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Analyst
Adam Tindle
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters; questions recorded in 7).
- Questions
- 19on tracked calls
- Challenge rate
- 16%3 of 19 questions
- Companies
- 5questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 19 of 19 questions from 5 companies
CDWCDW8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
what happens to their spend with CDW? And if you could touch on any updates on the AI line card business model
Show response
Chris declined to share dollars but framed AI as embedded across the full stack from hardware to software to services, with use cases scaling faster across industries and customer segments.
what do you think drove that trend in the quarter, that kind of inflection in better operating leverage?
Show response
Al attributed the Q2 leverage mostly to expense discipline rather than Geared for Growth, which is at or beyond plan and whose benefits will play out in the back half and into 2027.
Calendar 2026 Q1
how you thought about preventing future or further disruption from the operating model?
Show response
Chris described Geared for Growth as a natural next phase after 2-year go-to-market evolution. Focused on AI tooling, partner relationships, and efficiency. Already seeing positive uptake in sales organization for AI-powered precision selling tools.
Is that an annual, meaning like per year in 2027 and 2028? Or is that a total amount?
Show response
Al confirmed $100M is gross annual run rate for 2027, $200M for 2028. Upwards of half may be reinvested with expected ROI creating compounding effects. Estimates are prudent with potential to exceed. Underpins commitment to return to target efficiency ratio.
Calendar 2025 Q4
I wonder if you might kinda compare and contrast cloud versus AI in terms of the investor narrative
Show response
Chris noted CDW already has partnerships with all major AI players including OpenAI and Anthropic. Unlike cloud which was a consumption model, AI is embedded across the entire stack. Customers moving into production stage. CDW at inflection point.
it seems like the implication here is not much improvement in gross margin despite PC mix coming down and inflation
Show response
Al expects modest gross margin pickup with potential to accelerate. First half heavier on hardware, second half on netted-down revenues and services. Shape of year: first half lighter margins, second half pickup.
Calendar 2025 Q3
I wonder if you could just unpack a little bit more of the buildup, what might be offsetting that weakness in public sector
Show response
Al noted federal Q4 is low season so shutdown impact is weight-limited. Small business momentum and strong UK pipeline serve as offsets. Net adjustment for the quarter is modest.
Just reflect on how this cycle is maybe similar or different than prior years? And curious on the strategic part of that discussion in particular
Show response
Chris emphasized full stack, full lifecycle approach where services are integral to outcomes-driven solutions. Customers buy outcomes not point products. Will continue investing behind services and evaluating M&A opportunities.
MSIMotorola Solutions6 questions · 3 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
what are investors may be missing if they over fixate on the backlog trend?
Show response
Greg said the growth story is conversion and double-digit orders, not backlog, and still expects product backlog up YoY at year-end.
could you walk through sort of the drivers that led to this level of improvement?
Show response
Jason attributed the sequential margin gain to device mix and quick-turn conversion, and cited surgical price increases on high-memory video items.
Calendar 2025 Q4
why was that the wrong assumption to make for bears
Show response
Greg attributed backlog concern to misunderstanding COVID-era context. Product backlog ended at $3.8B as guided. More than half of revenue is quick-turn. Expects product backlog up from $3.8B exiting 2026. Record Q4 product orders of $2.4B up $500M year-over-year.
what is driving that, the trends and trajectory from here
Show response
Jason confirmed S&S margins expanded from 30.8% to 32.5%. Airwave drag now fully absorbed into base. Operating earnings growth continuing. Greg clarified 30%+ is company-wide operating margin, not just S&S segment.
Calendar 2025 Q3
if I look at the operating income line, it was kind of more in line, let's call it. So I wonder if you just kind of assess the quarter
Show response
Greg acknowledged operating leverage came from core business plus Silvus plus tax benefits. Cloud video Alta growing 4x faster than overall 7% video growth. Jason confirmed full year includes 100+ bps operating margin expansion despite $70-80M tariff absorption.
I would love it if you could maybe just take a little bit of time to reflect on early learnings from Silvus
Show response
Greg more bullish since close. Renamed LMR to Mission Critical Networks to encompass Silvus. Technical lead validated through customer engagement. Jack praised cultural fit with Silvus team. Greg emphasized cultural chemistry as key differentiator, citing Avigilon as similar precedent.
CRWDCrowdStrike2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q3
Is this incremental, where customers are buying this in addition to EDR? Or is this being used more as a substitute for EDR
Show response
George clarified AIDR is a separate, separately priced module using the same agent, with a ramp paralleling frontier-lab growth as customers deploy more AI, which is why it is a growth driver.
Calendar 2025 Q3
if you could just talk around assumptions for public sector given that's fed fiscal year end. And then, separately, you previously talked about net new ARR accelerating
Show response
Podbere noted Fed is not a large piece yet but sees opportunity in government consolidation mandates. Deferred FY2027 specifics to Q4 but signaled confidence with 40% back-half growth guide.
TEAMAtlassian2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2024 Q4
Has that metric returned to growth yet? And if not, maybe the timing or expectation of when that might return to growth?
Show response
Joe confirmed absolute seat growth but stable rate for several quarters. Mike dismissed cannibalization concerns citing Jevons paradox and increasing productivity.
Calendar 2024 Q3
What was the pivot point to move the AI strategy from more embedded in the product with Atlassian Intelligence
Show response
Mike explained it as two-pronged rather than a pivot: embedded AI in existing products plus new standalone capabilities enabled by the cloud platform and Teamwork Graph.
PANWPalo Alto Networks1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
I just want to pick on that and just ask about the key attributes that help Chronosphere get that level of commitment
Show response
Nikesh cited new architecture delivering observability at half the cost of incumbents. Customer passed every technical hurdle over 6 months. Full transition expected in 6-12 months. Dipak clarified organic NGS ARR roughly in line with consensus for Q3.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CDW CDW | 8 | 13%1 of 8 questions |
| MSI Motorola Solutions | 6 | 33%2 of 6 questions |
| CRWD CrowdStrike | 2 | —Rate withheld: fewer than 3 questions |
| TEAM Atlassian | 2 | —Rate withheld: fewer than 3 questions |
| PANW Palo Alto Networks | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 5 | 20%1 of 5 questions | 3 |
| 2025 Q4 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q1No questions recorded
- 2025 Q2No questions recorded
- 2025 Q35 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2025 Q44 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q24 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI6
- Demand6
- Margin6
- Pricing4
- Cost Pressure3
- Guidance Reliability3
- M&A3
- Revenue Growth3
- Product Launch2
- Competitive Dynamics2
Show all 11 topics
- Subscriber Growth2