure we had the best co-workers regardless of their age, ethnicity, or gender.
−Removed: Their legacy and our primary focus is to work hard, do well, and treat others with respect.
+Added: Women represent 27% of our board of directors, 27% of our leadership at the director and above level, and 42% of our total co-worker base.
+Added: Additionally, 55% of our board of directors is ethnically diverse or gender diverse.
+Added: We are committed to increasing diversity in our workforce.
+Added: We aim to increase representation of people who identify as women to 50% of our co-worker base and 40% of our leadership roles by 2030, in addition to increasing representation of underrepresented groups by 2025.
Pay Equity or Total Rewards
We believe people should be paid for what they do and how they do it, regardless of their gender, race, or other personal characteristics.
−Removed: To deliver on that commitment, we benchmark and set pay ranges based on market data and consider factors such as an employee’s role and experience, the location of their job, and their performance.
−Removed: We also review our compensation practices, both in terms of our overall workforce and individual employees, to ensure our pay is fair and equitable.
−Removed: Our practice of reviewing the compensation of employees to ensure consistent pay practices by conducting a pay equity analysis annually comparing employees in the same role within a country or location will extend to include employees added from the Merger, during the integration phase.
+Added: To deliver on that commitment, we benchmark and set pay ranges based on market data and consider factors such as a co-worker’s role and experience, the location of their job, and their performance.
+Added: We also review our compensation practices, both in terms of our overall workforce and individual co-workers, to ensure our pay is fair and equitable.
+Added: Our practice includes reviewing the compensation of co-workers to ensure consistent pay practices by conducting a pay equity analysis annually comparing co-workers in the same role within a country or location.
+Added: As we move forward, we aim to improve our pay equity position across the globe through our compensation and benefits programs, as well as promotion practices, to ensure fairness for all co-workers.
+Added: Each year we will assess our progress and make adjustments to improve our pay equity position.
We require a talented workforce and are committed to providing total rewards that are market-competitive and performance-based, driving innovation and operational excellence.
1 unchanged sentence
Total direct compensation is generally positioned within a competitive range of the market median, with differentiation based on tenure, skills, proficiency, and performance to attract and retain key talent.
−Removed: Employee Engagement
−Removed: We regularly collect feedback to better understand and improve the co-worker experience and identify opportunities to continually strengthen our culture.
−Removed: We want to know what is working well, what we can do better and how well our co-workers understand an d are practicing our cultural values.
−Removed: Trainin g and Development
+Added: Co-worker Engagement
+Added: We regularly collect feedback to measure co-worker engagement, to better understand and improve the co-worker experience and to identify opportunities to continually strengthen our culture.
+Added: We want to know what is working well, what we can do better and how well our co-workers understand and are practicing our cultural values.
+Added: Training and Development
Human capital development underpins our efforts to execute our strategy and continue to distribute, design, integrate and market innovative products and services.
−Removed: We continually invest in our employees’ career growth and provide employees with a wide range of development opportunities, including face-to-face, virtual, social and self-directed learning, mentoring, coaching, and external development.
−Removed: Table of Content s
+Added: We continually invest in our co-workers' career growth and provide co-workers with a wide range of development opportunities, including face-to-face, virtual, social and self-directed learning, mentoring, coaching, and external development.
Health, Safety and Wellness
−Removed: The physical health, financial wellbeing, life balance and mental health of our employees is vital to our success.
+Added: The physical health, financial well-being, life balance and mental health of our co-workers is vital to our success.
Our environmental, health, and safety leadership team uses our global injury and illness reporting system to assess trends regionally and worldwide as a part of quarterly reviews.
1 unchanged sentence
Managing and reducing risks at these facilities remains a focus, and injury rates continue to be low.
−Removed: We also sponsor a wellness program designed to enhance physical, financial, and mental wellbeing for all our employees.
+Added: We also sponsor a wellness program designed to enhance physical, financial, and mental well-being for all our co-workers.
Throughout the year, we encourage healthy behaviors through regular communications, educational sessions, voluntary progress tracking, wellness challenges, and other incentives.
−Removed: Since the onset of the COVID-19 pandemic, we have taken an integrated approach to helping our co-workers manage their work and personal responsibilities, with a strong focus on employee wellbeing, health and safety.
−Removed: We have successfully transitioned most of our workforce to a remote working environment and implemented a number of safety and social distancing measures within our premises to protect the health and safety of co-workers who are required to be on-premise to support our business .
Environmental
We remain focused on protecting our planet and reducing our global carbon footprint.
−Removed: In support of this, TD SYNNEX has committed to the Science Based Targets Initiative (SBTi) Business Ambition Pledge.
+Added: In support of this, TD SYNNEX has committed to the Science Based Targets Initiative (SBTi) Business Ambition Pledge with the goal to achieve net-zero greenhouse gas ("GHG") emissions by 2045.
We are committed to embedding a culture of sustainability across our organization and increasing our sustainability initiatives and supporting our customers and vendors.
1 unchanged sentence
We also offer trade-in, recycling and refurbishment services on a range of IT equipment to end-users through agreements with our resellers and retail partners.
+Added: We have established a Global Responsibility Steering Committee to help drive these efforts.
+Added: Additional human capital information will be included in our inaugural Corporate Citizenship Report which will be available in the near future on our website.
+Added: Information contained in our Corporate Citizenship Report and website is not deemed part of this Annual Report on Form 10-K.
Available Information
2 unchanged sentences
Information contained on our website is not a part of this Report.
−Removed: We have adopted a code of ethics applicable to our employees including our principal executive, financial and accounting officers, and it is available free of charge, on our website’s investor relations page.
+Added: We have adopted a code of ethics applicable to our co-workers including our principal executive, financial and accounting officers, and it is available free of charge, on our website’s investor relations page.
The SEC maintains an Internet site at http://www.sec.gov that contains our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and our proxy and information statements.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.