As a noun or adjective, both time-out and timeout are technically correct. In U.S. English, timeout written as one word is more common. Therefore, this is the preferred spelling.
For verbs and other uses, write time out as two words.
Preferred
Discouraged
Ensure that you configure the host timeout value.
Ensure that you configure the host time-out value.
Run this command to display the default SNMP timeout.
Run this command to display the default SNMP time out.
The TCP connections time out after a certain level of inactivity.
The TCP connections time-out after a certain level of inactivity.